Topic: Loan 782.1 BTC. To pay 2.3% interest per month. or 800 BTC - page 2. (Read 2787 times)

OP states the following: 782.1 BTC to buy the chips. Selling each at 0.086. Total of 860.0 BTC.

I prefer accepting the BTC, I don't want to buy the BTC with your dollars, we both would lose in the conversion and bank fees when you send it to me, and then I have to fund either an exchange(s) or buy from a direct trader(s).

The transaction is also denominated in BTC, so I prefer fiat out of the picture. If you still want to wire me money, you will have to agree on an additional clause: You include the extra fees, and I pay you back in BTC. I will do my best to get the BTC. I know at least one direct trader which is reputable and I am an existing client. Send me a little bit more, and any excess BTC I get, I will send back to you. I only need 782.1 BTC.

Alternatively, I can set up the transaction, but you fund the wire transfer to the trader, the BTC goes to you. Then, you can lend me the 782.1 BTC. However, that will probably take awhile since it will certainly be a multi-day transaction, at VWAP.

It is a group buy. I want to "jump start" it by already ordering. Then I pay you back when enough people have bought their share of their chips.

It is not too late, I do not view your comments as negative, but rather as constructive criticism. I am, after all, a nobody in these forums. I understand your concerns, and I've tried to be as "real" as possible compared to everyone doing one confidence loan after another at exhorbitant rates. (I don't know any bank or lending entity in real life that charges 20% interest except loan sharks and pawn shops and organized crime groups.)

However, John has expressed interest. Either he gets it, or you two could split the loan, like 391.05 BTC each. Or you get 300 and John gets the rest. I don't know, depends on him. If he wants it all, he was first in line, and I believe he is a trust worthy individual for this, not that I'd need that much since it will be his coins.

The risk is, I have ten thousand chips that no one buys. I calculated that someone is going to buy some or all of them, based on the activity in that forum, and based on the fact that 500,000 chips have been bought by everyone else. And if I already have the chips coming (easily proved by showing the order number and transaction in the block chain), then people are more willing to buy the chips.

hmm I might actually be interested... if its not to late after my negative comments

How much do you plan on selling the chips for ?
Could I wire you $$ and then you buy the BTC. I have $ but no BTC

If interested you can PM me back the answers if its a secret...

Also just one thing I'm confused about. If its a group buy why don't you get everyone to send you the funds ?

Hi John K., I'm sure we can work something out. I've sent you a PM. Kindly look for it, as I'm sure your inbox has a lot.

@everyone else, hey, did you check out what I was offering? I was willing to send you over my whole life, basically. I was volunteering to dox myself. I'm doing this Group Buy as a private individual, I don't want the complexity of setting up a "company." People just want their chips, or their mining rigs.

ya i dunno its just annoying... like you see someone doing something... think its a good idea.. have no funds.. so make a loan thread..
Obviously everyone thought about doing the same thing... just seems like everybody thinks they are entitled to stuff for free these days.
Wierd, it only happens on these forums. I've been on all sorts of forums over the last ~12 yrs, cars, martial arts blah blah blah. No where have I ever seen people ask for loans... well maybe the odd "zomg i'm broke lend me $10' type of thing here and there..

I'm not saying OP is a scammer or anything and do with him/her all the best with the plan, it is a pretty good idea...

Its entirely my fault though.. I don't have to keep reading the lending section.. I just do because it provides amusement.

OT reply: With interest rates forced down to 0% by decree, its hard to find those that are willing to take risks at such a low return. Banks won't loan to individuals with business risk when a 17yo kid gets a college loan that he/she can not default on. Real loans have been bled out of the market, its all mortgages and student loans, which are the only profitable loans banks can make right now.

Why don't you start up a 'company' in the securities section and have people buy shares ?
I imagine other people will be doing this pretty quick (if not already) so you might want to jump in quick.


on a slightly related topic............
What ever happened to the days where people used their own money to buy shit.. or they went to the bank and got a personal loan.. or something...
Everyone of the forums expects a hand out for doing nothing except stealing other peoples idea's.
 

OP at 2.3% I would need to know age as life expectancy should be a factor lol. Joking, I cant do the loan but at least i bumped the thread. 

I might be interested, but the interest rates and the risk involved scares me. 

*reserved*

PROMISSORY NOTE

For Value Received, DABS, a citizen of the Republic of the Philippines, with Principal office at *****, Muntinlupa City, Philippines (THE BORROWER), promises to pay to the order of ****** (THE LENDER) with principal office at ****, Somewhere on the Internet, the sum of BITCOINS: SEVEN HUNDRED EIGHT TWO AND 01/100000000 (782.1 BTC) Payable TWO (2) Months from May 31, 2013 to June 30, 2013.

The Borrower further agrees to pay the Lender Interest on this Note at the rate of Percent (2.3%) per month.

The interest shall be paid on the maturity date with the Principal and computed on the basis of 360 days and the actual number of days. The interest proceeds to be paid will amount to BITCOINS: SEVENTEEN and 09/100000000 (17.9 BTC) only.

The Borrower shall pay the total amount of BITCOINS: EIGHT HUNDRED and 00/100000000 (800.0 BTC) starting May 31, 2013 to June 30, 2013. This PROMISSORY NOTE is renewable at the end of this contract on June 30, 2013 under the same terms and conditions.

Both parties acknowledge that the loan is secured by TEN THOUSAND (10,000) ASIC Chip receivables from Avalon with Order Number *****.

In the event the Borrower fails to pay this Note or any installment thereof, the principal of and the accrued interest on this Note may be declared due and demandable, presentment, demand, protest or notice of any kind, being expressly waived by the Borrower.



BORROWER,
DABS

LENDER,
You

Someone Else
Witness

Hi,

I want to borrow 782.1 BTC.
I will pay back 800.0 BTC in 1 or 2 months.

800.0 - 782.1 = 17.9
17.9 / 782.1 = 0.0229

That is an effective interest rate of 2.3%

I will borrow in BTC, I will pay back in BTC. No fiat involved.

Purpose of Loan: To jump start a Group Buy for Avalon ASIC Chips.

Their minimum order quantity is 10,000 (Ten Thousand) chips for a total of 782.1 BTC including shipping. The collateral is therefore, the 10,000 chips.

It all started when Zefir made his first group buy, or distribution of chips. He ordered his own 10,000 chips, and resold them for a 9.9% gross profit. In a span of 1 or 2 weeks, he managed to order 5 batches or 50,000 chips. All paid in BTC. He is effectively ending his ordering and distribution by the end of April.

His thread is here:
[ANN] Avalon ASIC chip distribution

Zefir is located in Switzerland.

Almost simultaneously, someone else started a group buy with slightly different mechanics in the United States.
[Group Buy#1] Avalon ASICs CHIPS! Using JohnK as escrow! FINISHED!

It took him a bit longer, they used John K as escrow, and over all there were a lot of head aches. He did manage to finish it, and proceeded with another batch.
[Group Buy#2] Avalon ASICs CHIPS! United States of America!

Because Zefir is not going to continue his chip distribution after May, several others, including myself, have offered to facilitate Group Buys in different Continents, or different Countries.

[Group Buy] Avalon ASIC Chips, Germany (SebastianJu)
[Group Buy] Avalon ASIC Chips - Escrow by John K. (Eastern Europe / Romania)
[Group Buy] Avalon ASIC Chips, Philippines (Dabs)

And I think there's another one in Nederlands.

So there are 3 in Europe, 1 in the United States, and 1 in Asia.

I'm the last one. I'm in Asia. I'm in the Philippines. If you read my thread, I have also offered to have locals pick up their chips from my brick and mortar shops. I have offered 11 locations, I think I can bump that up to 15. I will update the thread when I know for sure.

If you look at the threads, I think I was one of the, if not, the first one to make the next Group Buy after Zefir and ragingazn628.

Who am I and why will you lend me 782.1 BTC? Because if you do the math, the BTC is almost a sure thing, people are ordering, and if I can't pay you back due to lack of orders, you know I have chips.

I can also provide any or all of the following:
Scans of:
1. Driver's License
2. Passport
3. Military ID
4. Firearm License
5. Permit to Carry Firearm Outside of Residence
6. Active Duty Training Orders (Military)
7. Appointment Orders (Military)
8. Barangay Clearance
9. Local Police Clearance
10. Mayor's Clearance
11. NBI (National Bureau of Investigation) Clearance
12. Regional Trial Court Clearance
13. Municipal Court Clearance
14. Prosecutor's Clearance
15. Awards and Decorations Certificates and Orders (Military)
16. College Diploma / Transcript of Records
17. Billing Statement of something
18. SEC and DTI Registration, Business Permit for my non-bitcoin business, I make clothes in a factory
19. Bank statements of my business account.
20. Audited financial statements with Income Tax Return for the current and previous year.
21. Promissory Note in the format shown below (next post)

I have a nick on #bitcoin-otc as Dabs

I have two positive reviews on localbitcoins:
https://localbitcoins.com/accounts/profile/Dabs/

Alternatively you can order the chips yourself, and just have it shipped to my address. That way, I never get the bitcoins.

As a side benefit, your coins get washed too. It goes to me or to Avalon. I send you back your coins from a group of people I have collected the coins from.

If you do the math, based on the group buy alone and resell price, I stand to make 860 BTC. So this should be an easy 17 BTC for you, for no more effort than lending it to me.

If you yourself want the entire 70 BTC gross profit, you could of course, set up your own group buy, handle taxes, shipping, packaging, etc. and basically compete with everyone else setting up group buys.

Remember, this purchase does not include making the mining equipment, this is just for the chips themselves. According to speculation, more than 500,000 (five hundred thousand) chips have been ordered.

I figure, that if everyone who wants to get in on this already knows that I am going to get the chips, then they will order through me. This is also in the interest of bitcoin, the small bitcoin miners, and decentralization as a whole.

As for me, you can do all your google-fu or just PM me. I am a real person. I am not going to run away with your money. No one is going to attempt to steal chips from me. You make 17 BTC in a month without doing any mining or trading.

Thank you.

Dabs