Topic: Need 12.5 BTC loan - bitinstant is down :( (Read 696 times)
Cool, you actually have collateral! Good luck
EDIT: topic locked, I no longer need the loan. Thanks to all who considered it.
_theJestre
Hello all,
before I get lots of flack for this request, let me just start off by saying I am not expecting much from this post due to my unknown status in this scene. In other words, I understand your skepticism.
I had it all planned out - I was going to get the 12.5 BTC using BitInstant tomorrow morning to transfer USD into my MtGOX account. I pretty much s$!^ a truck of bricks tonight when I went to BitInstant.com and saw that the site will be offline until after the weekend!
It's frustrating because I have the cash in hand, literally, but the transfer from my bank account to Dwolla won't clear until Friday, and then it is another 24h-48h to get it into GOX. Meanwhile the exchange rate continues to be crazy high, and still climbing it seems.
I have equity of 25 shares of G.ASICMINER-PT listed on bitfunder.com under the bitcoin address:
1CCSaG4o5PYMeqvH6D74Fksf9UfLmFVo59
and that is the address I will use for the loan and repayment transfers to prove this is legitimate. The lowest price those shares are selling for on that exchange are 0.65 BTC, and on the ASICMiner orderbook thread https://bitcointalksearch.org/topic/unified-asicminer-orderbook-148282 they are being sold at the lowest of 0.512821 each.
I can use my G.ASICMINER-PT shares listed on bitfunder.com as collateral until I repay the loan. This is great for several reasons:
1) It is worth at least slightly more [25 shares @ 0.512821 = 12.820525 ] to a lot more [25 shares @ 0.65 = 16.25] than the loan I am seeking, depending on who you ask.
2) It pays interest, and I propose to pay you the interest it accrues until the loan is repaid. I believe dividend is paid weekly so we can prorate your share of it to the amount of days the loan is out, or work out some other scheme. This begins after the loan transaction to me is initiated, and lasts until the repayment transfer hits 6 confirmations or one hour after initiated [whichever is sooner]. I have not received any dividends from this stock yet, so cannot comment on how much they usually are, and they haven't been listed long enough at this exchange to go through a dividend payment yet so there is no history to see. Sorry about that, but I'd hate to speculate too high anyway.
It looks like the dividend payed around March 2 was about 0.02354455 BTC per share, which would have been 0.58861375 BTC total dividend on 25 shares. That would be the equivalent to 4.7% interest for that week, right?
https://bitcointalksearch.org/topic/asicminer-entering-the-future-of-asic-mining-by-inventing-it-99497
Would the dividend scheme be enough to cover the interest rate? Maybe we could set a low minimum interest rate that I guarantee if the dividend is too low, but if the dividend is higher it all goes to you. Will that work, or am I totally out of the ballpark there? It is a very secure loan because of the collateral, so I was hoping that would help the interest rate.
At the most I think this loan would be out for 2 weeks. It's a race between the week[!] downtime of BitInstant, the 5 days + 48 hours of Dwolla to GOX, and how soon I can find a local BTC seller with a decent rate.
I reserve the right to not accept any offers for any reason: if BitInstant comes up tomorrow morning, if I don't feel safe with it, etc.
I'm hoping this is actually an attractive offer because of the digital collateral, and I don't intend to insult anyone with it. Also, it is late where I live, so I really hope my math above is correct
.
Thank you,
_theJestre
p.s. if you are in the San Francisco Bay Area, CA, I'll buy the coins off of you in person!
_theJestre
Hello all,
before I get lots of flack for this request, let me just start off by saying I am not expecting much from this post due to my unknown status in this scene. In other words, I understand your skepticism.
I had it all planned out - I was going to get the 12.5 BTC using BitInstant tomorrow morning to transfer USD into my MtGOX account. I pretty much s$!^ a truck of bricks tonight when I went to BitInstant.com and saw that the site will be offline until after the weekend!
It's frustrating because I have the cash in hand, literally, but the transfer from my bank account to Dwolla won't clear until Friday, and then it is another 24h-48h to get it into GOX. Meanwhile the exchange rate continues to be crazy high, and still climbing it seems.
I have equity of 25 shares of G.ASICMINER-PT listed on bitfunder.com under the bitcoin address:
1CCSaG4o5PYMeqvH6D74Fksf9UfLmFVo59
and that is the address I will use for the loan and repayment transfers to prove this is legitimate. The lowest price those shares are selling for on that exchange are 0.65 BTC, and on the ASICMiner orderbook thread https://bitcointalksearch.org/topic/unified-asicminer-orderbook-148282 they are being sold at the lowest of 0.512821 each.
I can use my G.ASICMINER-PT shares listed on bitfunder.com as collateral until I repay the loan. This is great for several reasons:
1) It is worth at least slightly more [25 shares @ 0.512821 = 12.820525 ] to a lot more [25 shares @ 0.65 = 16.25] than the loan I am seeking, depending on who you ask.
2) It pays interest, and I propose to pay you the interest it accrues until the loan is repaid. I believe dividend is paid weekly so we can prorate your share of it to the amount of days the loan is out, or work out some other scheme. This begins after the loan transaction to me is initiated, and lasts until the repayment transfer hits 6 confirmations or one hour after initiated [whichever is sooner]. I have not received any dividends from this stock yet, so cannot comment on how much they usually are, and they haven't been listed long enough at this exchange to go through a dividend payment yet so there is no history to see. Sorry about that, but I'd hate to speculate too high anyway.
It looks like the dividend payed around March 2 was about 0.02354455 BTC per share, which would have been 0.58861375 BTC total dividend on 25 shares. That would be the equivalent to 4.7% interest for that week, right?
https://bitcointalksearch.org/topic/asicminer-entering-the-future-of-asic-mining-by-inventing-it-99497
Would the dividend scheme be enough to cover the interest rate? Maybe we could set a low minimum interest rate that I guarantee if the dividend is too low, but if the dividend is higher it all goes to you. Will that work, or am I totally out of the ballpark there? It is a very secure loan because of the collateral, so I was hoping that would help the interest rate.
At the most I think this loan would be out for 2 weeks. It's a race between the week[!] downtime of BitInstant, the 5 days + 48 hours of Dwolla to GOX, and how soon I can find a local BTC seller with a decent rate.
I reserve the right to not accept any offers for any reason: if BitInstant comes up tomorrow morning, if I don't feel safe with it, etc.
I'm hoping this is actually an attractive offer because of the digital collateral, and I don't intend to insult anyone with it. Also, it is late where I live, so I really hope my math above is correct
.Thank you,
_theJestre
p.s. if you are in the San Francisco Bay Area, CA, I'll buy the coins off of you in person!
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