Bitcoin Forum

New member on the forum,  so I will probably be mocked but willing to take a shot... I am a localbtc  member with over 100+ confirmed trades with 68 different members. Not a scammer! Volume 50-100 BTC. Looking to borrow 1BTC to start selling. I am willing to negotiate/discuss payback price and payback window. Only looking for 6-8 week loan. Possibly less. Let me know if this is something worth discussing. Only serious inquiries please.

Go away scammer.

Seriously.

Right. As I said, serious inquiries only. I have a localbtc account with a long history. Not a scammer. Goodbye punk

What is considered collateral?

Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.

- The best collateral is another crypto-currency, such as Litecoin (also written as LTC).  Coins must be moderately traded on multiple exchanges.
- Some digital wares such as domain names can be considered as long as the user cannot recover it.
- Small valuable items that can be shipped though the mail - i.e. gold, silver, iphones, etc.
- Large items, such as a motorcycle or guitar can be used if you live close to the person giving you the loan.  Try localbitcoins.com

What is not considered collateral?

- Items they want to sell.  They don't want it back, so they will default.  It's scammy unethical behavior and will lead to negative trust.  Check their recent posts!
- Items not in hand.  Don't trust a user that promises to give you something *when* they default!  Tracking numbers only show something has been mailed - it could be an empty box.
- Future income.  You can prove you'll make xx coins in the next few days, but nothing forces you to send those coins to pay your debt.
- Identification.  So what if they can prove who they are.  Are you going to spend more money and time taking them to court on untested legal grounds?  You'll probably just walk away, like everyone does.  ID is useless.
- Games codes or similar.  To verify the collateral you need to use the code, which destroys the collateral.  Consider this a purchase, not a loan.  (Post in Digital Goods instead)
- Most new alt-coins or alt-coins that trade for satoshis are not good collateral as they can become worthless overnight.
- Paypal should never be used - they are anti-bitcoin and will rule against you 100% of the time.  Escrow can't even help, as paypal charge backs can come over 6 months later!
- Most valuable online accounts can easily be recovered by social engineering (the user contacting support to say they were hacked, and regain control of the account)  Examples:  Steam
 
When should you use Escrow?

 - Never send collateral directly to a low activity/post account offering you a loan, as they are likely to take your coins and disappear. (Collateral Scam)
 - Use only "Hero Members" or "Legendary Members" for escrow - they have a vested interest in the community with the time they have spent here.
 - Do not use a third party escrow service unless hero members can vouch for it - it's too easy to create a website, do a few escrows then disappear with a big balance.  Rinse and repeat.
- A list of trusted escrows can be found here:  https://bitcointalk.org/index.php?topic=855778.0 (https://bitcointalk.org/index.php?topic=855778.0)
 
When considering the trustworthiness of a user, ignore "Posts" as there are schemes that pay a user per post.  A person can make 1,000 useless posts in one day and contribute nothing to the community.  Instead look at the "Activity" number - that gives you a more accurate tally of how involved the user is in the community.

Ignore the sob stories that users post - it's just a scam to get your coins.  If a person really is in such a situation, they can turn to family, friends or other social circles they frequent.  They are just posting in our community because the payment is anonymous and irreversible.

No one here care even if you got 10000 trades that is not a guarante that you will pay back!

Come back when you can offer something valid as collateral then you will maybe get the loan.

Account abandoned in 3...2...1...

Not at all, you can joke at my expense all you want. My inquiry was genuine. I buy bitcoins weekly on localbtc. I am far from a scammer but understand why you would think that. Hence why I said what I said in the original
Post. But no point in me going back and forth with you, wasting my time. I will go about my business and hope for something in the future. Trying to figure out collateral. I don't trade with other crypto currencies so that part of collateral is foreign to me. Consider me a newb, whatever you want. But far from a scammer. Thanks for the accusations though, carry on

There is nothing to carry on here. If you where a newbie, you should have read the stickies, before you post and ask for a Loan.
Instead of doing this, you request a Loan offering something that everybody knows that is not even close to "Valid".
It's more than sure and obvious that you will get vanish from here.

But we know that you will come back, don't you? ;)

Sounds good... instead of trying to help someone (not by giving loan but offering  input/advice) all you guys do is cry scammer and try and push people out of here. If that's what you want then fine. Jeaus