Loan requested for additional bot funding have collateral and will use escrow.

[nomadcrypto]

Collateral:
250ltc

Proof of funds:
LecFvBqxwkctWVedGGm1LnZdguTgctResR
Message: nomadcrypto https://bitcointalk.org/index.php?action=profile;u=393110
sig: G6SufZkt2yMnDcFyjkRf4iuL4/gsRhPcIhmQ0c7gK0Hi9T7xpOXmaJp83BJtYMnsiDzlueQqk1ZFvGQUCTTQisE=

Loan request: 80% @ current btce ltc/btc rate
Term: 1 month
interest: 5%

Purpose: To add to my bots trading balance without cashing out more of my long term ltc investment.

Current bot balance: ~5btc

I feel that 80% more than covers the lender's investment(including ltc volatility) and the escrow fee should I default.


I have chopped the "asset" class from my running bot and have wrapped it in a simple django charting app and it is available on github(https://github.com/nomadcrypto/asset). The bot essentially trades based on hourly volatility but also uses my "detrend" to determine trend reversals. It is currently trading ltc_btc, nmc_btc, and ppc_btc on btc-e.


If anyone knows of a reputable(hero+) member that I should use for an escrow please post.

Thanks,
nomadcrypto

[1715043997]

1715043997

[1715043997]

1715043997

[marcotheminer]

Would you agree to the lender liquidating your collateral if it drops to 105% of the loan amount?

[nomadcrypto]

Would you agree to the lender liquidating your collateral if it drops to 105% of the loan amount?

I would agree to that if I could be given time to square the debt before it was liquidated.

[nomadcrypto]

Would you agree to the lender liquidating your collateral if it drops to 105% of the loan amount?

How about if it reaches 100% of the loan amount I am given x amount of time(a couple hours?) to repay before the collateral is released? Ltc daily volatility is just over 5% so that should give the lender a bit of a cushion.

[Quickseller]

Do you still need this? I can do this provided that you receive a margin call when the BTC value of the LTC reaches 107% and the escrow will will liquidate the collateral when the BTC value reaches 103% of the loan amount.

There are a number of reputable escrow services that are available and I am willing to use any reputable escrow service on this forum.

[nomadcrypto]

Do you still need this? I can do this provided that you receive a margin call when the BTC value of the LTC reaches 107% and the escrow will will liquidate the collateral when the BTC value reaches 103% of the loan amount.

There are a number of reputable escrow services that are available and I am willing to use any reputable escrow service on this forum.

I do still need this. I think hard numbers would be easier to understand than percentages.

Loan:
(250*0.0104)*0.8=~2btc

Repayment:
2*1.05 = 2.1btc

Margin call(when the lender can request full repayment):
(2*1.1)/250=0.0088

Escrow release(if I am unable to repay this is the bottom price at which the lender can make the principle plus interest back):
(2*1.05)/250=0.0084

[Quickseller]

That sounds fair to me. Do you have a preference as to who you would prefer to use as escrow?

[nomadcrypto]

That sounds fair to me. Do you have a preference as to who you would prefer to use as escrow?

Sorry but I ended up going with marcotheminer and we are trying to get devthedev to escrow for us. He was the first to post and messaged me early this morning.  I apologize for any inconvenience.

[Quickseller]

That sounds fair to me. Do you have a preference as to who you would prefer to use as escrow?

Sorry but I ended up going with marcotheminer and we are trying to get devthedev to escrow for us. He was the first to post and messaged me early this morning.  I apologize for any inconvenience.

No problem. If you don't mind please keep this thread updated, I am curious to see how a loan of this size works out.

[nomadcrypto]

That sounds fair to me. Do you have a preference as to who you would prefer to use as escrow?

Sorry but I ended up going with marcotheminer and we are trying to get devthedev to escrow for us. He was the first to post and messaged me early this morning.  I apologize for any inconvenience.

No problem. If you don't mind please keep this thread updated, I am curious to see how a loan of this size works out.

I will for sure. Seems like all the risk is on me because of the escrow and the agreed upon price points. This first time is a test and assuming everything goes smoothly I will start leverage trading more often and with other coins that I hold like ppc and nmc.

[devthedev]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512

The official escrow address for this transaction is, LXB7FHJSxmsq5xXqSHGsrLMSxC7g2Qo7PZ

250 litecoins will be held in escrow until:

a: nomadcrypto repays 2.1 bitcoins, within the term length starting from the loan sent date, to marcotheminer and marcotheminer confirms full repayment. Escrowed litecoins are then to be released back to nomadcrypto.

b: defaults, which means that repayment is not made 48 hours after loan is due (1 month from loan sent date). If full payment (plus any late fees) is made during those 48 hours, nomadcrypto is to be sent back all escrowed litecoins. If payment is not made in those 48 additional hours but contact is made between nomadcrypto and marcotheminer, marcotheminer will decide the outcome of the loan depending on the situation. In case of default, I will release all escrowed litecoins to an address chosen, if needed, by marcotheminer.

c: price hits a minimum threshold, (loan + interest)/(total escrow) = complete bail out point at which all escrowed litecoins are to be released immediately to marcotheminer or sold by myself - all bitcoins to go to marcotheminer.

This complete bailout point is if the exchange rate on cryptsy hits 0.0084btc/ltc.

Nomadcrypto will be notified if the exchange rate on cryptsy breaches below 0.0088btc/ltc which is (loan+10%interest)/(total escrow). From this moment he will be given 5 hours or before the price per litecoin reaches the complete bailout point, 0.0084btc/ltc (whichever comes first) to repay the full loan + interest to marcotheminer, otherwise all escrowed litecoins will be released immediately to marcotheminer or sold by myself - all bitcoins to go to marcotheminer.

Exchange rate to be determined from https://www.cryptsy.com/markets/view/LTC_BTC by the average between the highest buy and lowest sell order.
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Version: Keybase OpenPGP v1.1.3
Comment: https://keybase.io/crypto

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[nomadcrypto]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512

The official escrow address for this transaction is, LXB7FHJSxmsq5xXqSHGsrLMSxC7g2Qo7PZ

250 litecoins will be held in escrow until:

a: nomadcrypto repays 2.1 bitcoins, within the term length starting from the loan sent date, to marcotheminer and marcotheminer confirms full repayment. Escrowed litecoins are then to be released back to nomadcrypto.

b: defaults, which means that repayment is not made 48 hours after loan is due (1 month from loan sent date). If full payment (plus any late fees) is made during those 48 hours, nomadcrypto is to be sent back all escrowed litecoins. If payment is not made in those 48 additional hours but contact is made between nomadcrypto and marcotheminer, marcotheminer will decide the outcome of the loan depending on the situation. In case of default, I will release all escrowed litecoins to an address chosen, if needed, by marcotheminer.

c: price hits a minimum threshold, (loan + interest)/(total escrow) = complete bail out point at which all escrowed litecoins are to be released immediately to marcotheminer or sold by myself - all bitcoins to go to marcotheminer.

This complete bailout point is if the exchange rate on cryptsy hits 0.0084btc/ltc.

Nomadcrypto will be notified if the exchange rate on cryptsy breaches below 0.0088btc/ltc which is (loan+10%interest)/(total escrow). From this moment he will be given 5 hours or before the price per litecoin reaches the complete bailout point, 0.0084btc/ltc (whichever comes first) to repay the full loan + interest to marcotheminer, otherwise all escrowed litecoins will be released immediately to marcotheminer or sold by myself - all bitcoins to go to marcotheminer.

Exchange rate to be determined from https://www.cryptsy.com/markets/view/LTC_BTC by the average between the highest buy and lowest sell order.
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Version: Keybase OpenPGP v1.1.3
Comment: https://keybase.io/crypto

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U0j2fAQKZJspW+JwxpGrFArIt+zC5h3n4105n+BhK7M6T2KnbOFTZQL4zLgoagQ=
=NR4Q
-----END PGP SIGNATURE-----

I sent 250ltc to the address: LXB7FHJSxmsq5xXqSHGsrLMSxC7g2Qo7PZ
hash: 8a1a267fc03e851b94d1f4213797cef19f5de3c94f5e2bdc9beeeadb1cba8aaa

[nomadcrypto]

My btc address for this loan is 1AkByn9ttRSogkgHa1v23PFi51mhBYWgPX

[nomadcrypto]

These response times are worrisome especially considering I am attempting to leverage trade. I stated several times that a delay in response times of a couple hours could mean the difference between me making and losing money on this. I have done everything on my end that I could to make this go as smoothly as possible - including coming up with a solid plan that hashed out most of the details and having the funds ready to be sent. I sent the funds within 10 minutes of receiving confirmation and receiving the escrow address. I did not expect an instant response but I am not happy with the response times so far.

[nomadcrypto]

In fact I no longer wish to do this. The price of the coin I wanted to purchase hit the bottom that I was waiting for and now has bounced up from that by 1.2%. I do believe that the coin will be going higher but I am worried about when I am ready to pay the loan off and take profits on my escrowed ltc. 10 hours or more in delayed response time adds more risk to this than I am prepared to accept. 

Please send the LTC back to address from the OP - LecFvBqxwkctWVedGGm1LnZdguTgctResR

[Quickseller]

In fact I no longer wish to do this. The price of the coin I wanted to purchase hit the bottom that I was waiting for and now has bounced up from that by 1.2%. I do believe that the coin will be going higher but I am worried about when I am ready to pay the loan off and take profits on my escrowed ltc. 10 hours or more in delayed response time adds more risk to this than I am prepared to accept. 

Please send the LTC back to address from the OP - LecFvBqxwkctWVedGGm1LnZdguTgctResR

were you able to get your collateral back?

[nomadcrypto]

In fact I no longer wish to do this. The price of the coin I wanted to purchase hit the bottom that I was waiting for and now has bounced up from that by 1.2%. I do believe that the coin will be going higher but I am worried about when I am ready to pay the loan off and take profits on my escrowed ltc. 10 hours or more in delayed response time adds more risk to this than I am prepared to accept. 

Please send the LTC back to address from the OP - LecFvBqxwkctWVedGGm1LnZdguTgctResR

were you able to get your collateral back?

Yes I was. Devthedev seems to be a great escrow but with that added security comes added processing time. Under normal circumstances(buying or selling something) that is perfectly acceptable but for my use case timing was very important.