Steem(it) Blockchain Loan Agreement between @mrwang, @quinneaker, & @virtualgrowth
$1,500 to be loaned to @mrwang from @quinneaker while @mrwang's account is held for collateral by @virtualgrowth who shall manage payments from @mrwang's account to his partners and loan payments to @quinneaker during the time of the loan. $1,575 shall be paid back from @mrwang's account to @quinneaker at least weekly. During which time @mrwang shall continue to make posts. If there is a week when there are no rewards from @mrwang's account to go towards this loan then @virtualgrowth reserves the right to activate power down to use @mrwang's account STEEM POWER supplied as collateral to continue making payments as long his absence of not making posts that provide rewards of STEEM towards this loan.
Terms of this loan may be changed by the three herein mentioned as agreed in the best interest of the three parties involved.
Some others have expressed interest in supporting this loan effort as well. I am going to propose to use their funds as a way to make advance payment back to @quinneaker with interest. Interest will be provided to these other smaller loans on my behalf from proceeds from posts about this loan. Payment time frame for these smaller frames will be further discussed to agreement between those who have provided STEEM to be contributed towards this loan.
Thank you to @mrwang, @quinneaker, and the entire steem(it) community for making this possible between three well supported higher rep steem(it) users. This goes to show the ability of peer to peer.
Following is an agreement from @mrwang:
I @mrwang is borrowing $1500 with USD value with 5% interest totalling $1575 with USD value. I @mrwang will be making payments using my rewards from my steemit post which will be managed by @virtualgrowth. I @mrwang will continue to create post daily so that my rewards will cover a weekly payments. The loan will be funded by @quinneaker through SBD and steem. Payments will continue as long as there is a balance on the loan. If this loan shall default @virtualgrowth will power down my steemit account to cover the remainder of the outstanding balance.
This post was prepared as per request of @quinneaker:
ok so what I need is a one piece written agreement posted on the blockchain of what the terms are, time frames etc and then I can agree to it on the blockchain Then I can get whatever the actually mount of steam needed is to transfer. Also is the payback going to be based on the amount of steam or the actual value in USD?
Anyways thats why I need the written clear contract with terms, times, numbers etc so I can just agree to it and know what it is and then have accountability for it.
Loan Pay Back Amendment
This loan shall be paid back in 50% SBD & 50% STEEM. Prices of both of these shall be noted on the day or time of their transaction so that the loan balance may be properly credited in terms of STEEM. At time of this amendment the price of SBD & STEEM are $1.01 & $1.26 respectively. Base loan of $1,500 to be paid back in $1,575 in STEEM would equate to $787.5 in each for 779.703 SBD (@$1.01) & 625 STEEM (@$1.26). These balances of SBD & STEEM will be paid from author rewards of @mrwang's account until the balance reaches zero (0). Upon which time the account held for collateral will be returned to @mrwang.
Parts may be edited in the near future. The three of us shall "sign" below with our accounts and names in agreement.
