Bitcoin Forum

what is proper form of collateral? and why is address id and other such personal info need including SSN?
anyone done loans or got loaned ever get idenity stolen from loans or know of anyone? im a noob here not quite
sure how site works with this process ive seen other loaning sites where you needed to verify id ?

also i read the post i understand personal ID and stuff but ssn is a lil outrageous

Ask yourself what information you would want before giving money to somebody you met on the internet? How do you verify that the person you are talking to is giving you the correct information? With bitcoin there is nobody who can reverse the transaction if they do not repay, so you have to be really careful.

Think of it just like if you are walking down the street and some guy you have never met before asks to borrow a couple hundred dollars cash. Would you hand over what is in your wallet?

oh ok i kinda of understand now

I have no interest in your IDs beyond making sure that you are who you claim to be.

^^^^ Nor in collateral that cannot be claimed legally or realistically. ^^^^

Actually, you can reclaim the loans (I'm sure borrowers won't repay to me if I scam).

Mind sharing a government insured bank that accepts Bitcoin deposits? No?

I was referring to people asking for loans using IDs but trying to use some random things (a car, apartment in a foreign country, stocks, etc) that cannot possibly be claimed, as collateral. I have no advice on what can be used for collateral though. Loans are not an easy business.

You could use stocks if they are BitFunder or BTCT stocks. Transfer the shares between the accounts, when the loan is repayed transfer them back. Although, this sort of thing is more like pawning than usual lending collateral.

That's true, I'm not sure of those stocks are legitimate sources for a loan though. Even the legally registered Bittalk Media shares (I hold 23.5%) were going to be used for a loan to pay some business debts after my fall out last year, but a malicious board member formed a hostile takeover and blocked sales of shares while attempting to remove shares from me through shady ways. That has forever changed my opinion of the real value of shares in anything. As a side note, people buying shares of fly by nights on the forums always amazed me.

You can verify your ID with us. You can also put BTCT.CO assets in escrow with us automatically.

The loans are subject to arbitration and your ID information will only be revealed to lenders if you default.