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Author Topic: Loans too risky?  (Read 66595 times)
madwica
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November 21, 2016, 12:10:51 PM
 #901

Loans are really risky but not for the borrower, obviously the risk is on the lender as borrower will not choose to pay if he is not a good payer. There are many scammers online so we need to be careful if we plan to have this kind of business. I would not recommend so, because the risk does not commensurate the income.
I think lending is good business to grow bitcoin, of course there is a risk that is always there, but the risk can be minimized by requiring a high assurance, so that if they do not pay you still have that assurance

Actually, Lending is very good business, but once you take this business, make sure that you are ready to face the consequences. Your concept was already whole, i mean all the possibilities in entering this business was already have formula to answer the situation. Giving Loans  via virtual world is much riskier than giving loan and you have office that they can inquire with. Having physical office was more practical in this kind of business. Get a person that  had experience with this kind of business.
Agree with you mate that giving loan to someone you do not know and the only collateral is their account here in bitcoin is very risky. Much better to give loans to the people within your area and you really know the person.
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Doamader
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November 21, 2016, 12:17:25 PM
 #902

On the last days people are getting a big list of farmed accounts, and some of them had been sold already, as long the new owners does use them without damage the forum it should be ok, but i had saw some accounts being red tagged for taking advantage of signatures already, its getting harder to lend and accept accounts as colateral.
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November 21, 2016, 12:32:26 PM
 #903

Any business venture or activity that is intended to give a return always has some amount of risk involved. Giving loans on this forum is a good venture for those who like to make a few coins on top of their bitcoin. However, not everyone is honest and other people come here for different reasons. Some will request for loans to gamble with a hope that they will multiply. As it is with gambling, they will end up wiping out everything and have nothing to pay back. Anyway, as long as you have their collateral, you should have no problem.
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November 21, 2016, 12:44:43 PM
 #904

Loans are really risky but not for the borrower, obviously the risk is on the lender as borrower will not choose to pay if he is not a good payer. There are many scammers online so we need to be careful if we plan to have this kind of business. I would not recommend so, because the risk does not commensurate the income.
I think lending is good business to grow bitcoin, of course there is a risk that is always there, but the risk can be minimized by requiring a high assurance, so that if they do not pay you still have that assurance

Actually, Lending is very good business, but once you take this business, make sure that you are ready to face the consequences. Your concept was already whole, i mean all the possibilities in entering this business was already have formula to answer the situation. Giving Loans  via virtual world is much riskier than giving loan and you have office that they can inquire with. Having physical office was more practical in this kind of business. Get a person that  had experience with this kind of business.
Agree with you mate that giving loan to someone you do not know and the only collateral is their account here in bitcoin is very risky. Much better to give loans to the people within your area and you really know the person.

Loaning here in forum is the riskiest type of business you will ever made online. It is better if you will know personally the people who will borrow your money.

Because physically you know who they are and you have an idea on where they live. So if they collapsed in paying, you know where to go.

And of course there is the right process of letting them borrow your money but still it is risky even though you know them personally.

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Doamader
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November 21, 2016, 10:57:33 PM
 #905

Loans are really risky but not for the borrower, obviously the risk is on the lender as borrower will not choose to pay if he is not a good payer. There are many scammers online so we need to be careful if we plan to have this kind of business. I would not recommend so, because the risk does not commensurate the income.
I think lending is good business to grow bitcoin, of course there is a risk that is always there, but the risk can be minimized by requiring a high assurance, so that if they do not pay you still have that assurance

Actually, Lending is very good business, but once you take this business, make sure that you are ready to face the consequences. Your concept was already whole, i mean all the possibilities in entering this business was already have formula to answer the situation. Giving Loans  via virtual world is much riskier than giving loan and you have office that they can inquire with. Having physical office was more practical in this kind of business. Get a person that  had experience with this kind of business.
Agree with you mate that giving loan to someone you do not know and the only collateral is their account here in bitcoin is very risky. Much better to give loans to the people within your area and you really know the person.

Loaning here in forum is the riskiest type of business you will ever made online. It is better if you will know personally the people who will borrow your money.

Because physically you know who they are and you have an idea on where they live. So if they collapsed in paying, you know where to go.

And of course there is the right process of letting them borrow your money but still it is risky even though you know them personally.

This forum does allow anybody to get a loan, but the real purpose keeps hiden on the most loans requests, what you can do with 0,03btc outside online? Gamble or sport bet, anyway this forum is following finaly the rule no colateral no loan.
jackg
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November 21, 2016, 11:14:25 PM
 #906

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?

Something I should have added my friend was doing something you guys call "mining" I am very knew to the bitcoin world even though I have had them for a long time. I bought these bitcoin from him because he needed to sell them, my financial advisor has told me that the longer I wait the more return I would get so I told him hold the account for 5 years and ill see where I am... So last July I had gotten my account back, did a bunch of research then found you guys. So I came here to post a few posts and for everyone skeptical this is the proof https://gyazo.com/ee99cef712e9b72f03a3e8e870c33624

Most lenders on this forum take some sort of "colateral" which is an item that covers the value of the loan should the user not pay. Generally user accounts are used by any goods that can be resold or exchanged can be used (other than those that would be too riskly such as web-domains).

I find your story quite interesting and it's quite strange that your finacial advisor would suggest such a transaction at an ealy stage in the currencies' growth (I'm very unhappy with your story - I should have done it)!

You can do investments, mining or cloud mining. Whith the amount you have, you could easily afford to buy a data centre somewhere where electricity is at it's cheapest and purchase many miners with that in order to get more bitcoin from them. Cloud mining is also a good option (though not generally considered that way). If you register with a site like hashnest.com and wait for the S9 miners to be released then you will certainlly make some profit from that investment (I wouldn't recommend investing in the S7s at the moment as they're about to go into the redeption period - though they'll be cheaper than buying miners for a data centre).

I'd suggest you try to introduce yourself to the community and try to learn more information about it before you make such an idea of purchase with these coins as they could potentially make you quite a large amount of interest on them (PM me if you need more information or reply here).

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November 21, 2016, 11:27:07 PM
 #907

All investment activities and work with finances - is the risk. We need to all be approached wisely and if these risks are reduced
including the lending yeah, when you want to make a profit by providing loans to others, this will give a great risk, but you can minimize by providing certain conditions


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November 22, 2016, 02:03:14 AM
 #908

All investment activities and work with finances - is the risk. We need to all be approached wisely and if these risks are reduced
including the lending yeah, when you want to make a profit by providing loans to others, this will give a great risk, but you can minimize by providing certain conditions
What certain conditions? I would love to know since we are in the crpyto world or online world and the condition or collateral is not that valuable here.
Can you please enlighten me with your explanation as I myself would love to start lending as well but it's not good to take bigger risk.


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Maslate
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November 22, 2016, 02:27:53 AM
 #909

All investment activities and work with finances - is the risk. We need to all be approached wisely and if these risks are reduced
including the lending yeah, when you want to make a profit by providing loans to others, this will give a great risk, but you can minimize by providing certain conditions
What certain conditions? I would love to know since we are in the crpyto world or online world and the condition or collateral is not that valuable here.
Can you please enlighten me with your explanation as I myself would love to start lending as well but it's not good to take bigger risk.
Maybe what he is refferring is the collateral which mostly a Bitcointalk accounts..

Try to analyze the situation, with an account do you think people will still have their account back when it's easy to create new account and even bought new account, maybe it's possible but it is highly discourage in the forum as you are helping to promote possible scammers in the future.


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richmcrich
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November 22, 2016, 04:32:42 AM
 #910

All investment activities and work with finances - is the risk. We need to all be approached wisely and if these risks are reduced
including the lending yeah, when you want to make a profit by providing loans to others, this will give a great risk, but you can minimize by providing certain conditions
What certain conditions? I would love to know since we are in the crpyto world or online world and the condition or collateral is not that valuable here.
Can you please enlighten me with your explanation as I myself would love to start lending as well but it's not good to take bigger risk.
Maybe what he is refferring is the collateral which mostly a Bitcointalk accounts..

Try to analyze the situation, with an account do you think people will still have their account back when it's easy to create new account and even bought new account, maybe it's possible but it is highly discourage in the forum as you are helping to promote possible scammers in the future.
This type of collateral is making loans very easy as well as posing a problem to lenders like you have mentioned.

But, I believe, the industry of loan has been completely rejuvenated due to this community like how bitcoin has facilitated banking facility to many under developed country people. Being a member of this community, we are simply getting eligible to avail a loan by giving some collateral.

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goldcoinminer
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November 22, 2016, 05:05:41 AM
 #911

All investment activities and work with finances - is the risk. We need to all be approached wisely and if these risks are reduced
including the lending yeah, when you want to make a profit by providing loans to others, this will give a great risk, but you can minimize by providing certain conditions
What certain conditions? I would love to know since we are in the crpyto world or online world and the condition or collateral is not that valuable here.
Can you please enlighten me with your explanation as I myself would love to start lending as well but it's not good to take bigger risk.
Maybe what he is refferring is the collateral which mostly a Bitcointalk accounts..

Try to analyze the situation, with an account do you think people will still have their account back when it's easy to create new account and even bought new account, maybe it's possible but it is highly discourage in the forum as you are helping to promote possible scammers in the future.
This type of collateral is making loans very easy as well as posing a problem to lenders like you have mentioned.

But, I believe, the industry of loan has been completely rejuvenated due to this community like how bitcoin has facilitated banking facility to many under developed country people. Being a member of this community, we are simply getting eligible to avail a loan by giving some collateral.
There's no problem if we can give collateral but the big question is what collateral are they gonna required and can we produce that collateral. I have not seen any business who were successful without knowing their clients full record, here in bitcoin everything is anonymous.

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cpfreeplz
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November 23, 2016, 10:34:18 PM
 #912

All investment activities and work with finances - is the risk. We need to all be approached wisely and if these risks are reduced
including the lending yeah, when you want to make a profit by providing loans to others, this will give a great risk, but you can minimize by providing certain conditions
What certain conditions? I would love to know since we are in the crpyto world or online world and the condition or collateral is not that valuable here.
Can you please enlighten me with your explanation as I myself would love to start lending as well but it's not good to take bigger risk.
Maybe what he is refferring is the collateral which mostly a Bitcointalk accounts..

Try to analyze the situation, with an account do you think people will still have their account back when it's easy to create new account and even bought new account, maybe it's possible but it is highly discourage in the forum as you are helping to promote possible scammers in the future.
This type of collateral is making loans very easy as well as posing a problem to lenders like you have mentioned.

But, I believe, the industry of loan has been completely rejuvenated due to this community like how bitcoin has facilitated banking facility to many under developed country people. Being a member of this community, we are simply getting eligible to avail a loan by giving some collateral.

The problem is, your collateral isn't like in real life where you have a car or a house that's being held for collateral. It's a digital good that can literally become worthless instantly. If someone puts a negative on the account because they defaulted on a loan, you're screwed. The collateral is now worth nothing. Or what if no one buys the collateral because you're charging too much compared to account farmers? Again, you're going to have to take a loss.

That's where it's hard to figure out interest rates, rates of loss etc when you're lending in such a new market (bitcoin lending).
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November 24, 2016, 07:17:56 AM
 #913

Loan are risky in general but it's riskier when no hard collateral involve. In online world we cannot expect hard collateral so lender must be careful with their money.

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December 16, 2016, 09:10:58 AM
 #914

Loan are risky in general but it's riskier when no hard collateral involve. In online world we cannot expect hard collateral so lender must be careful with their money.

It is better only to loan to other people with good collateral. And the collateral should be worth much more.

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December 16, 2016, 10:16:06 AM
 #915

Loan are risky in general but it's riskier when no hard collateral involve. In online world we cannot expect hard collateral so lender must be careful with their money.

It is better only to loan to other people with good collateral. And the collateral should be worth much more.
You can't easily do that here, the collateral that most of the borrowers can offer is their account alone and maybe if you loan you just have to do a micro loan, but considering some people have different alt accounts you are still risking into the possibility that loans will not be repaid. What would you do with the accounts now? of course you'll sell it, right?

That would then be the start of scam as some will use it especially if it's a high rank account.

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December 16, 2016, 11:36:50 AM
 #916

In the fiat money world banks many times ask for a collateral especially if the customer belongs to high credit risk team or the loan is high. So the customer must sign many papers and must have something like a real estate property as collateral in order to take a loan. If he cannot repay his loan, then as anybody knows, customer has many bad consequences including in some cases the loss of his property. In the bitcoin world I can't understand why people want to loan without a good feedback, say trust or without collateral or escrow service?
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December 16, 2016, 11:40:33 AM
 #917

In the fiat money world banks many times ask for a collateral especially if the customer belongs to high credit risk team or the loan is high. So the customer must sign many papers and must have something like a real estate property as collateral in order to take a loan. If he cannot repay his loan, then as anybody knows, customer has many bad consequences including in some cases the loss of his property. In the bitcoin world I can't understand why people want to loan without a good feedback, say trust or without collateral or escrow service?
In online world everything is based on trust. collateral such as some website account is really not worthy to be honest. they're hardly can be sold and really vulnerable of hacking if the owner know how to get the account back through recovery account. that's why online loan is kind of risky business and like a gamble. the percentage of being repaid is quite fair compared to unpaid. so only lend what you can afford to lose


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December 16, 2016, 11:45:28 AM
 #918

Well if you do actually have 800 BTC loaning would not be a good way to grow it. Loans over here are really small and will take a long time for you to get even 1% profit on your total balance. BUt if you just want to invest a small amount in loaning business then make sure you have a valid collateral when loaning so that if someone scams the BTC then you can always cover it with no collateral.

No Collateral = No Loan
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December 16, 2016, 11:46:51 AM
 #919

Loan are risky in general but it's riskier when no hard collateral involve. In online world we cannot expect hard collateral so lender must be careful with their money.

It is better only to loan to other people with good collateral. And the collateral should be worth much more.
You can't easily do that here, the collateral that most of the borrowers can offer is their account alone and maybe if you loan you just have to do a micro loan, but considering some people have different alt accounts you are still risking into the possibility that loans will not be repaid. What would you do with the accounts now? of course you'll sell it, right?

That would then be the start of scam as some will use it especially if it's a high rank account.
You can always be picky. Just accept the ones that are active in signature campaign because they know that it would be much practical for them if they pay back their loan from you and then continue doing signature campaign to earn more money.

The problems with other types of accounts (not bitcointalk accounts) are that they can be recovered using social engineering. There are also collateral like altcoins, but if someone has an altcoin then why not just sell it to get money. It's also not a good collateral for me because of the price fluctuations in the altcoin market.

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December 16, 2016, 12:01:07 PM
 #920

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?

Something I should have added my friend was doing something you guys call "mining" I am very knew to the bitcoin world even though I have had them for a long time. I bought these bitcoin from him because he needed to sell them, my financial advisor has told me that the longer I wait the more return I would get so I told him hold the account for 5 years and ill see where I am... So last July I had gotten my account back, did a bunch of research then found you guys. So I came here to post a few posts and for everyone skeptical this is the proof https://gyazo.com/ee99cef712e9b72f03a3e8e870c33624

Loan is not safe. and nothing is safe with the crypto currencies. be careful

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