Bitcoin Forum

Is there actually people making money off bitcoins loans ? Seems like a lot of effort, and too easy for somebody to scam.

Anyone with personal loaning experience that would care to elaborate about how they're doing and how they avoid scams ?

The best way I see for people to avoid a scam is to ask for enough info to take a credit card out in the borrower's name.

Charge 10% interest and hope for less than a 10% default rate.

Profit.

OTOH, the money's in the list, regardless of the default rate. Like TW said, get enough info, then apply for credit in the borrow's name. Better yet, get the info first, then refuse the loan. Zero risk.

I'm in the wrong business. I want to be a banker. You can start with zero cash or a hundred Gs, and even lie, claiming you have the other.

On second though, I'll lose money even if I loan out $20K at 100%/year, for I have a better return flipping musty, rotten, century-old, bug-infested barn wood with lead paint on it. Nix the lead painted wood, for thanks to Bitcoinica I'm only dealin' in non-painted musty, rotten,...

Thanks to Bitcoinica?

What happened?

I've spelled it out a couple three times on this forum, but I've dug up one of the post for your: https://bitcointalk.org/index.php?topic=98622.msg1087644#msg1087644

I'm not sure if J(G)erry has heard the latest, for he's in Florida for the winter, and if I'm not mistaken his daughter out west (not sure what state) handles his finances and possibly was the one who handled the Bitcoinica account per his request, my blessing, my introducing him to Bitcoin.

Couldn't a loaner just buy fake ID-documents on a hacking site ? ID is no real evidence the person is who he claims to be.

What you need is enough confidence that you'll be able to physically track down the person you're loaning to and a goon that looks like he'd enjoy and is capable of making peoples' knees bend the wrong way.

And how much is a goon paid to perform this retribution so that the banker feels better after losing out on a $100 loan? Hell, come to think of it, I'm not sure if a goon has even been approached to perform said task on any of the scammers who have gotten away with big chunks of loot from individuals.

Would a typical thug accept Bitcoins to bend knees? ???

Rumor has it, Tor could make you thore.

It's no good getting the goon after the fact. He's supposed to be a deterrent.

Don't forget that this happens with mainstream banking. They just give the goon a nice shiny badge and you can end up with worse than a decent knee-bending.

Actually, there are no pulpit jails in America, let alone a banker getting the police involved. But they do have a deterrent up their sleeve, and that is the scammer tag, read credit reports.