Would You Ever Take Out a Loan in Bitcoin?

[fossilized]

Hard to imagine loans in BTC being widespread. loans require trust, which anonymity and lack of feasible digital collateral is unable to provide.

[CrackedLogic]

Only if its for something that involves bitcoin solely. I won't take out a loan, convert to to fiat. The volatile price stops me from doing that.
I wouldn't to take a loan for $1000 withdraw it and finding myself with $800.

[nerFohanzo]

Hard to imagine loans in BTC being widespread. loans require trust, which anonymity and lack of feasible digital collateral is unable to provide.

Yes loan is good when it is one to one interaction so that the trust is built upon but you simply cannot trust anyone as you are not aware personally who are you dealing with so it is better not to take loan in bitcoin

[pooya87]

it is hard to trust anybody anymore these days. i would never give anybody any loan without any collateral no matter how much good history they have got. especially on BTCjam, the trust service and any kind of verification that they have got, is not a 100% grantee that you dont lose money to a scammer.
with collateral at least you know that your money is safe.

I personally borrowed the money a couple of times at the other site. Small amounts. I did not know etih people but we talked a lot on the network and have a great rating. I was 100% sure that I give. I knew that they cherish his name and his nickname.
There are times when urgently needed money.
Yes, it is difficult to trust someone, but there are still honest people.

yeah, there is no doubt that there are still a lot of honest people everywhere. but the point is you can not tell, unless you personally know somebody.
just look at lending section of the forum. there are many newbie accounts that are asking for loans. who can tell if there is someone in the middle of them who is really honest and doesn't want to scam you.

besides i think if you want to lend/ load bitcoin you should make your contract in fiat not btc, since the price is so volatile and can rise and fall drastically that is a better choice.

[gentlemand]

yeah, there is no doubt that there are still a lot of honest people everywhere. but the point is you can not tell, unless you personally know somebody.
just look at lending section of the forum. there are many newbie accounts that are asking for loans. who can tell if there is someone in the middle of them who is really honest and doesn't want to scam you.

When it comes to money you can't even trust your closest friends. I've been fucked over for the sake of a hundred dollars or less by people I've known for years. It does very strange things to people.

Once you throw in the internet, quasi anonymity and irreversible payments, I truly cannot see why anyone would ever issue a loan.

[Pathi]

I did a small loan last week. I needed a little extra btc to pay for shipping on some miners I ordered. As long as you follow the rules in the lending forum it is an easy process.

[peter0021]

it is hard to trust anybody anymore these days. i would never give anybody any loan without any collateral no matter how much good history they have got. especially on BTCjam, the trust service and any kind of verification that they have got, is not a 100% grantee that you dont lose money to a scammer.
with collateral at least you know that your money is safe.

I personally borrowed the money a couple of times at the other site. Small amounts. I did not know etih people but we talked a lot on the network and have a great rating. I was 100% sure that I give. I knew that they cherish his name and his nickname.
There are times when urgently needed money.
Yes, it is difficult to trust someone, but there are still honest people.

yeah, there is no doubt that there are still a lot of honest people everywhere. but the point is you can not tell, unless you personally know somebody.
just look at lending section of the forum. there are many newbie accounts that are asking for loans. who can tell if there is someone in the middle of them who is really honest and doesn't want to scam you.

besides i think if you want to lend/ load bitcoin you should make your contract in fiat not btc, since the price is so volatile and can rise and fall drastically that is a better choice.

Most of loan here are through BTC. The loanees can use BTC pay to the merchants directly! No need bother with the different exchange rate and fees!

[nicole7852]

I did a small loan last week. I needed a little extra btc to pay for shipping on some miners I ordered. As long as you follow the rules in the lending forum it is an easy process.

I am not against to take such kind of loan, which is quick and anonymous. Especially when in an emergency, we need money to pay the bill before we get paid!

[lockshop11]

The rule is not fair for the low level account owners, who has low reputation but need emergent loan! They have no called legit collateral but is honest ppl. So they would rather go to btc jam to ask a loan!

[S4VV4S]

I would not go near borrowing Bitcoin. One takes out a loan in Bitcoin in the winter of 2001 - 2012 when Bitcoin was trading around 2 USD and then 2 years later it is worth 1000 USD. I prefer something that depreciates in value such as most fiat currencies when it comes to borrowing.

Bro, Bitcoin hasn't even been conceived by Satoshi in 2001 - LOL
(I know it's a typo )

I don't think anyone will give you a Bitcoin loan for 2 years though.
Then again maybe there is someone who might.

Also, you could ask for a 100$ loan in Bitcoin, then return the same: 100$ in Bitcoin.

[zeraTunerse]

The rule is not fair for the low level account owners, who has low reputation but need emergent loan! They have no called legit collateral but is honest ppl. So they would rather go to btc jam to ask a loan!

I Suggest not to do so. It is better that you keep you bitcoins safe and secured without disclosing it to others. As You cannot trust here anyone you don't know with whom you are dealing in person and ya If you know him personally then you can go for loan in bitcoins or else it is too risky.

[josephliton]

Yes, sure why not. As long as I would have something profitable to invest in, I would.

[feverpitch]

I try to avoid all loans I possibly can - so I would approach a loan in BTC the same way I'd approach a loan in fiat.

[Anirban Sarkar]

I never take a loan because I don't need it but if u want you can take by reading terms and conditions

[RappelzReborn]

mm nah , I personally never did and probably never will .
I gave loans couple of times to people and they gave me back before time ,so I try to help people since my financial life is pretty fine and I don't need to borrow any money . I'am just a teenager who live with his parents and have all 

[vrm86]

Taking out loan in BTC reminds me taking mortgage credits in CHF (swiss franc), that many people in my country did few years ago and all of them were screwed up when CHF went up by 20%. Of course nobody would take out (or even give) loan in BTC for xx years, but in spite of this, that is kinda gambling for me.

[randy8777]

definitely not. i wouldn't even take a loan in fiat. it's the fact that i don't like owing money to some one or a company. that's a no go for me.

[iram66680]

The rule is not fair for the low level account owners, who has low reputation but need emergent loan! They have no called legit collateral but is honest ppl. So they would rather go to btc jam to ask a loan!

BTCjam is definitely not the place to go. You are literally submitting your ID to an anonymous person in the internet. No guarantees that their web security is good. Identity theft is much more possible this way. The default rate is ridiculously high there.

[cryptotipz]

taken out over 20 loans on BTCJam and paid all of them back successfully , so yeah why not?

[cellard]

The rule is not fair for the low level account owners, who has low reputation but need emergent loan! They have no called legit collateral but is honest ppl. So they would rather go to btc jam to ask a loan!

BTCjam is definitely not the place to go. You are literally submitting your ID to an anonymous person in the internet. No guarantees that their web security is good. Identity theft is much more possible this way. The default rate is ridiculously high there.

Yup, dont wanna give out your ID like you give your email.
I think it's clear now we need some sort of Gemini type solution for loans. Gemini is going to be the right way to run an exchange, and now we need the same to be done for loans. Hopefully the Winklevoss or someone else get into it.