Who wants to loan STEEM to @mrwang and at what interest? Now accepting payments and working out final details for a loan for @mrwang.
@mrwang has recently reached out to the steemit community for a loan. I, @virtualgrowth, will managing this loan and handling escrow. As of this morning I now hold a copy of the master key which will be changed so the account may be held as collateral in thirty (30) days. @mrwang will be given keys so he my still post and operate the account but not have access to funds which will be managed by @virtualgrowth during the time of this loan until it is paid in full.
There is some initial feedback from my recent post: $1,500.00 USD Loan request by @mrwang to be managed by @virtualgrowth
Also check out @mrwang's recent posts:
This F-150 Needs Your Blessings... An Urgent Crowdfund Project
$1,500 Loan Will Be Used On The Following
- $120 - $200 USD - New Battery
- **under $200** - replacement parts whatever the part is to provide extra power source for my car alarm (Possibly a switch or ground issue suggested) and replace/repair brake line (there's a leak at the nose of the line)
- **$200** - Vehicle Registration & Inspection (please see video above for Texas laws and DPS info)
- **$290 + TBA** - cost of the recent traffic violation
- **under $100** - Tires tread worn out on 2 tires (normally I would purchase all 4 new.. but i'm settling for 2 used/good shape)
- **$50-$100** side view mirror
- **under $150** Cost of labor (Check engine light is on.. which is why I haven't been able to pass inspection. My truck is running fine for the most part but still needs some common maintenance done)
This is a loan request to the Steemit & Bitshares Community
Terms of the Loan
I @mrwang will put up my account as collateral to be held by @virtualgrowth for the full term of the loan until it is paid back in full. @virtualgrowth will assume control of the rewards from my post payouts which includes distribution of half the rewards generated from working with @bycompoundfilms and @steemitafterdark to each account as agreed upon. If I am unable to repay or default on this loan, the @mrwang account is to be powered down by @virtualgrowth and the power down will be applied to the remaining balance. Total rewards generated by active post from @mrwang currently stands at $210 and will go towards the balance of the loan. I will also continue creating for steemit and bitshares while also working on further projects as mentioned in previous post. This means the rewards of my post will be applied to the balance minus the studio and production fees agreed upon. I will also be making a follow up video with updates and the status of my truck, once it's all said and done, of course.
To add into the terms we will explore what interest rate shall be considered in response to @quinneaker's reply, "Also is there any kind of interest or incentive to give the loan?"
Leave replies to discuss and set an interest rate which will be some amount of percentage points to provide a return to those that support this loan request.
To participate in this loan
Leave a comment with your interest in supporting this steem loan to help out @mrwang.
Send SBD or STEEM to @virtualgrowth with memo: loan for @mrwang
Repayment of loan
When this all comes together loan payments will be made from @mrwang's account by @virtualgrowth. Will make posts detailing these transactions to provide an update and explanation of transactions which will include details of payments half to @mrwang's partners and half to repay loan payments with amounts owed and paid until they are paid in full. Upon loan being paid in full account will be returned to the control of @mrwang of his own account which will be held by @virtualgrowth during the time of this loan as collateral. If posts stop being posted by @mrwang the account will be powered down to make loan payments. As long as @mrwang account keeps having new posts the account will not be powered down.
All payments related to the loan will be denoted in USD. So payments will be calculated in USD from SBD & STEEM amounts. This will be in relation the $1,500 loan amount requested.
In regards to account keys.
@virtualgrowth has secured the master key by encrypted means which will be changed to secure the account as collateral in thirty (30) days. During which time @mrwang will be given keys to continue to be able to post but not withdraw STEEM from his account.
Bitshares asset possibility
If people may be interested a bitshares asset may be created for steem loans with this one as a far example and potentially more in the future. This asset would serve as a way for users to exchange the loan debt so that it would be more liquid if users may want a way to liquid the debt with a way of cashing out earlier. While also using the bitshares token for bookkeeping purposes. However redemption means would be different this way. Maybe this may be another concept to be thought about if such a service may potentially useful for users to put steemit accounts up for collateral for a loan.
Thank you for participating and providing feedback on the idea on how we may use STEEM in a way to help someone out in the community with a way to hold their account as collateral of the STEEM POWER value.
I prefer the interest pay back with STEEM/SBD rather than "future post rewards". As we all know, the post rewards have time decay problem.
The payments will be from author rewards from @mrwang's account in STEEM/SBD. Rewards are rewards.
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I don't know if such a tool exists, but it may be a development opportunity that I just thought of - lets say user a wants a loan of $100, and 10 people each contribute $10; would it be possible for the "user a" to set beneficiaries of their post rewards to 10% for each of the users invested (or, however much; based on their "share") and then have this expire when the same value of rewards (+ agreed upon interest) is accrued?
Would solve the problem of organising a bitshares token for it; and potentially build a new 'app' upon the steem blockchain.
Merely conjecture, and I don't have the expertise to do this, but might be a better way of doing it, sort of as a loan bot. :)
If I'm understanding your idea correct.. sounds dope as hell.. something that could be used for tokens
agreed hmm steemit has unlimited potential!
I'll elaborate:
@mrwang wants a loan of $100 SBD
@virtualgrowth contributes $70SBD
@holoz0r contributes $30 SBD.
We agree on 10% Interest.
Therefore, your future post rewards are distributed as such:
70% to VG
30% to holoz0r
This continues until the loan is paid + Interest; and the beneficiary is then "expired"
I'm thinking of no token, but that also equals no liquidity for investors / lenders.
Is that how you understood the concept? Good luck with the F150!
if you made it into a token.. you could sell it as a note...
I think I understand it.. either way, sounds pretty cool and worth looking into further.
Thanks for the contribution and wishful thinking as well.
If you could sell that token and the "beneficiary" state in your rewards, that would be incredibly epic and make steemit a legitimate competitor to things like gofundme.
sounds awesome!!👍👍👍
Yes that may be potentially possible. Maybe we can think more about overall ideas we are exploring.
The entrepreneurs are showing up big time, congrats guys on this venture, it sounds like the real deal
You are a true peoples champ! Does he have a funding page somewhere? I do not have a lot of liquidity, but I like to help.
I don't have much liquidity to, so I'm letting my SBD build up. @mrwang is there a set time for when 'you have to have this loan'? And I don't need any interest. Just keep adding valve to Bitshares abd Steemit. I'll make my money there.
$120-$200 gets the battery replaced and puts me on the road.. the remaining balance goes towards the vehicle maintenance/inspection/registration and tickets/citations... it's a gamble on being pulled over but aside from the cost of the battery.. there's no rush order on the loan.
as for me adding value... most definitely sir :)
Thanks! This is the funding page essentially. You may send SBD/STEEM to @virtualgrowth to help.
I can't do everything but I can do something :)
Will there be a minimum lend amount? I only have 2.222 SBD as liquid at the moment, happy to micro finance a little part of some tyre tread! :)
Sent it across anyway:
No minimum, but should be a minimum of 1 for ease of keeping tracking of and adding interest as interest may not be simply added to amounts that are too small.
Ok So I transfer $1,500 worth of steem/sbd and then I will receive back $1,500 use worth of sbd and steem based on the value it is at when it is transferred in small increments at a time?
If that is the case, not saying it would happen, but it could easily be to my detriment. Meaning that arbitrage could easily happen. Say for example transfer steem/sbd every time its high value.....buy it when its low then pay back bits when its higher. Especially over time. Also steam is somewhat low valued right now so if I give it away at 1.17 then its like selling it at 1.17 if I get paid back when its valued at $2 again then I'm getting way less steam back than I gave. Im just thinking about these things now cause I haven't done this before and now that I am thinking about how it may play out theres many aspects to the deal. Also what is considered "no longer posting" meaning it is said that the account will power down when there is "no more posting" but what does that mean .
Also is the 5% interest based on a day or a month a year or what?
So I would be willing to just transfer $150 worth of steam right now as I think this is a cool idea and I also want to help out someone in need. If the only immediate issue is the battery than I can atlas get that going.
Once we think about and work out these other details then I can decide on the rest. As trustworthy friends I'm comfortable with the deal, but as far as a loan project format there isa lot of detailed to be considered and worked out.
@mrwang will continue to do posts on his account. So author rewards will still accrue allowing for at least weekly payments. Yes small increments as 50% of liquid steem from the posts allow.
Agreement is for payments to come from STEEM earned when @mrwang keeps posting. Maybe terms could be changed to account being powered down to increase payment amounts and allow for the loan to be paid back quicker.
Yes this is correct.
Ok so if I give out a loan we would base the current loan on the USD value of the Steem/SBD.....If the price were to go down then more SBD/Steem would be paid to equal out to the value of USD. If the price were to go up then I would get less steam/SBD to equal the USD value? Is that correct?
That is correct.
Last question I have as of now....How do we keep track of the amount of steam/sbd paid back and the actual value of it when it was paid?
what if it's included in the memo?
yea thats a decent idea
sure.. I can check prices when time comes for payment and include either time stamped screenshots or plain text if necessary
Can keep track in memo and/or posts with a summary to serve as an example of this idea use case.
May provide info such as:
previous balance (of usd=sbd+steem)
current payment (of usd=sbd+steem)
new balance (of usd=sbd+steem)
This is an interesting concept. It looks like this model might be used in other future loans for others in the community.
Agreed, thank you.
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Wow brother, excellent post charm me! Vote for my comment, you would be helping me a lot, thanks