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Author Topic: [Closed]Requesting a large BTC loan.  (Read 990 times)
pekv2
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May 24, 2012, 04:32:59 PM
 #1

Loan will be accepted by a trusted member only. End of OP is an edit for collateral.

I am interested in a 500 USD in bitcoins loan for 7 1/2 months. I get free electric, I will be using the loan to purchase a 7970 which will mine the bitcoins to pay back the loan + interest. I will deposit funds to the lender every month or two months through out the entire loan session.

On request I will provide my personal info if granted.

I've done quite a few deals/loans here before.

Reference link: https://bitcointalk.org/index.php?topic=77702.msg863806#msg863806

I sat and thought on this for quite a few hours before deciding this strong decision that I have made.

Any questions? Post them here or PM me.

Note:
An ask is out to Ineededausername & Kluge from me as well.

Thank you for taking your time reading.

Edit:
Thursday, May 24, 2012.
Extended the loan date from 7 months > 7 1/2 months.


Edit:
Friday, 25, 2012.
Added collateral.



Edit:
Saturday, 26, 2012.

Removed Collateral.
Thread closed and locked. Explanation here @ Post #15
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Blazr
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May 24, 2012, 04:41:46 PM
 #2

Why should we lend you this rather than buying shares in a mining co-op on GLBSE?

Busy ATM.
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May 24, 2012, 05:03:38 PM
 #3

Why peg it to USD? And what's the interest rates you are willing to give?

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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pekv2
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May 24, 2012, 05:18:20 PM
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Why should we lend you this rather than buying shares in a mining co-op on GLBSE?

Help out a bitcoin community member to get back on his feet for mining.

Why peg it to USD? And what's the interest rates you are willing to give?

Because the price of the card is $479.99 USD.

Asking something fair. 10%+?


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May 24, 2012, 05:28:14 PM
 #5

Why should we lend you this rather than buying shares in a mining co-op on GLBSE?

Help out a bitcoin community member to get back on his feet for mining.

Why peg it to USD? And what's the interest rates you are willing to give?

Because the price of the card is $479.99 USD.

Asking something fair. 10%+?



To clarify, is the loan to be denominated (and repaid) in USD (BTC-equivalent), or is $500 just the amount you want but the loan and repayment will be denominated in BTC?

pekv2
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May 24, 2012, 05:37:07 PM
 #6

Why should we lend you this rather than buying shares in a mining co-op on GLBSE?

Help out a bitcoin community member to get back on his feet for mining.

Why peg it to USD? And what's the interest rates you are willing to give?

Because the price of the card is $479.99 USD.

Asking something fair. 10%+?



or is $500 just the amount you want but the loan and repayment will be denominated in BTC?

Exactly. The amount of 500 USD borrowed in BTC and repay the exact same amount in BTC borrowed.
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May 24, 2012, 05:39:49 PM
 #7

I still don't get it...
pekv2
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May 24, 2012, 05:46:16 PM
 #8

I still don't get it...

What part? I'll try to better explain.

Edit:
At the price of btc atm, is 5.13987 USD. So in an example, if I got the loan as of right now this minute, I would need 97.27872494 BTC. Then I would pay back 97.27872494 BTC + interest.
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May 24, 2012, 05:52:15 PM
 #9

At the price of btc atm, is 5.13987 USD. So in an example, if I got the loan as of right now this minute, I would need 97.27872494 BTC. Then I would pay back 97.27872494 BTC + interest.
Regardless of the current trading price of the BTC at the time of repayment?
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May 24, 2012, 05:56:41 PM
 #10

7 months is cutting it close. 7970 will give you about 800 megahashes/second, which is (if the difficulty remains about the same it is now) 14.11 btc/month = 98.77 btc/7 months. You would need 97.27*1.1 = 107 btc.
pekv2
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May 24, 2012, 06:04:37 PM
 #11

At the price of btc atm, is 5.13987 USD. So in an example, if I got the loan as of right now this minute, I would need 97.27872494 BTC. Then I would pay back 97.27872494 BTC + interest.
Regardless of the current trading price of the BTC at the time of repayment?
Yes, USD only matters at the time of receiving the loan, repayment, even if it shot up 30 a coin, the repayment is still as agreed on, repayment is in what BTC was borrowed + interest.

7 months is cutting it close. 7970 will give you about 800 megahashes/second, which is (if the difficulty remains about the same it is now) 14.11 btc/month = 98.77 btc/7 months. You would need 97.27*1.1 = 107 btc.

Thank you for bringing this up. I will extend the date by two weeks, making it 7 1/2 months.
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May 25, 2012, 12:33:32 AM
 #12

and ofcourse , you get 10 btc from me interest free for 1 month as agreed earlier
pekv2
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May 25, 2012, 05:08:37 PM
 #13

I am adding collateral for my request of this loan.

The collateral is a

Fluke 87V True RMS Digital Multimeter FLK-87

http://imgur.com/a/sHSkV#0

OP Updated.
pekv2
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May 25, 2012, 07:32:31 PM
 #14

Added a second source of the images for the collateral, as imgur are having over capacity difficulties.
OP updated.
pekv2
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May 26, 2012, 06:16:18 PM
 #15

Kluge had filled me in on information that will make this thread become closed and locked.

Lender & borrower, it's not worth it on either end.

Below is a perfect explanation.

9 months = 39 weeks. 39*.01=39%, what I'd pay on deposits. 39*.006=23.4%, opportunity cost of additional .6%/wk I'd get on mining bond. So, in 39 weeks, I'd need 39% just to break even, and can easily get 62.4% through mining bonds with the additional huge benefit of being able to take my money out by selling the securities at any time I please as well as the additional benefit of twice-weekly or weekly payments. With the large time commitment, I'd want 80% interest on a 9-month loan with weekly payments, and understand it's unreasonable, which is why I didn't give you an offer.  Undecided


Cheers,

Ben

Thank you to all.
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