Why do people need to borrow BTC? | Bitcointalksearch.org

odolvlobo

legendary

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Quote from: AndrewBUD on September 23, 2012, 11:46:45 AM

^ that's total BS.....

Why convert Fiat to BTC and buy when you can take out a small loan and pay it off in a few weeks from mining?

Why do you say my reply is BS? Look at the first few loan requests in the lending forum. In addition to the 1 person buying mining equipment, we have these:

Quote

I am currently looking for a loan for 6 coins ... I will be purchasing more coins with my paycheck on friday the 28th.
I'm looking for a personal loan for 25 BTC. ... The loan will not be used for anything related to my investment
Looking for a 2.5BTC loan, will pay back 3BTC [in about a week].
I want a 3 btc loan to play satoshi dice.
20 btc sent ... Pay back at the end of the month plus 10%.
I currently need 3btc to fix my keyboard so I can start posting again ...
I'm looking for about $48 ... I can repay in BTC on Tuesday
Im looking for five bitcoins ... I will be repaying 5.55btc ... within 13 days.

None of these people would need a loan if they had only a few bitcoins in savings. I concede that I didn't answer the OP's question very well, but what I wrote is totally true.

penetration

member

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Merit: 10

Breaking down your question:

Why do people need to borrow BTC? Right off the bat, you answer your own question, or atleast imply it-- that people don't NEED BTC regardless and thus it's only a want.

But if we are to disregard this 'want' and continue your question, I believe you'd understand that your question is not one worth asking. BTC, as an online currency, can be used millions of ways.

Then we can determine that the desideratum for BTC loans can vary in millions of ways.

As for myself, it is quite convenient to pay a small interest on BTC without having to cash deposit my money into BTC. Lenders also may deliver fresh BTC which has a market of its own.

wong RAP

newbie

Activity: 56

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I don't mine on my broken laptop, I haven't turned it on for weeks. I do own a USB stick so when I get the chance to crash somewhere I explain what bitcoins are and ask them to mine using their computers, 9 out of 10 times they say yes. I usually use it to eat since I don't eat much and 12$ last a few days for me for food.

I'm currently staying at an old friend's house for a few days so he's letting me use his laptop while he's at work just in case you're wondering.

AndrewBUD

hero member

Activity: 1078

Merit: 502

Alright, Well that sucks.. You can get any USB or PS/2 keyboard and plug it in to a laptop..

so you mine .3 btc per day on a laptop with a bad keyboard while being homeless and your a girl?

wong RAP

newbie

Activity: 56

Merit: 0

Tried everywhere but this laptop is very old. I got it for free from a traveling friend of mine who hates technology and he found it and gave it to me. Being a homeless girl has its advantages lol

AndrewBUD

hero member

Activity: 1078

Merit: 502

Go to a second hand PC shop and get a used one for 5 bucks....

wong RAP

newbie

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Merit: 0

I was thinking like 30$ for right now lol. Just need to order a new keyboard.

AndrewBUD

hero member

Activity: 1078

Merit: 502

Well get another 500 posts and a few months of being active on the forums and you should be able to get a small loan no problem.....

wong RAP

newbie

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Merit: 0

I actually need to take a small loan pretty soon to make my blogging business to be profitable.

AndrewBUD

hero member

Activity: 1078

Merit: 502

I do it out of convenience..... My wife tends to get pissy when I convert fiat to BTC...

shamoons

full member

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Quote from: AndrewBUD on September 23, 2012, 11:46:45 AM

^ that's total BS.....

Why convert Fiat to BTC and buy when you can take out a small loan and pay it off in a few weeks from mining?

+1

Silverbug

newbie

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Some people may be looking to start a bitcoin business venture?

AndrewBUD

hero member

Activity: 1078

Merit: 502

^ that's total BS.....

Why convert Fiat to BTC and buy when you can take out a small loan and pay it off in a few weeks from mining?

odolvlobo

legendary

Activity: 4466

Merit: 3391

People borrow BTC for the same reason they get payday loans. They don't have enough savings to cover their spending, so they have to rely on the savings of others.

wong RAP

newbie

Activity: 56

Merit: 0

I meant to say .3btc a day. and I accidentally deleted my post lol

AndrewBUD

hero member

Activity: 1078

Merit: 502

Quote from: ?? on ??

I need to buy more GPUs a lot so that's when I can get loans, I will. I only make 3btc a day so far.

3 btc a day is quite a bit so you have over 8ghash/s ?

CIYAM

legendary

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Ian Knowles - CIYAM Lead Developer

People that are mining bitcoins do have an ability to repay (which is not tied to any other currency) so if they are looking to increase their mining power (by purchasing more FPGA/ASIC units) then it can make perfect sense for them to be borrowing BTC.

That said - there are a lot of scammers on this forum so be careful before lending out your bitcoins.

AndrewBUD

hero member

Activity: 1078

Merit: 502

Well I mine, and buy more mining equipment with my earnings,,, I'll take a loan once and a while usually for gear....

cedivad

legendary

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None.

Simple uh?

shamoons

full member

Activity: 165

Merit: 100

Let's forget scammers and thieves - what legit reason to people have on this forum to ask for a BTC loan?

Topic: Why do people need to borrow BTC? (Read 1261 times)