My Credit Consolidation Loan


I guess I will be the first the break in this part of the forum.
I have just listed a loan for 5btc tied to usd, I am looking to consolidate a couple of small credit cards. I do not need the full 5btc but it saves me money on the origination fees versus the smaller amount I need.

Considering I don’t need the full loan, I will be making the first payment upon activation as a thank you to everyone who invested in this and past loans.


Thank you to whomever invested 0.01btc


Why did you tie it to USD? :frowning:


You shouldn’t have done this.


Because I am using it to pay off credit cards that are denominated in usd. I do expect it to keep falling, but if it doesn’t, I don’t want to be paying back more than I borrowed by too wide of a margin.

Look at it this way, if btc keeps falling, those that invest will get even more btc back with each loan payment.


It’s your choice of course, but along the same line that if the price of BTC increases, you’ll be paying back more.


No, thats not how tied loans work. If I borrow 100$+interest and btc climbs, I still only pay back 100+interest, if it was in btc and it climbed I would have to purchase a higher dollar amount of btc to make the payments.


Correct. But since most people take and give loans in BTC they do want that amount of BTC back in return plus interest.


This is a difficult decision to make. If I denominate a loan in btc and it starts into a bull market, I am screwing myself over the life of the loan.


I think I have decided to take the risk and relist the loan. I am taking a decent sized risk, but I do believe we have some more downside on the price before it starts to rebound.