Starfish BCB - Loans and Deposits

[PatrickHarnett]

Edit 2 Nov 2012:  As mentioned elsewhere, not doing loans or taking deposits - Starfish BCB is collecting outstanding funds and repaying on a pro-rata basis as they are received.

Edit 25 September 2012: Revised deposit rate - currently 0.25%/week.  The change was made and advised in the thread, but with many pages of discussion it is not easy to find.

Edit 10 September 2012: Deposits were put on hold a while ago and Starfish is winding out its various loans and investments to repay depositors.

Edit 15 August 2012: New deposits up to 100BTC are still welcome as this is a service I believe should be provided to the community. Deposits from existing customers beyond 500BTC will be permitted based on the age of the account - you will need to contact me.

Edit 30 July 2012: Implementing a limit on deposits of 20,000.  
Edit 5 July 2012: Revised deposit rate commencing 1 August 2012 - 1.0%/week.

[1714919103]

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[rexcoin]

It would be useful to know what you want the funds for.  Leveraging bitcoin, gambling or ponzis are not a good idea.  Mining rigs, bridging finance and the like are much more likely.

:-(

On a serious note, I would love a loan, but i somehow doubt i will get it. Thanks though.

I wish you good luck on this venture im sure you will do well as your good at giving loans to people who WILL pay back.

[bitlane]

Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?

[PatrickHarnett]

Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?

Sorry, no.  If I wanted to go down the pop music route I would chose something else.  It's named for Patrick Star in honor of the smartest starfish in Bikini Bottom.

[bitlane]

Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?

It's named for Patrick Star in honor of the smartest starfish in Bikini Bottom.

But....
I mean....
I watch SBSP....and Patrick is, well....Retarded. No offence, but he's completely 'short-bus', 'lunch-room helmet', 'water-wings while eating soup'....retarded...lol

Are you sure he's the 'smartest' ?.......hehe. I think he's the only starfish, isn't he ?

[slider1978]

It's so weird, but everytime I read your posts I do it in the Patrick Star voice. 

[DoubleIcaras]

Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?

It's named for Patrick Star in honor of the smartest starfish in Bikini Bottom.

But....
I mean....
I watch SBSP....and Patrick is, well....Retarded. No offence, but he's completely 'short-bus', 'lunch-room helmet', 'water-wings while eating soup'....retarded...lol

Are you sure he's the 'smartest' ?.......hehe. I think he's the only starfish, isn't he ?

No, this is patrick

[ineededausername]

Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?

It's named for Patrick Star in honor of the smartest starfish in Bikini Bottom.

But....
I mean....
I watch SBSP....and Patrick is, well....Retarded. No offence, but he's completely 'short-bus', 'lunch-room helmet', 'water-wings while eating soup'....retarded...lol

Are you sure he's the 'smartest' ?.......hehe. I think he's the only starfish, isn't he ?

Perhaps everyone else thinks he's a genius and you're the retarded one
sarcasm

[PunkAs]

Interested but im guessing i dont have good credit?

[vincentio]

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

[PatrickHarnett]

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

What I see is someone wanting someone else to pay for their concert tickets.  Potentially a good idea, but this isn't the place to ask for funds.

[malavita]

This isn’t a charity and there is real money at stake. For January 2012 I have done a dozen loans, have one bad and another was “impaired” for a while before being paid back.  There are two others due in February that I've flagged as higher risk, that’s why the interest rates are high.

Lending and Seeking a Loan
I decide if you’re a good credit risk or not.  I may seek a credit check with other regular lenders, and I will use whatever other subjective measures I want.
It would be useful to know what you want the funds for.  Leveraging bitcoin, gambling (chance) or ponzis are not a good idea.  Mining rigs, bridging finance and the like are much more likely.
Short term or small loans have higher costs to set up and look after, so don’t expect to get things too cheap at the moment.
Having evidence of ability to repay when (not if) things go wrong is an advantage.
 
Loan Types:
Less than 10 coins and less than 7 days – 5% of funds.
More than 10 coins and less than 7 days – 0.7%/day.
Over seven days, up to one month, 10% to 15% monthly – rate will be confirmed in offer.
Larger loans (100 coins plus) may be syndicated, and I would start to want some evidence of collateral.
Inter-bank – you know who you are.

Repayment – each loan will have a specific address advised upon confirmation of terms by the borrower.
Late Repayments/defaults – when you get into trouble, contact me at earliest. (it has been suggested to me this should be 1%/day)

Deposits
Currently fixed term deposits paying 1% per week.  To maintain adequate reserves, I may limit deposits, and you’ll need to contact me ahead of time before sending your coins.
Terms in weekly or monthly duration and in 10 BTC blocks to cut down on admin.

Other
I have a life, and am not here 24 hours per day.  It might take time for me to respond.

IBB – I like what IBB is doing and have both donated to IBB and purchased a couple of shares.  Similar to Banco de Kludge I will match his pledge - at least 3% of loan profits will be donated to senbonzakura to help fund the IBB.

To provide a little more info on the lending scene
January activity
 - 4 loans repaid  (approx 320BTC)
 - 11 loans current (five 100BTC or over, five under 100BTC)
 - 1 bad
 - 1 inter-bank loan (repaid)

Patrick, sounds interesting - how do I establish credit & apply for one?  Do you have a site set up for your business?  Please advise.

Cheers!!

[PatrickHarnett]

No separate site set up - leaving the info here for now.

Establishing credit - that's a tricky one.  Mix of rep, posts, usage, referral.

What are you looking to borrow, why, how much, how are you going to pay back - the usual.  Have a read of the lending forum and you should get a pretty good idea.

[malavita]

No separate site set up - leaving the info here for now.

Establishing credit - that's a tricky one.  Mix of rep, posts, usage, referral.

What are you looking to borrow, why, how much, how are you going to pay back - the usual.  Have a read of the lending forum and you should get a pretty good idea.

Sounds good - to establish credit, how about some small loans to start with (10-20 BTC) on 1 day term?  Whatever interest you make goes against the credit line of a borrower - e.g 20 BTC/1 week = 5% or 1BTC, when repaid, borrower has new credit line of 21 BTC and so on.

As far as I'm concerned, I'm looking for small loans on short terms - my mining gets me a pretty steady supply, but it's financing a project that I prefer not to mess with too much (PM'me and I'll share the details).  That's why it makes more sense for me to borrow and pay a reasonable interest fee, than use my own - I'll get it back in the end.  I don't post much on the forum, but I believe that my rep is pretty good.  Please reply if you are interested in doing some business.

Cheers!

[PatrickHarnett]

I have been asked to record the following deposit:

Deposit sent to address 1DwbcYVfgZT6QCFq8tPWFLxDkekbXUbXKw will be paid back to address 1AXQ5UeAgF2XLBHrsQvacoUxpzEFGAbU5Y.

The deposit  will compound at 1%/week. So  a withdraw X weeks later I will get 1.01^X times the original deposit.  To identify the deposit, is encoded with a random number of satoshis (64507).  

[PatrickHarnett]

I have updated the rate for deposits to 1.5%/week (something around 6.6%/month).

[BadBitcoin (James Sutton)]

I'm investing 108 btc into starfish BCB, I'll be letting you all know how it goes when I recieve my first interest payment.

EDIT: decided to invest 108 just to be rebellious.

[PatrickHarnett]

Confirmed - 108 coins received.  1.62 coins payable weekly.

[PatrickHarnett]

3 Mar: Two uncomplicated loans repaid today, thank you.  runlinux and juggalodarkclow

[PatrickHarnett]

Re: Cobra loan

I spent quite a while discussing and arranging a loan with Cobra yesterday and we reached agreement to do a three month, 200 coin loan.  We discussed quite a few things and on reflection (along with some recent bitcoin developments) Cobra decided not to take up the loan, and returned the test deposit we had exchanged.  Cobra is not a long-time or senior member, so is still building credibility on the forum, but on the basis of my dealing with him, will probably do some business when the time is right.

Importantly, there were a few things that have come out of the past few days that are worth posting here. 

1: Short duration:  Long loans suffer from compounding so five or six month terms works against them.  Three months is doable, but then you get into weekly payments (My current longest loan is 27 weeks.)  One month is pretty typical in the lending section.

2: Partial funding: If you're buying a heap of stuff, like the new cards or FGPA units, the payback is too long for most (see #1 above).  Part funding at least half helps significantly, but delays your profits to the later end.  Also, beware of changes in difficulty or delivery delays as trends swing (and those BFL units might take a long time to arrive).

3: Demonstrated knowledge for hardware: Some people think building 5Ghash is easy.  Adding 5Ghash to 20 or 100 is easier.  So the size of the increment is relevant.

4: Identity/credibility: Being able to verify gets important for large loans - this is still evolving, but some others have better ability to do this if they are geographically close.  Verification via a real email address is a good idea.  Building credibility is also hard, but having paid off a 5 coin loan doesn't get you to a 100 coin loan easily either.

5: Syndicate: My appetite for large loans starts to run out around 200, although I have some larger than that.  I talk with some of the other main lenders all the time (we are connected on skype), and that makes it a bit easier to get to the bigger numbers.

6: Rate/payoff: This is trickiest, as you want the lowest rate, but lenders what higher.  15%/month is not hard to get, and I do some lending usually in the 10% to 15% range.  For longer term I'm looking increasingly at weekly payments and calculate on a 3% per week basis.  That allows differential payments and also easy calculations for early repayments.