Re: [ANN BTCJam] - Loans denominated in other currencies (USD/EUR/RU)

Quote from: Tulkas on March 03, 2013, 12:16:02 AM

Quote from: odolvlobo on March 02, 2013, 11:14:10 PM

I am also concerned that Tulkas is confused. Compare these two contradictory quotes.

In the first one, the borrower returns the principal's value in USD. In the second, the borrower returns the borrowed amount about regardless of the value of USD.

Quote from: Tulkas on February 19, 2013, 03:49:35 PM

You borrow 30.0 BTC today, to pay next month, suppose BTC is at USD$30.00.
Next month you will make the payment, BTC price is now USD$ 60, instead of paying 30 BTC back, you will pay 15 BTC, the amount in MtGox USD remains constant.

Quote from: Tulkas on February 19, 2013, 09:46:07 PM

If you borrow 10 bitcoins today, to pay next month, you will theoretically pay aprox. USD $300.
Now suppose that in 10 days the bitcoin price jumps to USD$ 1000.00 per bitcoin, you still need to pay 10 bitcoins back, but now you will need USD$ 10,000.00 to buy 10 bitcoins!

I gave two opposite examples. The first illustrates the USD referenced loan, the other a BTC referenced loan.

You never answered my question about what happens when a user verfies all doc and decides to scam you with out ever paying you back and it says right here https://btcjam.com/legal/rules_for_borrowers. "Any controversy or claim arising out of or relating to this contract, or the breach of this contract, shall be settled by binding internet arbitration to be defined. The arbitrator's decision shall be final and legally binding and judgment may be entered thereon."

I think I deserve at least a responce like "hay man I'm sorry that you got scammed on my site but you gotta watch out for those people who verify all documents and whose credit score was a 14/17. And you gotta watch out when I don't do anything with this documents even though I claim I will on my site peace out sucker."

I'd love a public reponce man can you at least do that for m.?