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Author Topic: Loans too risky?  (Read 63323 times)
Fatanut
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July 08, 2017, 10:54:30 AM
 #1081

What makes loans difficult is, there are lots of websites that sell fake ID's. Verifying the identity of a person can be hard.

People get scammed on the Internet just for uploading their personal ID. Most times when you're going to place an Ad on Facebook, the customers ask for your ID so they can verify that it's actually you on your profile. But some people ask for ID so they can use that same ID to do things on the Internet. It's just recently when this happened to someone and was on the news.

Some websites do require for the owner of the ID to do a selfie holding the ID. This has stepped up the security a little bit but not all website requires this. Plus, there are still people able to bait other people into posting a picture like this. Oh well, not our problem since we don't run any loaning website. Tongue


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July 08, 2017, 12:59:37 PM
 #1082

I know that people give out loans but what's up with people no returning what they borrowed?? I want to know this because I might give out loans myself and I want to know what to watch out for... I have ~800 BTC at the moment and would it be a bad idea to start loaning? I bought my BTC back in 2010 mid August January(when it was about $0.07 per BTC) and I noticed the price went up a ton! Also what would be some other way to grow my BTC? Any ideas on what I should do?
Lol I don't believe a word you say about your bitcoin holdings, no offense.  And what's up with people not returning what they borrow?  Hello, are you new to the world?  It's greed and dishonesty.  I assume you're probably not new to this forum either.
When you lend, you must anticipate risky things. A creditor may also default. But bad guys always take advantage of every loophole to get money. With bitcoin bad guys can steal your bitcoin wallet. So you should be very careful about risky loans.

In online you can find many good and bad people, and mainly you can see many scammers who want to exploit every opportunity to make a free and easy by cheating others. So if you want to be successful in lending business, then you should come up with what kind of collateral can accept and should lend only with those collaterals and don't ever send money until secure you collaterals then only you can make some money from this lending business.

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July 08, 2017, 01:18:41 PM
 #1083

For further details, here are the definition of each.

Character- This is more on the personal information of the borrower. You need to know his or her credit history whether or not he or she has a debt in the past that was not settled.
Capital- You need to know that capital or net worth of the borrower. You can ask for his income tax return in order to see on how he or she would be able to repay you.
Capacity- You need to see one's capacity to pay. Is he has more assets than liabilities in general?
Collateral- To secure your money, you may ask for collateral or an asset that you can hold while he or she is not able to repay yet. That collateral becomes yours when he or she will no longer settle his debt to you. Make sure that the collateral is worth more than the debt he or she borrowed.
Conditions- These are the external factors (Economy, market etc.)

And don't forget about the big F.
FAKES.

Make sure all of them are real and not fake information.
People over at BTCJam were scammed with real documents they thought were true.
But I know personally about a guy who submitted bank details in full with 6 months of cc history and guess what
When they finally realized the guy scammed them, that bank didn't even exists Smiley))).

There were hundred of cases in which people used stolen or fake ids and bought paypal/fb/tweeter account for a few bucks to prove they are real.This is why btcjam is no more.

And in the end, even if you get the real info, even if the guy passes with 5C+, what are you going to do once he is not willing to pay back?
In some countries the entire process is so hard and time consuming you'll regret doing it.

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July 08, 2017, 01:43:26 PM
 #1084

If you believe in someone, it might look good to lend you money, but it might look risky lending money to people you do not really know, because it's going to be very difficult to get back. Well, even to people you know, they are very difficult to return the money you lend.

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July 08, 2017, 03:11:39 PM
 #1085

I wouldn't suggest you take money from people you don't know. Such companies are really scary for us, I must say!
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July 09, 2017, 06:05:05 AM
 #1086

Never thought if it and never searched about tit anywhere. But logically it seems to be impossible to work with bitcoin or virtually currencies to give away loans. Giving away money to virtual people you don’t know without any solid proofs seems to me unimaginable. I wouldn’t go for this.






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July 09, 2017, 06:12:19 AM
 #1087

I wouldn't suggest you take money from people you don't know. Such companies are really scary for us, I must say!

Loans in general are risky and it doesn't really matter where you're sourcing them from, what matters is that you must have a plan to pay back either than just taking them because you will be give or you're credit worthy. Many takes loans without a purpose and that is risky because it can land you in unplanned indebtedness.



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July 09, 2017, 06:54:57 AM
 #1088

I know that people give out loans but what's up with people no returning what they borrowed?? I want to know this because I might give out loans myself and I want to know what to watch out for... I have ~800 BTC at the moment and would it be a bad idea to start loaning? I bought my BTC back in 2010 mid August January(when it was about $0.07 per BTC) and I noticed the price went up a ton! Also what would be some other way to grow my BTC? Any ideas on what I should do?

So your 800 BTC only cost about $56. If I were you I would even bother to think of way to loan it just to obtain little interest like 2-4% per year- the risk is too high. Convert half into cash and hodl the other half. Use the cash for a holiday or just keep the cash in the bank for the tiny interest (hopefully it is not negative interest in your country).

Use half of his bitcoin for a holiday? Half would be $170k, as he has a total of $340k in bitcoin. 
I too strongly doubt that this is a serious question, but if you want to loan, you need to be picky, ask for collateral and be prepared to lose sometimes.

Also, unless you are seriously wealthy, I would suggest diversifying, rather than increasing your holdings!  Real estate and PMs would seem a good idea for someone with so much in Crypto.

Congratulations on buying and holding for so long, if what you posted is actually true.  I would guess that most who bought at sub $1, also sold at sub$10.

Instead of all this mess why don't just hold these bitcoins for even longer period and earn the royalty for the future. I don't see any good deal by loaning this much if bitcoin. Rather keeping would,d same and even profitable than loaning it out. Who knows who will return you your money and do you even have time to go behind them if they don't return the money. What collateral security you can get from them for online stakes? Must think before taking thr decision.

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July 09, 2017, 10:12:38 AM
 #1089

I wouldn't suggest you take money from people you don't know. Such companies are really scary for us, I must say!

Loans in general are risky and it doesn't really matter where you're sourcing them from, what matters is that you must have a plan to pay back either than just taking them because you will be give or you're credit worthy. Many takes loans without a purpose and that is risky because it can land you in unplanned indebtedness.
As a lender you need to ensure that the amount you lend must be collected, which means the risk is on you as a borrower
may failed to pay either intentional or not. When lending you need to require a collateral which is very hard to be done when lending online.

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July 09, 2017, 10:23:26 AM
 #1090

For me, loans are too risky a way of income, because I'm not good at this. In order to earn in this direction it is necessary to collect knowledge, but investment seems to me easier and safer.

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July 09, 2017, 10:31:15 AM
 #1091

Of course it is too risky...bitcointalk has become a pure scamming site...it is a shame in my opinion! I wouldn't recommend doing unsafe business here.
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July 09, 2017, 11:21:32 AM
 #1092

Of course it is too risky...bitcointalk has become a pure scamming site...it is a shame in my opinion! I wouldn't recommend doing unsafe business here.
It is not a shame. This is our life. The cost of democracy. Any forum is a reflection of our life in which there are good people and crooks. Nobody is going to explain who is who so you should be able to understand the people themselves.

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July 09, 2017, 01:23:52 PM
 #1093

Of course it is too risky...bitcointalk has become a pure scamming site...it is a shame in my opinion! I wouldn't recommend doing unsafe business here.
It is not a shame. This is our life. The cost of democracy. Any forum is a reflection of our life in which there are good people and crooks. Nobody is going to explain who is who so you should be able to understand the people themselves.

What has democracy to do with people not paying back their debts?
Crooks are crooks no matter if they live in a democracy or they live in communism.

Are you willing to take a bet that there are no scammers here from countries under dictatorship or communist rule?
More than half of the mining power is supposed to be in a country where democracy means shift.




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July 09, 2017, 01:25:39 PM
 #1094

Of course it is too risky...bitcointalk has become a pure scamming site...it is a shame in my opinion! I wouldn't recommend doing unsafe business here.
It is not a shame. This is our life. The cost of democracy. Any forum is a reflection of our life in which there are good people and crooks. Nobody is going to explain who is who so you should be able to understand the people themselves.

Can't argue with that,but it is easier for me to assume everybody is a potential scammer here!!!
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July 09, 2017, 01:27:46 PM
 #1095

Yes, loaning would be risky when you have such a big amount. 800 BTC, Oh my god you are richest person, but to become more richer either you should start making profit by selling now when the price is stagnated and purchase when it comes down.
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July 09, 2017, 03:40:08 PM
 #1096

If you believe in someone, it might look good to lend you money, but it might look risky lending money to people you do not really know, because it's going to be very difficult to get back. Well, even to people you know, they are very difficult to return the money you lend.
Even if the person you trust then you give the loan is still at risk Very likely they will not pay even trick you. It happens often in this world, let alone people you do not know on the internet then the risk will be very high. If you want to lend to someone make sure you ask for a guarantee that has a higher price

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July 09, 2017, 04:17:16 PM
 #1097

I think almost everyone looking for a loan is a scammer. There is almost no reason to want a loan, especially for a week. They are just gambling with it for the most part. If they can repay a loan in a week they didn't need that loan to begin with. If it is for a month I can kinda understand that because maybe you have bills to pay now or something I dunno.

The thing I never understand is how someone can put into escrow altcoins and ask for a loan of BTC. Sell the altcoins and do what you need to do, why take out a loan of BTC and put up the same worth of altcoins as collateral, makes no sense.



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July 09, 2017, 07:50:55 PM
 #1098

I think almost everyone looking for a loan is a scammer. There is almost no reason to want a loan, especially for a week. They are just gambling with it for the most part. If they can repay a loan in a week they didn't need that loan to begin with. If it is for a month I can kinda understand that because maybe you have bills to pay now or something I dunno.

The thing I never understand is how someone can put into escrow altcoins and ask for a loan of BTC. Sell the altcoins and do what you need to do, why take out a loan of BTC and put up the same worth of altcoins as collateral, makes no sense.

you're right, most of them are scammers-- come see what people are posting on the lending section thats why most people who give out loan there knows who to entertain and who to decline. we have long term loans here but it typically involves larger amount of bitcoin and most loaners stick to short term which has a maximum of 30 days mostly because that way they'll have more profit-- look at their interest rate.

i think its because they believe in that certain altcoin-- i mean if you just sell it, you can't get it back so if that altcoin boost up you'll regret it particularly if you have bought it on a much lower price. on the other hand if you just make it as a collateral you can get it back. well you should only loan if you're sure you will be receiving money before the due date.

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July 09, 2017, 08:48:29 PM
 #1099

I think almost everyone looking for a loan is a scammer. There is almost no reason to want a loan, especially for a week. They are just gambling with it for the most part. If they can repay a loan in a week they didn't need that loan to begin with. If it is for a month I can kinda understand that because maybe you have bills to pay now or something I dunno.

The thing I never understand is how someone can put into escrow altcoins and ask for a loan of BTC. Sell the altcoins and do what you need to do, why take out a loan of BTC and put up the same worth of altcoins as collateral, makes no sense.

There was one newbie (the account was new, probably the owner had been around here for longer) that was inquiring on how to make money out of loans, if possible.

His idea was to get a loan in BTC, deposit the altcoins and if the markets swing in one direction either repay the loan or default.
Sounds pretty stupid to me but this forum never cease to amaze me with the ideas people bring in.

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July 09, 2017, 10:35:52 PM
 #1100

Yes, loaning would be risky when you have such a big amount. 800 BTC, Oh my god you are richest person, but to become more richer either you should start making profit by selling now when the price is stagnated and purchase when it comes down.

Thats totally a lot of bitcoins to ask for the borrower. If I'm the lender its going to be a hard time of decision and you wont make a deal that is going to make you unfavored. With this big amount there should be some collateral thats higher with the asking amount of the borrwer. This is very risky for the lender.

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