Bitcoin Forum
December 02, 2016, 10:24:45 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [CLOSED] Offering 8BTC Line of Credit @ 15% APR  (Read 1176 times)
gregwtmtno
Member
**
Offline Offline

Activity: 77



View Profile
February 16, 2012, 02:36:19 PM
 #1

How it works:

1. Give me your Bitcoin address.

2. I give you the link to your bucket.

3. Withdraw money when you need it. The money can only be withdrawn to the address you supplied me.

4. Pay interest. Interest on the amount you’ve borrowed is automatically taken from the bucket. Just like any other line of credit, if you haven’t borrowed anything or you pay it back your balance before the interest period, you pay nothing!

That’s really all there is to it. You just have to make sure the bucket is never at zero when it’s time to pay interest.

Why not just take out a loan? With a line of credit, you don’t have to negotiate a new loan every time you need to borrow money. You have the security of knowing that money is available to you.

Additionally, like any other credit line, if you consistently pay off your balance, there may be opportunity to expand your credit.
1480717485
Hero Member
*
Offline Offline

Posts: 1480717485

View Profile Personal Message (Offline)

Ignore
1480717485
Reply with quote  #2

1480717485
Report to moderator
1480717485
Hero Member
*
Offline Offline

Posts: 1480717485

View Profile Personal Message (Offline)

Ignore
1480717485
Reply with quote  #2

1480717485
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480717485
Hero Member
*
Offline Offline

Posts: 1480717485

View Profile Personal Message (Offline)

Ignore
1480717485
Reply with quote  #2

1480717485
Report to moderator
BurtW
Legendary
*
Offline Offline

Activity: 1778

All paid signature campaigns should be banned.


View Profile WWW
February 16, 2012, 04:12:17 PM
 #2

Can you do larger lines of credit?

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!
gregwtmtno
Member
**
Offline Offline

Activity: 77



View Profile
February 16, 2012, 04:18:35 PM
 #3

Can you do larger lines of credit?

Yes, larger credit lines are an option. I was hoping to start out small though. What were you thinking?
BurtW
Legendary
*
Offline Offline

Activity: 1778

All paid signature campaigns should be banned.


View Profile WWW
February 16, 2012, 06:10:37 PM
 #4

Just curious.  Not interested in borrowing (at that rate anyway) since I am a lender with my own "bank" called IBM.  (See https://bitcointalk.org/index.php?topic=61756.0)

Interesting idea.  We will see how it goes Smiley

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!
PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
February 16, 2012, 06:29:07 PM
 #5


That’s really all there is to it. You just have to make sure the bucket is never at zero when it’s time to pay interest.


or? 

I need to make this more than a one word post - looks like someone could set up the credit, drain it and be gone.  What else is there as a protection?
gregwtmtno
Member
**
Offline Offline

Activity: 77



View Profile
February 16, 2012, 06:40:48 PM
 #6


That’s really all there is to it. You just have to make sure the bucket is never at zero when it’s time to pay interest.


or? 

I need to make this more than a one word post - looks like someone could set up the credit, drain it and be gone.  What else is there as a protection?


I mean, it works like any other loan. Anyone making a loan or setting up credit has to make a judgement on how whether the debtor is worthy of credit or not. Credit card companies take the same risks.
PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
February 16, 2012, 06:55:19 PM
 #7

Thanks for the quick response.  I looked at the "bucket" when you launched the concept a little while ago, and it's a good idea.  It has it's place and uses amongst the different offerings in the lending space, and I hope it works for you.
SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
February 16, 2012, 06:59:29 PM
 #8

What kind of personal information do you require for a person to take out a line of credit?
gregwtmtno
Member
**
Offline Offline

Activity: 77



View Profile
February 16, 2012, 07:11:54 PM
 #9

What kind of personal information do you require for a person to take out a line of credit?

That would depend mostly on the size of the credit. For something really small, good reputation on the forum would be enough. It would be nice to see a previous repaid loan too.
dmcurser
Hero Member
*****
Offline Offline

Activity: 502


View Profile
February 16, 2012, 11:22:39 PM
 #10

I am interested in loaning 25 btc for one months time so I can finish funding new hardware. https://bitcointalk.org/index.php?topic=63596.0 is my request post recent loan https://bitcointalk.org/index.php?topic=62302.0 also sure that shakaru,notme,nelisky can all vouch for me would love to do business with you. Plz let me know as I need this to fund  my purchase tommorow

1Q7TPBHHVmGCvqffYHpXCCBgbcBQ4NwXdW
notme
Legendary
*
Offline Offline

Activity: 1526


View Profile
February 16, 2012, 11:42:30 PM
 #11

I am interested in loaning 25 btc for one months time so I can finish funding new hardware. https://bitcointalk.org/index.php?topic=63596.0 is my request post recent loan https://bitcointalk.org/index.php?topic=62302.0 also sure that shakaru,notme,nelisky can all vouch for me would love to do business with you. Plz let me know as I need this to fund  my purchase tommorow

I sold dmcurser some GPUs, the transaction went smooth.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!