Topic: Loan to a startup business ->>> high risk :: 36% annual interest rate - page 2. (Read 2956 times)

  Are you sure you want try something like this in a country like that?  If you redid the poll and mentioned the "protocols" i think the results would be quite different.  I think ATMs would be great but not like this.  Are we all criminals?  Why would anyone subject themselves to retina scans and fingerprinting to get some BTC?

In America bitcoins are considered money.  In Colorado it is illegal to pay more than the usury rate which is 45%.


"The general usury rate in this regard (for non-consumer loans) is set at 45% per annum."

"The usury rate established for consumer or personal loans is set at 12% in Colorado at the present time. (In fact, some of the western states currently do have some of the most liberal practices and statutes currently on the books when it comes to usury laws and personal loan interest rate limitations.)"

http://www.usurylaw.com/state/colorado.php

Illegal to pay more than 3% per month for the loan?  I doubt that, this is bitcoins!

https://btcjam.com/listings/6769

Our company is designing and will install a:
Bitcoin Automated Teller Machine (ATM)
in Denver, Colorado USA

This ATM will take in US Dollars and Distribute BTC.

Poll results from Bitcointalk:
Would you use an ATM machine to buy Bitcoins?
Yes   - 28 (80%)
No   - 2 (5.7%)
Maybe   - 5 (14.3%)
Total Voters: 35

https://bitcointalksearch.org/topic/would-you-use-an-atm-machine-to-buy-bitcoins-286114

We have permission to place an ATM machine in front of the 'Jefferson Building', in Denver CO.

The ATM machine we intend to place will cost more than $40,000 USD. This is NOT a loan for the ATM machine, this is the first of many small loan requests.

To comply with necessary identification protocols for the Department of Treasury's KYC (Know your Customer) and AML (Anti Money Laundering) our machines will include bio-metric scanners that will either scan the users retina or the users fingerprint and will limit daily purchases by a single person.

This initial loan is to cover the formation of the company, the establishment of the trade name and website and to cover the engineering and permits required to place the machine. Proceeds will also pay for legal counsel to guarantee our compliance with US Laws regarding the sale of cryptocurrency.

We will offer subsequent loans for the purchase of various hardware necessary to implement our system.

In Colorado the maximum loan amount we can pay is limited by the state. We are allowed to pay 3% per month.

In Colorado it is illegal for us to offer any security against the business at this time, however we expect this to change when crowdfunding laws are enacted later this year.

We will offer equity and debt securities to all lenders just as soon as the laws allow us to do that. The first crowdfunding laws go into effect as soon as September 23, 2013. To be clear anyone lending to us will be first in line to hold an equity position in our firm just as soon as the law allows but we are not offering any securities at this time.

There are two principals involved in this company, Sean and Steve. Sean went to an Ivy league University where he studied computer science with an emphasis on computer generated imagery. He then built a successful dot-com company which he retired from in 2009. Steve has an MBA from a large American University and is currently studying to get a law degree. Among other accomplishments he has programmed ATM machines for the last 15 years while employed as a digital security consultant by several large banks.

Interest will be paid back by personal income.

Thank you for your consideration.

https://btcjam.com/listings/6769