Topic: Starfish BCB - Loans and Deposits - page 34. (Read 60537 times)
I sent 50 btc in deposit. Patrick, pls confirm
Deposit received at 1955vGExYkVoPYSk9ZiigtuBYQjZw5GKmQ
Repayment will be to address 1GWk6b4KgbdSXnC7hL2ppHbyK35dXqhyuk
The deposit will compound at 1.5%/week. Calculation is based on clock time rather than whole weeks or days. To avoid arguments on time receipt I am logging receipt at 12:01 a.m. my local time.
A related note, I take the privacy of my clients quite seriously. This was pointed out above regarding the issue around identity and use of information. For those wishing to build reputation it is normally declared. The flip side is that there are some transactions that are not notified.
Repayment will be to address 1GWk6b4KgbdSXnC7hL2ppHbyK35dXqhyuk
The deposit will compound at 1.5%/week. Calculation is based on clock time rather than whole weeks or days. To avoid arguments on time receipt I am logging receipt at 12:01 a.m. my local time.
A related note, I take the privacy of my clients quite seriously. This was pointed out above regarding the issue around identity and use of information. For those wishing to build reputation it is normally declared. The flip side is that there are some transactions that are not notified.
Re: Cobra loan
I spent quite a while discussing and arranging a loan with Cobra yesterday and we reached agreement to do a three month, 200 coin loan. We discussed quite a few things and on reflection (along with some recent bitcoin developments) Cobra decided not to take up the loan, and returned the test deposit we had exchanged. Cobra is not a long-time or senior member, so is still building credibility on the forum, but on the basis of my dealing with him, will probably do some business when the time is right.
I spent quite a while discussing and arranging a loan with Cobra yesterday and we reached agreement to do a three month, 200 coin loan. We discussed quite a few things and on reflection (along with some recent bitcoin developments) Cobra decided not to take up the loan, and returned the test deposit we had exchanged. Cobra is not a long-time or senior member, so is still building credibility on the forum, but on the basis of my dealing with him, will probably do some business when the time is right.
Thank you Patrick for the kind words. I look forward to building credibility in the forum and maybe taking a loan in the future. I certainly understand why any lender is skeptical to loan a large sum of coins to a new member with limited posts, it almost instantly gets a scammer comment from someone. Many new members that have burned a lender unfortunately ruin it for other new members. I thank Patrick for not stereotyping me right away and just tossing me in the high risk category without any further thought. I was able to prove credit worthiness and verify identity to put his mind at ease.
I was going to buy 6 BFL's and finance 2 of them but started to think of all the negatives revolving that. The wait will probably be well over 6 weeks. Hopefully you could sell them here but the market is limited unlike a video card. With all the other people buying these and the increased hashing power on the network combined with increasing difficulty, I am going to wait things out a bit.
malavita - thanks for your comments.
Weekly payments are not too much extra work, but it would be nice if there was a scheduled payments function in the wallet client.
Identity/Credibility will remain issues for a long time, and that goes to the rates being charged. If someone wasn't prepared to provide some real info on themselves, then they probably are not a good candidate for a loan (from me at least).
Weekly payments are not too much extra work, but it would be nice if there was a scheduled payments function in the wallet client.
Identity/Credibility will remain issues for a long time, and that goes to the rates being charged. If someone wasn't prepared to provide some real info on themselves, then they probably are not a good candidate for a loan (from me at least).
Patrick,
1) As a borrower, compounding interest = scary, I'd prefer weekly payments even if they're more work (on both sides). Identity/credibility is huge and everybody benefit from it: lenders have less defaults, borrowers in the long run can negotiate better loans, everybody wins - as a borrower I'm all in favor of more transparency.
4) Not sure of the legal implications of it, but if the big lenders on the board would want to designate a trusted member as the repository of contact info, real email addresses, etc., I would provide my info without problems - sort of getting preapproved
5 & 6) I'm always ready for large (200+) at 10% monthly and I will do daily repayments if that's what I have to do to get them - you set the rules and let me know how you want it done
Just my two cents - cheers!
1) As a borrower, compounding interest = scary, I'd prefer weekly payments even if they're more work (on both sides). Identity/credibility is huge and everybody benefit from it: lenders have less defaults, borrowers in the long run can negotiate better loans, everybody wins - as a borrower I'm all in favor of more transparency.
4) Not sure of the legal implications of it, but if the big lenders on the board would want to designate a trusted member as the repository of contact info, real email addresses, etc., I would provide my info without problems - sort of getting preapproved
5 & 6) I'm always ready for large (200+) at 10% monthly and I will do daily repayments if that's what I have to do to get them - you set the rules and let me know how you want it done
Just my two cents - cheers!
Re: Cobra loan
I spent quite a while discussing and arranging a loan with Cobra yesterday and we reached agreement to do a three month, 200 coin loan. We discussed quite a few things and on reflection (along with some recent bitcoin developments) Cobra decided not to take up the loan, and returned the test deposit we had exchanged. Cobra is not a long-time or senior member, so is still building credibility on the forum, but on the basis of my dealing with him, will probably do some business when the time is right.
Importantly, there were a few things that have come out of the past few days that are worth posting here.
1: Short duration: Long loans suffer from compounding so five or six month terms works against them. Three months is doable, but then you get into weekly payments (My current longest loan is 27 weeks.) One month is pretty typical in the lending section.
2: Partial funding: If you're buying a heap of stuff, like the new cards or FGPA units, the payback is too long for most (see #1 above). Part funding at least half helps significantly, but delays your profits to the later end. Also, beware of changes in difficulty or delivery delays as trends swing (and those BFL units might take a long time to arrive).
3: Demonstrated knowledge for hardware: Some people think building 5Ghash is easy. Adding 5Ghash to 20 or 100 is easier. So the size of the increment is relevant.
4: Identity/credibility: Being able to verify gets important for large loans - this is still evolving, but some others have better ability to do this if they are geographically close. Verification via a real email address is a good idea. Building credibility is also hard, but having paid off a 5 coin loan doesn't get you to a 100 coin loan easily either.
5: Syndicate: My appetite for large loans starts to run out around 200, although I have some larger than that. I talk with some of the other main lenders all the time (we are connected on skype), and that makes it a bit easier to get to the bigger numbers.
6: Rate/payoff: This is trickiest, as you want the lowest rate, but lenders what higher. 15%/month is not hard to get, and I do some lending usually in the 10% to 15% range. For longer term I'm looking increasingly at weekly payments and calculate on a 3% per week basis. That allows differential payments and also easy calculations for early repayments.
I spent quite a while discussing and arranging a loan with Cobra yesterday and we reached agreement to do a three month, 200 coin loan. We discussed quite a few things and on reflection (along with some recent bitcoin developments) Cobra decided not to take up the loan, and returned the test deposit we had exchanged. Cobra is not a long-time or senior member, so is still building credibility on the forum, but on the basis of my dealing with him, will probably do some business when the time is right.
Importantly, there were a few things that have come out of the past few days that are worth posting here.
1: Short duration: Long loans suffer from compounding so five or six month terms works against them. Three months is doable, but then you get into weekly payments (My current longest loan is 27 weeks.) One month is pretty typical in the lending section.
2: Partial funding: If you're buying a heap of stuff, like the new cards or FGPA units, the payback is too long for most (see #1 above). Part funding at least half helps significantly, but delays your profits to the later end. Also, beware of changes in difficulty or delivery delays as trends swing (and those BFL units might take a long time to arrive).
3: Demonstrated knowledge for hardware: Some people think building 5Ghash is easy. Adding 5Ghash to 20 or 100 is easier. So the size of the increment is relevant.
4: Identity/credibility: Being able to verify gets important for large loans - this is still evolving, but some others have better ability to do this if they are geographically close. Verification via a real email address is a good idea. Building credibility is also hard, but having paid off a 5 coin loan doesn't get you to a 100 coin loan easily either.
5: Syndicate: My appetite for large loans starts to run out around 200, although I have some larger than that. I talk with some of the other main lenders all the time (we are connected on skype), and that makes it a bit easier to get to the bigger numbers.
6: Rate/payoff: This is trickiest, as you want the lowest rate, but lenders what higher. 15%/month is not hard to get, and I do some lending usually in the 10% to 15% range. For longer term I'm looking increasingly at weekly payments and calculate on a 3% per week basis. That allows differential payments and also easy calculations for early repayments.
3 Mar: Two uncomplicated loans repaid today, thank you. runlinux and juggalodarkclow
Confirmed - 108 coins received. 1.62 coins payable weekly.
I'm investing 108 btc into starfish BCB, I'll be letting you all know how it goes when I recieve my first interest payment.
EDIT: decided to invest 108 just to be rebellious.
EDIT: decided to invest 108 just to be rebellious.
I have updated the rate for deposits to 1.5%/week (something around 6.6%/month).
I have been asked to record the following deposit:
Deposit sent to address 1DwbcYVfgZT6QCFq8tPWFLxDkekbXUbXKw will be paid back to address 1AXQ5UeAgF2XLBHrsQvacoUxpzEFGAbU5Y.
The deposit will compound at 1%/week. So a withdraw X weeks later I will get 1.01^X times the original deposit. To identify the deposit, is encoded with a random number of satoshis (64507).
Deposit sent to address 1DwbcYVfgZT6QCFq8tPWFLxDkekbXUbXKw will be paid back to address 1AXQ5UeAgF2XLBHrsQvacoUxpzEFGAbU5Y.
The deposit will compound at 1%/week. So a withdraw X weeks later I will get 1.01^X times the original deposit. To identify the deposit, is encoded with a random number of satoshis (64507).
No separate site set up - leaving the info here for now.
Establishing credit - that's a tricky one. Mix of rep, posts, usage, referral.
What are you looking to borrow, why, how much, how are you going to pay back - the usual. Have a read of the lending forum and you should get a pretty good idea.
Establishing credit - that's a tricky one. Mix of rep, posts, usage, referral.
What are you looking to borrow, why, how much, how are you going to pay back - the usual. Have a read of the lending forum and you should get a pretty good idea.
Sounds good - to establish credit, how about some small loans to start with (10-20 BTC) on 1 day term? Whatever interest you make goes against the credit line of a borrower - e.g 20 BTC/1 week = 5% or 1BTC, when repaid, borrower has new credit line of 21 BTC and so on.
As far as I'm concerned, I'm looking for small loans on short terms - my mining gets me a pretty steady supply, but it's financing a project that I prefer not to mess with too much (PM'me and I'll share the details). That's why it makes more sense for me to borrow and pay a reasonable interest fee, than use my own - I'll get it back in the end. I don't post much on the forum, but I believe that my rep is pretty good. Please reply if you are interested in doing some business.
Cheers!
No separate site set up - leaving the info here for now.
Establishing credit - that's a tricky one. Mix of rep, posts, usage, referral.
What are you looking to borrow, why, how much, how are you going to pay back - the usual. Have a read of the lending forum and you should get a pretty good idea.
Establishing credit - that's a tricky one. Mix of rep, posts, usage, referral.
What are you looking to borrow, why, how much, how are you going to pay back - the usual. Have a read of the lending forum and you should get a pretty good idea.
What I see is someone wanting someone else to pay for their concert tickets. Potentially a good idea, but this isn't the place to ask for funds.
Interested but im guessing i dont have good credit?
Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?
It's named for Patrick Star in honor of the smartest starfish in Bikini Bottom.I mean....
I watch SBSP....and Patrick is, well....Retarded. No offence, but he's completely 'short-bus', 'lunch-room helmet', 'water-wings while eating soup'....retarded...lol
Are you sure he's the 'smartest' ?.......hehe. I think he's the only starfish, isn't he ?
Perhaps everyone else thinks he's a genius and you're the retarded one
sarcasm
Instead of simply, Starfish BCB, could you consider "Chocolate Starfish and the Hot Dog Flavored Water BCB" ? or, at least "Chocolate Starfish BCB" ?
It's named for Patrick Star in honor of the smartest starfish in Bikini Bottom.I mean....
I watch SBSP....and Patrick is, well....Retarded. No offence, but he's completely 'short-bus', 'lunch-room helmet', 'water-wings while eating soup'....retarded...lol
Are you sure he's the 'smartest' ?.......hehe. I think he's the only starfish, isn't he ?
No, this is patrick
It's so weird, but everytime I read your posts I do it in the Patrick Star voice. 
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