Bitcoin Loaning - Is it worth it?

[Whitehouse]

I ment collateral haha, I was planning in using an Escrow anyway, thanks for the input. I was planning on asking alt coins as collateral which may mean slow business, but a not so devastating outcome when I get scammed :/

Once you build up enough rep/trades you'll be able to take collateral without escrow, though using as escrow will be time consuming just for loans. I'd take forum accounts as collateral as most people wont even need to loan money if they've already got the sufficient amount in alts though there are lots of people doing this already so people would likely choose another user over you.

[Fishbones78]

I ment collateral haha, I was planning in using an Escrow anyway, thanks for the input. I was planning on asking alt coins as collateral which may mean slow business, but a not so devastating outcome when I get scammed :/

Once you build up enough rep/trades you'll be able to take collateral without escrow, though using as escrow will be time consuming just for loans. I'd take forum accounts as collateral as most people wont even need to loan money if they've already got the sufficient amount in alts though there are lots of people doing this already so people would likely choose another user over you.

How could I take an account as collateral? Surely I would be shown as being a bit malicious selling off accounts, and surely they could just reset the password on the account?

[Whitehouse]

I ment collateral haha, I was planning in using an Escrow anyway, thanks for the input. I was planning on asking alt coins as collateral which may mean slow business, but a not so devastating outcome when I get scammed :/

Once you build up enough rep/trades you'll be able to take collateral without escrow, though using as escrow will be time consuming just for loans. I'd take forum accounts as collateral as most people wont even need to loan money if they've already got the sufficient amount in alts though there are lots of people doing this already so people would likely choose another user over you.

How could I take an account as collateral? Surely I would be shown as being a bit malicious selling off accounts, and surely they could just reset the password on the account?

Plenty of people buy/trade/sell accounts. Just look at the digital goods section. In fact I think forum accounts are the most popular form of collateral these days. To secure an account you just change all the details including the email address and there's not really any way they can get it back. They could go to the admins and try convince them it was hacked but with a little investigation they would see it wasn't. You can always change the signature/personal text to 'account currently held as collateral by Fishbones78 etc as well.

[Fishbones78]

I ment collateral haha, I was planning in using an Escrow anyway, thanks for the input. I was planning on asking alt coins as collateral which may mean slow business, but a not so devastating outcome when I get scammed :/

Once you build up enough rep/trades you'll be able to take collateral without escrow, though using as escrow will be time consuming just for loans. I'd take forum accounts as collateral as most people wont even need to loan money if they've already got the sufficient amount in alts though there are lots of people doing this already so people would likely choose another user over you.

How could I take an account as collateral? Surely I would be shown as being a bit malicious selling off accounts, and surely they could just reset the password on the account?

Plenty of people buy/trade/sell accounts. Just look at the digital goods section. In fact I think forum accounts are the most popular form of collateral these days. To secure an account you just change all the details including the email address and there's not really any way they can get it back. They could go to the admins and try convince them it was hacked but with a little investigation they would see it wasn't. You can always change the signature/personal text to 'account currently held as collateral by Fishbones78 etc as well.

Okay, seems good. Thanks

[misterycoins]

Loaning is not a good option IMHO. default rates are pretty high and you could lose money, Furthermore the volume is very small to make a good profit

[Cryptopher]

I dunno, some people do it for more than just the returns e.g. for trust feedback, however personally I wouldn't take the risk.

Providing that you do your homework on how to deal with those borrowing your coins, and identifying solid collateral and such then it could be worthwhile...

[jonald_fyookball]

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

• Is it actually profitable?
• Will I get scammed to death?

Cheers.

No.

Yes.

[Fishbones78]

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

• Is it actually profitable?
• Will I get scammed to death?

Cheers.

No.

Yes.

That's a very straightforward answer, people seem to have very different opinions on loaning. I think i'll try a couple of micro loans (but still request collateral) to test the water. If I make a loss, I have my clear answer  

[romano1]

Bitcoin loaning is nice idea but better be safe and ask for collateral, unless you trust the person.

[kevindurant]

If you know how to evaluate the "colaterals" and never give the loan without loan.
Then it's quite profitable.

[romano1]

If you know how to evaluate the "colaterals" and never give the loan without loan.
Then it's quite profitable.

i think you meant without collateral , right ?

[madmadmax]

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

• Is it actually profitable?
• Will I get scammed to death?

Cheers.

Your ability to achieve a profit in the free market is determined by your skill and your intelligence, be in WoT, ask for collateral and most importantly build a name and make a steady profit, don't be lending on bitcointalk like a fool.

[aso118]

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

• Is it actually profitable?
• Will I get scammed to death?

Cheers.

If you have to lend, start with only collateralized loans is my advice. Do not be greedy.
Otherwise, you definitely will get scammed to death.

[DaddyMonsi]

worth it if you are good in selecting who will be approved
if i will go into lending its much better if theres always a collateral, that way I can at least regain my BTC in case of loan default

[wadili89]

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

• Is it actually profitable?
• Will I get scammed to death?

Cheers.

my ans is NO its so much work and hassal for little profit and if you got scamed you loss your complete month of profit without collateral no way dont even think about it with collateral its still so much work got scam and try to use that collateral is also work mostly you will get account as a collateral and after being scam you will find someone to buy that account to recover loss so much work

[n2004al]

What if you use BTCJam and do lending only for the A+ guys? To be A+ you need all sort of verifications, so it wouldn't be anonymous, which means they will do everything possible to be pay back. What would happen if they legitimately cant pay back tho, do BTCJam cover loses?

I think that even btcjam doesn't offer the needed warranties. The A+ guys doesn't meant that will be successful with the lending money. There are to many guys with A+ that have lost the money because the erroneous investments. So with him investment go away even the bitcoin lended . My suggestions is: Don't give bitcoin. Maybe with escrow yes but as a general rule might be: don't give bitcoin. Save those in your wallet.

[Possum577]

If there is a chance of you being scammed then you will surly be scammed. Only ever loan Bitcoin if you can get a trusted 3rd party to hold collateral at 110%-120% of the value of the loan, which will at least cover you when they default. I doubt it is very profitable in all honesty.

Ah okay, thanks. But what really is collateral? If someone says they'll give a domain name for example, how do I know that really is worth more than the loan?

Collateral is anything you can hold as value for the amount you've loaned...domain name is good but only as valuable as your ability to use it to recoup your money of the borrower doesn't repay.

You should check out www.prosper.com. It would be safest and most profitable to converts your btc to dollars and loan them through Prosper. You can lisn amounts as low as $25, choose who you loan to and get a decent return (4-10%.)

Check it out.

[g1974ak]

What if you use BTCJam and do lending only for the A+ guys? To be A+ you need all sort of verifications, so it wouldn't be anonymous, which means they will do everything possible to be pay back. What would happen if they legitimately cant pay back tho, do BTCJam cover loses?

I think that even btcjam doesn't offer the needed warranties. The A+ guys doesn't meant that will be successful with the lending money. There are to many guys with A+ that have lost the money because the erroneous investments. So with him investment go away even the bitcoin lended . My suggestions is: Don't give bitcoin. Maybe with escrow yes but as a general rule might be: don't give bitcoin. Save those in your wallet.

Not only this. But if you want to increase the amount of bitcoin you own save everyday some bucks (the bucks of the second and third coffe at the bar) and after a while buy bitcoin with those. You will be amazed how many bitcoin you will have after a year.

[Herbert2020]

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

• Is it actually profitable?
• Will I get scammed to death?

Cheers.

there always exists a chance of getting scammed in every trade that you make. the only thing that you can do is to reduce the risks as much as you can.

for example when you want to trade anything with bitcoin you can use a trusted escrow service, or when lending bitcoin you should ask for a valid collateral.

[Kprawn]

What would you use for collateral? I hope it's not usernames on Bitcointalk. These usernames are sold, and bought for scamming on a daily basis. The only reliable usernames are the primary username of a

member, with Hero and above ranking and not created with the intent to sell. {Check post history, for constructive and non-spam related content}

You are entering a very high risk scene and the probability of being scam exceeds the promise of a high return on your investment. Good luck, if you want to try it, because you will need it. 

If you use Escrow, make sure it's one with a good reputation and lots of positive feedback from many users... some of those might be shill accounts used to boost it's reputation.