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Author Topic: [Closed] Loan request ~110 bit coins  (Read 1819 times)
vincentio
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January 31, 2012, 05:51:26 AM
 #1

I have a current dream of creating a website (most likely with wordpress) which would host live concert reviews. Every concert I attend always exhibits a unique pizazz that is both bold and unique to the artist. I absolutely have a passion for this and music in general. I have been reading several photography books as well for getting the live shots. My only problem is the funding. In order to start up my site (which I'm not in for the money but simply how much I love music) I need around 350 (cut down price to 110 for now.) I know this is steep but this is concert season. I have access to purchase tickets to shows such as Coachella, Roger Water the Wall tour, Cold Play, Van Halen, Red Hot Chili Peppers, Paid Dues Festival, and so many more  other genres such as electronic, indie, and rap. This loan would cover my ticket costs, the site to be running, and a camera. Please help me start up a true passion of mine. I have a stable job and would be able to pay the loan back 60 to 90 days after the loan is sent. I would prefer low interest since to me it seems like bit coins is a currency for the people and not greed  Smiley. I know that I'm new and don't have rep but I could send verification of my ID, address, etc in order to protect you and your funds.


I would prefer the loan from one person but multiple loans would be fine.


Thanks
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January 31, 2012, 05:57:07 AM
 #2

Wow.  Well as they say it never hurts to ask.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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January 31, 2012, 07:32:59 AM
 #3

I would prefer low interest since to me it seems like bit coins is a currency for the people and not greed  Smiley. I know that I'm new and don't have rep but I could send verification of my ID, address, etc in order to protect you and your funds.

I think everyone would prefer low interest if it were paired with low risk. I hate to be one of those "defend the status quo" guys, but I'll attempt to justify why things are the way they are, because it isn't (only) what you call greed.

You must understand that it's risky (and I mean terrifying, at first) to lend to people over the internet. They might be scam artists, and even if they offer ID they might be using a stolen identity from a hacked computer (or are just identity thieves). So there's a reasonable chance that the borrower just runs off with the loan. This isn't just paranoia: it happens daily here on the forum and on IRC.

A second and more subtle risk is in the exchange rate. A couple of months ago, bitcoins were $2 each. Now they're $5.50 each. A few months ago, they were $30 each. Who knows where they'll be in three or four months? All that's certain is that we won't be able to use the coins we lend you during that period. On one hand, the currency might completely crash way below $1, and even if you don't run away with our money, you'll pay us back with completely worthless coins. On the other hand, the currency might take off to $30 or more again! You say you make good money, but can you afford to spend over $10,000 to pay us back the amount we lent you? Even if you do, you might have trouble getting that kind of money into the system to buy coins, and that'll delay repayment, which might impact our plans negatively and cost us even more money.

All this amounts to very substantial risk on the part of the lenders around here. It's basic rational behavior to expect higher returns on higher risk, and the risk is undoubtably high around here. And there's the issue of collections, too. Even assuming you're honest and give us a real ID and address and so on, and then have trouble repaying us, most of us are just casual lenders: we don't have the time or money to hunt you down or send collections agencies after you (giving them a big chunk of our payback). In my experience, it's a lot easier to just categorically refuse people you think are likely to default than to ask for higher identity assurance from them (since identity might be an indicator of honesty, but is no guarantee of creditworthiness).

We're not greedy; the business is just risky as fuck and if we wanted to charge small interest rates we'd be unwise to lend bitcoins; why not buy some government or corporate bonds for low rates of return? Even junk bonds are probably a lot safer than most of the loans around here.

Many of us would like that to change. It feels wrong (and might even be illegal in some places) to charge such large rates on loans, and we think a good reputation and credit ratings system would be a massive step towards being able to offer some people lower rates. Unfortunately, the bitcoin credit market is still young and we aren't there yet, but check back soon and the rates might be lower if you have a good reputation Smiley

Anyway, I personally am not willing to commit for such a long period at any rate (due to the exchange rate fluctuations I mentioned), but I hope you'll find another lender who's more risk-tolerant!
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January 31, 2012, 07:45:20 AM
 #4

Excellent summary of the lending/borrowing status right now. Should be put in a seperate thread for all new
borrowers to see.

As for this request... maybe better off asking friends/family . they trust you ( I hope) and will give very low or no interest...

"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
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January 31, 2012, 01:28:52 PM
 #5

What about costs to travel to the concerts?

Do concerts even allow outside photographs? Wouldn't you need to get permission and pay someone a cut of your profits from their event?  I can imagine any of the following might be upset if they found your site: The band, the manager, the record label, the venue, etc.  Sorry I'm ignorant, I don't go to concerts often.

What's the business model?  I guess if you are planning not to make any money at this, that answers all of the questions.
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January 31, 2012, 01:51:00 PM
 #6

I just want to mention that I charge 3-4% daily for riskier lenders and barely break even. :\

It really is risky as fuck.

(BFL)^2 < 0
vincentio
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January 31, 2012, 05:13:14 PM
 #7

I would prefer low interest since to me it seems like bit coins is a currency for the people and not greed  Smiley. I know that I'm new and don't have rep but I could send verification of my ID, address, etc in order to protect you and your funds.

I think everyone would prefer low interest if it were paired with low risk. I hate to be one of those "defend the status quo" guys, but I'll attempt to justify why things are the way they are, because it isn't (only) what you call greed.

You must understand that it's risky (and I mean terrifying, at first) to lend to people over the internet. They might be scam artists, and even if they offer ID they might be using a stolen identity from a hacked computer (or are just identity thieves). So there's a reasonable chance that the borrower just runs off with the loan. This isn't just paranoia: it happens daily here on the forum and on IRC.

A second and more subtle risk is in the exchange rate. A couple of months ago, bitcoins were $2 each. Now they're $5.50 each. A few months ago, they were $30 each. Who knows where they'll be in three or four months? All that's certain is that we won't be able to use the coins we lend you during that period. On one hand, the currency might completely crash way below $1, and even if you don't run away with our money, you'll pay us back with completely worthless coins. On the other hand, the currency might take off to $30 or more again! You say you make good money, but can you afford to spend over $10,000 to pay us back the amount we lent you? Even if you do, you might have trouble getting that kind of money into the system to buy coins, and that'll delay repayment, which might impact our plans negatively and cost us even more money.

All this amounts to very substantial risk on the part of the lenders around here. It's basic rational behavior to expect higher returns on higher risk, and the risk is undoubtably high around here. And there's the issue of collections, too. Even assuming you're honest and give us a real ID and address and so on, and then have trouble repaying us, most of us are just casual lenders. We don't have the time or money to hunt you down or send collections agencies after you (giving them a big chunk of our payback). In my experience, it's a lot easier to just categorically refuse people you think are likely to default than to ask for higher identity assurance from them (since identity might be an indicator of honesty, but is no guarantee of creditworthiness).

We're not greedy; the business is just risky as fuck and if we wanted to charge small interest rates we'd be unwise to lend bitcoins; why not buy some government or corporate bonds for low rates of return. Even junk bonds are probably a lot safer than most of the loans around here.

Many of us would like that to change. It feels wrong (and might even be illegal in some places) to charge such large rates on loans, and we think a good reputation and credit ratings system would be a massive step towards being able to offer some people lower rates. Unfortunately, the bitcoin credit market is still young and we aren't there yet, but check back soon and the rates might be lower if you have a good reputation Smiley

Anyway, I personally am not willing to commit for such a long period at any rate (due to the exchange rate fluctuations I mentioned), but I hope you'll find another lender who's more risk-tolerant!

I completely understand where you are coming from and agree completely. Sorry for coming off like that I would just prefer a lower interest rate but I understand what you mean now.
grue
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January 31, 2012, 09:33:55 PM
 #8

I have a current dream of creating a website (most likely with wordpress) which would host live concert reviews. Every concert I attend always exhibits a unique pizazz that is both bold and unique to the artist. I absolutely have a passion for this and music in general. I have been reading several photography books as well for getting the live shots. My only problem is the funding. In order to start up my site (which I'm not in for the money but simply how much I love music) I need around 350 bit coins which would come to almost 2,000$. I know this is steep but this is concert season. I have access to purchase tickets to shows such as Coachella, Roger Water the Wall tour, Cold Play, Van Halen, Red Hot Chili Peppers, Paid Dues Festival, and so many more  other genres such as electronic, indie, and rap. This loan would cover my ticket costs, the site to be running, and a camera. Please help me start up a true passion of mine. I have a stable job and would be able to pay the loan back 90 to 120 days after the loan is sent. I would prefer low interest since to me it seems like bit coins is a currency for the people and not greed  Smiley. I know that I'm new and don't have rep but I could send verification of my ID, address, etc in order to protect you and your funds.


I would prefer the loan from one person but multiple loans would be fine.


Thanks
you literally registered 10 days ago, with 8 posts, and you're asking for a $2000 loan? This is, of course under the high volatility of bitcoin, and on top of all that, you want it to be low interest. you'll probably have better luck with your local bank.

Your business model seems rather flawed. how can you earn back $2000 by making a blog alone? how are you going to monetize your brand new site so you can get $500 a month?

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

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January 31, 2012, 10:36:43 PM
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If you identity could be confirmed, GLBSE might be the way to go.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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vincentio
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January 31, 2012, 11:06:12 PM
 #10

I have a current dream of creating a website (most likely with wordpress) which would host live concert reviews. Every concert I attend always exhibits a unique pizazz that is both bold and unique to the artist. I absolutely have a passion for this and music in general. I have been reading several photography books as well for getting the live shots. My only problem is the funding. In order to start up my site (which I'm not in for the money but simply how much I love music) I need around 350 bit coins which would come to almost 2,000$. I know this is steep but this is concert season. I have access to purchase tickets to shows such as Coachella, Roger Water the Wall tour, Cold Play, Van Halen, Red Hot Chili Peppers, Paid Dues Festival, and so many more  other genres such as electronic, indie, and rap. This loan would cover my ticket costs, the site to be running, and a camera. Please help me start up a true passion of mine. I have a stable job and would be able to pay the loan back 90 to 120 days after the loan is sent. I would prefer low interest since to me it seems like bit coins is a currency for the people and not greed  Smiley. I know that I'm new and don't have rep but I could send verification of my ID, address, etc in order to protect you and your funds.


I would prefer the loan from one person but multiple loans would be fine.


Thanks
you literally registered 10 days ago, with 8 posts, and you're asking for a $2000 loan? This is, of course under the high volatility of bitcoin, and on top of all that, you want it to be low interest. you'll probably have better luck with your local bank.

Your business model seems rather flawed. how can you earn back $2000 by making a blog alone? how are you going to monetize your brand new site so you can get $500 a month?

My post actually states I would be paying back from my day job. Quite frankly I can't argue against the fact I'm a new user. That's why I'm offering any form of identification to aid in lender security. Thanks
vincentio
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January 31, 2012, 11:36:31 PM
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Also I could go slower and purchase the tickets spread out over time in order to get smaller loans and pay the lender back faster if that would be easier.
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February 01, 2012, 02:53:42 AM
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Also I could go slower and purchase the tickets spread out over time in order to get smaller loans and pay the lender back faster if that would be easier.
I think it would be better to pay for your ventures with your day job. If you scrape together $500 each month, I don't see why you need a loan.

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

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vincentio
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February 01, 2012, 02:57:54 AM
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Also I could go slower and purchase the tickets spread out over time in order to get smaller loans and pay the lender back faster if that would be easier.
I think it would be better to pay for your ventures with your day job. If you scrape together $500 each month, I don't see why you need a loan.

Go on ticketmaster, search upcoming events. Most of these events are sold out/selling out. The point is to buy the tickets I have available to purchase now, before they sell out. I've gotten aid from some friends and family as well. Some air miles for flights and other benefits. I just need more money for the tickets now. Thanks for the help too by the way.
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February 02, 2012, 01:29:02 AM
 #14

Dude Roger Water's wall tour live was best thing I've been too!

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vincentio
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February 02, 2012, 01:36:24 AM
 #15

I bet, and I sold some possessions, and also cut down my list. Only in need of about 130 bit coins now due to the fact I'll be purchasing 2 festival tickets, and 1 concert ticket. Thought it would make more sense to start off with festivals since the artist/money ratio is much better and makes more sense. Thanks
vincentio
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February 04, 2012, 07:07:32 PM
 #16

Thanks everyone, got a loan from irl friend and a new partner! Thanks for the help any way though!  Smiley
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February 04, 2012, 07:09:21 PM
 #17

Remindes me of a joke:  What do you call a musician without a girlfriend?


Homeless.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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