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Author Topic: When is it useful to borrow bitcoin?  (Read 77423 times)
tommorisonwebdesign
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August 02, 2015, 08:31:14 PM
 #1

When is it useful to borrow bitcoin? Considering that it is really hard to get a loan here on this forum even with escrow, and the plentiful amount of scammers floating around here, is there really a great reason to even bother getting a loan here? I mean unless you're flat broke I could understand but even still it's an uphill battle. It's way easier to take out a cash advance in an emergency. I suppose if you're dealing with a trusted borrower and trustworthy escrow you may have a chance in obtaining your funds. Other than that, it can be difficult for a scam-less transaction to take place.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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August 03, 2015, 10:24:20 AM
 #2

i would simply take their account as a collateral, account business is very accepted at present because of signature campign, so it's very safe to take it as a collateral

and for this reason i find lending here more safe than on some sites like btcjam where even A++ users will not pay some time
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August 03, 2015, 10:58:32 AM
 #3

as far when it might be beneficial for you to take a loan, you should weight the cost and benefits; usually loan are taken on the forum when people are either a tad short on a purchase or really want an item immediately; if the value of one getting that item sooner outweighs the cost of the interest, it would be worth to take a loan out i imagine, but only if income is guaranteed in the future.

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August 03, 2015, 11:10:19 AM
 #4

If your estimated gain is more than the lender's interest rate, you can say it is a very useful situtaion to borrow bitcoins.

But then borrowing bitcoins or borrowing money from bank is no different than each other, while except this forum is full with scammers, banks are usually safe.

Tldr; I wouldn't borrow or lend any btc's in this forum. Too risky.

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August 03, 2015, 09:24:00 PM
 #5

If your estimated gain is more than the lender's interest rate, you can say it is a very useful situtaion to borrow bitcoins.

But then borrowing bitcoins or borrowing money from bank is no different than each other, while except this forum is full with scammers, banks are usually safe.

Tldr; I wouldn't borrow or lend any btc's in this forum. Too risky.

I'd say the same. Unfortunately, it is very rare such a situation comes up due to the insane interest rate. If it wasn't for something real special where I was prepared tp lose money, I'd go to a fiat bank instead and buy BTC.
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August 03, 2015, 09:32:18 PM
 #6

I truly do not understand why anyone would take a loan or provide one in BTC. I can only assume that nine times out of ten it's for gambling or attempted scamming these days. It defies the laws of logic unless someone has left the banking system completely behind or is involved in a BTC only deal for a miner or something.

Maybe once upon a time it was a potential money maker if the price moved radically. That's not really the case at present.

Getting a loan on here should be as hard as humanly possible. It's not as if this scene has a great track record for honesty from the newest poster on here up to the most established heavyweights of the whole shebang.

 


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August 03, 2015, 10:00:18 PM
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I truly do not understand why anyone would take a loan or provide one in BTC. I can only assume that nine times out of ten it's for gambling or attempted scamming these days. It defies the laws of logic unless someone has left the banking system completely behind or is involved in a BTC only deal for a miner or something.

Maybe once upon a time it was a potential money maker if the price moved radically. That's not really the case at present.

Getting a loan on here should be as hard as humanly possible. It's not as if this scene has a great track record for honesty from the newest poster on here up to the most established heavyweights of the whole shebang.

 


as far as providing one goes, the interest rates are akin to those from loan sharks; 10% in a week? that beats every investment on wall street by a long shot. however, most of these are micro loans, so the profit in the big picture is small, but those that give many loans may see a noticeable profit. also, lenders can possibly make substantial profit from liquidating collateral that is worth a large margin more than the loan given.

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August 03, 2015, 10:47:12 PM
 #8

Why didn't you try borrowing in a site, like BTCJam?
Your problem would be solved Cheesy Cheesy

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August 03, 2015, 11:17:20 PM
 #9

I think it takes time for people to buy bitcoin. Sending money to exchanges take days and going to an ATM or meeting face to face on localbitcoin still take hours. When someone wants to make a purchase in bitcoin and don't have enough, they borrow.
tommorisonwebdesign
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August 04, 2015, 03:22:49 AM
 #10

Why didn't you try borrowing in a site, like BTCJam?
Your problem would be solved Cheesy Cheesy
I don't want to involve myself in that scam site.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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August 06, 2015, 05:15:22 PM
 #11

When is it useful to borrow bitcoin? Considering that it is really hard to get a loan here on this forum even with escrow, and the plentiful amount of scammers floating around here, is there really a great reason to even bother getting a loan here? I mean unless you're flat broke I could understand but even still it's an uphill battle. It's way easier to take out a cash advance in an emergency. I suppose if you're dealing with a trusted borrower and trustworthy escrow you may have a chance in obtaining your funds. Other than that, it can be difficult for a scam-less transaction to take place.

I have seen instances where getting a loan was extremely useful. I'm specifically thinking of when DobZombie's store got hacked and he needed to get some funds back.
He ended up getting 14 BTC through a loan on this forum and he paid everything back in time plus didn't ask for a loan again.

Yeah, sometimes a loan can be pretty useful when you're a trusted member in this community.

Here's the topic where DobZombie gets his 14 BTC loan (back in 2014):
https://bitcointalk.org/index.php?topic=659785.msg7426920#msg7426920

 

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RealBitcoin
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August 22, 2015, 07:56:55 PM
 #12

When is it useful to borrow bitcoin? Considering that it is really hard to get a loan here on this forum even with escrow, and the plentiful amount of scammers floating around here, is there really a great reason to even bother getting a loan here? I mean unless you're flat broke I could understand but even still it's an uphill battle. It's way easier to take out a cash advance in an emergency. I suppose if you're dealing with a trusted borrower and trustworthy escrow you may have a chance in obtaining your funds. Other than that, it can be difficult for a scam-less transaction to take place.

Probably never, becaause bitcoin is a deflationary market, and if you borrow 1 btc at 200$ market price.

Then you use the 200$ to buy whatever, then if the btc price goes to 1 million $, then you owe 1 million $ which you cant pay from your salary.

Only inflationary currencies are worth using for credits like EUR,USD,JPY, and the rest of the fiat which is devalued and printed like crazy.

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September 08, 2015, 03:58:17 AM
 #13

I don't think people should borrow bitcoin at all.

Just borrow fiat from your bank and fiat to btc.
kampretkabur
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September 08, 2015, 06:05:02 AM
 #14

the most useful time to borrow the bitcoin is when u have a certain speculation of a business/trade/investment that uses bitcoin n has a great chance of big profit. but be careful

Outlander
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September 08, 2015, 06:19:05 AM
 #15

i would simply take their account as a collateral, account business is very accepted at present because of signature campign, so it's very safe to take it as a collateral
Not actually. I have seen many loans using accounts as collateral have defaulted. COZ the accounts' price seem to become lower recently. Ppl can find difficlut to sell their account at a good price, except that taking a loan and going away.

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September 08, 2015, 06:26:10 AM
 #16

I don't think people should borrow bitcoin at all.

Just borrow fiat from your bank and fiat to btc.
You should know to borrow fiat from the bank needs tedious procedures and long time waiting. But you still have no guarantee to get the loan. Bitcoin lending is different. If you have sufficient reputation, or collaterals, the lenders will issue the requied loan to you straignt away. For some unbanked ppl or area, it is a good place to get quick moeny.

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bazar165g
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September 08, 2015, 06:34:37 AM
 #17

When is it useful to borrow bitcoin? Considering that it is really hard to get a loan here on this forum even with escrow, and the plentiful amount of scammers floating around here, is there really a great reason to even bother getting a loan here? I mean unless you're flat broke I could understand but even still it's an uphill battle. It's way easier to take out a cash advance in an emergency. I suppose if you're dealing with a trusted borrower and trustworthy escrow you may have a chance in obtaining your funds. Other than that, it can be difficult for a scam-less transaction to take place.

Probably never, becaause bitcoin is a deflationary market, and if you borrow 1 btc at 200$ market price.

Then you use the 200$ to buy whatever, then if the btc price goes to 1 million $, then you owe 1 million $ which you cant pay from your salary.

Only inflationary currencies are worth using for credits like EUR,USD,JPY, and the rest of the fiat which is devalued and printed like crazy.

Bitcoin's price is volatile. It may be not fit to the large amount of loan. But it is for small amount and short term lending. But it will be different. If the borrowers are invovled in bitcoin business, not expose to the rate flucatuation risk, they may consider it a good option, like IPO, ICO,  crowdfunding for bitcoin or altcoins related business.
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September 08, 2015, 09:56:24 AM
 #18

I don't think people should borrow bitcoin at all.

Just borrow fiat from your bank and fiat to btc.
You should know to borrow fiat from the bank needs tedious procedures and long time waiting. But you still have no guarantee to get the loan. Bitcoin lending is different. If you have sufficient reputation, or collaterals, the lenders will issue the requied loan to you straignt away. For some unbanked ppl or area, it is a good place to get quick moeny.
but borrowing bitcoin is very prone to scam, because we do not know when the person is scaming us, even though he has a reputation, collateral or a guarantee. and also in some countries banned the use bitcoin currency , so that when you have fraud, you will not get legal aid
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September 08, 2015, 12:43:48 PM
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of course when bitcoin price is going really down!
borrow it,and keep it until the price normal rhigher
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September 08, 2015, 02:51:59 PM
 #20

When is it useful to borrow bitcoin? Considering that it is really hard to get a loan here on this forum even with escrow, and the plentiful amount of scammers floating around here, is there really a great reason to even bother getting a loan here? I mean unless you're flat broke I could understand but even still it's an uphill battle. It's way easier to take out a cash advance in an emergency. I suppose if you're dealing with a trusted borrower and trustworthy escrow you may have a chance in obtaining your funds. Other than that, it can be difficult for a scam-less transaction to take place.

Probably never, becaause bitcoin is a deflationary market, and if you borrow 1 btc at 200$ market price.

Then you use the 200$ to buy whatever, then if the btc price goes to 1 million $, then you owe 1 million $ which you cant pay from your salary.

Only inflationary currencies are worth using for credits like EUR,USD,JPY, and the rest of the fiat which is devalued and printed like crazy.

Bitcoin's price is volatile. It may be not fit to the large amount of loan. But it is for small amount and short term lending. But it will be different. If the borrowers are invovled in bitcoin business, not expose to the rate flucatuation risk, they may consider it a good option, like IPO, ICO,  crowdfunding for bitcoin or altcoins related business.

Sure that one is good. I mean everytime you exchange bitcoin into an altcoin or fiat, you are exposed to exchange risk.

But that is not necessarly a long term investment, its not even a loan, its just a pure short term startup/investment.

But most people take personal loans not business loans, which dont generate money, but generate huge liability after.

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