Topic: Group fill of loan - 4.5 BTC total - 12% interest - Collateral to cover (Read 1316 times)

a very interesting thread to read and I learned a bit more about collateral, the importance of backing up all of your wallet addresses and passphrases as well as diversifying crypto with coins and options that I was previously unaware of.

Interesting loan and informative thread. Thanks guys

CoOp Loan Repayment : Confirmed

Thank you for this, contact me again if you think it's needed.

- Condoras -

Done: 4520824197568e09e21cb6c8edd14575312cd330da76234aaada23d7a38fdab5
Thank you for being a part of it.  
(Sorry for the delay, was sleeping)

Hey there FS, i confirm that this is the Repayment Address.

Waiting the TX to confirm the transaction.

EDIT : If you can send them here : 1D2mFapJVNz87yV4CrXGab2kkFzWgB3xgc

The loan has now been repaid.
In this transaction: 2dad754d8a051e028a889701ce2f44ecfdf06d3602bca76b4cebc414f6a6b5a8

Condoras's part will be sent, after he confirms the repayment address: 1Q2nmjC82yvS5AxXyw6J9AaUsfPRZchaEP or another address of his.

Thanks to everyone that participated.

Sorry, but I don't fully understand what you are saying.

I have returned the collateral, that was held by me before. The only collateral I'm holding right now, are a few accounts and 50'000 BSilver assets. edit + 1 domain

You should not be holding any new collateral until you return the collateral you held before.   

Excuses are just that.  You were responsible for the coins, so make good.

Hello once again. The loan has now been filled and the transaction with proof of funds can be found here: f94ee50d0a2ab0e936b1b3537975724c00754b89014fa8eeb26c7d0b7e2b2143
Edit: I control every address in the transaction, expect from the receiver. If it is required, I can sign a message from every single address.

I have received the collateral and it is secured. (With 3 backups  )

At 14/12/2016 the repayment of:
4.391 BTC made to: 1EJmUKAbfbhoTBpFnSKZ4Y4GhXatttPUPU, of which
 - 3.831 BTC will be sent to FrilledShark. It will be kept in the original repayment address.
 - 0.56 BTC will be sent to Condoras. The repayment will get sent to the address that it came from or to his address of choice. (Signed message required)

PS: I will not be locking this thread, incase someone want to discuss things mentioned in this thread.

I have learned from my mistakes. I got countless backups of the passphrase assigned to the account. They are stored all around my house and in the cloud. Locked with passwords and physical copies without password.

If I lose the collateral, and I was the only reason it was lost, I will cover it. 100%.
 I can't take full responsibility on the lost collateral. With better communication from the borrower's side, the collateral would not have been lost. I agree it was my fault I lost the first address, but I could change it to a printer paper wallet. That didn't happen and the borrower didn't respond properly within 2 days from the original message.

---

I can confirm I have received the funds. I will be funding the loan in a short time and will not be accepting additional Bitcoins after the loan has been funded.

Hello there FS.

I dont want to ask something, all the above members have covered me. Your answers also.
I will deside to help you with this, unfortunately i have only 0.5 spare for this atm...

Send : https://btc.blockr.io/tx/info/956a44d6b750934d758037777e92e69f0e180170988f4df5c3954a36354b56cc

I hope everything goes as planned and will not have any unpleasent surprices...
Good luck though.                                                                                                                                                                                                                                                                  

I will post reply to the above post in half an hour.

The address to fund the loan is 1EJmUKAbfbhoTBpFnSKZ4Y4GhXatttPUPU

I not accuse you of stealing, I just inform potential borrower or co-lender, about this fact, that you have accepted any obligation to store collateral, and failed to fulfill, offering the borrower 50% compensation(original offer).
And it's just been a sufficiently low value collateral, now you trying store 4.5BTC value collateral. lf anything unforeseen happens, you also will offer part to return?
It is human to make mistakes,  it can happen to every, it is important they not only recognize, but also to correct.

Yes and I'm really sorry for it. The problem with the collateral occurred, because the withdrawal address didn't get changed from the borrowers side.
I messaged Borrower 2 days ahead of last chance and the address didn't get changed.
 The address which originally was on the withdrawal page was one of mine that I lost. If it had been changed within the time frame, the collateral would have been returned to borrower as normal.
 If you will accuse me of stealing the last 30% go ahead. I can provide you with the address with the lost ICN and you can check it for the rest of Ethereum's days.

---

Vector's funds can be verified by everyone. Margin's funds is harder, as they are convert to Bitcoin instead of Burst. Look up this Asset ID: 4166893642908831356 and check the issue account. It is holding a ton of assets. Today it is holding. 87655 BURSTize, 84630 BSILVER and 21001 BURSTaker.
Do your won math on that.

---

I will be funding the loan today and before funding it, I will show proof of funds.

sounds nice,
 but It should be known fact, that you lost recently stored collateral and returned to owner only 70% of amount.
https://bitcointalksearch.org/topic/m.16699350

If this is true, can be independently verified, and it can be independently confirmed that all of these funds referenced above are in your exclusive control, then it would probably be safe to trust you with that much BTC worth of collateral.

I am not going to look into this in order to vouch for you, although there are a few people who "patrol" the lending (and marketplace) sections who might be willing to look into the legitimacy of your claims.

Above being able to trust you, a potential lender would need to be sure that the collateral has sufficient value to cover the loan in the event the borrower is not able to repay in a timely fashion. 

Good luck with your venture.

You are right, but you missed a part of it.
The asset isn't only a sliver exchange, but also pays dividends. Part of the money the asset obtains is kept and exchanged to silver. That means the value of the silver the asset holds increases in value as time goes. Making the number of assets required to obtain 1 oz of silver less. This is also writing in the topic:
Source

Edit: The asset itself gets traded on the burst exchange with the value currently around 110 Burst
You can check it by going to https://wallet.burst-team.us:8125 creating a throwaway account and looking up the asset: 11249475790449858086

Not sure if I'm missing something here (didn't read too closely).
50000 bsilver assets would be equal to 50 ounces of silver?  Which would equate to less than 900 USD?  I'm interested in lending and I'm sure I'm missing something here.

You are looking at the wrong place. Inside Burstcoin community: http://forums.burst-team.us:4567, I have a bigger impact.
My asset Vector is worth ~10 Bitcoins and my asset Margin, which is providing me with the funds to lend money with, is worth ~3 BTC.
 I will provide you with proof, if you think it is necessary.

I'm also holding Burstcoins in escrow for an asset. Inside the escrow is place Burstcoins worth roughly 0.5 BTC. I can show you the address along with public proof from the person, if required.

 I will not put any pressure on anyone, as I know; trust from other forums are worthless. I'm only giving someone the opportunity to share part of the profit from the loan. I can't fill the loan without at least 0.5 BTC more and I do not have access to that amount of Bitcoins right now. The only chance I have, is withdrawing Bitcoins from GDAX, but I have no phone so I have to ask my friend about using their phone with my simcard. Instead of that, I would prefer to ask the community here.

Thank you
FrilledShark

Edit:

---

I'm not the guy, who is requesting the loan.

Nothing. Or you could read the above text and check if it is enough.

Nothing. I will be holding the collateral.

---

Edit:
Did the mentioned thing in first section of this message.
I will update when I know the exact change I got.

I have 3.5 BTC. Enough to cover the loan tomorrow. If someone wants to cover the last 1 BTC they are welcome.
Some proof of funds: 6b12ca83b14515849f2f404c4d8e6c04018501c7d0cf2ab3d9c94ef711495f0d

Why is it a good idea for others to trust you with 2BTC? (Also why is the "borrower" trusting you with 4.5BTC?). Based on your trust history, you have never been entrusted with any significant amount of money.

Im sorry but thats to big of a risk for anyone. Even as a "group investment". Why dont you try btcjam or something as such for that? Also how do we know you wont just run off with the coins? What do you have for us as collateral that worth 120% than what youre asking?

Hello fellow lenders!

I have received an offer to fill a loan worth 4.5 BTC. The borrower want to deal with me directly and I only got 2.5 BTC.
 I will be holding the Collateral, which consists of 50000 BSilver assets. Asset information can be found here.
Edit: The borrower needs minimum 3 BTC, before he wants to take the loan.


Interest: 12%
Duration: 30 Days
Amount: 4.5 BTC
Collateral: 50k BSilver assets.