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Author Topic: Dream Islands banking and loans [on hold]  (Read 1269 times)
film2240
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April 14, 2012, 11:08:32 AM
 #1

I'm offering loan lending services for people who need them.I can offer small loans to people who need them.These will take the form of micro-loans (that bear interst) at first but if my business expands,then I'll be able to offer normal loans as well. This will be carreid out under the brand Dream Islands banking (for now)
I'll only lend to people who meet certain criteria:
1.Not a scammer (that's really a no brainer)
2.The person must have some positive reputation or other evidence that you've paid back loans from before.Successful trades and all loans being repaid will be good as well.(I won't lend to people with little rep unless I have been dealing with you before and I know you can pay it back.The gorgo1 loan request threads are an example of what I'm talking about)
3.The person must be able to pay back within a week as these are short term loans (unless we agree different terms due to circumstances).
4.I can also lend to people as part of a larger loan request but terms must be discussed before this happens.

I have around 4BTC 0BTC available to lend at the moment and I can offer micro loans as well.


An example of interest rates to expect (the larger the loan the more you have to pay and this is dependant on reputation as discussed below):
If a person borrows say 1BTC,I'd have to ask for 1.4BTC payback
If 2BTC was borrowed then 2.5BTC would be given back.

Reputation is important as I use this to help work out the interest rate I should charge you (as higher rep borrowers will benefit from lower interest rates in general while low reputation members will have to pay more in interest but this will be capped so that the interest rates don't become ridiculously high like in some other lending places)

This is generally the kind of interest I'd have to charge (This keeps the loans business afloat while giving me room to expand it more easily).If you want a loan from me,just reply to this topic. Smiley

Update:Changed the name to reflect the general brand name of my other business ventures which will later be combined under one roof (eventually). As a bank and lending service,can a mod please sticky this thread? Thanks.

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film2240
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May 28, 2012, 04:04:50 PM
 #2

Update-I need to sell 5BTC debt as TheLastDovah owes me (and failed to give collateral) BTC.
If anyone is intersted please PM me and I'll give a separate BTC address for selling off bad debt.I need to keep this venture afloat by selling off bad debt.

If someone has advice or is interested in buying some of the debt please reply to me via PM or on here.Once the debt is resolved,I plan to restructure the lending business so it's much less prone to losing money in future.Improving business practices is important to a successful expansion at this early stage for the lending portion (of it anyway).


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May 30, 2012, 04:27:59 PM
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Update-I need to sell 5BTC debt as TheLastDovah owes me (and failed to give collateral) BTC.
If anyone is intersted please PM me and I'll give a separate BTC address for selling off bad debt.I need to keep this venture afloat by selling off bad debt.

If someone has advice or is interested in buying some of the debt please reply to me via PM or on here.Once the debt is resolved,I plan to restructure the lending business so it's much less prone to losing money in future.Improving business practices is important to a successful expansion at this early stage for the lending portion (of it anyway).



Dovah is long gone...

Hope you get someone to buy it though!
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May 30, 2012, 04:32:37 PM
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Update-I need to sell 5BTC debt as TheLastDovah owes me (and failed to give collateral) BTC.
If anyone is intersted please PM me and I'll give a separate BTC address for selling off bad debt.I need to keep this venture afloat by selling off bad debt.

If someone has advice or is interested in buying some of the debt please reply to me via PM or on here.Once the debt is resolved,I plan to restructure the lending business so it's much less prone to losing money in future.Improving business practices is important to a successful expansion at this early stage for the lending portion (of it anyway).



Dovah is long gone...

Hope you get someone to buy it though!
Nah, he should be back by now, either as Butense or some other new nicks.

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May 30, 2012, 04:35:57 PM
 #5

To the last 2 posters,thanks for the interesting replies.I kind of had a gut feeling that Dovah was long gone 2 days before the loan payback date but oh well.I've lost my money.Maybe putting the debt sale in auctions may give me better luck.

Edit-Maybe the better approach is to offer something extra rather than just selling off the debt.

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July 09, 2012, 11:05:48 PM
 #6

I'm updating this thread to reflect new developments.I realise that I can't manage all my ventures by myself and I figured that someone who is interested in owning a piece of the pie of the Dream Islands Lending venture could buy 15% part ownership (equivalent to 15,000 shares if they were on GLBSE/stock exchange).I plan to do this so that someone with more experience can help things along with this business while giving me the time I need to work on more fruitful projects as well as giving a little back to the people who helped me (Philanthropy-Dream Islands Foundation).

If you are interested please message me.The interested person will benefit by part ownership with the possibility of owning more at a favourable rate. Smiley

Update-The debt sale is no longer on as a better strategy was considered.

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July 19, 2012, 08:02:40 PM
 #7

Update:Due to recent changes in my circumstances,I'll have to sell off as much as possible of the Dream Islands lending (BTC) venture due to the fact that I no longer have enough time to manage all my ventures on top of filmmaking work for other people,investing,etc.So long story short,I'm willing to sell off this venture as soon as I can.I also hope to spend time in more fruitful projects like giving back to the community (where I grew up and people who helped me along the way to be a filmmaker plus contribute to good causes while I'm at it.) Smiley

This will be a 5 step plan:
1.Sell off 15% of the ownership first,to get the ball rolling (so to speak)
2.Move onto selling off 45% of the venture (someone who is a larger buyer will get a bulk discount doing this rather than buying 15% chunks of it)
3.Sell off the rest to an interested buy
4.Finalise all sales so that interested buyers will have good records that the sale has taken place and that no dispute will occur later on.
5.Send a e-document to all that contains essential information about this venture,buyers rights (reinforces step 4 really) and other stuff.

P.S Can it be possible to move/split this sale thread so it doesn't confuse readers on here? Thanks


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July 19, 2012, 09:15:12 PM
 #8

What, exactly, are you selling?  A portfolio of loans?  An operating business of some sort?  Where can I find a detailed description of what you are selling so I can determine if I want to buy it?

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July 19, 2012, 10:58:13 PM
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What, exactly, are you selling?  A portfolio of loans?  An operating business of some sort?  Where can I find a detailed description of what you are selling so I can determine if I want to buy it?
I was hoping to sell off my loans business to a new owner or new part owners. This is a loans business.Since I am unable to keep on top of things (too many things to manage at once) I figured that I might as well either sell it off or just close it (depending on how things go really).At this point I've figured that I'd simply sell off what I can and anything I can't sell off right away (I mean it's not realistic to expect this to happen overnight).

As for a detailed description,well I haven't really prepared one yet but be assured that in the coming days (or a fortnight or so),there will be a better description that will help explain better what it is that I wish to do with this loans business.

In reality since it's too soon to expect a complete sell off overnight,I may as well give other options of part ownership to interested buyers.I hope this answers your question BurtW.If you have any further questions/queries/comments/(contructive) criticism,feel free to reply here (or PM me if you need to)

Goals:
1.Sell off part ownership so that it's easier for interested buyers to test the waters and to try things out-I can keep the price low for part ownership because of the flexibility of this option.If the person doesn't like it within the cooling off period (30 days) ,all they need to do is ask me for a refund and I'll sort that out for the buyer. Smiley
2.Restructure the business and see if things can get progress further-change the way things are run,etc.
3.See if a sell off can help this venture succeed while giving more time to work on other projects.If not,I'll see if other ideas can be followed.

At this point,I've probably confused you a little with my answers but at this point (step 1),I'm selling part ownership as that's easier for both me and the buyer to manage.So in essence ,I'm selling off part ownership of my loans business to interested buyers.It's probably best If I let the buyers bid (minimum bid will be determined at the time auction is ready) how much they want to pay to own 15% initially (if the buyer wants a smaller stake in this,the price will reflect this and therefore be lower) of the loans business.


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July 19, 2012, 11:21:42 PM
 #10

Your post above did not answer my question.  What specifically are your selling?

This quote is rather interesting:

Quote
As for a detailed description,well I haven't really prepared one yet

How can you expect people to be interested in buying something from you when you cannot tell them what it is?  And:

Quote
It's probably best If I let the buyers bid...

How can we bid on something when we do not know what it is?  "It is a loan business" is not specific enough.  

It sounds like maybe you have a loan and/or deposit portfolio (not sure by your answers).  Let me try to be more specific:

Exactly how many BTC do you have on deposit.  In other words exactly how many BTC have people loaned to you?

How many people have deposits with you?

What is the average daily, weekly or monthly interest rate you are paying for these deposits?

Now, how many BTC do you have out in loans?  In other words exactly how many BTC do you have currently loaned out to other people?

How many loans have you made?

How many active loans do you currently own?

What is average the daily, weekly or monthly interest rate you are charging on these loans?

What is your average default rate on the loans in your portfolio?

This will give me an idea of exactly how much your business is worth.  If you actually have something to sell I may be interested in buying the entire portfolio for one lump sum.

But, I have to see your books first.


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July 20, 2012, 09:45:14 AM
 #11

Your post above did not answer my question.  What specifically are your selling?

This quote is rather interesting:

Quote
As for a detailed description,well I haven't really prepared one yet

How can you expect people to be interested in buying something from you when you cannot tell them what it is?  And:

Quote
It's probably best If I let the buyers bid...

How can we bid on something when we do not know what it is?  "It is a loan business" is not specific enough. 

It sounds like maybe you have a loan and/or deposit portfolio (not sure by your answers).  Let me try to be more specific:

Exactly how many BTC do you have on deposit.  In other words exactly how many BTC have people loaned to you?

How many people have deposits with you?

What is the average daily, weekly or monthly interest rate you are paying for these deposits?

Now, how many BTC do you have out in loans?  In other words exactly how many BTC do you have currently loaned out to other people?

How many loans have you made?

How many active loans do you currently own?

What is average the daily, weekly or monthly interest rate you are charging on these loans?

What is your average default rate on the loans in your portfolio?

This will give me an idea of exactly how much your business is worth.  If you actually have something to sell I may be interested in buying the entire portfolio for one lump sum.

But, I have to see your books first.



OK.With those specific points,I can be clearer in my answers I hope.
1.This venture is called the Dream Islands banking and loans. Originally the banking part simply consisted of an escrow for hire (for a small fee) for clients that request this.There are 2 parts to this venture.Banking (features that people can use) and lending (lend money to people who need it).
2.There are no BTCs on deposit as this is not a savings bank with interest bearing on the money people put in as.
3.No interest is paid since this is not a savings bank. (it was originally called a bank due to time saving features for the user such as escrow,transaction mediation-helps keep the scammer issue to a minimum if requested.etc)
4.For the history of the lending (part that I wish to sell off and keep the banking for now),Loans were sent to two people who requested them:
a.gorgo1 of 2BTC-Repaid me early (would be a good customer if he needs one again)
b.TheLastDovah-Lent 4BTC (owed 5BTC),interest bearing loan.Didn't repay the loan at all.in short this is a bad loan.
No loans are currently loaned out due to the fact that there is no money available to lend due to the defaulter.(I'll need to find a way to boost the venture).There is a policy to keep the available to lend BTC small so that it doesn't bankrupt me or whoever decides to buy the venture from bad loans.
5.I've only made 2 loans so far.
6.I don't have any active loans at the moment
7.In response to your daily,weekly,monthly interest rate on loans point,let me just say that I usually charge interest by the week.In special cases,it'll be a case by case basis.
8.The default rate is an issue at the moment.1 loan was repaid successfully and 1 defaulted.

The info above should give an idea of the current situation with the lending venture (it doesn't look too good). I also hope to give a statement of the vision I have for this venture so this gives buyers (or part buyers) a better idea of what the potential could be with this venture.If things improve (ie with 1 part buyer/changed venture forecast), I can then work with my part buyer (or whoever is interested in it) to make things work well.



I hope this helps you.


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July 20, 2012, 09:54:09 AM
 #12

tl;dr: Nothing to sell besides a name and a bad loan

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July 20, 2012, 10:05:43 AM
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tl;dr: Nothing to sell besides a name and a bad loan

Maybe it's time to put things to a close on this.It's not in a state where a sell off is guaranteed at this point.By trying to do something,a person can learn what works and what doesn't.Clearly the sell off will not work in this environment (or current condition of the venture).I can see where this is going.Some businesses were just nothing more than a name with a few things attached to it and they were successful,others like this need a rethink/draw to a close.

Did I mention that the proceeds were going to good causes.

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July 20, 2012, 10:18:30 AM
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tl;dr: Nothing to sell besides a name and a bad loan

Maybe it's time to put things to a close on this.It's not in a state where a sell off is guaranteed at this point.By trying to do something,a person can learn what works and what doesn't.Clearly the sell off will not work in this environment (or current condition of the venture).I can see where this is going.Some businesses were just nothing more than a name with a few things attached to it and they were successful,others like this need a rethink/draw to a close.

Did I mention that the proceeds were going to good causes.
What is the difference between the person starting a new 'ABC Bank' then paying you to acquire your 'Dream Islands Bank'? Apart from the LastDovah bad loan (which I don't think he'll materialize again), I don't see any difference. Other businesses that were just 'nothing more than a name with a few things attached to it and they were successful' had the existing infrastructure like:

a) methods and personalized software tailored for that business
b) existing contacts and contracts that provide a steady business
c) experienced employees which is costly to acquire otherwise
d) existing copyrighted websites that fills the niche perfectly
e) ....

Your 'Dream Islands Bank' does not have any of the above, except maybe from a), but the short history of lending (2 loans in total), the track record (50% default rate) and the total profit records (negative 3 BTC) states otherwise.

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July 20, 2012, 10:22:49 AM
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tl;dr: Nothing to sell besides a name and a bad loan

Maybe it's time to put things to a close on this.It's not in a state where a sell off is guaranteed at this point.By trying to do something,a person can learn what works and what doesn't.Clearly the sell off will not work in this environment (or current condition of the venture).I can see where this is going.Some businesses were just nothing more than a name with a few things attached to it and they were successful,others like this need a rethink/draw to a close.

Did I mention that the proceeds were going to good causes.

Who will stop me from opening a thread on this same forum and give it the name of "Dream Islands Loans"?
I already gave out some loans(more than 2) before and they were all repaid, so my track record is exemplar.
I have 5 BTC available to loan now.

How much is my company worth?

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July 20, 2012, 10:59:43 AM
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tl;dr: Nothing to sell besides a name and a bad loan

Maybe it's time to put things to a close on this.It's not in a state where a sell off is guaranteed at this point.By trying to do something,a person can learn what works and what doesn't.Clearly the sell off will not work in this environment (or current condition of the venture).I can see where this is going.Some businesses were just nothing more than a name with a few things attached to it and they were successful,others like this need a rethink/draw to a close.

Did I mention that the proceeds were going to good causes.
What is the difference between the person starting a new 'ABC Bank' then paying you to acquire your 'Dream Islands Bank'? Apart from the LastDovah bad loan (which I don't think he'll materialize again), I don't see any difference. Other businesses that were just 'nothing more than a name with a few things attached to it and they were successful' had the existing infrastructure like:

a) methods and personalized software tailored for that business
b) existing contacts and contracts that provide a steady business
c) experienced employees which is costly to acquire otherwise
d) existing copyrighted websites that fills the niche perfectly
e) ....

Your 'Dream Islands Bank' does not have any of the above, except maybe from a), but the short history of lending (2 loans in total), the track record (50% default rate) and the total profit records (negative 3 BTC) states otherwise.


Looks like I should focus more on development rather than trying to sell off straightaway as.OK due to recent developments,it's no longer viable to even sell,so to stop this thread from getting too packed.I'm calling off the sale due to consumer pressure.In response to the points raised ,I can see how any sell off of a venture that isn't fully developed can cause people to stop,think and ask is this really the step an underdeveloped venture ought to take? Also the lack of maturity of this venture will simply raise further questions.I was hoping to ask people to own a part of the venture so that I could put in some much needed investment and rennovation which should developed into a mature and stable venture which people would be more comfortable owning come sale time.Until that day,I guess a sell off simply won't go down well on this forum.

I wanted to sell this off so that it could be made successful by someone who could help give this venture the dedication,care and investment that it deserves.Did you guys read the reason why I was forced to sell? I'd like to keep it but I'm overstretched.When a person is overstreched to the extent that I am,it's not fair in my view to hold onto something that would otherwise be successfull in a way that holds it back simply because I'm unable to dedicate the time it deserves.

The loans venture was special in the sense that it specialised in micro loans.I was once inspired by a microloans person Muhammed Yunus http://news.nationalgeographic.com/news/2006/10/061013-nobel-peace.html since it fitted in with my whole idea of contributing back to the society that helped me (where I grew up,people who helped me in my filmmaking career,friends overseas,they all deserve a thank you by the way).I do have a humanitarian streak due to the people around me. It's important I feel, to either sell off an idea to someone else who could use it (in a better way than I could) or spend more time developing it myself when I'm not overstretched,which ever seems better for me.

I hope this clarfies my intentions and why they are inherently good (despite not being the best communicator on these forums).

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July 20, 2012, 11:45:41 AM
 #17

Thanks for your detailed and very honest responses.  Given the early stage of development I am not interested in buying or investing in your loaning business.

However, I am interested in something else now.  Your signature says that you are a professional filmmaker.  Do you have any examples of films you have made posted on line?  I am just curious is all.

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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July 20, 2012, 12:03:24 PM
 #18

Thanks for your detailed and very honest responses.  Given the early stage of development I am not interested in buying or investing in your loaning business.

However, I am interested in something else now.  Your signature says that you are a professional filmmaker.  Do you have any examples of films you have made posted on line?  I am just curious is all.


Yeah I am professional filmmaker. I do have a few films that used to be online before megaupload was taken down and the links lost.If you look at my blog: www.film2240.wordpress.com (or click the blog link in my sig to make life easier) there are still films on there that are shown from rough cut (early stage) to final cut (finished film) and anything else in between.One of those is called The Awakening which is an expressive experimental film which emphasises how we should all use freedom to make life better for everyone.The visuals are quire closely tied to every part of the sound so it's almost like a living being (except that it's a film).The earlier cuts are password protected so you'll have to PM me for the Pws of course,it stops the spammers and copyright theives from selling off early cuts.

I'm sure this forum has people who want the services of a video editor or even to simply convert files from one format to another for a price.I do plan to go back to what I do best (which is filmmaking) instead of following unchecked expansion into ventures and markets I can't fully understand at this time.Honesty is what I do BurtW so you can certainly expect never to be short changed by me in any way. Smiley

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