I am looking to borrow 10,000 BTC to expand my current bussiness. - page 3.

ineededausername

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Quote from: anu on April 05, 2012, 06:27:44 AM

Quote from: hashking on April 05, 2012, 05:58:29 AM

So please explain to me how you would consider this a scam.

I don't consider it anything. I am asking if this is a 419. No idea where you live but in my country you'll get 3.5% or better given the collateral you claim to have. What's the reason you offer 15% then?

yup, because asking whether it's a 419 will help you determine whether it's a 419

anu

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Quote from: hashking on April 05, 2012, 05:58:29 AM

So please explain to me how you would consider this a scam.

I don't consider it anything. I am asking if this is a 419. No idea where you live but in my country you'll get 3.5% or better given the collateral you claim to have. What's the reason you offer 15% then?

hashking

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Quote from: anu on April 05, 2012, 05:52:11 AM

Is this the next level of 419 scam?

Why would this be considered a scam? I have enough money coming in every month to more then cover this loan and have very solid proof of income which I would be willing to share with the right lender. So please explain to me how you would consider this a scam.

anu

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Is this the next level of 419 scam?

hashking

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Quote from: Rothgar on April 04, 2012, 11:10:15 PM

Quote from: hashking on April 04, 2012, 06:56:41 PM

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

Well then maybe you should clarify. If you borrow 15,000 BTC today. Peg this to the dollar at $5/BTC would be $75,000. If BTC goes up to $25 the next day, are your terms that you would pay back $75,000/25 or 3000 BTC. This is an extreme example yes, but readers may not be clear on your terms.

It would be paid back at the current exchange price at the time. You could also look at the other extreme, if bitcoins goes to 1 then that lender would have lost alot of money. It removes a big risk for both parties.

Rothgar

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Quote from: copumpkin on April 04, 2012, 11:33:46 PM

He'd also give you a crapload more coins if price went to $0.01

Just buying 1.5 Million coins would drive the price up, at least to .02

copumpkin

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Quote from: Rothgar on April 04, 2012, 11:10:15 PM

Quote from: hashking on April 04, 2012, 06:56:41 PM

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

Well then maybe you should clarify. If you borrow 15,000 BTC today. Peg this to the dollar at $5/BTC would be $75,000. If BTC goes up to $25 the next day, are your terms that you would pay back $75,000/25 or 3000 BTC. This is an extreme example yes, but readers may not be clear on your terms.

He'd also give you a crapload more coins if price went to $0.01

Rothgar

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Quote from: hashking on April 04, 2012, 06:56:41 PM

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

Well then maybe you should clarify. If you borrow 15,000 BTC today. Peg this to the dollar at $5/BTC would be $75,000. If BTC goes up to $25 the next day, are your terms that you would pay back $75,000/25 or 3000 BTC. This is an extreme example yes, but readers may not be clear on your terms.

JusticeForYou

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Quote from: hashking on April 04, 2012, 06:56:41 PM

Quote from: Rothgar on April 04, 2012, 06:51:41 PM

Why not just ask for a loan in dollars? Have you considered that under the terms of the proposed loan, someone could loan you 15,000 BTC and would be paid back 7,500 or less depending on the market.

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

And using BTC as an intermediary opens up the possibility of international investment garnering further potential suitors. It is a world currency.

::Hint:: There is talk of the EUR breaking up. Any EU lenders could protect from that eventuality possibly.

hashking

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Quote from: Rothgar on April 04, 2012, 06:51:41 PM

Why not just ask for a loan in dollars? Have you considered that under the terms of the proposed loan, someone could loan you 15,000 BTC and would be paid back 7,500 or less depending on the market.

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

casascius

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The way I see it, dollars are the ideal currency for borrowing money.

Borrow dollars today - pay back tomorrow with dollars that will certainly be worth less.

Rothgar

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Why not just ask for a loan in dollars? Have you considered that under the terms of the proposed loan, someone could loan you 15,000 BTC and would be paid back 7,500 or less depending on the market.

hashking

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Quote from: Rothgar on April 04, 2012, 06:39:21 PM

Good point Death and taxes. A mortgage would be at 5% tops. This is a strange request indeed.

I'll just leave this here.

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Safety:_avoiding_fraud

A 5% interest rate would be nice. The properties that I purchase cost under 30K and need repairs. The traditional bank isn't willing to lend out money on a house that isn't liveable. As far as the fraud issue goes, I am willing to divulge all my business information as well as personal. I would also sign a promissory note so if I didn't pay someone could take legal action. My assets are a lot more then the loan that I'm asking for.

JusticeForYou

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Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

Have you tried getting a SBA loan these days?

Plus this is 36 Months, not 30 Years. Banks love you paying 5% for 10 to 30 years amortized.

All relavent information tends to get worked out for these types of loans.

Seems reasonable given the so far supplied information.

bitlizard

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Quote from: hashking on April 04, 2012, 06:19:38 PM

The rate that I would be willing to pay is 15% per year. The loan would be pegged to the USD. Doing it this way would protect the lender and the borrower in the event of a huge fluctuation up or down in the Bitcoin price.

I think that these types of loans would be good for the Bitcoin community.

15% compounded annually 3 times = 52.09%

pegging the loan to USD would provide protection to the investor in the event that BTC should decrease in price during the investment period. However if an investor believes that Bitcoin will be worth more that Approx. $7.45 USD (current price X 52.09%) in 3 years time, then they would be better off keeping their BTC rather than pegging them to the USD for the investment period.

SgtSpike

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Quote from: hashking on April 04, 2012, 06:39:25 PM

Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

My credit is good. Traditional banks aren't interested in doing these types of loans anymore due to the housing bubble. I have explored the hard money lending avenue and they like to charge a higher interest rate with points up front, making the loan costly.

Makes sense then. Best of luck getting the loan. If I had 15,000 BTC, I might consider it!

hashking

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Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

My credit is good. Traditional banks aren't interested in doing these types of loans anymore due to the housing bubble. I have explored the hard money lending avenue and they like to charge a higher interest rate with points up front, making the loan costly.

Rothgar

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Good point Death and taxes. A mortgage would be at 5% tops. This is a strange request indeed.

I'll just leave this here.

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Safety:_avoiding_fraud

SgtSpike

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Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

My question as well. Why not just go through traditional loan channels? Get a mortgage on one of the properties, perhaps?

DeathAndTaxes

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Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

Topic: I am looking to borrow 10,000 BTC to expand my current bussiness. - page 3. (Read 5435 times)