oppahdoggystyle (OP)
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June 13, 2014, 05:04:44 AM |
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I am curious if fiat like USD count as collateral on bitcointalk's lending section.
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Confessions
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June 13, 2014, 05:09:03 AM |
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Yes, and probably is the best collateral
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hilariousandco
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June 13, 2014, 05:36:52 AM |
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Yeah it would, but as long as it wasn't sent to the lender via a reversible medium like Paypal or something. If you've got the money though why don't you just buy the coins yourself?
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oppahdoggystyle (OP)
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June 13, 2014, 05:43:47 AM |
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Fees and other Bitcoin-acquisition costs are reasons I am considering putting up fiat for a bitcoin loan. Of course, paypal would not be used as collateral. More like bank transfers or other secure fiat transfer methods
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Parazyd
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June 13, 2014, 05:45:18 AM |
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Just ditch Western Union. They take sky-high fees. 10% I think  |
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oppahdoggystyle (OP)
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June 13, 2014, 05:48:21 AM |
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WU fees = death. I just calculated how much money I spent on fees to obtain BTC in the past and it is embarrassing.
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Parazyd
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June 13, 2014, 05:55:43 AM |
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WU fees = death. I just calculated how much money I spent on fees to obtain BTC in the past and it is embarrassing.
Yeah... I'd recommend a simple Wire Transfer or a SEPA Transfer if you locate in Europe. |
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oppahdoggystyle (OP)
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June 13, 2014, 06:08:39 AM |
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Good idea. Thanks for that. I'll be searching for credible exchanges then. I'm sick of paying 10%+ above market.
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DubFX
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June 13, 2014, 06:23:13 AM |
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IMHO i wouldn't call it best form of collateral, wire transfers are expensive and take ALOT of time.
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Parazyd
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June 13, 2014, 06:24:51 AM |
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IMHO i wouldn't call it best form of collateral, wire transfers are expensive and take ALOT of time.
Depends what's expensive for you. It's cheaper than WU and it takes max. 3-4 working days. |
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oppahdoggystyle (OP)
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June 13, 2014, 06:41:03 AM |
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3-4 business days... is better than paying WU fees/other payment type fees and paying above market value.
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Killerloop
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June 13, 2014, 08:12:37 AM |
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WU fees = death. I just calculated how much money I spent on fees to obtain BTC in the past and it is embarrassing.
How much exactly? If you trade on an exchange you will pay wire transfer and trading fee... 0.5%? |
Loan request: "I need 7 BTC because We hired an archaelogist and asked him: Is there a treasure? And he said yes!"
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oppahdoggystyle (OP)
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June 13, 2014, 08:38:41 AM |
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Damn... you're right. It might just be better if I put fiat in escrow and borrow. Cost of getting bitcoins is getting way too high for me.
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Killerloop
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June 13, 2014, 08:42:56 AM |
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Damn... you're right. It might just be better if I put fiat in escrow and borrow. Cost of getting bitcoins is getting way too high for me.
If you deposit USD to a trustable forum escrow I will be happy to lend BTC to you. |
Loan request: "I need 7 BTC because We hired an archaelogist and asked him: Is there a treasure? And he said yes!"
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oppahdoggystyle (OP)
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June 13, 2014, 08:49:55 AM |
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I am interested and more than willing to do escrow. But, I am curious if you have someone in mind who is trustworthy enough to escrow. Also, what kind of int rate and terms are you considering. I hope you don't mind making this lending terms/escrow discussion for public to see.
Feel free to propose the escrow terms/loan terms/etc. I am all ears
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Killerloop
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June 13, 2014, 09:18:59 AM |
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I am interested and more than willing to do escrow. But, I am curious if you have someone in mind who is trustworthy enough to escrow. Also, what kind of int rate and terms are you considering. I hope you don't mind making this lending terms/escrow discussion for public to see.
Feel free to propose the escrow terms/loan terms/etc. I am all ears
These are my conditions: https://bitcointalk.org/index.php?topic=632483.0I have more than 1 BTC now. For escrow I had a positive experience with Monbux, but I do not know if he accepts USD and if it is feasible for you to send money to him. From my point of view any trustable escrow will do, but you should seek someone in your country as currency conversion may take a sensible toll on your collateral. |
Loan request: "I need 7 BTC because We hired an archaelogist and asked him: Is there a treasure? And he said yes!"
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oppahdoggystyle (OP)
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June 13, 2014, 09:21:39 AM |
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I have read your loan terms page. I will put out a thread to see if any trusted member can act as the escrow. Below is the link to thread requesting trusted members to act as escrow. https://bitcointalk.org/index.php?topic=650709.0 |
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oppahdoggystyle (OP)
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June 13, 2014, 10:52:37 AM |
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Killerloop,
I contacted DannyHamilton to oversee the escrow process. According to Bitcointalk users, he is trustworthy and legitimate. Let me know if you are okay with me asking DannyHamilton.
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tertius993
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June 13, 2014, 11:25:48 AM |
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I am interested and more than willing to do escrow. But, I am curious if you have someone in mind who is trustworthy enough to escrow. Also, what kind of int rate and terms are you considering. I hope you don't mind making this lending terms/escrow discussion for public to see.
Feel free to propose the escrow terms/loan terms/etc. I am all ears
These are my conditions: https://bitcointalk.org/index.php?topic=632483.0I have more than 1 BTC now. For escrow I had a positive experience with Monbux, but I do not know if he accepts USD and if it is feasible for you to send money to him. From my point of view any trustable escrow will do, but you should seek someone in your country as currency conversion may take a sensible toll on your collateral.I think the in country bit is important. At least within the UK person to person transfers are free and more or less instant. However, the amount of collateral would need to cover any wire costs if it eventually *had* to be sent to the lender. |
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oppahdoggystyle (OP)
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June 13, 2014, 11:34:12 AM |
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That is actually a good point. That is why I am hoping an escrow holder has a BofA account so it will be a free transaction.
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