Bitcoin Forum

Good day!
I am auctioning an account from a loan default.


Let's start the auction with: 0.03BTC
Minimum increamentv: 0.002BTC
BIN: 0.05BTC

 This auction will end in 48 hours, starting fom the last valid bid I will receive. If withing 48 hours pass without new bids. You win.

Rules:
no niewbies.
no red trust user.


 PS: If you already know which account this, please do me a favor and keep your opinion to yourself. I just need to get this sold to recover for the loss. I contacted the borrower ad receive no response in 48 hours.
DO NOT TAG THE ACCOUNT PLEASE.

0.03                                                                                                                                                                                                       

Did you tag it with any feedback for the default on the loan that you gave to him?
Will you take it off once it is sold off to the bidder?
If all is done then I will put in a  bid of:

0.032

Does it have any feedback even neutrals whatsoever on the trust page?

0.034                                                                                                                                                     

I have not tagged it since it is in my possession.
No feedbacks is on the account from anyone. Completely neutral.

You're the highest bidder. If no one bids after 48 hours from your post, you win.

---

 account gained +14 more activities. Total activity is 250+
Goodluck everyone!

0.036btc

i bid 0.036                                                                                                                                                                     

I already bid for 0.036btc before you.So i think you have to increase it by 0.002 more to make next bid.

Mishra is correct. You should bid 0.038 if you want to be the highest bidder.

Anyway, I have decided to end the auction earlier.
The winner will be selected after 12 hours from this post.
I will be out for the next day so I will end this early.

As a matter of interest, if the auction raises more than the debt, do you return the balance to the borrower or keep it?

It means i have the last bid till now of 0.036 btc

i'm sorry i bid 0.038

thank you

I get to keep it. I hae tried contacting the borrower regarding the loan and tried waiting for another 2 weeks for him to repay but I received no response so I guess it's okay for me to get it all.
I would've gave him a share if he made effort to contact atleast since I only want to get the amount I lost.

I bid 0.04btc

When you all gonna finalise this because now this is 11:30 pm in my country and i will have to go for sleep after some time.Is anyone want to bid more ,it will be good if its finalised soon.

 :)I am going to sleep now and I hope that i have won this auction.Now i will come in morning and do the transactions and other things that are required.Thank you 😊

Soo the lender take the full risk lending the money, holding the account as colateral and go auction it, if the prices cross the interest of the repayment, or the ammount lended why would the lender send anything to the person who dumped the account to him or her? Really, do you believe this is a fair question to be made? The account sell should only be allowed to who lend money and has a signed message this way we could control the bad sellers with hacked accounts.

Yes, I do  believe that it is a fair question, otherwise I wouldn't have asked it.  ::)

There is the (slim) possibility that something beyond the borrower's control may have prevented repayment or reply. You know neither his intentions or situation.
Irrespective of that, if there is a balance left over after the collateral has been liquidated, why should it belong to the lender, not the borrower?

In the real world, if you had a $100k loan secured against a $200k house, but were unable to meet repayments, are foreclosed and the house sold, would you expect the lender to keep the whole $200k proceeds, or just the $100k that they are owed?
 
I was not criticizing jacee or his answer, just curious about what common practice is in these situations.

mshra1994 won the auction.
I have sent a pm already. I'm now waiting for a reply.

Common practive in lending is to take collateral that is worth 120%+ of the loan amount so it can be sold for MORE than the loan+interest amount..

The defaulter doesn't need a refund. Anyway the little tiny extra BTC is not worth the pain in the ass that is selling accounts..

Many lenders explain this right in their OP..

Account has been sold. Thank you for participating in this auction.