Banco De Kluge (BDK) - [On "Vacation" -- PM me if you need anything]

[PatrickHarnett]

I agree with the sentiment behind this and will pm IBB to help support this.

Patrick
Starfish BTC thing

[Kluge]

I believe my deposit (CD) terms are now adequate to function as I'd like without problem. I'd appreciate review, comments, criticisms. I should be ready to issue CDs and loans again within a week. (Edit: Might not be back by 29th)


(and thanks for the sticky!)

[chsados]

hey guys, im a new user with ~22 bitcoins i dont plan on needing for a few weeks.  i was wondering how all this works and how i can set myself up to propose a loan in hopes to gain a little % in return an gain some reputation as well?

[Kluge]

Back open with BTC to lend. BTC to lend should be coming in rapidly after a few days for a couple months. I'm also now willing to accept deposits (see OP for rates). Will finalize the January "I/O report" when I wake up and start on February's report. Rates have been updated given new information on other lenders' loan performance. PPUSD/DwollaUSD loans are still disallowed until I'm at a ratio of USD:BTC I'm comfortable with ($11k in BTC does make me just a tad uncomfortable ).

Fwiw, I'll be sleeping, doing family stuff for 10h from posting, so see someone else if you're in need of a loan immediately. If you want a loan at listed rate, please follow the posted requirements and send me a PM.

Forgot to announce, BDK also pledges 2% loan profit (+ a 5BTC initial pledge) to BTC100. BTC100 was created to entice charities to accept BTC for donations.

[Kluge]

That went quick. You guys sure know how to make a fellow feel poor. 

Quite interested in taking deposits if anyone's willing -- Have plenty of loan requests I'm unable to fulfill. I'll bump the thread when I have BTC to loan again. Assuming nobody's interested in buying CDs as I've outlined in the OP, it probably won't be for at least a week while I deal with a backlog of loan requests.

When I get a few more loans repaid, I'll be donating an amount to the extremely helpful moderator Maged, who has put in a good bit of time keeping this subforum free of scammers and alerting us to serious problems with people looking for loans. Both lendees and lenders are more able to prosper with mods like him helping ensure loans are going to people for the right reasons, and not because they hijacked an account. His donation address is 1MagedVeZqDtU4Jh5BdgvHpcWk9dXFzZY8 -- check out his Scammer alert thread @ https://bitcointalk.org/index.php?topic=61500.0

[Kluge]

Celebrate my birthday with "special" birthday CDs all week. Each CD will return .5% greater percentage points per 30D the CD is out on principal. So, if a 30D CD and you take it out before the end of the week (2/5/12), instead of that CD paying the usual 2.5% + principal at the end of its 30D duration, it will now pay 3% + principal. 90D CDs, instead of paying 9.75% + principal when due, will now pay 11.25%.

Let me buy your love, then destroy you by abusing that trust!


ETA: I/O report for January is now finished and posted in spreadsheet listed near the top of the OP. January saw a profit of 4.677BTC after donating 5.198 BTC between IBB & BTC100.

[vincentio]

https://bitcointalk.org/index.php?topic=62011.0

[Kluge]

If you're confused about the CD terms, I apologize. Feel free to PM me any questions (or PM theymos to ensure the [collapse] function is included in the forum update!).

[ETA: This wasn't in response to Vin]

[Kluge]

~18.6BTC to lend. Will still match IBB loans. Just today and tomorrow left for special CD rates before it falls back down.

ETA: Just received a 200BTC deposit. Plenty more to lend.

[Kluge]

Last day for higher CD rates. Quick reminder that CDs are personally backed by me -- even if all my loans go bad, you will still get paid.

BDK is now significantly more diversified, and a new "equity diversification" requirement has been added. I am ("BDK" is) now invested in FPGA.contract, imsaguy's lending program, and a meager 5BTC in Bitscalper out of curiosity. "Loan diversification" requirement has also been modified to be more sensible, taking into account all securities instead of just other loans.

ETA: I'm taking a break for at least a couple days. PM me if you want to talk to me. Probably faster to email me if you know the address.

[Kluge]

I'll be closing this thread. I will be buying a house soon and need to convert some BTC to USD, and there aren't many loans being asked for on productive ventures. I'd rather go through GLBSE to provide funding for productive projects. Average interest rate is too high for most legitimate productive ventures, but too low for most small lenders to remain profitable with as many scammers as can exist without regulations so strict with a new market that the vast majority of applications would be denied. I'd be fine covering Bitcoin until a Dwolla transfer goes through, but really, there are much more streamlined options offered at competitive rates. Though there's lots of demand, I don't believe the lending service I originally envisioned is justified by current market conditions, and that the remaining competition is able to handle everything I was covering.

All deposits will still be paid, all loans are still expected to be paid, all other commitments will be honored. If your loan is set to "auto-renew" - at least for now, there is no problem with that continuing for as long as you wish, though I'll ask to have loans due by March not be auto-renewed while I ensure I have enough cash-on-hand to repay deposits and fund a loan I committed to make. CDs will no longer be issued, nor "re-issued."