Loan requested - Business startup

[slu2]

My last loan expired.  I should have ran it for more than 3 days.  
So my new loan offer is up on BTCJam now, and I have it running for two weeks.
We did get 13 interested investors on the last offering.  But I feel I did not run the offering for long enough.
Since then, my rating has improved on BTCJam from a B+ to an A-.  
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Description

Please see my pitch video for this crowd funding event.

https://www.youtube.com/watch?v=oH5-z8QVjsc

(I realize that I am not a great videotographer, fortunately that is not the type of business that I am starting. Sorry about the shaky camera)


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Loan Purpose
---------------------------------------------------------
We are starting a new vapor store selling eliquid and ecigarettes.  We have everything ready, and we are opening on October 6th 2014.   We have rent/utilities/insurance covered indefinitely, even if sales are slow.  What we need crowd funding for, is operating capital for buying a sign, and making a few more small improvements.    The sign is critical.  
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Security & Contingency Plan
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We own real estate that pays all of our month to month bills.   We won't have any problem keeping this business going during the beginning phases until it is profitable.   If we need to pull some money out of our real estate we can at anytime.  However it makes $2150 gross per month or $1700 net  (and it is for sale, and we can accept coin)

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Q&A
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- What is the primary purpose of this loan?
We are getting some finishing touches done to our store, including a backlit channel lettering sign for the top of the building.
We are opening on October 6th 2014

-How long do you need the loan?
This loan will be repaid in 90 days.
- Why is the price linked to USD?
I don't mean to break bitcoin loyalty or anything, but I think that the USD poses a more steady value to be held for a longer term loan like this.
- Do you have contact information?
I have my profile linked to my sellers accounts and my social media accounts. You are encourage to do your due diligence and see my stellar reputation for yourself.  My bitcointalk, and my BTCJam user ID is:   SLU2
If you would like to see the store for yourself, our address is  4100 Yellowstone Ave. Suite B, Pocatello Idaho 83202
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Payment Terms
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I will repay the loan as per the payment plan that BTCJam.com designs when the loan is created.

This is what BTCJam has setup for the repayment
Loan Calculator

Amount
   $5000 USD  -- approximately ฿13.14643  (may be more or less depending on the price of BTC)
Number of payments
   3
Payments of
   5.08285647


This is a short term 90 day loan.   I have reserves for our business to operate, and I have rent/utilities/insurance all covered indefinitely.   I just need a little operating capital while we get this place going.

Ref:

Loan offering; https://www.btcjam.com/listings/24011-operating-capital-for-a-new-profitable-retail-store--

Pitch Video;  https://www.youtube.com/watch?v=oH5-z8QVjsc

This is the sign that we are getting built.  It's black acrylic and its backlit.

http://www.clovisstar.com/wp-content/uploads/2014/09/clovisstar_Sign.png

This is the graphical mockup of what the sign will look like.

http://www.clovisstar.com/wp-content/uploads/2014/09/CLOVISSTAR.gif

My BTCJam user is the same as Bitcointalk;   SLU2

[1714762874]

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[1714762874]

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[1714762874]

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[1714762874]

1714762874

[ACCTseller]

collateral?

[slu2]

collateral?

I don't have alt coins, or anything simple for collateral.   However, I have a debt free deed to a 5plex that I own and live in.  I also have vehicle titles.    I really hate doing that, because it's a pain in the ass.  But I would accept a lien.   But if we did it that way, the loan would have to be much larger.  I could use $30,000. 

But I have a B+ rating on BTCJam, and this isn't a very large loan, so I thought I would give it a try.

[ACCTseller]

collateral?

I don't have alt coins, or anything simple for collateral.   However, I have a debt free deed to a 5plex that I own and live in.  I also have vehicle titles.    I really hate doing that, because it's a pain in the ass.  But I would accept a lien.   But if we did it that way, the loan would have to be much larger.  I could use $30,000. 

But I have a B+ rating on BTCJam, and this isn't a very large loan, so I thought I would give it a try.

You are almost certainly not going to get a $30,000 loan here period. You will also not get a 8 BTC loan without collateral with your trust (or lack thereof)

[glennmatthew]

When do you expect to open?

I just called one of the your neighbouring shops, they confirmed your business exists however is not yet open and that you've been setting up for roughly the past month. I think she was also weirded out someone from the other side of the world called, soz

Happy to invest 0.5-1BTC through btcjam at this stage.

[slu2]

When do you expect to open?

I just called one of the your neighbouring shops, they confirmed your business exists however is not yet open and that you've been setting up for roughly the past month. I think she was also weirded out someone from the other side of the world called, soz

Happy to invest 0.5-1BTC through btcjam at this stage.

awesome thanks!  You probably spoke to Sandra from the Nail Salon.  They are good people!

We need one more inspection before we open.  We are expecting to be open by the end of this week!

We had hoped to put the sign up before we open.
But it will have to wait.  We spent SOOOO much on the fine details and the inventory, that we came up a bit short.

Thanks for your support!   We intend on educating the public first hand on the benefits of accepting bitcoin.
We intend on funding a Bitcoin conference in South East Idaho in January 2015!!

Much love!

[slu2]

Just so you know that we are legit, I made this video.



Pitch Video;  https://www.youtube.com/watch?v=oH5-z8QVjsc

[slu2]

Bump   

[letyouearn]

pm sent.

waiting for your reply.

[slu2]

pm sent.

waiting for your reply.

I replied.   

Just FYI, incase anyone is interested; 

I am accepting investments in my business right now, but I am not offering funds at the moment.   

[slu2]

Can you please post your business license, or some other proof that you own the business?

Otherwise asking for money is going to get you negative trust fast. If you don't want to reveal such info, try your bank.

Incase you didn't see it.  I made a video, of me opening the business with my key.

https://www.youtube.com/watch?v=oH5-z8QVjsc

I have also invited any one interested to come down and visit my shop and talk to me in person.

Apparently one person here has already called my neighbor and verified that we are moving into the shop, and that we have been there about a month.   Refer to this comment;  https://bitcointalk.org/index.php?topic=801944.msg9022553#msg9022553

For one last measure of verification, I just made this web page on the official website; 

http://www.clovisstar.com/2014/10/02/crowd-funding-event

I can post crucial documents, with sensitive information.  But I believe that I have offered plenty of evidence that I own the business, and if that is not convincing, I welcome anyone to come visit the shop.

Thanks

[slu2]

Also, one more clip.   This is our newspaper that we started 11 months ago, called "Clovis Star", and I am the same guy in both the video for the lending pitch, and the same guy that is pitching (and writing) this newspaper.

https://www.youtube.com/watch?v=3BEUsjIxvAk

Both videos are on the same account;   https://www.youtube.com/user/clovisstarmedia

We are going to spread our newspaper reach to Idaho now as well.  It will be coming out in 2 weeks.

[slu2]

I am still very much interested in a loan.  (Bump)

[Vod]

I am still very much interested in a loan.  (Bump)

(bump) Please list collateral as asked.

[glennmatthew]

(bump) Please list collateral as asked.

(bump) If you read his original post, he's asking for a loan on BTCjam and not here. This thread is to raise awareness of his BTCjam listing.

The whole idea of collateral is flawed and bullshit. If I have $200 dogecoin and I want to borrow $180 bitcoin, I can just sell my dogecoin. User accounts here only have sentimental value.

You've had a fun day of being a bitcointalk lending nazi today, I've noticed. How many people have you given negative feedback because you're in a bad mood?

[Vod]

(bump) Please list collateral as asked.

(bump) If you read his original post, he's asking for a loan on BTCjam and not here. This thread is to raise awareness of his BTCjam listing.

Then let him promote his scam on BTCJam.  HERE, we ask for collateral.  

[glennmatthew]

Then let him promote his scam on BTCJam.  HERE, we ask for collateral.  

You don't speak for all members, collateral is just recommended, it's not required HERE.

HERE I've lent out 1.418 BTC without collateral. It's my money and I'll do what I want with it. You need to get back into line.

[Vod]

Then let him promote his scam on BTCJam.  HERE, we ask for collateral.  

You don't speak for all members, collateral is just recommended, it's not required HERE.

HERE I've lent out 1.418 BTC without collateral. It's my money and I'll do what I want with it. You need to get back into line.

Ok.  Give the guy 13btc then - without collateral.  

But don't come back here crying when you don't get paid back...

[glennmatthew]

Ok.  Give the guy 13btc then - without collateral.  

But don't come back here crying when you don't get paid back...

I plan for loan impairment. Do you cry when the stock market crashes? Because I don't, I buy more stock while it's cheap.

[Vod]

Ok.  Give the guy 13btc then - without collateral.  

But don't come back here crying when you don't get paid back...

I plan for loan impairment. Do you cry when the stock market crashes? Because I don't, I buy more stock while it's cheap.

So I take it you won't be sending this guy 13 btc?   

[glennmatthew]

So I take it you won't be sending this guy 13 btc?   

I take it you don't understand community peer-to-peer lending? He's asking for multiple investors, not a single investor to fund the entire loan.

It's not a difficult concept to grasp.

[Vod]

So I take it you won't be sending this guy 13 btc?  

I take it you don't understand community peer-to-peer lending? He's asking for multiple investors, not a single investor to fund the entire loan.

It's not a difficult concept to grasp.

So.. will you be sending this guy 13btc?  Or just a percentage?  Or was I correct in that this is an unsafe loan?

[glennmatthew]

So.. will you be sending this guy 13btc?  Or just a percentage?  Or was I correct in that this is an unsafe loan?

He has 495 trades on eBay with 100% positive feedback. He's opening a bricks-and-mortar shop to expand his business, I called 2 of the neighbouring shops to verify it actually exists.

Yes, I'll be lending him a substantial amount of my money. He's not asking anyone to send him 13btc. So no, you're not correct. Compared to other loans, he is a fairly good risk.

You've given people negative feedback because you don't like how other websites operate. You behaviour is immature and ridiculous.

Have you finished carrying on as the bitcoin lending police yet?

[Vod]

So.. will you be sending this guy 13btc?  Or just a percentage?  Or was I correct in that this is an unsafe loan?

He has 495 trades on eBay with 100% positive feedback. He's opening a bricks-and-mortar shop to expand his business, I called 2 of the neighbouring shops to verify it actually exists.

Yes, I'll be lending him a substantial amount of my money. He's not asking anyone to send him 13btc. So no, you're not correct. Compared to other loans, he is a fairly good risk.

You've given people negative feedback because you don't like how other websites operate. You behaviour is immature and ridiculous.

Have you finished carrying on as the bitcoin lending police yet?

Dude - sounds like a concrete investment!

Have you invested 13btc yet?  If not, can you tell the rest of the investors why not?  He has 495 trades!  

Edit:  Nope, he hasn't invested anything yet.   

[glennmatthew]

Have you invested 13btc yet?  If not, can you tell the rest of the investors why not?  He has 495 trades!  

Edit:  Nope, he hasn't invested anything yet.   

How many times does it need to be explained to you? I can't speak any slower.

I invested in his original loan. It expired. My investment was returned. I will be reinvesting more in his currently published loan, it runs for another fortnight before funding expires. It is a public holiday in Sydney, so I need to wait until the next business day before I can exchange fiat for bitcoin.

Do us a favour, give yourself some negative feedback for being a troll.

[Vod]

Have you invested 13btc yet?  If not, can you tell the rest of the investors why not?  He has 495 trades!  

Edit:  Nope, he hasn't invested anything yet.  

How many times does it need to be explained to you? I can't speak any slower.

I invested in his original loan. It expired. My investment was returned. I will be reinvesting more in his currently published loan, it runs for another fortnight before funding expires. It is a public holiday in Sydney, so I need to wait until the next business day before I can exchange fiat for bitcoin.

Do us a favour, give yourself some negative feedback for being a troll.

https://www.btcjam.com/listings/24011-operating-capital-for-a-new-profitable-retail-store--

I will be reinvesting more in his currently published loan

Nope - you haven't invested 13btc.  You haven't invested anything.     0%.

Why are you attacking me for not investing?  We are on the same page.    

[Pofick]

I don't believe in p2p loaning. Just don't believe in any loaning with interest. Look to the site http://lendstats.com/
ROI is always rising and average age is going down. These two (prosper and lendingclub) are just another financial bubbles.

[antonioserrano72]

I wish everyone that comes here to ask for an investment would go as far at this guy did to earn trust.

[glennmatthew]

I don't believe in p2p loaning. Just don't believe in any loaning with interest.

Sorry, the western world disagrees with you.

[glennmatthew]

I wish everyone that comes here to ask for an investment would go as far at this guy did to earn trust.

+1

[Wattda]

I am new to BTCjam but I like your style..., I only have a few coins but gave you a start. GOOD LUCK!!!!!!!!
Wattda

[BTCmoons]

So.. will you be sending this guy 13btc?  Or just a percentage?  Or was I correct in that this is an unsafe loan?

He has 495 trades on eBay with 100% positive feedback. He's opening a bricks-and-mortar shop to expand his business, I called 2 of the neighbouring shops to verify it actually exists.

Yes, I'll be lending him a substantial amount of my money. He's not asking anyone to send him 13btc. So no, you're not correct. Compared to other loans, he is a fairly good risk.

You've given people negative feedback because you don't like how other websites operate. You behaviour is immature and ridiculous.

Have you finished carrying on as the bitcoin lending police yet?

Dude - sounds like a concrete investment!

Have you invested 13btc yet?  If not, can you tell the rest of the investors why not?  He has 495 trades!  

Edit:  Nope, he hasn't invested anything yet.   

Maybe glen is an alt/sockpuppet of the OP. He seems to be the only one cheering on the OP and who "vouched" for him and claimed to have spoken to other business owners near his business.

Borrowing on BTCJam for this purpose is going to be more expensive and less likely to get funded then borrowing on a site like prosper that lends out fiat (which is what the OP wishes to spend).

[glennmatthew]

Maybe glen is an alt/sockpuppet of the OP. He seems to be the only one cheering on the OP and who "vouched" for him and claimed to have spoken to other business owners near his business.

Borrowing on BTCJam for this purpose is going to be more expensive and less likely to get funded then borrowing on a site like prosper that lends out fiat (which is what the OP wishes to spend).

*Glenn

I did my due diligence before investing in his original loan. Unlike most of the users here, who are too fat and lazy so you call people 'scammers' instead. It's easier, right?

Here's my token: https://ardeva.com/verify/A54317938BBABA3A55685782

I clearly live on the other side of the world to the OP.

Sockpuppet my ass.

[jaelrahab]

i dont understand your post

[slu2]

Thanks for everyone's support.   I have put my face and business to this loan.   I also have collateral in the form of some litecoin, but like everyone else says here, that I could just sell my LTC and not need a loan.  

I bought an A2 Terminator 60 MH/s in May, and I have a small collection of LTC, but that whole concept seems dumb to me.   With Bitcoin and LTC pretty much connected in pricing, it would just make sense for me to sell the LTC and not need the loan.

I also have an income producing 4 plex for sale on this forum, and on Cryptothrift.   I could easily go to the bank and get a loan against that.  

But I came here because I want to involve BTC in my business as much as possible.    I don't have a mortgage on my 4 Plex, because I don't believe in traditional banking.  I paid cash for my 4 plex.  I have the warranty deed in my safety deposit box.  
I would be happy to offer up the deed on that 4 plex for a more substantial loan.  But for a measly $5000, I don't see the point in offering up a lien on the deed because the title insurance and such would cost like 10% of the loan (between $300-$500).  

I would be happy to take phone calls from anyone about my reputation, and my ability to pay the loan back.  In fact I would love to meet anyone in person at my shop.  I would be glad to show you my Bitcoin point of sale, and my Bitcoin ATM.   But that is why I made the video for this.

Collateral is difficult here, or I would gladly offer it up.  

I have a Cadillac Escalade that I have a clear title for.  I suppose we could find a way to use that as collateral.

But using alt-coin is non-sense IMHO.  

This is my recent Litecoin earnings.   Though I have been mining LTC for about 2 years, so this is just the recent stuff.



I get a deposit every 5 days, so I will be getting another one tomorrow.  

Between my rental income, and my LTC mining, I will have no problem paying the loan back.  
It actually would only take one or the other, and not both.  But I have both, and other income as well.

I have been as transparent as possible.

On BTCJam, I have linked all of my social network accounts, my ebay account, my LinkedIn account, I have made a video of me and my store, and I have offered collateral for a large enough loan for it to be worth the while.

What more can I do?



Thanks to

glennmatthew
antonioserrano72
Wattda


Also thanks to Vod for being a gatekeeper here.   However I think you have crossed a line, and are actually discouraging this whole lending process based on?  Im not even sure why you are doing this.   But I hope that we are all here with the same common goal, to promote bitcoin.

I also just made a newspaper and I am having it printed now.

This is a peek at the latest edition;

http://www.makemynewspaper.com/designer/app/open?share=2999554303dbb7afd0&from=facebook_btn

Anything else I can do, besides the lame request of offering LTC?

[slu2]

Offering Alt-Coin as collateral for BTC, is similar to offering an equal amount of cash, for a cash loan.
What would be the point?  LOL

[slu2]

Im opening on Tuesday with or without a loan anyway.   We have some electrical work to get done, and I then we are in business.
A sign for our business would be nice, but not necessary.

Thanks again for everyone with support!

[slu2]

BTW-  For anyone to think I would bail on a $5000 loan, is silly.  My reputation is worth WAY more to me than $5000.
Ive been on Ebay for 12 years, and I have always done straight honest business.   I was on bitmit.net for about 2 years with a bunch of transactions also as a seller.   Im not a scammer, and I would never ruin my rep for a measly $5000.   I make exponentially more than that per month anyway.   That's like a highly paid CEO stealing candy at the gas station, and risking losing his job as CEO for a $.05 piece of candy.  It's silliness.

[Vod]

Im not a scammer, and I would never ruin my rep for a measly $5000.   I make exponentially more than that per month anyway.   

$5,000 to the power of 2 is $25,000,000
$5,000 to the power of 3 is $125,000,000,000,000,000,000

Which one of those do you make per month?  Or is it more??   

[BitcoinPappi]

Im not a scammer, and I would never ruin my rep for a measly $5000.   I make exponentially more than that per month anyway.   

$5,000 to the power of 2 is $25,000,000
$5,000 to the power of 3 is $125,000,000,000,000,000,000

Which one of those do you make per month?  Or is it more??   

Vod, you seem to be trolling OP. He has done a lot more than others that have been requesting loans. Additionally he is willing to put out a lien on his property(vehicle etc) but for a greater amount.

At the end of the day the loan is being requested on BTCJam . Give him a chance at least. Most of us here are adults and can do our own due diligence, if at the end of the day anyone gets scammed be happy that you did not invest. But everyone can make their own decisions.

[slu2]

Seriously, I would love to see someone who has done more than me to prove credibility and identity?

And yes, I have offered property in collateral.   I have a car and a 4 plex.   
Im not going to offer a lien on my four plex for a $5000 loan.   But I would offer up the title on my Escalade if someone can find a way to make that happen.

I realize from Vod's feedback that he is the "scam buster"..    But he is barking up the wrong tree this time.

[slu2]

Im not a scammer, and I would never ruin my rep for a measly $5000.   I make exponentially more than that per month anyway.  

$5,000 to the power of 2 is $25,000,000
$5,000 to the power of 3 is $125,000,000,000,000,000,000

Which one of those do you make per month?  Or is it more??  

Well at BTCJam, I proved my income by showing $219,000 of bank deposits this year in just one bank account, as well as a positive balance of 5 digits.   It's not that I am desperate for the money.  I am trying to raise a little operating capital so that I can buy a sign, and still have money in the bank to take care of any possible emergency issues.   I have reserves, and if I need to I will use them.   However, it's always good to have reserves so I am trying to get some crowd funding for my sign.   I make money, and the investors make money.  I think it's a win-win.  

But it's not like you have any evidence that I am a scammer.

I have linked my ebay account with almost 500 positive feedback  (100% positive), I have linked my LinkedIn account, I have given my business address and filmed myself in that address, I have offered collateral (if someone knows of a way to utilize an auto title), and I have nothing negative on my record.

So do I make $25,000 per month?  Yes, in most cases I do.

[slu2]

Or maybe it's not as much as sniffing out scammers, as it is for prying for more personal (un-necessary details), or maybe it's just about shaming anyone who asks for a loan?

Vod HAVE YOUR EVER LENT MONEY ON HERE?   I don't see any record of you loaning money on here.  I just see you shaming people for asking for loans.   Your technique seems entirely unproductive.

[Wattda]

In my humble opinion it was people who lent their savings to hard working entrepreneurs that made America GREAT!
Keep dreaming..., success will be yours.
Regards

[slu2]

Exactly.  ^

I think Vod must mean well.  No one would spend as much time trolling a forum as he does, unless it was very important to him.

I try to participate in bitcoin in every way that I can.    I was making a bunch of money on Bitmet.net back in the day, and that was when Bitcoin was $11 each.   I was purchasing all kinds of merchandise for wholesale prices for my store with USD that I was earning at a 9-5 job, and I was selling a good chunk of it on bitmit for coin.   So I had earned several hundred BTC selling on Bitmit, and I held some of it, but most of it I tried to inspire others by spending bitcoin and recording the transactions (on video), or donating bitcoin to political causes like I-1149 in Washington to fully legalize cannabis, and other related initiatives.   I gave away a lot of coin, just demonstrating how it worked.

You can see some purchases that I made here >   https://www.youtube.com/watch?v=J2THisct43U

First I sold a undeveloped building lot in California for 1278 LTC back in September in 2013, then I turned a bunch of it into bitcoin, and with it I bought prepper gear.   I could have held it and made a bunch of money the next month from appreciation.  But I always try to be using coin, in order to inspire others.  

I still do that.   Even though I am borrowing on BTCJam, I also have 11 investments totaling a little over 1 BTC.  

Anyway, I hope people decide to back us.   If not, we'll be fine.  Thanks for all of the participation on this thread!

[ACCTseller]

BTW-  For anyone to think I would bail on a $5000 loan, is silly.  My reputation is worth WAY more to me than $5000.
Ive been on Ebay for 12 years, and I have always done straight honest business.   I was on bitmit.net for about 2 years with a bunch of transactions also as a seller.   Im not a scammer, and I would never ruin my rep for a measly $5000.   I make exponentially more than that per month anyway.   That's like a highly paid CEO stealing candy at the gas station, and risking losing his job as CEO for a $.05 piece of candy.  It's silliness.

I can guarantee you that your reputation is not worth $5,000.00. People scam for much less all the time. I am not just talking about on here, just look at how often people file for bankruptcy and their debt levels

[Vod]

Vod HAVE YOUR EVER LENT MONEY ON HERE?   I don't see any record of you loaning money on here.  I just see you shaming people for asking for loans.   Your technique seems entirely unproductive.

Yes, I have lent coins.  I "police" the lending forum because I want to prevent scams to keep the btc price high.  This is also why I haven't been as active lately, as right now scams are not going to hurt the price any more than it is.   

[slu2]

I doubt anyone has filed a bankruptcy for $5000. 

But it's all good.  Im not depending on this money to eat.

As I have demonstrated, I have plenty of assets, and plenty of business.   Im not worried.

[slu2]

Vod HAVE YOUR EVER LENT MONEY ON HERE?   I don't see any record of you loaning money on here.  I just see you shaming people for asking for loans.   Your technique seems entirely unproductive.

Yes, I have lent coins.  I "police" the lending forum because I want to prevent scams to keep the btc price high.  This is also why I haven't been as active lately, as right now scams are not going to hurt the price any more than it is.   

That's cool.  I have lent coin too.  It was my first order of business when I got on BTCjam.     I've already gotten burned twice now totally about $210. 

We win some and we lose some. 

[slu2]

I got burned a little with the whole MCXNOW scam too.   I lost about 6 coins, when BTC was worth $1040.

[slu2]

Actually on BTCjam, it looks like I haven't gotten burned yet.  Because the people haven't defaulted yet.   But the notion was that they were going to be paying back "instantly", and never did. 

So I suspect I'll get burned on those coins.
 
But the money that I have made from other investments almost covered those losses.   So no biggy.  Like I say, we win some and we lose some.

But I risked a lot by opening up my identity.  Most of these scammers never give any information.   So I feel like I have a leg up on the credibility scale based on how much I have revealed. 

[slu2]

I mean if someone doesn't get paid by me, they could potentially send Guido out to my business and beat it out of me.
I have left my self very vulnerable.   It's sort of disenchanting how much verification BTCJam needs.   But I went through that process anyway.   Ive resisted signing up anywhere else, because I really hate giving so much information, to do it more than once would really freak me out.    If I don't get funded on BTCJam, I may just turn back to traditional bank (ugh).   Either way ya know..  Whatever works,

[Vod]

But I risked a lot by opening up my identity.  Most of these scammers never give any information.   So I feel like I have a leg up on the credibility scale based on how much I have revealed. 

I don't see the big deal about being anonymous.  I'm a scam buster so a lot of scammers (like dank) hate my guts.  Those that have money could easily come to Canada and find me.   But I'm not worried.

[slu2]

I stayed anonymous for a year or so with Bitcoin, because I was using SR to get weed.  I lived in California, and I was a patient, but I lived hella far from a dispensary, so I was being very hush hush, because I was getting small amounts of cannabis in a potentially vulnerable way.   I have replaced cannabis and prescriptions now with Kratom and other herbs.   So Im not worried about being anonymous any more.
Another thing that changed my mind about being anonymous, is that I wanted to tie my retail store, to my bitcoin sales on Bitmit.net to add credibility as I offered a returns policy for merchandise and such.   So since about 2012 I have been completely transparent with my identity.   I didn't post on these forums, because with so many hackers it seemed sort of sketchy to sign up on forums.   
But I have been here since I got heavily in to mining.    I've bought and sold a few miners based on leads at this forum over the years.
If you look through my past posts, I've sold several miners here, or to people who contacted me on here, and then I tied the transaction to Ebay for security and assurance.   

Anyway, Im just another bitcoin enthusiast, this community as well as my reputation mean a lot to me. 

Back in 2008 I had created my own online currency/economy.  We initially called it "Cannapoints" but it later became "Cannabits".  It was based on wordpress plugins, and merchandise that could be bought with points from our retail store.   I have a lot invested in crypto-currency.

[slu2]

Speaking of miners, I have an A2 Terminator 60 MH/s miner that I am thinking about selling.    Bought it for $8700 in May, I think it only worth like $3000 now.   But if anyone wants to buy it, send me an offer.  I can meet in person, and escrow is accepted if need be.
I am heading back to Maine from Idaho for a doctors appointment around October 15th.  So I could potentially meet someone, somewhere in between (very public place, day time, no weird shit).

[Vod]

(very public place, day time, no weird shit).

Hmmm, no thanks then.  

Seriously, post in the Goods section - chances of a buyer reading your message in this thread are very slim.

[slu2]

LOL, sounds good.   I may list a bunch of stuff tonight.  I have a decked out Chevy Tahoe that I am thinking of selling too.  I just upgraded to a Cadillac Escalade.    I can accept coin for everything, because I don't ever get banks involved.  If I don't have cash, I don't buy it usually.

[tins]

But I risked a lot by opening up my identity.  Most of these scammers never give any information.   So I feel like I have a leg up on the credibility scale based on how much I have revealed. 

I don't see the big deal about being anonymous.  I'm a scam buster so a lot of scammers (like dank) hate my guts.  Those that have money could easily come to Canada and find me.   But I'm not worried.

I've never really understood the extreme need for anonymity, either. I have posted my name, address, and profession (life&health insurance sales) on the forum and have never had anybody come to my house bothering me.
Though, anybody wanting to buy life or health insurance from a fellow crypto friend, I am licensed in most mid-western states! 

[haploid23]

I was using SR to get weed.  I lived in California, and I was a patient, but I lived hella far from a dispensary, so I was being very hush hush, because I was getting small amounts of cannabis in a potentially vulnerable way.   I have replaced cannabis and prescriptions now with Kratom and other herbs.   So Im not worried about being anonymous any more.

lol probably not something you wouldn't want to openly admit, seeing how your real ID is now tied to your forum account. Sure you might have ways to legally get weed now, but back then it was still illegal to get it from silk road. Wouldn't want to see you get Shrem'ed before your business becomes a success.

[ACCTseller]

I was using SR to get weed.  I lived in California, and I was a patient, but I lived hella far from a dispensary, so I was being very hush hush, because I was getting small amounts of cannabis in a potentially vulnerable way.   I have replaced cannabis and prescriptions now with Kratom and other herbs.   So Im not worried about being anonymous any more.

lol probably not something you wouldn't want to openly admit, seeing how your real ID is now tied to your forum account. Sure you might have ways to legally get weed now, but back then it was still illegal to get it from silk road. Wouldn't want to see you get Shrem'ed before your business becomes a success.

Or it means that the identity is not actually his. I don't think it would be all that difficult to buy a fake ID plus facebook account, ect

[slu2]

I was using SR to get weed.  I lived in California, and I was a patient, but I lived hella far from a dispensary, so I was being very hush hush, because I was getting small amounts of cannabis in a potentially vulnerable way.   I have replaced cannabis and prescriptions now with Kratom and other herbs.   So Im not worried about being anonymous any more.

lol probably not something you wouldn't want to openly admit, seeing how your real ID is now tied to your forum account. Sure you might have ways to legally get weed now, but back then it was still illegal to get it from silk road. Wouldn't want to see you get Shrem'ed before your business becomes a success.

I am legally able to possess medical cannabis in three states.    In California, I could buy from anyone in the state, it didn't have to be from a dispensary.   Nothing in either Proposition 215 or Senate Bill 420 forbid a patient from buying from the black market that I am aware of.
I mean, I assumed anyone selling me medicine was in a legitimate business, I had no requirement by law to make sure that they were.

When I referred to what was sketchy about SR, is giving up sensitive information to potential threats, like violent criminals or something.

But I saw nothing illegal about a legal patient recognized by state law, attaining or possessing cannabis.   

At my 9-5 job, I had fully admitted to my boss before getting hired that I was an MMJ patient, and I told him about my condition and he told me "as long as it doesn't effect your job, it doesn't bother me".   April was my 6th Anniversary with that company. 

I don't know if you read the newspaper that I wrote, and posted a link to here?   But one of my articles is "not all marijuana is illegal".   It may be of interest if you are interested in the subject.

[slu2]

Or it means that the identity is not actually his. I don't think it would be all that difficult to buy a fake ID plus facebook account, ect

Could be computer graphic imaging that put some guy that looks like the guy on my ID, in that business, and opening the door with that key, and offering up sensitive information about all details.   Could be a lot of things I suppose.

Like I said, invest or not.   

[slu2]

Or it means that the identity is not actually his. I don't think it would be all that difficult to buy a fake ID plus facebook account, ect

I saw a link to this company on this thread earlier;  https://ardeva.com

I checked them out, and they require a video of the person, holding the ID card, and a security code written on paper.
I think that makes a lot of sense.  The other thing that https://ardeva.com does that BTCJam doesn't do, is allow a person to verify a credit card, which I did.  Then it asked to verify the Code from the transaction on the credit card statement, which of course was easy for me to do.   But between the credit card link, that bears my name, and the ID verification, and the credit and employment verification.   I think it is a pretty credible system.

I just started the process there today, so my stuff is not yet verified.  But it's currently getting verified. 


When glennmatthew posted this;

Maybe glen is an alt/sockpuppet of the OP. He seems to be the only one cheering on the OP and who "vouched" for him and claimed to have spoken to other business owners near his business.

Borrowing on BTCJam for this purpose is going to be more expensive and less likely to get funded then borrowing on a site like prosper that lends out fiat (which is what the OP wishes to spend).

*Glenn

I did my due diligence before investing in his original loan. Unlike most of the users here, who are too fat and lazy so you call people 'scammers' instead. It's easier, right?

Here's my token: https://ardeva.com/verify/A54317938BBABA3A55685782

I clearly live on the other side of the world to the OP.

Sockpuppet my ass.

So I started the verification process there too.   Seems like a good place to centralize verifications and they go to extra levels of verifying someone that places like BTCJam don't.

This is my token.   https://ardeva.com/verify/A5432223F02A1C1A15960774


My account is very new, so nothing is verified yet.   But it will be soon.

[slu2]

The video presentation and a few other details will be completed soon.   I don't have a built in camera on my current lappy.   So Im going to get that verified tomorrow with my work computer.

Anyway, that token is good for awhile, so refer to that if you want to know anything more about my identity.  

I think that this store is a very good thing for bitcoin.  With our bitcoin point of sale through coinbase  (soon to upgrade to Coinkite) and our Project Skyhook Bitcoin ATM, it will help raise awareness in this area and beyond to bitcoin.

We hope to put together a bitcoin conference for January.

[slu2]

I was using SR to get weed.  I lived in California, and I was a patient, but I lived hella far from a dispensary, so I was being very hush hush, because I was getting small amounts of cannabis in a potentially vulnerable way.   I have replaced cannabis and prescriptions now with Kratom and other herbs.   So Im not worried about being anonymous any more.

lol probably not something you wouldn't want to openly admit, seeing how your real ID is now tied to your forum account. Sure you might have ways to legally get weed now, but back then it was still illegal to get it from silk road. Wouldn't want to see you get Shrem'ed before your business becomes a success.

And lets just be clear, I have said that I replaced my use of cannabis and prescription medication with Kratom and other herbs.   
I no longer live in a MMJ state, but we do sell legal hemp oil (infused with CBD) in our store.  It's not medical marijuana per se, but it is cannabis, and it does have the medical properties found in CBD's.

As for SR,  look up on Youtube where News Reporters have demonstrated logging in and using SR.     
No more illegal than a person in a non-MMJ state looking up a cannabis dispensary in California.

But buying cannabis as a medical marijuana patient while in California, from another California person is not illegal.   
Cannabis patients have the right under Prop 215 and SB 420 to legally attain, possess and use cannabis as recommended by a doctor.


Also here is information about cannabis that is legal in ALL 50 states;

http://www.clovisstar.com/store/products/hemp-hookahz-razzleberry-cbd-disposable-vaporizer-no-nicotine/



Must be 18+ to purchase.

Every 10mm bottle includes 24mg of CBD, Good for up to 800 puffs  (this model has no nicotine, see our other products if you prefer to buy nicotine)

This product has neither been evaluated by FDA as a cessation device, nor is it permitted for use if you are not of legal smoking age.

The cannabidiol (CBD) found in Hemp Hookahzz products is a natural constituent of industrial hemp oil (specifically the oil made from the mature stalks).  CBD is the healthy, non-psychoactive part of the plant.

Always keep away from children and pets.
Thank you Hemp Hookahzz for providing this content!

Hookahzz, LLC and Gold Creek Enterprises LLC (Clovis Star) are not responsible for misuse of this product.
Copyright Hookahzz LLC.

 

Scientific information on hemp and cannabis, as well as legal information to follow.

Cannabidiol’s legal status in the United States:  (from Wikipedia)

    While the DEA Drug Schedule classifies THC (Tetrahydrocannabinols) and marijuana as Schedule I, cannabidiol is not found on the list.[55] Other synthetic cannabinoids such as JWH-019,073,081,122,200,203,250,398 are also listed in Schedule I, but cannabidiol is absent.[55]

    Marijuana is defined by 21 U.S.C. §802(16), which is part of the Controlled Substances Act. The mature stalks and seeds of the Cannabis sativa L. plant, as well as products derived from the mature stalks and seeds are explicitly exempt from classification as marijuana.[56][57][58] Under this exception, what are known as industrial hemp-finished products are legally imported into the United States each year.[59] Hemp finished products, including hemp oil high in cannabidiol, are legal in the United States for this reason.

    Some cannabidiol oil is derived from marijuana and is therefore high in THC.[60] This type of cannabidiol oil would be considered a Schedule I as a result. However, cannabidiol derived from industrial hemp is legal and unscheduled itself.[60] In other words, cannabidiol’s legal status depends on where it is derived from, as cannabidiol itself is not scheduled.[56]

 

More references;

”

    On February 6, 2004 the Ninth Circuit Court of Appeals issued a unanimous decision in favor of the HIA in which Judge Betty Fletcher wrote, “[T]hey (DEA) cannot regulate naturally-occurring THC not contained within or derived from marijuana-i.e. non-psychoactive hemp is not included in Schedule I. The DEA has no authority to regulate drugs that are not scheduled, and it has not followed procedures required to schedule a substance. The DEA’s definition of “THC” contravenes the unambiguously expressed intent of Congress in the Controlled Substances Act (CSA) and cannot be upheld”. On September 28, 2004 the HIA claimed victory after DEA declined to appeal to the Supreme Court of the United States the ruling from the Ninth Circuit Court of Appeals protecting the sale of hemp-containing foods. Industrial hemp remains legal for import and sale in the U.S., but U.S. farmers still are not permitted to grow it.

    The summary “Agency Issues Legislative Rule in Violation of Administrative Procedures Act” by Harrison M. Pittman of the National Agricultural Law Center is an excellent overview of the Ninth Circuit Court of Appeals decision in HIA v. DEA.

    http://www.votehemp.com/legal_cases_DEA.html

[slu2]

This is the PDF of our latest newspaper edition.

FYI

http://clovisstar.com/the-clovis-star-quarterly/

[slu2]

Have updated the website, I am installing an SSL at the moment.  That should be solid by tomorrow morning. 

Still haven't opened.  Had an electrical issue come up, and I am getting an electrician to come in and work on it.

It was data cabling that we need to be able to process payments.

But I updated the security and privacy policy, and created a page for our new edition of our newspaper.

[slu2]

I have isntalled an SSL for the website, and have opened the estore up for payments.
I had someone on bitcointalk tell me that they couldn't send a payment.  It's because paypal was in sandbox mode.
But Paypal and Coinbase is opened up for transactions.  We accept bitcoin for everything!

I have the second edition of our newspaper going out to newsstands now, this is a video of our new order of newspapers for our second Volume, First edition;   https://www.youtube.com/watch?v=bUJjLhLaUQE&list=UUKf61_A5IzAwnP8BU5tvWdg&index=1



We are still attempting to acquire funding.  >  3days left  https://btcjam.com/listings/24011-operating-capital-for-a-new-profitable-retail-store--


I have verified everything with BTCJam, and I have an A- rating.   I am still working on getting verified everywhere else.

This is what I am working on with Ardeva.  

> https://ardeva.com/verify/A5432223F02A1C1A15960774

[Vod]

We are still attempting to acquire funding.  >  3days left  https://btcjam.com/listings/24011-operating-capital-for-a-new-profitable-retail-store--

You understand you aren't going to get your funding here, right?  You don't have proper collateral. 

[slu2]

We are still attempting to acquire funding.  >  3days left  https://btcjam.com/listings/24011-operating-capital-for-a-new-profitable-retail-store--

You understand you aren't going to get your funding here, right?  You don't have proper collateral. 

Im pretty explicit in where I am attempting to acquire funding from.

As for having the proper collateral.  I have plenty of collateral.  Including Litecoin.   But Im not going to secure currency with currency.  That makes absolutely no sense.   If I have currency, why would I be asking to borrow currency?

I have car titles and real estate deeds.  If someone wants to try to make that work, i am more than willing to cooperate. 

[tins]

We are still attempting to acquire funding.  >  3days left  https://btcjam.com/listings/24011-operating-capital-for-a-new-profitable-retail-store--

You understand you aren't going to get your funding here, right?  You don't have proper collateral. 

Im pretty explicit in where I am attempting to acquire funding from.

As for having the proper collateral.  I have plenty of collateral.  Including Litecoin.   But Im not going to secure currency with currency.  That makes absolutely no sense.   If I have currency, why would I be asking to borrow currency?

I have car titles and real estate deeds.  If someone wants to try to make that work, i am more than willing to cooperate. 

Why would you use a car title and not Litecoins? Either way, if you're planning on paying back the loan, you get your collateral back...just as nobody would sell your car form under you within the duration of the loan, the same thing- nobody would sell your LTC from under you within the duration of the loan. As long as you plan on paying back, there is no difference.

[slu2]

Why would you use a car title and not Litecoins? Either way, if you're planning on paying back the loan, you get your collateral back...just as nobody would sell your car form under you within the duration of the loan, the same thing- nobody would sell your LTC from under you within the duration of the loan. As long as you plan on paying back, there is no difference.

The point is, that Litecoin is like bitcoin, and easy to convert.

If I have $5000 worth of Litecoin to give as collateral, why would I need a $5000 bitcoin loan?

It's like this.  Two guys go in to a burger joint.  One guy asks the other guy  "Hey man, can you lend me $5 so that I can buy a burger"?

What if the other guy said to him   "Sure I'll loan you $5 to get a burger, but I'll need $5 to use as collateral".   Why would anyone give $5 in currency, to secure a loan of equal value in similar currency? 

It perplexes me that anyone would even do this?


Or if I went to a bank and said  "I need to borrow $5000" and the bank said  "Sure, as long as you have $5000 to secure the loan with, no problem".  WTF?

If I had $5000 to secure a loan with, why would I pay you interest to loan me something that I already have?

[slu2]

And I do have several hundred LTC.   I am keeping that, for loan repayment installments, while my investment comes to fruitation.

I will have no problem repaying the loan.   But I would be an idiot to give LTC as collateral, and pay interest on an equal amount of currency ...   

I have titles and deeds, and a good rating, and I have more than verified myself.   The loan will be repaid.   That has to be enough, or it doesn't matter.   If someone can find a method to make a title work, or a deed, PM me.

[Vod]

You understand you aren't going to get your funding here, right?  You don't have proper collateral. 

Im pretty explicit in where I am attempting to acquire funding from.

So why are you posting here?

[BTCmoons]

And I do have several hundred LTC.   I am keeping that, for loan repayment installments, while my investment comes to fruitation.

I will have no problem repaying the loan.   But I would be an idiot to give LTC as collateral, and pay interest on an equal amount of currency ...   

I have titles and deeds, and a good rating, and I have more than verified myself.   The loan will be repaid.   That has to be enough, or it doesn't matter.   If someone can find a method to make a title work, or a deed, PM me.

If you have all this LTC then why are you wanting to borrow BTC in the first place? Wouldn't it make more since to just sell the LTC and use those proceeds to fund your project, especially considering that you are planning on using the LTC to make loan payments

[slu2]

If you have all this LTC then why are you wanting to borrow BTC in the first place? Wouldn't it make more since to just sell the LTC and use those proceeds to fund your project, especially considering that you are planning on using the LTC to make loan payments

See that is what a loan is about, in my case.  Maybe not everyone operates this way.    But I won't borrow money, unless I have operating capital for paying the loan back.      For example a business may go into a bank and apply for a SBA Loan.  The bank will consider their amount of operating capital already in one of their accounts as favorable.   Typically a bank would not penalize someone for having operating capital, but the oposite.   

I have plenty of LTC, and I have a Terminator A2 60 Mh/s miner.   Combining that with my rental income and business income, I have what I need.   But I would like to buy the sign for our business now, and still have operating capital.   Without the loan, our sign will have to wait.   We will still open on October 20th, but without a sign.   Which, it is what it is.


As for the collateral question that Vod asks me about.   You wondered why I am posting here, since my ad is on BTCJam.   I am hopeful to find a person willing to fund the larger amount that I want, with the warranty deed to my income property as collateral. 

I've posted separate posts that I have suggested collateral as an option, like this;

https://bitcointalk.org/index.php?topic=814331.msg9113386#msg9113386


I have no problem securing a loan with valuable collateral.   I just need to find the right person to do it.   Or, BTCjam will come through without collateral.

I also think this would be a good challenge for the Bitcoin community to tackle. 
Companies that loan fiat do micro loans based on collateral, Bitcoin can do it too.


This is a post that I have saw examples of this potential.


https://bitcointalk.org/index.php?topic=814278.msg9113320#msg9113320

[crazy-pilot]

If you have all this LTC then why are you wanting to borrow BTC in the first place? Wouldn't it make more since to just sell the LTC and use those proceeds to fund your project, especially considering that you are planning on using the LTC to make loan payments

See that is what a loan is about, in my case.  Maybe not everyone operates this way.    But I won't borrow money, unless I have operating capital for paying the loan back.      For example a business may go into a bank and apply for a SBA Loan.  The bank will consider their amount of operating capital already in one of their accounts as favorable.   Typically a bank would not penalize someone for having operating capital, but the oposite.   

I have plenty of LTC, and I have a Terminator A2 60 Mh/s miner.   Combining that with my rental income and business income, I have what I need.   But I would like to buy the sign for our business now, and still have operating capital.   Without the loan, our sign will have to wait.   We will still open on October 20th, but without a sign.   Which, it is what it is.

This is not true. If a bank sees that you have enough unencumbered cash in hand to pay for your project then they will question why you need the loan just as people are questioning you here. If your LTC is not earning interest (it isn't) but you will pay interest on your BTC loan, then there is no rational reason to borrow money unless you do not plan on repaying.

The reason people take out collateral loans is because they hold an altcoin they think will rise in the future and do not want to sell right away but still need cash. They do not intend to use the altcoin in order to repay the loan.

A bank will look at your future cash flow to determine your ability to repay the loan, not your cash in hand. A company will generally spend their cash in hand on inventory or other investments and most efficient companies will hold as little cash as they can get away with holding.

[slu2]

This is not true. If a bank sees that you have enough unencumbered cash in hand to pay for your project then they will question why you need the loan just as people are questioning you here. If your LTC is not earning interest (it isn't) but you will pay interest on your BTC loan, then there is no rational reason to borrow money unless you do not plan on repaying.

The reason people take out collateral loans is because they hold an altcoin they think will rise in the future and do not want to sell right away but still need cash. They do not intend to use the altcoin in order to repay the loan.

A bank will look at your future cash flow to determine your ability to repay the loan, not your cash in hand. A company will generally spend their cash in hand on inventory or other investments and most efficient companies will hold as little cash as they can get away with holding.

The SBA and other business funding sources disagree.   Operating capital counts and equity, and equity is a good thing in relationship to an SBA loan.   How many business fail, that start without operating capital?    Operating capital is essential to a business's survival.

I wouldn't even be in business if I didn't have operating capital.   I wouldn't use my operating capital to secure a loan for a sign, because then I wouldn't have my operating capital, rather I would have to spend the money that I borrowed to buy a sign, on basic operations.  


http://www.sba.gov/content/borrowing-money

Equity Investment

Don't be misled into thinking that a start-up business can obtain all financing through conventional or special loan programs. Financial institutions want to see a certain amount of equity in a business.

Equity can be built up through retained earnings or by the injection of cash from either the owner or investors. Most banks want to see that the total liabilities or debt of a business is not more than four times the amount of equity. So if you want a loan for your business, make sure that there is enough equity in the company to leverage that loan.

Owners usually must put some of their own money into the business to get a loan. The amount of financing depends on the type of loan, purpose and terms. Most banks want the owner to put in at least 20 to 40 percent of the total request.

Having the right debt to equity ratio does not guarantee your business will get a loan. There are a number of other factors used to evaluate a business, such as net worth, which is the amount of equity in a business, which is often a combination of retained earnings and owner's equity.

"If your LTC is not earning interest (it isn't) but you will pay interest on your BTC loan, then there is no rational reason to borrow money unless you do not plan on repaying. "

Part of what I use my coin for, or what I intend to use my current coin for, is my ATM machine.

Ref;   http://www.youtube.com/watch?v=g9FGBNzfquM

Without coin to dispense, the ATM doesn't work

[ANTIcentralized]

You are not asking for a SBA loan. You are asking for a loan that will be given in a way such that it will be very difficult to force you to pay the lender back. It is not a guarantee that the ID documents provided to BTC jam are yours nor is it a guarantee that the other various accounts you used to 'verify' your identity were not purchased/stolen/hacked.

Even if the identity information does belong to you it is not cost efficient for lenders to go after you in court in the event you do not pay as most lenders only lend a very small amount. The result is that the only real consequence to you not paying your loan will be that a bunch of people who will never meet you will know that you are a deadbeat.

The most common form of equity that a business owner will have will be in the form of assets, either inventory (as mentioned above) or assets that help you produce income (a taxi for example if you own a taxi service) or assets that help you produce your product (like a factory). Owner's of a small business very rarely have equity in the form of cash.

If you are so willing to use the SBA as an argument as to why you should get this loan then I would suggest going to the SBA to apply for a loan from them.

[slu2]

You are not asking for a SBA loan. You are asking for a loan that will be given in a way such that it will be very difficult to force you to pay the lender back. It is not a guarantee that the ID documents provided to BTC jam are yours nor is it a guarantee that the other various accounts you used to 'verify' your identity were not purchased/stolen/hacked.

Even if the identity information does belong to you it is not cost efficient for lenders to go after you in court in the event you do not pay as most lenders only lend a very small amount. The result is that the only real consequence to you not paying your loan will be that a bunch of people who will never meet you will know that you are a deadbeat.

The most common form of equity that a business owner will have will be in the form of assets, either inventory (as mentioned above) or assets that help you produce income (a taxi for example if you own a taxi service) or assets that help you produce your product (like a factory). Owner's of a small business very rarely have equity in the form of cash.

If you are so willing to use the SBA as an argument as to why you should get this loan then I would suggest going to the SBA to apply for a loan from them.

I used the SBA structure as a compatible scenario is all.  I am trying to explain why giving away my operating capital to be held by the lender, to get a loan is counter productive is all, and this is a reason why it doesn't make sense for banks to penalize someone with operating capital.   People don't just get loans so that they can pay interest on what they already have.   I've never saw a loan work that way.

But I prefer coin.  As I stated, one of the major operating points in our business is our Bitcoin ATM.  

I have been buying and selling properties with Bitcoin and Litecoin for years.   My business is a Bitcoin base business.  So getting a bitcoin loan seems more fitting than a fiat loan.

If you look at my signature I am selling my 4 plex for coin as well.

As for verifying my identity.  Show me ANYONE here who has done more to verify their identity.
How many people have video recorded themselves at their place of employment?   How many have video recorded themselves at all?
How many have gotten verified at multiple different sources?   BTCJam verification is a little lenient, but ardveda is not.   Where I pay a $1 with my credit card, then look on my bank statements for a special code and verify it.   Send my ID, and video record myself with the ID.   Mailings to my home address, etc.     I mean ya it could possibly be faked, but it would be awfully difficult.
One guy on here has called and verified with my neighbors near my business, so far he has called two of them.  
I doubt anyone here has done more than me to verify their identity.

But you are right about it being difficult for someone to pursue legal action over $5000 worth of coin, or $5000 worth of anything.
It's a pretty tiny amount.

If people don't feel comfortable with what I have offered.  If people don't want to take collateral that I have offered for the loan.   If it over all just doesn't seem worth it, for whatever reason.  Well, then they will move on to something else that is worth their time.

But I have done my best to make this secure and beneficial for everyone.   Vod keeps insisting on offering collateral.   I have offered MUCH collateral.   I think it is a very useful invention for someone to create a surefire way of offering coin loans on titles, and there is a demand out there as I have demonstrated in my past posts.

[Vod]

Vod keeps insisting on offering collateral.   I have offered MUCH collateral.   I think it is a very useful invention for someone to create a surefire way of offering coin loans on titles, and there is a demand out there as I have demonstrated in my past posts.

I think your collateral offerings have been lost in the slew of posts.  It might be best if you create a new thread, list what you want and list your collateral exactly, keeping in mind what is and is not proper.  Collateral must be in-hand. 

I will even offer to hold your LTC (I charge a 1% escrow fee) and then I can state that you have so much in collateral.  Then you can get your loan and still keep your LTC.

[slu2]

Vod keeps insisting on offering collateral.   I have offered MUCH collateral.   I think it is a very useful invention for someone to create a surefire way of offering coin loans on titles, and there is a demand out there as I have demonstrated in my past posts.

I think your collateral offerings have been lost in the slew of posts.  It might be best if you create a new thread, list what you want and list your collateral exactly, keeping in mind what is and is not proper.  Collateral must be in-hand.  

I will even offer to hold your LTC (I charge a 1% escrow fee) and then I can state that you have so much in collateral.  Then you can get your loan and still keep your LTC.

Proving that I have control over a wallet would be easier, and cheaper, if at the end I still keep the LTC.  
I don't have $5000 worth of LTC, as I state earlier I have several hundred LTC.  

The other property that I have to offer can even be found in my signature.   I can offer a lien on that 4 plex in my signature for a loan sizing between $30k USD and 50k USD.

I have a few really nice SUV's.    One of them is for sale in my newspaper, the Chevy Tahoe;   http://www.clovisstar.com/the-clovis-star-quarterly/

I can offer a lien on that, or even easier, someone could hold the title.

[Vod]

Proving that I have control over a wallet would be easier, and cheaper, if at the end I still keep the LTC.  

That doesn't work.  Your LTC would not be "in-hand", so it would not be collateral.   

[ANTIcentralized]

You are not asking for a SBA loan. You are asking for a loan that will be given in a way such that it will be very difficult to force you to pay the lender back. It is not a guarantee that the ID documents provided to BTC jam are yours nor is it a guarantee that the other various accounts you used to 'verify' your identity were not purchased/stolen/hacked.

Even if the identity information does belong to you it is not cost efficient for lenders to go after you in court in the event you do not pay as most lenders only lend a very small amount. The result is that the only real consequence to you not paying your loan will be that a bunch of people who will never meet you will know that you are a deadbeat.

The most common form of equity that a business owner will have will be in the form of assets, either inventory (as mentioned above) or assets that help you produce income (a taxi for example if you own a taxi service) or assets that help you produce your product (like a factory). Owner's of a small business very rarely have equity in the form of cash.

If you are so willing to use the SBA as an argument as to why you should get this loan then I would suggest going to the SBA to apply for a loan from them.

I used the SBA structure as a compatible scenario is all.  I am trying to explain why giving away my operating capital to be held by the lender, to get a loan is counter productive is all, and this is a reason why it doesn't make sense for banks to penalize someone with operating capital.   People don't just get loans so that they can pay interest on what they already have.   I've never saw a loan work that way.

But I prefer coin.  As I stated, one of the major operating points in our business is our Bitcoin ATM.  

I have been buying and selling properties with Bitcoin and Litecoin for years.   My business is a Bitcoin base business.  So getting a bitcoin loan seems more fitting than a fiat loan.

If you look at my signature I am selling my 4 plex for coin as well.

As for verifying my identity.  Show me ANYONE here who has done more to verify their identity.
How many people have video recorded themselves at their place of employment?   How many have video recorded themselves at all?
How many have gotten verified at multiple different sources?   BTCJam verification is a little lenient, but ardveda is not.   Where I pay a $1 with my credit card, then look on my bank statements for a special code and verify it.   Send my ID, and video record myself with the ID.   Mailings to my home address, etc.     I mean ya it could possibly be faked, but it would be awfully difficult.
One guy on here has called and verified with my neighbors near my business, so far he has called two of them.  
I doubt anyone here has done more than me to verify their identity.

But you are right about it being difficult for someone to pursue legal action over $5000 worth of coin, or $5000 worth of anything.
It's a pretty tiny amount.

If people don't feel comfortable with what I have offered.  If people don't want to take collateral that I have offered for the loan.   If it over all just doesn't seem worth it, for whatever reason.  Well, then they will move on to something else that is worth their time.

But I have done my best to make this secure and beneficial for everyone.   Vod keeps insisting on offering collateral.   I have offered MUCH collateral.   I think it is a very useful invention for someone to create a surefire way of offering coin loans on titles, and there is a demand out there as I have demonstrated in my past posts.

The collateral you are offering is title to vehicles and most people on here have zero experience repoing a vehicle nor do they understand the costs and risks associated with accepting a vehicle (title) as collateral. If people do not understand the risks and costs associated with something they will not get involved in it.

You are incorrect to say that it does not make sense for a person to go after you for $5,000 as this is not true. If you owe someone $5,000 your case would probably not even be eligible for small claims court. Credit card companies, and other lenders will routinely go after deadbeats for this amount and less. The problem is that you are not borrowing $5,000 from someone. You are borrowing much smaller amounts from several people that will add up to $5,000. There is no efficient way for all these lenders to act as a group to attempt to recover their money. As of ~a hour ago, the most someone has offered to lend you is .1 BTC which is worth roughly $40, this is an amount that would certainly not be worth going after someone for.

Even if your identity is in fact yours, it does not mean anything as the identity of a dead beat is worth very little to anyone.

Vod keeps insisting on offering collateral.   I have offered MUCH collateral.   I think it is a very useful invention for someone to create a surefire way of offering coin loans on titles, and there is a demand out there as I have demonstrated in my past posts.

I think your collateral offerings have been lost in the slew of posts.  It might be best if you create a new thread, list what you want and list your collateral exactly, keeping in mind what is and is not proper.  Collateral must be in-hand.  

I will even offer to hold your LTC (I charge a 1% escrow fee) and then I can state that you have so much in collateral.  Then you can get your loan and still keep your LTC.

I think he wants to keep his LTC in his possession/control instead of giving it to an escrow/risking that it be lost in the event he defaults

[Bitcoinbikers]

VOD does not give 2 shits if people get scammed, he only wants the bitcoin price to rise so he can get rich. He is a greedy uneducated immature fat old guy who spends 90% of his time harassing people on this forum. I'd say someone will be putting a bounty on his head one day. Watch out VOD

And to slu2 I think your a great entrepreneur and fair play to you, wishing you all the best with your business

[slu2]

The collateral you are offering is title to vehicles and most people on here have zero experience repoing a vehicle nor do they understand the costs and risks associated with accepting a vehicle (title) as collateral. If people do not understand the risks and costs associated with something they will not get involved in it.

Even if your identity is in fact yours, it does not mean anything as the identity of a dead beat is worth very little to anyone.

So now I am a dead beat?    Again, I believe I have proven my identity better than anyone here.   I asked if you knew of anyone who has done a better job of proving their identity, and so far you have produced so subjects.   But to imply that I am a dead beat?
A dead beat who can prove to be a successful business owner, and a dead beat who can prove that he has the deed to his house.
I pay my bills.  Im no deat beat.

Vod keeps insisting on offering collateral.   I have offered MUCH collateral.   I think it is a very useful invention for someone to create a surefire way of offering coin loans on titles, and there is a demand out there as I have demonstrated in my past posts.

I think your collateral offerings have been lost in the slew of posts.  It might be best if you create a new thread, list what you want and list your collateral exactly, keeping in mind what is and is not proper.  Collateral must be in-hand.  


I will even offer to hold your LTC (I charge a 1% escrow fee) and then I can state that you have so much in collateral.  Then you can get your loan and still keep your LTC.

I think he wants to keep his LTC in his possession/control instead of giving it to an escrow/risking that it be lost in the event he defaults
[/quote]


No, I want to keep my operating capital for business operations, not "in case I default".   LOL
My business operates on coin.  From the Bitcoin ATM, to accepting payments via coinbase.

It's like the example of the burger joint that I used earlier.   If my buddy asked me "hey man, can you lend me $5 so that I can buy a burger"?   I wouldn't even think to asked him  "Only if you will secure the loan with $5".  
I may ask him for his lucky charm, or something.   But I wouldn't loan him something, to be secured by the exact same thing.  ROFL   makes no sense.

[slu2]

And to slu2 I think your a great entrepreneur and fair play to you, wishing you all the best with your business

Thanks!  It's been a great ride so far!   

I challenge anyone who doubts my identity to drop in at  4100 Yellowstone Ave, Suite B, Pocatello ID 83202

Im not hiding!

[slu2]

I think of it like this maybe.

My buddy and I are at the burger joint, and he said  "Hey man, can you lend me $5 so that I can buy a burger".

Then I reply  "Do you have $5 to secure that loan with".

My buddy says "well ya, but I was going to use this for gas..   But ok, here's my $5.   Now can I borrow my $5 back so I can buy a hamburger".

Then I say  "Ya sure, here's your $5 back, now I will charge you interest on this until you pay me back".


Why didn't my friend just keep his $5?    Hmmmm.    Maybe he just wanted to pay me interest on his own money, as a friendly gesture?

LOL  this is getting beyond the drunk ass silly level of stupid.    Im not going to pay you interest on my own freakin money!  LOL  What kind of ponzi scheme is that?

[Window2Wall]

It's like the example of the burger joint that I used earlier.   If my buddy asked me "hey man, can you lend me $5 so that I can buy a burger"?   I wouldn't even think to asked him  "Only if you will secure the loan with $5".  
I may ask him for his lucky charm, or something.   But I wouldn't loan him something, to be secured by the exact same thing.  ROFL   makes no sense.

Your loan would be a collateral loan. If you were to take your friends money and not pay him back either by repaying him the $5 or by buying him of equal value in the future despite your ability to do so then he would probably not be friends with you anymore. Collateral does not need to be in the form of cash but does need to be something greater then the amount being borrowed.

I also find it very interesting that you have a "few hundred" LTC for operating capital for bitcoin ATM. This really does not make any sense. Assuming that a few hundred means 300 then you have roughly 2.9 BTC worth of LTC, which would really not be enough to fund your ATM's operation. IIRC the Robocoin website suggests that you have at least $20,000 "float" for each ATM and you have far from this much.

Even if you were being honest and do repay if you are able to, you are essentially taking no risks with your business as all you are putting in is "sweat equity" while putting all the risk on the lender.

[slu2]

It's like the example of the burger joint that I used earlier.   If my buddy asked me "hey man, can you lend me $5 so that I can buy a burger"?   I wouldn't even think to asked him  "Only if you will secure the loan with $5".  
I may ask him for his lucky charm, or something.   But I wouldn't loan him something, to be secured by the exact same thing.  ROFL   makes no sense.

Your loan would be a collateral loan. If you were to take your friends money and not pay him back either by repaying him the $5 or by buying him of equal value in the future despite your ability to do so then he would probably not be friends with you anymore. Collateral does not need to be in the form of cash but does need to be something greater then the amount being borrowed.

My point the whole time is that coin is coin.  I am looking at this like  Litecoin is basically the same thing as bitcoin.  It holds a steady value to bitcoin, and it trades into bitcoin almost effortlessly on dozens of different exchanges.  
Litecoin is as close to Bitcoin, as metal coins minted by a central org is to paper coins minted by the same org.   Because it converts so easily back and forth.

So if someone (anyone) wanted to borrow $5, either I am going to borrow him the money, or I may ask to hold on to a token.  But I am not going to ask him for an equal amount of currency to hold on to, if he could just as easily use that currency to buy the burger.

It would be like charging him interest on his own money.    Lenders earn interest based on risk.   So if a lender is holding this guy's money as collateral.  The bank is earning money for nothing, because the lender is charging him interest on his own money.   I guess it's like one of those silly secured credit cards.  Where you put money in the bank, and then borrow against it for the sole purpose of raising your credit.   Im not here to increase my credit rating.  I am here to get an interest based loan, where everyone wins.

But I am not going to pay interest to borrow my own money.     If for example I borrowed $0.50 cents from you.   You gave me two quarters, and I let you hang on to 5 dimes for me.   And for this service, you would only charge me 1% interest.  

WTF?   Are you serious?    No one is going to give you an equal amount of currency, just to pay you interest on their own money.   That is the most retarded ponzi scheme that I have ever heard of.

What is this the Federal Reserve banking committee meeting?   ROFL

I can't stand it any more.  I can no longer take this thread seriously.

I also find it very interesting that you have a "few hundred" LTC for operating capital for bitcoin ATM. This really does not make any sense. Assuming that a few hundred means 300 then you have roughly 2.9 BTC worth of LTC, which would really not be enough to fund your ATM's operation. IIRC the Robocoin website suggests that you have at least $20,000 "float" for each ATM and you have far from this much.  

I think you are catching on to #1.  Why I need to borrow coin.   and #2  why I prefer to borrow coin over fiat.

Yes, I need operating capital, this is what I have been telling this thread this whole time.   This is the whole point!  LOL

Even if you were being honest and do repay if you are able to, you are essentially taking no risks with your business as all you are putting in is "sweat equity" while putting all the risk on the lender.

I have offered a lot of risk.   Say for example that all that I gave was a lien on my car, and the title, in exchange for the loan.
That is still a risk, because without the title, and with a lien agreement, that car is of no monetary value to me.   I can't sell a car twice, that would cause me criminal penalties.   So if there was a lien on my car, and I sold it without paying off the lien, if that is even possible, I think it would catch up to someone and bite them in the ass later legally.   There has to be some kind of theft or deception in that.    I do know it's possible to put a lien on a vehicle, and I have offered up a vehicle, therefore I am assuming risk.  Cars are not all that I have offered also, I have offered a lien on my debt free home, for a larger loan.

https://answers.yahoo.com/question/index?qid=20060830184549AAPTkOx

[slu2]

IIRC the Robocoin website suggests that you have at least $20,000 "float" for each ATM and you have far from this much.

A lot of financial transaction companies are required to have a nominal bond (usually as low as $50,000), and to have between $10,000 and $50,000 in operating capital or assets.   I have that no problem.


I do have a low amount of coins.   Litecoin is not all that I have though.   I have possibly around 4 BTC in LTC, and I also have a variety of other coins, and some bitcoin for the purpose of funding the ATM.   I've actually stayed out of bitcoin investing this last year, and I have traded alts a lot more.   But I trade in to bitcoin when I need to.    I bought some stuff from  SurvivalCampingStore.com, and bought some gift cards, so I convert alts to bitcoin in cases like that.    I almost booked a flight on Expedia last week, but then my plans got cancelled, but I would have used bitcoin for it if I would have needed it.

I am starting to use bitcoin more like cash than an investment. 

[slu2]

I posted this earlier.   But let me be clear, I have offered risk.    Several comments insist that I am offering no risk.

For one, besides giving my identity and exact location explicitly in film, and such.    I have also offered tangible collateral as my risk.

ref my earlier comment

I have offered a lot of risk.   Say for example that all that I gave was a lien on my car, and the title, in exchange for the loan.
That is still a risk, because without the title, and with a lien agreement, that car is of no monetary value to me.   I can't sell a car twice, that would cause me criminal penalties.   So if there was a lien on my car, and I sold it without paying off the lien, if that is even possible, I think it would catch up to someone and bite them in the ass later legally.   There has to be some kind of theft or deception in that.    I do know it's possible to put a lien on a vehicle, and I have offered up a vehicle, therefore I am assuming risk.  Cars are not all that I have offered also, I have offered a lien on my debt free home, for a larger loan.

https://answers.yahoo.com/question/index?qid=20060830184549AAPTkOx

I would be happy to answer any questions that you may have, to the best of my ability.  Please PM if you have any.

Thanks for your comments.

[tins]

I can't stand it any more.  I can no longer take this thread seriously.

Don't think anybody else is either. It may be time for you to lock it up.

[slu2]

I can't stand it any more.  I can no longer take this thread seriously.

Don't think anybody else is either. It may be time for you to lock it up.

Possibly.  I have another day on this funding offer at BTCJam.  Ive had a few people commit to invest, a few in this thread.   So I continue to update it, so that people who are interested can learn more about our progress.   Which is all that I was doing earlier, before this silly exchange of words broke out.

But since I started the funding process, I have accomplished a lot.

1.  We going our wiring done this morning.  Phone is working.  CC terminal is operating
2.  We received our latest print newspaper in the mail a few days ago
3.  We have got all of our products in and inventoried in our POS system
4.  We have almost all of our fixtures, just waiting on two more   
5.  We are opening on October 20th, with or without the additional funding.

This update and more on video broadcast via youtube;   http://youtube.com/clovisstarmedia

[slu2]

So I finally got real today, and I spoke to a lender that we know.
Looks like I will be borrowing fiat to get this business going in the right direction.
I really tried to stay away from fiat and traditional lending.   

I got reacquainted today why I stay away from traditional funding.    On top of a 10% interest rate, I also have to pay about $4000 lending fees.   Plus they wouldn't lend me a small amount of money like $30k, I had to take MUCH more than that, just to qualify for the loan. 

But the more we work with this guy, the lower our rate will become.   So that works for my benefit.

This is another reason why bitcoin lending is much more efficient.  The closing fees, and escrow etc is much less than traditional lending.


With this funding, I am looking for a developer and possibly a partner to start a bitcoin > title loan company.

If anyone is interested PM me.

Thanks!

[Vod]

It's like the example of the burger joint that I used earlier.   If my buddy asked me "hey man, can you lend me $5 so that I can buy a burger"?   I wouldn't even think to asked him  "Only if you will secure the loan with $5".  
I may ask him for his lucky charm, or something.   But I wouldn't loan him something, to be secured by the exact same thing.  ROFL   makes no sense.

Your analogy is incorrect.

Your buddy would ask you to lend him $5 so he could buy a burger.  You would ask him for his $10 radio shack gift card as collateral.  He could easily turn that card into cash, but he doesn't want to, because he values that gift card.

You are right - it makes no sense to offer cash as collateral for cash.  That's not what we are asking.

Bitcoinbikers scammed on btcjam.  It would be best not to take his advice.  

[r3wt]

if the shit hits the fan on your business, you will have a ton of investor debt. what will you do in such a situation?

[FattyMcButterpants]

So I finally got real today, and I spoke to a lender that we know.
Looks like I will be borrowing fiat to get this business going in the right direction.
I really tried to stay away from fiat and traditional lending.   

I got reacquainted today why I stay away from traditional funding.    On top of a 10% interest rate, I also have to pay about $4000 lending fees.   Plus they wouldn't lend me a small amount of money like $30k, I had to take MUCH more than that, just to qualify for the loan. 

Your BTCjam listing had an APR of over 60% which is much higher then 10%, IIRC it was actually around 68%, and the estimated loss rate was ~64%, giving the lender an effective rate of ~4% (but you would still need to have paid the entire 64%

Although I find it unlikely that you would not have qualified if you took out a smaller loan, if the loan amount was $40k (which is not a *lot* more then $30k, but we can use that figure for illustrative purposes) then a $4k fee for taking out the loan would work out to 10%, and would increase the APR by 40% if you are only taking out a 3 month loan. Add the 40% to the 10% interest rate and you only have an APR of ~50%.

I promise you that bitcoin related lending will not be as efficient as fiat based lending for a long time due to the irreversible nature of bitcoin and the diverse geographic backround of potential borrowers and potential lenders

[slu2]

So I finally got real today, and I spoke to a lender that we know.
Looks like I will be borrowing fiat to get this business going in the right direction.
I really tried to stay away from fiat and traditional lending.   

I got reacquainted today why I stay away from traditional funding.    On top of a 10% interest rate, I also have to pay about $4000 lending fees.   Plus they wouldn't lend me a small amount of money like $30k, I had to take MUCH more than that, just to qualify for the loan. 

Your BTCjam listing had an APR of over 60% which is much higher then 10%, IIRC it was actually around 68%, and the estimated loss rate was ~64%, giving the lender an effective rate of ~4% (but you would still need to have paid the entire 64%

Although I find it unlikely that you would not have qualified if you took out a smaller loan, if the loan amount was $40k (which is not a *lot* more then $30k, but we can use that figure for illustrative purposes) then a $4k fee for taking out the loan would work out to 10%, and would increase the APR by 40% if you are only taking out a 3 month loan. Add the 40% to the 10% interest rate and you only have an APR of ~50%.

I promise you that bitcoin related lending will not be as efficient as fiat based lending for a long time due to the irreversible nature of bitcoin and the diverse geographic backround of potential borrowers and potential lenders

Actually, another benefit with this fiat money lender, is that he is private and we spoke to the source instead of a broker.  We got him to finance us for up to two years, but we are going to pay him much sooner than that to save money on interest.  Its spread out over a 30 year amortization period, with interest only repayments.   For the purposes that we are using it for, this is a great kind of load for us.  It's very flexible.   

Since I retired due to a car accident in 2013, I don't have a lot of credit options.   I have a decent 6 figure income, but nothing really documented yet such as a w-2, most of my income is stated income until next tax year comes around.    For a lot of years I worked for someone else, and I wasn't investing.  So I don't have a lot of recent activity on my section C of my tax forms any more, like I used to.

So now I am building credit and going back to entrepreneurial endeavors.    It's tough going from being a 9-5 employee for 6 years, to going through the pangs of recovering from a really bad car accident, to then being self employed again all of the sudden.

But we have done this before, and we'll do it again.  It's a process.


As for the usefulness of a title loan company.  I really think bitcoin can handle this more effectively than fiat.

This is some more information on it >   https://bitcointalk.org/index.php?topic=814278.msg9113320#msg9113320

BTW-  I would have paid everyone back.   You'll see over the years how our business grows.  This isn't our first rodeo. 
But thanks for everyone who did invest!   Maybe next time!

[FattyMcButterpants]

So I finally got real today, and I spoke to a lender that we know.
Looks like I will be borrowing fiat to get this business going in the right direction.
I really tried to stay away from fiat and traditional lending.   

I got reacquainted today why I stay away from traditional funding.    On top of a 10% interest rate, I also have to pay about $4000 lending fees.   Plus they wouldn't lend me a small amount of money like $30k, I had to take MUCH more than that, just to qualify for the loan. 

Your BTCjam listing had an APR of over 60% which is much higher then 10%, IIRC it was actually around 68%, and the estimated loss rate was ~64%, giving the lender an effective rate of ~4% (but you would still need to have paid the entire 64%

Although I find it unlikely that you would not have qualified if you took out a smaller loan, if the loan amount was $40k (which is not a *lot* more then $30k, but we can use that figure for illustrative purposes) then a $4k fee for taking out the loan would work out to 10%, and would increase the APR by 40% if you are only taking out a 3 month loan. Add the 40% to the 10% interest rate and you only have an APR of ~50%.

I promise you that bitcoin related lending will not be as efficient as fiat based lending for a long time due to the irreversible nature of bitcoin and the diverse geographic backround of potential borrowers and potential lenders

Actually, another benefit with this fiat money lender, is that he is private and we spoke to the source instead of a broker.  We got him to finance us for up to two years, but we are going to pay him much sooner than that to save money on interest.  Its spread out over a 30 year amortization period, with interest only repayments.   For the purposes that we are using it for, this is a great kind of load for us.  It's very flexible.   

Since I retired due to a car accident in 2013, I don't have a lot of credit options.   I have a decent 6 figure income, but nothing really documented yet such as a w-2, most of my income is stated income until next tax year comes around.    For a lot of years I worked for someone else, and I wasn't investing.  So I don't have a lot of recent activity on my section C of my tax forms any more, like I used to.

So now I am building credit and going back to entrepreneurial endeavors.    It's tough going from being a 9-5 employee for 6 years, to going through the pangs of recovering from a really bad car accident, to then being self employed again all of the sudden.

But we have done this before, and we'll do it again.  It's a process.

If you have a 30 year repayment period then your effective interest rate is a lot lower then what you would have paid on BTCjam. I am glad you were able to save money by getting a fiat based loan.

This also sounds a lot like a mortgage and sounds a lot like you got a "liar loan" that was very common during the mortgage/housing boom period of the mid 2000's

[slu2]

So I finally got real today, and I spoke to a lender that we know.
Looks like I will be borrowing fiat to get this business going in the right direction.
I really tried to stay away from fiat and traditional lending.   

I got reacquainted today why I stay away from traditional funding.    On top of a 10% interest rate, I also have to pay about $4000 lending fees.   Plus they wouldn't lend me a small amount of money like $30k, I had to take MUCH more than that, just to qualify for the loan. 

Your BTCjam listing had an APR of over 60% which is much higher then 10%, IIRC it was actually around 68%, and the estimated loss rate was ~64%, giving the lender an effective rate of ~4% (but you would still need to have paid the entire 64%

Although I find it unlikely that you would not have qualified if you took out a smaller loan, if the loan amount was $40k (which is not a *lot* more then $30k, but we can use that figure for illustrative purposes) then a $4k fee for taking out the loan would work out to 10%, and would increase the APR by 40% if you are only taking out a 3 month loan. Add the 40% to the 10% interest rate and you only have an APR of ~50%.

I promise you that bitcoin related lending will not be as efficient as fiat based lending for a long time due to the irreversible nature of bitcoin and the diverse geographic backround of potential borrowers and potential lenders

Actually, another benefit with this fiat money lender, is that he is private and we spoke to the source instead of a broker.  We got him to finance us for up to two years, but we are going to pay him much sooner than that to save money on interest.  Its spread out over a 30 year amortization period, with interest only repayments.   For the purposes that we are using it for, this is a great kind of load for us.  It's very flexible.   

Since I retired due to a car accident in 2013, I don't have a lot of credit options.   I have a decent 6 figure income, but nothing really documented yet such as a w-2, most of my income is stated income until next tax year comes around.    For a lot of years I worked for someone else, and I wasn't investing.  So I don't have a lot of recent activity on my section C of my tax forms any more, like I used to.

So now I am building credit and going back to entrepreneurial endeavors.    It's tough going from being a 9-5 employee for 6 years, to going through the pangs of recovering from a really bad car accident, to then being self employed again all of the sudden.

But we have done this before, and we'll do it again.  It's a process.

If you have a 30 year repayment period then your effective interest rate is a lot lower then what you would have paid on BTCjam. I am glad you were able to save money by getting a fiat based loan.

This also sounds a lot like a mortgage and sounds a lot like you got a "liar loan" that was very common during the mortgage/housing boom period of the mid 2000's

I think they call this guy a hard money lender by standard definition.   He does have decent rates.  It is a sort of mortgage, but rather its a collateral based business loan.  I own a few pieces of real estate.  I just don't typically involve banks with loans or purchases. 
This will be the first time we have had a mortgage since 2007.    I don't even utilize credit cards.  Never in my life have I gotten a credit base card. 

So I had a few things working against me credit wise.  It was just fortunate that I have some collateral.

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If you have a 30 year repayment period then your effective interest rate is a lot lower then what you would have paid on BTCjam.

The one thing appealing about BTCJam is they don't charge all of the loan origination fees and such.   I save $4000 right off the bat using BTCJam.   It balances out.   I just prefer coin over fiat.

[crazy-pilot]

If you have a 30 year repayment period then your effective interest rate is a lot lower then what you would have paid on BTCjam.

The one thing appealing about BTCJam is they don't charge all of the loan origination fees and such.   I save $4000 right off the bat using BTCJam.   It balances out.   I just prefer coin over fiat.

BTCJam charges an origination fee by only giving you a certain percentage (I believe 2% but I may be mistaken on this) of the loan as funded by lenders. I agree that this is less then $4,000 on a $30,000 loan, however it is something, also the APR (which is the effective rate that you pay, or the cost of the loan) is certainly lower with you getting a mortgage then if you were to have gotten an unsecured loan.

Some of the $4k was likely title costs which you would have had if you had used someone on here to lend you with title to your property

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if the shit hits the fan on your business, you will have a ton of investor debt. what will you do in such a situation?

It's a moot point now.  I got financing.   I don't have any debt right now, until this loan closes in 12 days.   I own my house and my cars, and I have an income producing multiplex.    So when you say  "you will have a ton of investor debt".   I won't have anything unsecured at this point, and I am not borrowing "a ton".   In fact my property is valued at 5x what I am borrowing and I wouldn't even be borrowing as much as I am, except they won't do micro loans less than $100k usually.  They made a special exception for me.  They would have loaned me all 100K, but I was only asking for $30k.   They wouldn't let me go as low as $30k, so I had to borrow a bit more.  Quite a bit more actually.  

Overall, a loan at BTCJam would have been better than having to take out this huge loan.   But dems the breaks.   Either way, we are putting a shitload of the loan back to the principle, so we have less interest over all.   We only needed $30k, so that's what we will walk away with.    It may look good on our credit too, Im not sure.

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Some of the $4k was likely title costs which you would have had if you had used someone on here to lend you with title to your property

Exactly, there is a shit load of costs that all add up to $4000.   Then the interest on top of that.   It's a pretty spendy loan.   

This has inspired me with a business that loans BTC on titles and deeds though.   I am really serious about putting a business like this together now.

[slu2]

Thats another thing about traditional lending.  In this case we are closing in 2 weeks.  While that seems fairly standard.  Its really annoying actually.   I have projects that are going on at my 4 plex, that need funding too, and we are running out of good weather to do some of these projects.   BTCJam definitely has the ability to fund loans faster than most traditional lenders.

I think with a title loan company, we could get bitcoin to people after an application, some basic investigation on their identity and such, and then they would need to overnight the title to us for a 24 hour turnaround on a title loan.   

This would need two parts.  The loan processing department and an escrow service.   I will see if I am able to fund development of some software to manage this kind of an operation.  It would be a great benefit to the community, and very profitable I suspect.

I'll probably offer another loan request for a small amount on BTCJam, both as a reputation building loan, and because I want to purchase a coinkite point of sale terminal, and I want to pay with BTC without taking away from my operating capital. 

So look for a new loan request by me, a much smaller loan request.