What do I need to prepare if I want to start offer loans here

[horace0812]

I am still new in btc world,
but I got some BTC in my pocket, and looking for some profit,
however, both gambling and investing are too risky in my mind,
or can't find a good web to do so.

Then, I found there is a Lending section here,
so I want to offer micro short term loans to other members,
but I am really new on this section.

Anything, apart from money, I need to prepare / learn before I am going it.
like those sign message, I still dunno what is that for, and the reason for doing it...lol

Please feel free to drop me a msg to teach me about it

[subSTRATA]

a valid signed message can only be created if the person signing the message controls the private key for that address. given that a message including the date can be signed from an address posted by the person a few months ago, that message can prove ownership of the account by that person. this prevents you from taking hacked accounts as collateral, which would result in your loss.

[cooldgamer]

You'll need some lube....  You'll get scammed long before making any decent amount of profit.  If somebody is reputable they can get loans at much better rates than here, if not they're just looking to take your BTC

[notlist3d]

You'll need some lube....  You'll get scammed long before making any decent amount of profit.  If somebody is reputable they can get loans at much better rates than here, if not they're just looking to take your BTC

As much as I hate it this is pretty much true.  Online loans just are tough.

You have to ask yourself if someone can get regular loans at low interest .... why would they go for a super high interest loan online?   Your basically one of those car loan buisness's..... but you get no collateral.

[horace0812]

a valid signed message can only be created if the person signing the message controls the private key for that address. given that a message including the date can be signed from an address posted by the person a few months ago, that message can prove ownership of the account by that person. this prevents you from taking hacked accounts as collateral, which would result in your loss.

So if I am going to offer no collateral loans, I don't really need to use signed message?
Am I correct?

You'll need some lube....  You'll get scammed long before making any decent amount of profit.  If somebody is reputable they can get loans at much better rates than here, if not they're just looking to take your BTC

I think I will start to offer loans with those high trust members 1st,
and after I know more about, will open to high rank members with low / no trust.


Btw, if I going to ask for like 5% for a week loan, is it too high for the interest?

[cooldgamer]

a valid signed message can only be created if the person signing the message controls the private key for that address. given that a message including the date can be signed from an address posted by the person a few months ago, that message can prove ownership of the account by that person. this prevents you from taking hacked accounts as collateral, which would result in your loss.

So if I am going to offer no collateral loans, I don't really need to use signed message?
Am I correct?

You'll need some lube....  You'll get scammed long before making any decent amount of profit.  If somebody is reputable they can get loans at much better rates than here, if not they're just looking to take your BTC

I think I will start to offer loans with those high trust members 1st,
and after I know more about, will open to high rank members with low / no trust.


Btw, if I going to ask for like 5% for a week loan, is it too high for the interest?

Anybody that's good to repay it has a credit card and could get that 20% a month to cover a year.  There are some people that just need a few bucks for a couple days, but the majority of people want to take your money.  There's no way you'll get through 20 weeks worth of loans without somebody not repaying.  

[subSTRATA]

a valid signed message can only be created if the person signing the message controls the private key for that address. given that a message including the date can be signed from an address posted by the person a few months ago, that message can prove ownership of the account by that person. this prevents you from taking hacked accounts as collateral, which would result in your loss.

So if I am going to offer no collateral loans, I don't really need to use signed message?
Am I correct?

You'll need some lube....  You'll get scammed long before making any decent amount of profit.  If somebody is reputable they can get loans at much better rates than here, if not they're just looking to take your BTC

I think I will start to offer loans with those high trust members 1st,
and after I know more about, will open to high rank members with low / no trust.


Btw, if I going to ask for like 5% for a week loan, is it too high for the interest?

if youre planning to offer no collateral loans, thats just asking to get scammed. the "no collateral" in the thread title becomes more or less a big target for any and all potential scammers. however, a signed message would still help i nthe case of a no collateral loan, as a hacked account has nothing to lose; if a hacked account with green trust took out  a no collateral loan, it is likely the account would be granted that loan. with a signed message, you can verify that the same trustworthy person is the one on that account requesting the loan.

[DiscoverCebu]

If you are new in btc-lending you may want to look at some of the "successful" btc-loaners like macrothminer,quickseller(not micro ones though). Take a look at some of the loans in the lending section. Maybe you'll not like the lending business after you see some have not repaid their loans at all.

[Kasawari]

"What do I need to prepare if I want to start offer loans here"
Prepare to be scammed
Prepare to hear a lot of alibis for those who cant pay on time
prepare for denials that they received your BTC or they sent you BTC
 

[DiscoverCebu]

Some of the "successful" lenders-
https://bitcointalk.org/index.php?topic=1083166.0
https://bitcointalk.org/index.php?topic=958575.0
https://bitcointalk.org/index.php?topic=737639.0
Try learning something from them. Well second-hand experience but experience after all.

[pooya87]

just go to the lending section and read the sticky topic on the top of the page to learn some valuable information. then read on some of the load offerings pages to see what really is going on.

what you need to prepare is:

• bitcoin! i think the minimum of 0.5BTC might be enough to start.
• an Escrow , which you can do after you find the one you want to give loan to.

and learn these thing:

• how to sign a message ,
  
• how recognize scams ,
  
• what collateral do want to accept and how much each of them are worth.

[Possum577]

Have a well thought out process for evaluating who you will grant loans to and why. Establish a process for repayment and guidelines around when the borrower should be considered in default.

[horace0812]

a valid signed message can only be created if the person signing the message controls the private key for that address. given that a message including the date can be signed from an address posted by the person a few months ago, that message can prove ownership of the account by that person. this prevents you from taking hacked accounts as collateral, which would result in your loss.

So if I am going to offer no collateral loans, I don't really need to use signed message?
Am I correct?

You'll need some lube....  You'll get scammed long before making any decent amount of profit.  If somebody is reputable they can get loans at much better rates than here, if not they're just looking to take your BTC

I think I will start to offer loans with those high trust members 1st,
and after I know more about, will open to high rank members with low / no trust.


Btw, if I going to ask for like 5% for a week loan, is it too high for the interest?

if youre planning to offer no collateral loans, thats just asking to get scammed. the "no collateral" in the thread title becomes more or less a big target for any and all potential scammers. however, a signed message would still help i nthe case of a no collateral loan, as a hacked account has nothing to lose; if a hacked account with green trust took out  a no collateral loan, it is likely the account would be granted that loan. with a signed message, you can verify that the same trustworthy person is the one on that account requesting the loan.

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

[subSTRATA]

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

well youre going to be making very small amounts off lending anyways, its not a good thing if youre thinking about making money. i provide my lending services in the case i have spare funds and if any other lender is offline/otherwise unavailable.

[horace0812]

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

well youre going to be making very small amounts off lending anyways, its not a good thing if youre thinking about making money. i provide my lending services in the case i have spare funds and if any other lender is offline/otherwise unavailable.

actually I am looking for some web to invest, however, seems like most of them are Ponzi style,
which seems like a bit risky, therefore, I came up with an idea to earn in Lending section,
but it is a hard task either

[Hexcoin]

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

well youre going to be making very small amounts off lending anyways, its not a good thing if youre thinking about making money. i provide my lending services in the case i have spare funds and if any other lender is offline/otherwise unavailable.

actually I am looking for some web to invest, however, seems like most of them are Ponzi style,
which seems like a bit risky, therefore, I came up with an idea to earn in Lending section,
but it is a hard task either

i can say that lending coins here is better than investing coins in some site, you can for ask collateral when giving loans so your money is safe when you lend and you can earn 10-20% per week with that just dont forget to ask for collateral for every loan unless you really trust the loanee

[subSTRATA]

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

well youre going to be making very small amounts off lending anyways, its not a good thing if youre thinking about making money. i provide my lending services in the case i have spare funds and if any other lender is offline/otherwise unavailable.

actually I am looking for some web to invest, however, seems like most of them are Ponzi style,
which seems like a bit risky, therefore, I came up with an idea to earn in Lending section,
but it is a hard task either

the rates here are comparable to that of loan sharks (10% a week beats any investment on wall street by a large margin), but the problem is that these loans are usually in the range of 0.03 - 0.1 BTC. you wont multiply your money like you might hope, but in the grand scheme of things, youre making a good percentage of your loaned money as profit, its just youre lending so little anyways that it doesnt seem like much at all.

[Herbert2020]

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

well youre going to be making very small amounts off lending anyways, its not a good thing if youre thinking about making money. i provide my lending services in the case i have spare funds and if any other lender is offline/otherwise unavailable.

actually I am looking for some web to invest, however, seems like most of them are Ponzi style,
which seems like a bit risky, therefore, I came up with an idea to earn in Lending section,
but it is a hard task either

yeah it is hard to lend bitcoin these days especially with all the scammers who would scam you for a penny !
but you know well earning money is not supposed to be an easy task [usually]

[White sugar]

a valid signed message can only be created if the person signing the message controls the private key for that address. given that a message including the date can be signed from an address posted by the person a few months ago, that message can prove ownership of the account by that person. this prevents you from taking hacked accounts as collateral, which would result in your loss.

But nothing stops him from receiving ticking bomb accounts about to be banned or to receive negative trust.

Even with signed message OP still can be scammed.

And there are already so much people offering loans, so you hardly will make a deal

[subSTRATA]

O...finally I got why the signed message is useful now.

Still thinking about the how my Lending going to act,
It is difficult to start with, and also there is already lot of members are providing this service,
seems like a very hard task to gain a profit...

well youre going to be making very small amounts off lending anyways, its not a good thing if youre thinking about making money. i provide my lending services in the case i have spare funds and if any other lender is offline/otherwise unavailable.

actually I am looking for some web to invest, however, seems like most of them are Ponzi style,
which seems like a bit risky, therefore, I came up with an idea to earn in Lending section,
but it is a hard task either

yeah it is hard to lend bitcoin these days especially with all the scammers who would scam you for a penny !
but you know well earning money is not supposed to be an easy task [usually]

unfortunately, i think this is a result of bitcoin becoming more and more mainstream/popular, and as people learn that "free bitcoin" can be acquired from faucets, ptc sites, etc, they get greedier and greedier and start wanting more, and eventually end up scamming to do so. thinking "its completely anonymous they'll never figure out its me."

in addition, there's people like this guy too: https://bitcointalk.org/index.php?topic=1128873.0
i actually cant stop laughing at this.

And there are already so much people offering loans, so you hardly will make a deal

true, there are many lenders here already, but its always welcome for others to join in. if everyone else is offline, the smaller loaners can provide the lending services in their stead.