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Title: How does the collateral system work Post by: jbmac1967 on February 17, 2014, 11:12:08 AM I might be looking into asking to borrow some BTC, either 1-2 BTC
As "collateral" i have 36 Silver 1oz coins, Do i send the lender the coins, in return he sends the BTC, then if BTC is repaid he sends back the coins to me Is that pretty much how it goes? Title: Re: How does the collateral system work Post by: OnkelPaul on February 17, 2014, 11:16:06 AM For physical callateral, yes (collateral can only work when the lender has complete control over it in case you default).
Since the shipping costs can be quite high (especially if you include insurance), altcoins are often used as collateral - transferring them is cheap and almost instantaneous. Onkel Paul Title: Re: How does the collateral system work Post by: KWH on February 17, 2014, 01:31:26 PM Always check the Trust, even click on Untrusted Ratings and then Show Ratings. Unless the lender has a proven, impeccable record, use escrow for any collateral. Use due diligence for all transactions.
Title: Re: How does the collateral system work Post by: jbmac1967 on February 17, 2014, 09:52:55 PM How does the escrow work, and how do I find a reputable Escrow agent
And because my collateral is 36oz of silver bullion prefer them to be based in the UK Title: Re: How does the collateral system work Post by: austin on February 17, 2014, 11:22:38 PM How does the escrow work, and how do I find a reputable Escrow agent You can find a list of escrows here: https://bitcointalk.org/index.php?topic=108716.0And because my collateral is 36oz of silver bullion prefer them to be based in the UK You will have to send your silver bullion to the selected escrow. The lender will then send the bitcoins to you. The escrow will hold the silver until you repay your loan, then send it back to you. If you don't repay your loan, the silver will be sent to the lender instead, which they may then sell to recoup their losses. Title: Re: How does the collateral system work Post by: YorkPeppermintPattiesSwag on February 18, 2014, 01:29:16 AM So besides physical possessions and altcoins, what else can be used as a collateral?
Title: Re: How does the collateral system work Post by: mr smith on February 23, 2014, 09:53:29 PM How does the escrow work, and how do I find a reputable Escrow agent I work in London and may be able to provide assistance.And because my collateral is 36oz of silver bullion prefer them to be based in the UK Please note i am a trader. How long do you require the lone for? At best you are looking at sell price - 20% it would probably be easier for you to try your local porn shop. PM me if needed. Title: Re: How does the collateral system work Post by: Vod on February 23, 2014, 09:57:06 PM Please note i am a trader. How long do you require the lone for? You are a trader, and cannot spell loan? ::) Title: Re: How does the collateral system work Post by: mr smith on February 23, 2014, 10:11:45 PM Please note i am a trader. How long do you require the lone for? You are a trader, and cannot spell loan? ::) |