Bitcoin Forum
December 09, 2016, 09:38:38 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2] 3 4 »  All
  Print  
Author Topic: [FULFILLED!] 10,000 BTC loan - LONG TERM  (Read 6955 times)
slider1978
Full Member
***
Offline Offline

Activity: 180



View Profile
March 23, 2012, 02:29:28 PM
 #21

I just want to add that I've had dealings with yochdog (investing in his mining operation) and he was very professional and everything went smooth, so +1 to his rep.
1481319518
Hero Member
*
Offline Offline

Posts: 1481319518

View Profile Personal Message (Offline)

Ignore
1481319518
Reply with quote  #2

1481319518
Report to moderator
1481319518
Hero Member
*
Offline Offline

Posts: 1481319518

View Profile Personal Message (Offline)

Ignore
1481319518
Reply with quote  #2

1481319518
Report to moderator
1481319518
Hero Member
*
Offline Offline

Posts: 1481319518

View Profile Personal Message (Offline)

Ignore
1481319518
Reply with quote  #2

1481319518
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
March 23, 2012, 02:32:27 PM
 #22

If you can get 5.5% from your bank then you should however part of the reason you can get 5.5% from your bank is
a) proof of identity
b) proof of assets
c) proof of credit

Maybe 10% is viable, hell maybe even 7% is viable.

Still 10% on an anonymous no information provided just hope for the best loan vs 5.5% bank has a signed contract, legal rights, and verified debtor isn't exactly apples to apples.

The question is how much information are you willing to provide to reduce the risk to creditors and thus the risk premium in the interest rate?  If it is nothing then 10% is a joke.  Just because it is double your banks rate isn't really relevant.  2x the return on a 100x the risk isn't good business.

Man, did you read the whole thread?

I am willing to provide extensive details to interested/qualified lenders.  I am simply not going to throw all of my personal/business details in the OP and hope it works.  The thread is designed to spur interest from lenders, elicit feedback, and lead to discussions privately where details will be worked out.  

I am not asking anyone to loan BTC to me anonymously and just hope for repayment....where in the world did you get that impression?  


I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
March 23, 2012, 02:33:38 PM
 #23

I just want to add that I've had dealings with yochdog (investing in his mining operation) and he was very professional and everything went smooth, so +1 to his rep.

Thanks Slider!  Much appreciated!

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
Philj
Sr. Member
****
Offline Offline

Activity: 386



View Profile
March 23, 2012, 04:26:35 PM
 #24

And people thought I was crazy asking for 2,000.  Cool

I saw your thread, Matthew, and that was actually what spurred me to do this.  I think 2-3 years from now, we will look back on the "huge" loans that are being attempted today, and think "how quaint!".  The pace of change and maturing nature of the bitcoin economy is pretty awesome. 

2-3 years ago 10,000BTC bought a pizza, 2-3 years from now it will buy a house, and 2-3 years after that people will wonder why anyone ever loaned millions of USD on a forum.
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
March 23, 2012, 04:48:53 PM
 #25

And people thought I was crazy asking for 2,000.  Cool

I saw your thread, Matthew, and that was actually what spurred me to do this.  I think 2-3 years from now, we will look back on the "huge" loans that are being attempted today, and think "how quaint!".  The pace of change and maturing nature of the bitcoin economy is pretty awesome. 

2-3 years ago 10,000BTC bought a pizza, 2-3 years from now it will buy a house, and 2-3 years after that people will wonder why anyone ever loaned millions of USD on a forum.

Could happen!  Gonna be interesting. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
copumpkin
Donator
Sr. Member
*
Offline Offline

Activity: 266


I'm actually a pineapple


View Profile
March 23, 2012, 05:29:09 PM
 #26

Man, did you read the whole thread?

I am willing to provide extensive details to interested/qualified lenders.  I am simply not going to throw all of my personal/business details in the OP and hope it works.  The thread is designed to spur interest from lenders, elicit feedback, and lead to discussions privately where details will be worked out.  

I am not asking anyone to loan BTC to me anonymously and just hope for repayment....where in the world did you get that impression?  

I'd interpret DeathAndTaxes's comments as being about a bank's legal and collections infrastructure rather than about what information they get. A big bank has entire teams whose job is to get money back from defaulters, and has existing relationships with collections agencies and lots of experience doing all that. My general attitude with loans in bitcoins is that for most smallish loans I don't even bother asking for identity: if your online reputation makes me believe that you're fairly unlikely to run with my money, then you'll get the loan; if I'm unsure enough that I'd want identity verification, I just won't offer the loan at all, simply because it's not worth my time to chase down people who default on small amounts of money.

With the quantities of money you're asking for, on the other hand, I (or other lenders) would obviously need to ask for identification. But if it ever came to collection/legal action (which seems unlikely, given your reputation), we'd have to spend a lot of time/money getting lawyers involved (for a nearly unprecedented legal action, suing someone for virtual goods!) and/or selling debt at a loss to a collections agency. I think that more than justifies an increased rate over a bank.

Anyway, that's all I wanted to add Smiley I wish you luck in getting the money and earning a lot more on top of it.

tl;dr: economies of scale on collections infrastructure allow for lower interest rates
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
March 23, 2012, 05:51:12 PM
 #27

Man, did you read the whole thread?

I am willing to provide extensive details to interested/qualified lenders.  I am simply not going to throw all of my personal/business details in the OP and hope it works.  The thread is designed to spur interest from lenders, elicit feedback, and lead to discussions privately where details will be worked out.  

I am not asking anyone to loan BTC to me anonymously and just hope for repayment....where in the world did you get that impression?  

I'd interpret DeathAndTaxes's comments as being about a bank's legal and collections infrastructure rather than about what information they get. A big bank has entire teams whose job is to get money back from defaulters, and has existing relationships with collections agencies and lots of experience doing all that. My general attitude with loans in bitcoins is that for most smallish loans I don't even bother asking for identity: if your online reputation makes me believe that you're fairly unlikely to run with my money, then you'll get the loan; if I'm unsure enough that I'd want identity verification, I just won't offer the loan at all, simply because it's not worth my time to chase down people who default on small amounts of money.

With the quantities of money you're asking for, on the other hand, I (or other lenders) would obviously need to ask for identification. But if it ever came to collection/legal action (which seems unlikely, given your reputation), we'd have to spend a lot of time/money getting lawyers involved (for a nearly unprecedented legal action, suing someone for virtual goods!) and/or selling debt at a loss to a collections agency. I think that more than justifies an increased rate over a bank.

Anyway, that's all I wanted to add Smiley I wish you luck in getting the money and earning a lot more on top of it.

Thanks for the feedback.....very well written, and excellent points! 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
April 04, 2012, 06:57:12 PM
 #28

I have an update for those interested in this loan:


I have completed negotiations with a long-time forum member, and have executed a promissory note as of this morning.  He fulfilled the loan for the entire amount, and at the terms I desired at the outset of the post.  I am grateful to him for taking down the whole loan, thus saving me from having to seek out dozens of smaller lenders. 

I am really excited about getting the loan done, as it is the first I am aware of that encompasses such a large amount of BTC, a reasonable interest rate, and the proceeds being used for aquiring existing business interests.  I think the implications are profound for bitcoin. 

Yet another step forward for bitcoin! 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
mcorlett
Donator
Sr. Member
*
Offline Offline

Activity: 308



View Profile
April 04, 2012, 07:06:35 PM
 #29

I have an update for those interested in this loan:


I have completed negotiations with a long-time forum member, and have executed a promissory note as of this morning.  He fulfilled the loan for the entire amount, and at the terms I desired at the outset of the post.  I am grateful to him for taking down the whole loan, thus saving me from having to seek out dozens of smaller lenders. 

I am really excited about getting the loan done, as it is the first I am aware of that encompasses such a large amount of BTC, a reasonable interest rate, and the proceeds being used for aquiring existing business interests.  I think the implications are profound for bitcoin. 

Yet another step forward for bitcoin! 

Wow, congrats! This is huge indeed.

copumpkin
Donator
Sr. Member
*
Offline Offline

Activity: 266


I'm actually a pineapple


View Profile
April 04, 2012, 08:14:54 PM
 #30

I have an update for those interested in this loan:


I have completed negotiations with a long-time forum member, and have executed a promissory note as of this morning.  He fulfilled the loan for the entire amount, and at the terms I desired at the outset of the post.  I am grateful to him for taking down the whole loan, thus saving me from having to seek out dozens of smaller lenders.  

I am really excited about getting the loan done, as it is the first I am aware of that encompasses such a large amount of BTC, a reasonable interest rate, and the proceeds being used for aquiring existing business interests.  I think the implications are profound for bitcoin.  

Yet another step forward for bitcoin!  


Congratulations! Does the lender want to remain anonymous? There aren't that many people around here that can handle loans that big.

Also, do you plan to sell the coins on MtGox or arrange a private sale without moving the market? When trading large amounts, I typically try to find someone in #bitcoin-otc, first because it can potentially be slippage-free, but also because it's just a more subtle way of doing things (and I love to be subtle). Since I'm overall long bitcoins, I'd prefer not to do much to lower the MtGox price where possible Smiley
wachtwoord
Legendary
*
Offline Offline

Activity: 1498



View Profile WWW
April 04, 2012, 08:36:26 PM
 #31

And as a joke: if you are going to dump 10k on the open market please PM in advance so we can move in and by a lot of coins shortly after  Cheesy

Anyway cool that this loan is fulfilled and I'm also quite curious who took it. Can you elaborate on precautions were taken?

Is the promissory note a legal contract?
Was an accountant involved?

Also good luck on the equity investment.

guruvan
Hero Member
*****
Offline Offline

Activity: 518

ShastaFarEye Prospectors mazaclub & mazacha.in


View Profile WWW
April 04, 2012, 08:43:01 PM
 #32

Congrats! This is awesome! Did you figure out some ways to hedge it?

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
April 04, 2012, 09:52:30 PM
 #33

I have an update for those interested in this loan:


I have completed negotiations with a long-time forum member, and have executed a promissory note as of this morning.  He fulfilled the loan for the entire amount, and at the terms I desired at the outset of the post.  I am grateful to him for taking down the whole loan, thus saving me from having to seek out dozens of smaller lenders.  

I am really excited about getting the loan done, as it is the first I am aware of that encompasses such a large amount of BTC, a reasonable interest rate, and the proceeds being used for aquiring existing business interests.  I think the implications are profound for bitcoin.  

Yet another step forward for bitcoin!  


Congratulations! Does the lender want to remain anonymous? There aren't that many people around here that can handle loans that big.

Also, do you plan to sell the coins on MtGox or arrange a private sale without moving the market? When trading large amounts, I typically try to find someone in #bitcoin-otc, first because it can potentially be slippage-free, but also because it's just a more subtle way of doing things (and I love to be subtle). Since I'm overall long bitcoins, I'd prefer not to do much to lower the MtGox price where possible Smiley

For the time being, the member asked I refrain from disclosing his username.  I will leave it to their decision should they want to come forward and comment on the thread. 

I am in the process of converting the coins in several venues, and will do it in phases.  Should have very little impact. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
April 04, 2012, 09:54:38 PM
 #34

And as a joke: if you are going to dump 10k on the open market please PM in advance so we can move in and by a lot of coins shortly after  Cheesy

Anyway cool that this loan is fulfilled and I'm also quite curious who took it. Can you elaborate on precautions were taken?

Is the promissory note a legal contract?
Was an accountant involved?

Also good luck on the equity investment.

Proff of ID, proof of address, letter from my firm confirming the equity sale, and a legal promissory note. 

No accountant. 

Thanks for the well wishes!

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
April 04, 2012, 09:55:45 PM
 #35

Congrats! This is awesome! Did you figure out some ways to hedge it?

The most effective hedge comes from my mining farm. 

Beyond that, I am going to be using some bitcoinica contracts to guard against huge moves upward.  More of a shock absorber than anything. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
copumpkin
Donator
Sr. Member
*
Offline Offline

Activity: 266


I'm actually a pineapple


View Profile
April 04, 2012, 10:56:22 PM
 #36

Congrats! This is awesome! Did you figure out some ways to hedge it?

The most effective hedge comes from my mining farm. 

Beyond that, I am going to be using some bitcoinica contracts to guard against huge moves upward.  More of a shock absorber than anything. 

Have you considered trying to arrange some long-term OTC call options with MPOE or other willing option writer?
Gomeler
Hero Member
*****
Offline Offline

Activity: 643



View Profile
April 04, 2012, 11:12:49 PM
 #37

I'm surprised and giddy. It is awesome that someone stepped up for this, going to keep tabs on this as I'm curious how it plays out.

sgravina
Sr. Member
****
Offline Offline

Activity: 442



View Profile
April 04, 2012, 11:37:45 PM
 #38

...
For the time being, the member asked I refrain from disclosing his username.  ...

Was it Satoshi?

yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
May 11, 2012, 09:36:31 PM
 #39

Just wanted to drop a line to everyone following this loan with curiosity.

The first payment was made last week.  We actually changed the terms to monthly payments, at the request of the lender. 

Also, the principal amount was bumped to 11,000 BTC.

Just FYI.  I am absolutely stoked by the implications of large BTC lending like this. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
Tomatocage
Legendary
*
Offline Offline

Activity: 1526

brb keeping up with the Kardashians


View Profile
May 11, 2012, 10:31:56 PM
 #40

Just wanted to drop a line to everyone following this loan with curiosity.

The first payment was made last week.  We actually changed the terms to monthly payments, at the request of the lender. 

Also, the principal amount was bumped to 11,000 BTC.

Just FYI.  I am absolutely stoked by the implications of large BTC lending like this. 

Translation: "brb, buying a 600cc motorcycle" Tongue

THIS SPOT FOR RENT* | GPG ID: 4880D85C | 1% Escrow | 8% IPO/ICO Escrow services Temporarily Closed | Bitcointalk is the ONLY place where I use this name (No Skype/IRC/YIM/AIM/etc) | 13CsmTqGNwvFXb7tD9yFvJcEYCDTB8wQTS | Beware of these SCAM sites! | *Sponsored Link
Pages: « 1 [2] 3 4 »  All
  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!