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Author Topic: Looking for long term loan (May need multiple loaners)  (Read 1334 times)
TheBitMan
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July 27, 2012, 10:55:10 PM
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I am looking for a large long term loan. I need the money to pay people back that want there money back fast. I do not currently have the money to pay them back. I need a loan worth $3,400 in BTC.  I will pay whoever gives me the loan back in 5 months. I need to pay them back do to a paypal problem and I wont be able to take out the fubds for 5 more months but once they let me take the funds out I will pay the loaner back the loan plus any fees you want.
Its a confusing story and you can get all the info on it here
https://bitcointalk.org/index.php?topic=83679.0
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AndyRossy
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July 27, 2012, 11:04:01 PM
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Been following your thread, tough spot. 

Hope it works out!
mcorlett
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July 27, 2012, 11:07:38 PM
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This is for people who'd like to short BTC, right?

TheBitMan
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July 27, 2012, 11:09:54 PM
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This is for people who'd like to short BTC, right?
Sorry I dont understand..
mcorlett
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July 27, 2012, 11:14:03 PM
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Let's assume an interest rate of 0%. If the market rate of a bitcoin doubles between now and the date of repayment, you will only have to return half of what you originally borrowed.

As such, taking this on only makes sense for someone who expects the price to go down, unless I'm missing something.

AndyRossy
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July 27, 2012, 11:19:35 PM
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Let's assume an interest rate of 0%. If the market rate of a bitcoin doubles between now and the date of repayment, you will only have to return half of what you originally borrowed.

As such, taking this on only makes sense for someone who expects the price to go down, unless I'm missing something.

You're missing the whole point. 

If someone is lent BTC, and they sell to USD, yes they're at risk to BTC/USD flux.  They can lock this with a future of 3200USD at todays price, or some floating CFD.

It's his choice what he does with BTC. You can apply your derailing-off-topic crap to any loan request on here for hardware; mining equipment or anything bought in USD. 

TheBitMan
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July 28, 2012, 12:45:31 AM
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Let's assume an interest rate of 0%. If the market rate of a bitcoin doubles between now and the date of repayment, you will only have to return half of what you originally borrowed.

As such, taking this on only makes sense for someone who expects the price to go down, unless I'm missing something.
I would owe them the USD amount I was lent.
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July 28, 2012, 01:19:33 AM
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Let's assume an interest rate of 0%. If the market rate of a bitcoin doubles between now and the date of repayment, you will only have to return half of what you originally borrowed.
As such, taking this on only makes sense for someone who expects the price to go down, unless I'm missing something.

If someone is lent BTC, and they sell to USD, yes they're at risk to BTC/USD flux.  They can lock this with a future of 3200USD at todays price, or some floating CFD.

He is requesting a loan denominated in USD.  If he borrows $3,400 USD he intends to repay $3,400 USD plus interest.

Today $3,400 in USD is 382 BTC but if BTC rises before maturity he will be repaying MORE USD but LESS BTC.  mcorlett is exactly right.  A USD denominated load (any USD loan) is essentially a short BTC posistion.  It also could be used by an investor as a hedge if they feel they are long too much BTC but don't want to sell assets (GBLSE stock for example).   If you think BTC will be lower at maturity you get the interest plus can convert back to BTC at a better exchange rate.  On the other hand if you believe BTC will rise by more than the interest rate you would be taking a loss.  Really depends on what the investor is looking to accomplish.
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July 28, 2012, 02:22:57 AM
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Let's assume an interest rate of 0%. If the market rate of a bitcoin doubles between now and the date of repayment, you will only have to return half of what you originally borrowed.

As such, taking this on only makes sense for someone who expects the price to go down, unless I'm missing something.

You're missing the whole point. 

If someone is lent BTC, and they sell to USD, yes they're at risk to BTC/USD flux.  They can lock this with a future of 3200USD at todays price, or some floating CFD.

It's his choice what he does with BTC. You can apply your derailing-off-topic crap to any loan request on here for hardware; mining equipment or anything bought in USD. 



No you are missing the point.  He is requesting a loan denominated in USD.  If he borrows $3,400 USD he intends to repay $3,400 USD plus interest.

Today $3,400 in USD is 382 BTC but if BTC rises before maturity he will be repaying LESS BTC.  mcorlett is exactly right.  A USD denominated load (any USD loan) is essentially a short BTC posistion.  If you think BTC will be lower at maturity this is a way to gain on that PLUS get interest.  On the other hand if you believe BTC will rise by more than the interest rate you would be taking a loss.

Agreed, missed this point. Ooops.

Op does not make this clear in first post imho, but yes cleared up after in his reply. Basically he's after a loan in USD. Smiley gl gl 

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I am looking for a large long term loan. I need the money to pay people back that want there money back fast. I do not currently have the money to pay them back. I need a loan worth $3,400 in BTC.  I will pay whoever gives me the loan back in 5 months. I need to pay them back do to a paypal problem and I wont be able to take out the fubds for 5 more months but once they let me take the funds out I will pay the loaner back the loan plus any fees you want.
Its a confusing story and you can get all the info on it here
Quote

PatrickHarnett
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July 28, 2012, 02:42:35 AM
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Considering.
BurtW
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July 28, 2012, 03:41:42 AM
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Patrick, he owes me $100 already so maybe we can work a deal - PM/IM me.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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July 28, 2012, 06:05:17 AM
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Its a confusing story

to be forthright, you probably should disclose your age.  it is relevant in this instance.
TheBitMan
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July 28, 2012, 02:07:05 PM
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Its a confusing story

to be forthright, you probably should disclose your age.  it is relevant in this instance.
17, as another member told me the funds can go straight to the people I owe it doesn't ever have to get in my own wallet.
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July 29, 2012, 01:48:31 PM
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On my way back from Vegas.  Maybe we can work out something when I get back.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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