Bitcoin Forum

If you can convert your mining contracts into at least 1.8 worth of a stable altcoin that you are willing to use as collateral then I can do this.

Could you please link us to the market for these mining contracts on cryptsy?

https://www.cryptsy.com/markets/view/MN_BTC

Alright, and you only have 6?  Isn't 1 of them only worth ~0.0027 BTC?

Yes. I have used all of my liquid BTC into the starting the business already. I dont need the full 1.5 really only about .9 but it would be nice to have the extra in case any problems may arise. I am looking to pay this back in 1 month with 10% interest and the loaner can keep the btc paid to them from the mining contracts also. So really you will be paid back your initial loan for 1.5+10%+30 days of payment from 6 mining contracts.

What!?  That's crazy, this loan is unsecured then, collateral is worth ~0.0168 BTC currently, and you're asking for 1.5 BTC? 0.9 BTC?

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 (http://localbitcoins.com)

What is not considered collateral?

- 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 (https://bitcointalk.org/index.php?board=93.0) 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)
 
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. (Escrow 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.
 
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.
Lastest scam sob story: https://bitcointalk.org/index.php?topic=908707.0

Finally, do not encourage scammers to come here!  Giving out loans to newbies with no collateral, or loans to people with negative trust from "OldScammerTag" are likely to get you negative-trusted by other users, like me.   :)

Have gotten the .5 BTC...... still looking for .4 to 1 btc.

Can you post a TXID of the .5 BTC loan that you got?

wasnt a loan. sold my xbox and bought some btc while it is low. i now only need about .05 of BTC to fill the remaing balance. I can still give the mining contracts for the .05 loan if interested.

Can you post a TXID of the payment you received? Or of the BTC that you transferred from an exchange to a address that you control?

yes give me a minute while i google how to do that. lol

https://www-techinasia.netdna-ssl.com/wp-content/uploads/2015/01/My-Wallet-Coinbase-1.png

coinbase wallet

You purchased .5 BTC?

Probably shouldn't keep your name in that screenshot.

i purchased less than .5. couldnt get the full .5 for my 360 and games. so all i lack is pretty much like $11 in btc. i dont get paid from my job until next friday (Monthly Salary) or this wouldnt be a big deal. its just getting to the end of the month and im a broke nigger until then