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Based on your logic, zazarb should be entitled to ask you for more in re-payment whenever the price of BTC drops following the initial loan. After all, he lent you a certain value in USD and is getting a lower value in USD returned to him. It doesn't look like you were complaining when that was the case though. If you wanted a loan denominated in USD or another fiat currency, you should have added that to the terms. You knew Bitcoin was volatile, yet deliberately avoided repayment in the hope that the price would drop. It is now almost an entire year after you first entered into this agreement and you still haven't even repaid the principle. Zazarb has been more than lenient by waiting until now to publicly call you out on this. I will remove my feedback once this issue has been resolved to the lender's satisfaction.
Hi MadZ,
Thanks for your input. What you say is fair. But please do not misunderstand what my position is.
Keep in mind that i have had over a dozen successful deals with zazarb, during which time the price moved up and down - there was never an issue of repayment.
However the reality that has led us here is the 10x increase in price. And whether it is reasonable and practical for someone to pay $5,000 - $10,000 for a $750 loan that was expected to be a ~$780 repayment. And whether non-repayment in full under such circumstances is a scam attempt.
It is unfortunate circumstances yes, but not a scam. I can understand zazarb's frustration here, but he also has to understand mine. How many people in the world would have continued to repay, even pay $1800, let alone hand over $5k and more. Any reasonable person can see what is fair here.
I respect your opinion. Hopefully you've understood the situation correctly. And if you truly think if you were in my position you'd hand over $5k+, then so be it. But i disagree with you and your negative feedback. I think you are taking a simplistic view and not paying any regard to the bigger picture.
This issue has come up before on the forum for others when the price first jumped over the $1000 mark. There were people of course on both sides. It's a similar issue before the Mt Gox bankruptcy trustee - he froze the debt to the $$ value at time of default, not btc amount. Using that same application here and I've overpaid zazarb. Things are as they are and its frustrating for us both.
It is complicated. Not simple. Definitely not a scam from my end. That is my position here.
Cheers