Just my 2 cents:
The original agreement was that you owed zazarb in bitcoin value and nowhere does it say that fiat was going to be involved, or the fact that repayment amount can be reduced due to the fact that fiat repayment amounts will be used if bitcoin goes up too much.
Goose20 fails repayments on time many many times, whilst I think that it's trustworthy behaviour that he had the audacity to respond to this scam accusation and not run away, you're still at fault here at least in my opinion. Especially if all this was as a result of a late repayment to begin with on your part.
If zazarb just held his bitcoin, he would have made a lot more than what he's gotten for you atm. So right now, he is definitely taking a loss.
Consider this - if you take out a loan from a lender, and you're required by the lender to repay more than you originally agreed with because bitcoin went down, even though it says clearly in the contract that you would pay x amount of bitcoins, would you be happy?
Hi magneto,
Thanks for your 2 cents.
Just to clarify, there were no missed repayments. Things were always communicated with zazarb and initially things were agreed, as in agreed that I'd make the interest payment and roll over the principal. It was only months later and after btc price spiked substantially that it became impossible for me to keep making payments. Remember btc was up 10x - 20x last year. But at every time, i communicated things with zazarb.
My stance is i accept i haven't repaid in full. But not because of scammy or dishonesty, but by the 10x increase.
If you were in my position, after repaying 0.455btc and $1830 and after repaying 5.93btc of only 5.745btc received, would you pay another $3k - $10k towards an original $750 loan? If you would, i respect your virtue and romanticism that 1btc is 1btc. But for mine, the reality is everything to do with btc is referred back to fiat. We are no where near a point where things are referenced in btc alone.
I think it fair that if someone takes the time to post in this thread, no matter which way the thinking, that they state what they would do in my situation - considering the full context of things. I truly believe any fair and reasonable person would see that this is not a scam attempt. Zazarb is ahead overall in all our deals over the past 2-3 years. He knows me as an honest person which is why he lent me that much btc with no collateral. So did several other lenders - my feedback and reputation is solid.
Cheers
If the definition of "scamming" was someone not fulfilling contract terms, then that is exactly what you're doing here. But tbh I wouldn't call you a scammer yet. You're still in contact with the lender, which is the least you can do.
I said you missed the original repayment date, and extended the loan. If you paid the BTC as agreed, last year in March, then none of this would have happened. By requesting extensions you're acknowledging that the volatility of bitcoin is taken into account for.
This is a bitcoin forum for a reason. I don't think that it's fair to say that everyone keeps referring back to fiat in terms of bitcoin. You shouldn't have taken out the loan if you couldn't deal with the volatility of it. Plus, isn't margin trading all about volatility of bitcoin/altcoins anyways?
Repay the loan. I think that your reputation is on the line here, and with BTC price being at basically its lowest since like 4 months, you should be getting a good discount already if you do keep everything in fiat instead of BTC. Unless of course you negotiate with zazarb something.