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Author Topic: looking to borrow BTC  (Read 1395 times)
jaybny
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May 05, 2011, 05:43:23 PM
 #1

Looking to borrow BTC, will send you USD-MTGOX as collateral.

so you lend me 200 BTC

I send you $800 

then..

I repay you 202 BTC

you give me my $800 back.

anyone?

send me message on  #bitcoin-otc

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gusti
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May 05, 2011, 05:51:47 PM
 #2

are you willing to send first ?

If you don't own the private keys, you don't own the coins.
jaybny
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May 05, 2011, 06:07:49 PM
 #3

yes if you have a good rep on otc... do u?

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May 05, 2011, 06:45:12 PM
 #4

For how long?

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May 05, 2011, 06:53:56 PM
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yes if you have a good rep on otc... do u?


Yes I have good rep as gusti
http://bitcoin-otc.com/viewratings.php
http://bitcointalk.org/index.php?topic=484.msg82130#msg82130

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jaybny
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May 05, 2011, 06:59:33 PM
 #6

For how long?

2 weeks max

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May 05, 2011, 07:02:52 PM
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And if price shoots to $10 are going to default and leave the $800 or are you going to cover it?

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jaybny
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May 05, 2011, 07:32:30 PM
 #8

no - im paying you above BTC price right now... you can use the $800 and buy your own BTC... you have no risk.. really

will do it for $1000 ... anyone?


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May 05, 2011, 07:33:59 PM
 #9

no - im paying you above BTC price right now... you can use the $800 and buy your own BTC... you have no risk.. really

will do it for $1000 ... anyone?



yes, i told you i'm interested
pls pm me with your email

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ploum
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May 05, 2011, 07:53:24 PM
 #10

Why do you want to do that? What is your benefit in this scheme?

It means that you buy btc above price market now. Assuming the price goes above 4$, you will then sell beneath price market.

The other question is how could you ensure that the other part will give you your 800$back?


Let see what are the possible risks:

- btc price goes above 4$. If the taker bought 800$ of btc and sell them, he has a nice benefit.
- btc price remains more or less the same: taker earn 2btc.
- btc price falls dramatically: the taker might loose money if he bought btc with your 800$
- after the first transaction, you disappear. Taker has sell 200btc above market price. He wins.
- after the first transaction, the taker disappear. Same scenario as above.

So my question remains: what is your benefit?

Blog posts about Bitcoin - 1KdRBbhjo72CqKTrFsQed6s9NMrvwvrUkq
gusti
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May 05, 2011, 08:10:08 PM
 #11

My benefit is to win under scenarios with BTC rate going down or remain the same.
If BTC rate goes beyond $4, I can think it of selling 200 btc now at that rate.
So I win too.  Grin

edited : you see, I'm always optimistic.  Wink

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jaybny
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May 05, 2011, 09:20:04 PM
 #12

thanks guys. im good

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