Bitcoin Forum

I do not understand the concept of escrowing a Bitcointalk forum accoun, or asking loanee to use his or her bitcointalk account as a collateral.


Can't the loanee simply reset his bitcointalk account password through their registered email with Bitcointalk?

That is a very simple collateral concept actually so if the loanee has not paid, the lender can have his account and maybe sell it if its in their agreed terms.
and yes you can reset any accounts on the internet be it a social media account like facebook or twitter, this includes forum accounts.

Yes. If the loanee could play punk and reset his account through registered e-mail, then what is the point of using bitcointalk account as collateral?

Well usually they have to give you the full control including the email address to reset ;D the main point is you can sell the bitcointalk account if he can't pay the loan. Everything in cryptocurrency is based on trust ;D if you don't have trust then you can't join here ;D

So are you saying that some if the accounts on here may have been purchased by scammers?

You just need to replace the account's email address during the lending time. You could change the mail adresse without the need to confirm it.

certainly possible, but scammer lately purchase only account with trust, or at leats they try to do so, or if this is not the case anymore

they simply create new account acquire some trust and then begin to scam,, which is a thing that is impossible to stop

Maybe one day, bitcointalk will require its users to verify with ID information, so there will be fewer scammers.

if you are planning lending bitcoin for accounts as collateral  you should be aware that some people will basically just be selling the account without any intention of paying back the loan. Obviously lending can be quite a risky business .

this is against any tos forum, related to privacy, it will never happen, at best they can be forced to verify their first address, which should be mandatory with your first account created here

There is always going to be "bad" guys that want to scam.  People need to be smart before doing a deal especially loaning.  I personally avoid loaning, as there is to many defaults and so little on what you can do.

But scamming will never stop as long as people fall for it.   I would not do a loan for a account... some out there do.  Look at BTCJam it is I'm guessing number 1 site on loaning... but they have a lot of defaults.   I would suggest staying away.  Rates sound amazing... but if they don't pay does not matter how high rate is.

No, the lender doesn't provides him a loan before securing the account.The password and e-mail are already changed and will be in control of the lender until the deal/loan terms are completed.
Though everything can be brought to light and solved accordingly, if anyone is shady.

Once terms of loans are established, the loanee will send the creditor:
* receiving address
* bitcointalk user name and password
* E-mail used to register on Bitcointalk and the e-mail login password?

Is that the correct procedure ?

. Lending us risky but we can every month interest as a profit from that. While you doing lending bitcoins just do help with escrow then you could avoid some headache because of that. Try for it don't think about risk factor

of course there is risk when you try to profit from something. the reason of lending is mainly to gain interest and in the case of not returning the btc, you gain control of the acc. however, it is still very troublesome for me to try to go and sell acc.

Does it mean the borrower has to give you the password to this email address? After you take hold the account, can you use your own email address?

Well, it is good you talk about this, because I do not understand it very well either, thank you.

Escrow looks difficult for me.

It is to everyone in the beginning but you get used to it s you complete more and more successful trades.

No he doesn't and you can use your own e-mil and secure it until the terms are fulfilled.

This is why its somehow suspicious to see those users who wanted to buy accounts specifying the accounts to have green trusts for they could use the account to scam. Users in this forum are aware of thier techniques so newbies should at least also learn the signs and read the WARNINGS.

For the ID verification, that is almost impossible to happen as bitcoin's one purpose is anonymity.

You only need the password.

You can simply change the password, email, and security question then log out. As soon as one user on the account logs out, all instances of people logged in are logged out. Then, since the password is changed, the old owner can't log back in. Easy!

yeah risk is a part of that but we can get good amount of bitcoins every month. Better get contract with dollar contract for interest because One of my friend lending bitcoin to the people. He is having bonding system for that and He is earning every month Some good amount of money by Bitcoin lending.

Everybody, thank you very much for the good replies. I have a better understanding now.

I appreciate the inputs from everyone. I have second thoughts because too much risk and too much effort.