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Author Topic: Lending Pool Auction Experiment  (Read 7612 times)
mndrix
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April 12, 2011, 09:56:01 PM
 #1

This is an experimental auction allowing many lenders and borrowers to participate in a single lending pool.  It’s very roughly based on this earlier discussion.  Lenders indicate how many Bitcoins they are willing to lend and the minimum they must be paid for the privilege.  Borrowers indicate how many Bitcoins they want to borrow and the maximum they’ll pay for the privilege.  There are qualifications for both lenders and borrowers.

This auction closes on Friday, April 15th at 18:00 UTC.  Loans must be repaid by Friday, April 29th at 18:00 UTC.  The interest rate paid by borrowers is the smallest rate that clears the market.  Both loan repayments and loan defaults are apportioned among lenders according to their requested payment.  Thus high interest lenders bear proportionally more of both the risk and the reward.

I will mention each borrower in the list of honest traders or list of scammers on this forum, depending on whether he pays.  If a borrower qualifies for the loan because of his OTC rating, I’ll leave positive or negative OTC rating for him depending on whether he pays.

A consolidated list of current bids is visible in this Google Spreadsheet.

Lenders

To qualify for the pool, you must post your bid in this topic following my example below.  I’ll respond with a Bitcoin address to which you send your Bitcoin funds.  Only those lenders who have sent their funds prior to closing qualify.  If the lender’s bid is not accepted, I’ll return his funds to his address after the auction closes.

Borrowers

To qualify for the pool, you must post your bid in this topic following my example below.  You must have either

  • A forum account older than 30 days with 50 or more posts OR
  • A positive OTC “gettrust” score originating from mndrix, nanotube, Keefe, jgarzik, sgornick, MagicalTux or doublec

If qualifying through your OTC rating, clearsign your bid.

If a borrower wins a loan, I’ll send the funds to his address and post an address where repayment is to be made.  I’ll also post the loan amount and repayment amount.

Borrowers bids may be removed if lenders dispute their participation.  Hopefully this won't happen, but I'd hate for one bad borrower to ruin the experiment.
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mndrix
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April 12, 2011, 09:56:23 PM
 #2

I wish to lend 50 BTC and receive at least 52 BTC as payment.
Funds should be returned to address 16v1DLNK66BCUfeNwDCNodLqPw9Z1JbuQ1
mndrix
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April 12, 2011, 09:56:42 PM
 #3

I wish to borrow 20 BTC and will return up to 21 BTC as payment.
Funds should be sent to address 1FMLzr1dbEERoJgbZK8qz6xAFobRqx2Dgy
mndrix
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April 12, 2011, 09:57:44 PM
 #4

I wish to lend 50 BTC and receive at least 52 BTC as payment.
Funds should be returned to address 16v1DLNK66BCUfeNwDCNodLqPw9Z1JbuQ1

Send funds to 1QCkRrd7hmL4DGZZUnh3Z2E4pTvmeouVgB
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April 12, 2011, 10:01:38 PM
 #5

how about clearsigning your bids, mndrix? Cheesy

Join #bitcoin-market on freenode for real-time market updates.
Join #bitcoin-otc - an over-the-counter trading market. http://bitcoin-otc.com
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mndrix
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April 12, 2011, 10:06:49 PM
 #6

how about clearsigning your bids, mndrix? Cheesy

Here's an example of my bid signed with my OTC identity.  Those qualifying under the Forum rule don't need to use PGP.  OTC users do.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I wish to borrow 20 BTC and will return up to 21 BTC as payment.
Funds should be sent to address 1FMLzr1dbEERoJgbZK8qz6xAFobRqx2Dgy
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (Darwin)

iQEcBAEBAgAGBQJNpMyIAAoJEM5SyYpICBmRwT0IAMMVjySad3/uxAfrjgPX7Lvt
8VzxbqqHgzWapUUR8BMs+4lXDU8Wqmi6vmAPCFhHK6CC9yvmICcAs/gfEFT4Z0pA
ESy2hrYmCz8XiiBOxhqDeuWOr1gJWqy+YBonDp+qFeWoxgguYVxcmNTbgqoM3Tjs
gGi6E9sPcfG4QOasihIneOMlvF5bs6DV7iWkY+UmROaph1HrfYZdh0M8hWxwBE5a
FFWX2m0cN1TavhCfwy+ubFhTt4CWw4QKWofDggYAaGajH/vYTAO9DgPoJJ7lNmjd
AmSm1jyAMe6s/HdwwJ+ct8JRL8T0rnoIElAPOU/Neg/iV3+7SiznulNJXko/mko=
=4Fdv
-----END PGP SIGNATURE-----
JA37
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April 12, 2011, 10:18:49 PM
 #7

Sure, I'll play.

I wish to lend 10 BTC and receive at least 12 BTC as payment.
Funds should be returned to address 1BezcZpa6fYYvLaoTzzymKq9k9qz8EpTGS

Ponzi me: http://fxnet.bitlex.org/?ref=588
Thanks to the anonymous person who doubled my BTC wealth by sending 0.02 BTC to: 1BSGbFq4G8r3uckpdeQMhP55ScCJwbvNnG
CryptikEnigma
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April 12, 2011, 10:21:57 PM
 #8

I wish to borrow 51BTC and will return up to 56BTC(up to 60BTC if my Bitcoin4Cash transaction takes longer than expected) in repayment.
Funds should be sent to address: 1GG1x1Cxb5cDXZopupg87LKATFQzLgnGnf

I have been loaned BTCs here before and repaid in a timely fashion. And I am listed in the honest traders thread.

Here is my quote from my separate topic(before I seen this topic):

Looking for a 51BTC loan. I just put $50 in the mail yesterday using Bitcoin4Cash service. But I just read in the honest trader's thread(which I'm listed in Smiley) that it can take up to a couple weeks(not sure why it would take that long, but there you go) to receive your bitcoins, which kinda sucks because I was hoping to do some shopping this week.

I'll repay as soon as I receive my BTCs from Bitcoin4cash(which I guess could take up to a couple weeks). I also mine ~1BTC a day and if for some reason something goes wrong with Bitcoin4Cash(which I'm sure it won't since it is my understanding the person who runs it is one of the most trusted people on this forum) I'll repay 60BTC instead for the added delay of repayment.

I'm pretty active on the forums so you can always get a hold of me here, or if you do loan me the BTCs and it would make you more comfortable you can request my IM, e-mail, etc in a PM and I will provide you with them. Bitcoin address in sig.

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April 12, 2011, 11:05:21 PM
 #9

I wish to borrow 51BTC and will return up to 56BTC(up to 60BTC if my Bitcoin4Cash transaction takes longer than expected) in repayment.
Funds should be sent to address: 1GG1x1Cxb5cDXZopupg87LKATFQzLgnGnf

I have been loaned BTCs here before and repaid in a timely fashion. And I am listed in the honest traders thread.

Here is my quote from my separate topic(before I seen this topic):

Looking for a 51BTC loan. I just put $50 in the mail yesterday using Bitcoin4Cash service. But I just read in the honest trader's thread(which I'm listed in Smiley) that it can take up to a couple weeks(not sure why it would take that long, but there you go) to receive your bitcoins, which kinda sucks because I was hoping to do some shopping this week.

I'll repay as soon as I receive my BTCs from Bitcoin4cash(which I guess could take up to a couple weeks). I also mine ~1BTC a day and if for some reason something goes wrong with Bitcoin4Cash(which I'm sure it won't since it is my understanding the person who runs it is one of the most trusted people on this forum) I'll repay 60BTC instead for the added delay of repayment.

I'm pretty active on the forums so you can always get a hold of me here, or if you do loan me the BTCs and it would make you more comfortable you can request my IM, e-mail, etc in a PM and I will provide you with them. Bitcoin address in sig.


how long would it take for you to repay the loan?

It is pitch black. You are likely to be eaten by a grue.

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CryptikEnigma
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April 12, 2011, 11:13:25 PM
 #10

I wish to borrow 51BTC and will return up to 56BTC(up to 60BTC if my Bitcoin4Cash transaction takes longer than expected) in repayment.
Funds should be sent to address: 1GG1x1Cxb5cDXZopupg87LKATFQzLgnGnf

I have been loaned BTCs here before and repaid in a timely fashion. And I am listed in the honest traders thread.

Here is my quote from my separate topic(before I seen this topic):

Looking for a 51BTC loan. I just put $50 in the mail yesterday using Bitcoin4Cash service. But I just read in the honest trader's thread(which I'm listed in Smiley) that it can take up to a couple weeks(not sure why it would take that long, but there you go) to receive your bitcoins, which kinda sucks because I was hoping to do some shopping this week.

I'll repay as soon as I receive my BTCs from Bitcoin4cash(which I guess could take up to a couple weeks). I also mine ~1BTC a day and if for some reason something goes wrong with Bitcoin4Cash(which I'm sure it won't since it is my understanding the person who runs it is one of the most trusted people on this forum) I'll repay 60BTC instead for the added delay of repayment.

I'm pretty active on the forums so you can always get a hold of me here, or if you do loan me the BTCs and it would make you more comfortable you can request my IM, e-mail, etc in a PM and I will provide you with them. Bitcoin address in sig.


how long would it take for you to repay the loan?

I put $50 cash in the mail yesterday using the Bitcoin4Cash service. I just read today though that it took someone two weeks to receive their bitcoins though(which is why I'm asking for a loan, I kind of was looking forward to bitcoins this week). So I'm thinking two weeks tops. If it takes any longer than that I'll repay 60BTC(I mine about ~1BTC a day on bitcoinpool). I'm listed in the honest trader's thread and I've repaid a loan here before(the topic is still on the front page so you can check it) exactly how I specified I would.
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April 12, 2011, 11:53:29 PM
 #11

I put $50 cash in the mail yesterday using the Bitcoin4Cash service. I just read today though that it took someone two weeks to receive their bitcoins though(which is why I'm asking for a loan, I kind of was looking forward to bitcoins this week). So I'm thinking two weeks tops. If it takes any longer than that I'll repay 60BTC(I mine about ~1BTC a day on bitcoinpool). I'm listed in the honest trader's thread and I've repaid a loan here before(the topic is still on the front page so you can check it) exactly how I specified I would.
i'll fund 25.5 BTC (50%) of that loan, which means i'll get 28 BTC (up to 30 BTC) in return. is that okay?

It is pitch black. You are likely to be eaten by a grue.

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April 13, 2011, 12:10:14 AM
 #12

I wish to borrow 20 BTC and will return up to 5 BTC as payment.
Funds should be sent to address 1KbXLhCMEdv4cuVqFmaaF39upHuqLHB3sr

 Grin

Tips Appreciated: 171TQ2wJg7bxj2q68VNibU75YZB22b7ZDr
CryptikEnigma
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April 13, 2011, 12:13:58 AM
 #13

I put $50 cash in the mail yesterday using the Bitcoin4Cash service. I just read today though that it took someone two weeks to receive their bitcoins though(which is why I'm asking for a loan, I kind of was looking forward to bitcoins this week). So I'm thinking two weeks tops. If it takes any longer than that I'll repay 60BTC(I mine about ~1BTC a day on bitcoinpool). I'm listed in the honest trader's thread and I've repaid a loan here before(the topic is still on the front page so you can check it) exactly how I specified I would.
i'll fund 25.5 BTC (50%) of that loan, which means i'll get 28 BTC (up to 30 BTC) in return. is that okay?

Eh, I don't want to complicate it like that. I'd rather just deal with one person. And receive all of the loan at once, and pay off all the loan at once.
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April 13, 2011, 03:14:15 AM
 #14

I wish to lend 50 BTC and receive 54 BTC in return.
Payment should be sent to 12zqQWWYafF6eeaFwW1X4ra54htqU8Aof6
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April 13, 2011, 04:16:34 AM
 #15

I wish to borrow 200 BTC and pay back up to 210 BTC.
Payment should be sent to 14ho9CaP6rrifz3PXRfcCRVAR6XTpcrEwC

1EofoZNBhWQ3kxfKnvWkhtMns4AivZArhr   |   Who am I?   |   bitcoin-otc WoT
Bitcoil - Exchange bitcoins for ILS (thread)   |   Israel Bitcoin community homepage (thread)
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April 13, 2011, 04:27:28 AM
 #16

I wish to lend 50 BTC and receive 54 BTC in return.
Payment should be sent to 12zqQWWYafF6eeaFwW1X4ra54htqU8Aof6

Hey that sounds like my kinda deal!, I was considering going to try and Solo mine until i gatherd my first block.
What i was hoping i could do with you is Borrow the 50ß and switch to solo mining pay you 10ß and then switch over to Solo mining aswell as pay you my first block of 50ß, because:
Does deepbit reflect a stat on how many blocks one's workers have found for the poo (ala slush's pool)l? I was looking for this but couldn't find.
It's hidden at the very bottom of advanced settings page.

"Total shares" of block found by you is marked in bold text on stats page.
Embarrassed i've found 4 blocks.... Wouldnt that be 200ß? i've only mined 62ß out of deepbit..... I feel very sad right now, I understand all the Wonderful benefits of being in a pool, but have i really only gained 31% of my minings earnings and shared 69% of it? Cry Cry

This makes me really sad.................

On another note, I really like the idea of a website that handles loans. However. You could just steal All of our money.

I think i'll wait until a super trusted user like TheMadHatter opens a service like this (or atleast has 50% control of it)

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
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April 13, 2011, 04:46:20 AM
 #17

On another note, I really like the idea of a website that handles loans. However. You could just steal All of our money.

I think i'll wait until a super trusted user like TheMadHatter opens a service like this (or atleast has 50% control of it)

I thought of such a thing myself and would be willing to write and operate it, but as a relatively new user I doubt anyone would trust me.

EDIT: Having said that, it's not like I go to great lengths to hide my real-world identity though.  Cheesy

Tips are always welcome and can be sent to 1CZ8QgBWZSV3nLLqRk2BD3B4qDbpWAEDCZ

Thanks to ye, we have the final piece.

PGP key fingerprint: 2B7A B280 8B12 21CC 260A  DF65 6FCE 505A CF83 38F5

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April 13, 2011, 06:05:12 AM
 #18

I wish to lend 96 BTC and receive 100 BTC in return.
Funds should be returned to 1GtF2VVoRA4BYL7GiMVdfT9mCAi7ZPFV3u

I also think CryptikEnigma's loan shouldn't qualify for this experiment given its special conditions.
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April 13, 2011, 02:08:10 PM
 #19

On another note, I really like the idea of a website that handles loans. However. You could just steal All of our money.

I think i'll wait until a super trusted user like TheMadHatter opens a service like this (or atleast has 50% control of it)

The user conducting this experiment (mndrix) also runs CoinPal and CoinCard. Furthermore, mndrix has the third-highest rating on the Bitcoin OTC web of trust with a score of 60. For reference, TheMadHatter has a score of 5. Of course, a web of trust rating may not mean much if you don't trust any of the users who contributed to it, but I think its fairly safe to say that mndrix is well-trusted in the Bitcoin community.

Will mndrix run off with the loan money? I doubt it.
Will some of the borrowers not pay back their loans? Maybe, but that's part of the fun of this experiment, right?
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April 13, 2011, 02:21:24 PM
 #20

http://bitcoin-otc.com/vieworder.php?id=1008

Max term will be based on trust level.

One off NP-Hard.
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