Quote from: TMAN on February 15, 2018, 01:52:32 PM

Quote from: goose20 on February 15, 2018, 01:45:22 PM

Quote from: TMAN on February 15, 2018, 01:36:47 PM

Total outsider here, but goose20 you are in the wrong..

A few things that you should of done differently due to your situation, as BTC was rising and you knew you could not keep up with the payments you should of made full disclosure to the lender explaining that you had cashed out the BTC to USD and would therefore be purchasing BTC to honor the debt. Then you should of asked to re negotiate the terms, IE - if BTC is less than $X then you repay as normal if BTC goes above $Y then the loan will need to be switched to pair against USD, by not doing that and just rolling your debt over and only paying the VIG you were effectively gambling against a massive bull run. Not sating zazarb would have to do that, but I am sure he would prefer to have something back other than a load of empty air.. if you wanted a USD loan I do not understand why you didn't go to a bank?

Another option would of been to ask the lender to freeze interest as you were struggling to fulfill the loan, I cannot see this was requested either. zazarb is a lender but it is known he is a reasonable guy.. bottom line is you still owe him the full amount and he deserves full repayment, at this point you need to stop "hoping" btc goes down to $1K and start thinking that BTC will hit $100K and start acting accordingly.

Hi TMAN,

Thanks for contributing and for your advice as to what should have been done. Hindsight is a great thing afterall.

Any advice at all as to what you recommend to resolve this from this point going forward?

Cheers

hands on knees - say you are sorry and ask the man what options are available.. he may be willing to peg against USD now he may not, but seeing as you are here and wanting to sort it out I think he may listen to some reasonable requests.

1st of all though you do need to apologize and get his buy in of how to resolve it fella.

Thanks TMAN.