Using your shares for fiat problems (ACMT, DMT and GHS)


#1

I like the idea of @ThePeddler. [Collateralize your GHS][1]

Terms

  • Minimum 2 Weeks, Maximum 8 weeks (if it is necessary 10 weeks).
  • Prices: USD. (if you borrow 100 USD, you pay back 100 USD).
  • Interest for me. Payouts while shares are held as collateral. I obtain minimum 2 payouts (ACMT, DMT) / 14 payouts (GHS).
  • If repayment is not made, you have 2 weeks additional (5% interest, i. e. you pay back 105 USD). Past this two weeks if the loan plus 5% is not paid back, the shares are mine.

Process

  • Please send PM me if you are interested. We must agree, price of share, number of shares, number of weeks …
  • I will post price and transactions here (escrow).

Please if you have comments, complaints , suggestions I would be very grateful.
Thanks. :wink:
[1]: Collateralize your GHS


#2

How are you going to track all this?

Different addresses/person?

What is collateral ratio for ACMT DMT GHX?

Interesting idea but it needs a lot more detail.

Just a suggestion to track all this.

Make an address/person all collateral will be send to that address and also a new asset 'COL for collateral" that represents the $ value of the loan send that to the same address this will make it public and trackable. When the two weeks are up and it’s not paid you can add the 5 percent as “COL”

Loaner sends BTC to the same address to pay back the loan the difficult part is tracking the $ value.

I would suggest not to deal in $ value but deal with BTC only this will make tracking easier. The only problem is that the payouts for ACMT DMT and GHX will end up in the same address. But for tracking purposes they can be filtered out as the payout addresses are known. Everything the is send to that address not from payout address is payback for the loan.


#3

@ThePeddler had one loan. Do you think I’ll have many more?. :wink:

All collateral will be send to the same address. Thanks for the suggestion.

I don’t understand. For example: 10 DMT (YY USD per DMT). Collateral 10 DMT. Loan 10 * YY.

Thanks for the idea. A possible problem. “listmi” has a loan, 100 USD. “listmi” has 100 coins of new asset. Do you want “listmi” those coins?. In the collateral transaction appears the asset address.

Loan 115 USD (Price BTC/USD 230). 0.5 BTC. Agreement 4 weeks.

Price after 4 weeks. Two situations:

BTC/USD 260. 0.5 BTC = 130 USD

BTC/USD 200. 0.5 BTC = 100 USD.

Thanks much for suggestions. :wink:


#4

Impossible to track all that.

One address/loan. It’s almost impossible to track $ value with these things tracking BTC is much easier.

Say someone wants to loan 0.02BTC and has 1 GHX

The 1 GHX is send to the address assigned to the loan
0.02 COL is send to the same address.
This way you know that the person received 0.02BTC and needs to pay that back.
When he does not pay back in 2 weeks you add 5% extra COL to that address increasing the payback amount.

Also one address/loan will let everybody see what is going on how much was loaned how much collateral was needed and if it was payed back.

How much BTC would I get when I have 1 GHX collateral. Like I said doing this in $ value is impossible to track and really useless.

All the other loan sites don’t deal in $ but in BTC. Please forget about dealing in USD.


#5

You have reason as long as I have more than 10 loans. Today 188 GHX owners. 5% = 9 owners. I don’t think 9 owners ask for loans. :wink:

I have no problem with new asset. My question is: “listmi” ask loan for 10 DMT. “listmi” receives YY BTC. I post: BTC/USD price and two transactions. Need “listmi” asset ? He already knows he has loan. Having this new asset appears as “being watched”. If the borrower wants, I have no problem.

For example: BTC/USD = 230. We agree price of 4.8 USD by GHX. 4.8/230 = 0.02087 BTC.

With your system. Agreement 4 weeks. 1 GHX = 0.02087 BTC

After 4 weeks you pay back 0.02087 BTC.
If BTC/USD = 260, you pay 5,43 USD
If BTC/USD = 200, you pay 4,17 USD.

I forget about dealing in USD or EUR when BTC/USD (BTC/EUR) be fixed. :wink:


#6

No the person taking out the loan does not need any asset. It’s the same as with ITT the asset is just for tracking how much BTC the lender received.

Again.

Person A asks for a loan and has 10DMT 10 DMT is send to ONE address for that loan. Person A received XX BTC for the collateral. YOU send XX COL to that same address this is for tracking how much BTC was received for the collateral.

You will probably don’t have many loans at the same time but it’s still a good idea to have one address/loan.

Well then this idea is not workable and this discussion is over and I will advice against using this kind of loaning because 1 BTC will still be 1 BTC even if you get the loan back. Look at other loan sites they don’t deal with USD only with BTC.


#7

What discussion? :worried: I apologize if I have offended.

What other loan sites?. BTCJam allows BTC, USD, EUR, …

I would think like you but Maintenance Fee: ฿ ฿ 2.81152 (at $31.10 / BTC). USD is in formula. :confused:

If liquidity is asked to speculate , I could understand. If liquidity is asking for problems, you can lose everything by BTC/USD

Ok. My apologies again. New idea (thanks to you). Three new assets Col_ACMT, Col_DMT, Col_GHX. You say “number of BTC” coins. I say “number of …” coins.

Ok. Thanks again. One address per loan. The address contains number of ACMT/DMT/GHX AND the coins of the new asset. Now these new assets are another market, Buy/Sell Col_…

Technical details (ask Daffy) :wink:


#8

No they don’t they only deal in BTC They don’t pay USD EUR or any FIAT.

I still don’t get the obsession with USD EUR or anything else FIAT when dealing with BTC.

People really need to stop comparing the two and always doing those calcualtions.

If I loan 1 BTC I pay back 1 BTC even if the BTC/USD value rises to double the value or falls to half the value. Period.


#9

This is my example.

Investment 0,00009 BTC
Received: 0,00008462 BTC

I won 2.3% per month in USD. In BTC I lost 5.98%. Now I invest only BTC loans.

I suppose that we compare because food, clothes, … they must pay it with Fiat coin.

The world is as it is, not as it should be. Facundo Cabral :pensive:


#10

Wait what? Was the loan completely paid? If not then this is no comparison. And if it did then they did not pay all of it back with interest.

See that is the problem with dealing with USD when dealing with BTC. You only deal with BTC/USD when you want to exchange it not when you are repaying loans. It totally makes no sense because BTC/USD is too unstable and you could have lost a lot more than what you did.

Again

If I loan 1 BTC I expect to pay back 1 BTC + interest and not linked to USD. The variables are too volatile to do anything like that. WHat I do with the BTC afterwards to buy some stuff is completely besides the point.


#11

I change the title. :pensive:

New: Using your shares for fiat problems (ACMT, DMT and GHS)
Old: Collateralize your shares if you want (ACMT, DMT and GHS)


#12

I’ll give you 12,000 GHX for $5 each or ~257.256785 BTC as of right now as your first loan.
2 weeks works for me.

Take it or leave it :+1:


#13

:smile: :smile: You had 10 BTC at liquidity. You think I will have 250 BTC at liquidity? :smile: :smile:


#14

You want sell or an loan? :wink:


#15

A loan works the best.
Oh what I could do with ~257 BTC over 2 weeks time :moneybag:

It only makes sense if dealing with straight BTC though like @Daffy was trying to explain.


#16

For an loan, then I think rate must go in range of 0.008-0.012 per GHX coin.