60 BTC loan

[fgervais]

Can't deny the truth forever.

Wait, this thread is a success for you?

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[Monster-Ant]

Not really. He owes more money now.

This is amazing.

Surely a man I want to invest thousands of dollars in for a business.

After all, the IRS is known for not compounding interest, right? And banks don't compound interest on the interest left over after you pay off the pricipal, right?

[heatstroke]

I wish I had known there was a market for it, so I could open the Bunny-Foo-Foo No-Hurt-Feelings Bank just for dank.

I'll loan any amount with a 3% daily interest rate, but all you have to do is tell me some sob story about a sticky situation after the repayment date has passed, and you'll no longer have to pay interest.  That way, you don't have to get all angry and defensive about me enforcing the terms of the loan that you requested, instead we can have ourselves a wonderful tea party with all our favorite stuffed animals and imaginary friends!

[ravithepimp]

3% per day? is that like...21*52 % APR? in my country/province that is actually illegal, and lenders are forced to pay excess interest back if they receive it.

the point of bitcoins is for people to make their own decisions...but don't forget lenders have a decision to make too. you say you are informing people but wth is anyone doing offering a 2,000%APR loan without considering a possible, relatively high interest risk? bitcoin doesn't have room for stupid lenders, I think. Don't overestimate your own credit rating ability, or escalate someone else's ponzi. why don't you just leave it at that. Economics will root the rest out.

off the soapbox, and not posting on the topic anymore.

[Lurk]

wow...just read every post, amazing. Dank set the terms, you helped him 1 with the initial loan   2 with the rate adjustment 
 and has the nerve to call you greedy when you want what was owed to you.
    crisis or not my car payment is due the same day every month.  i signed an agreement and understand the terms i agreed to.
 
I cant believe a grown man who actually is asking for an awful lot of bitcoins to open a hookah lounge cant pay back a 60btc loan and then makes excuse after excuse like a 10 year old child.

 man up. apologize to your lender and repay your debt. accept that you are at fault.     you set the terms.  you sealed your fate.

  be a big boy and admit you fucked up.
                             

[dank]

I mean, I did pay him back, fully.  It's just that when something out of your control happens, like MtGox goxing your money, it takes time to resolve these things.  Never tried to dismiss fault, at the same time, fault is handed off to everybody, you know, I could blame MtGox, even though I'm not, I realize this was my responsibility and should have had a backup to transfer funds.

So in the end, I learned a lesson and nckrazze made a bunch of money.  Seems fair.

[greyhawk]

3% per day? is that like...21*52 % APR? in my country/province that is actually illegal, and lenders are forced to pay excess interest back if they receive it. .

Welcome to Bitcoins.

[Vod]

3% per day? is that like...21*52 % APR?

No, that is simple interest.

Most loans charge compound interest.

1.03 ^ 365 = 4,848,272% annual interest.