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sbtctalk (OP)
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September 24, 2016, 09:51:39 AM |
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13Sk3gsQ1ogrzmyt3xMVvByxcUvZr98kKN
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Even if you use Bitcoin through Tor, the way transactions are handled by the network makes anonymity difficult to achieve. Do not expect your transactions to be anonymous unless you really know what you're doing.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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OmegaStarScream
Staff
Legendary
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Activity: 3472
Merit: 6131
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September 24, 2016, 10:01:17 AM |
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P2P isn't always the best thing , unless there is a very good designed reputation system , things could go wrong. As far as I know , lending websites have a system to ask users for Residence,ID,passport etc... so you should be able to take actions against them unless there is something that prevents you from doing it. (from the ToS or something)
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Yutikas_11920
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September 24, 2016, 10:05:01 AM |
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P2P isn't always the best thing , unless there is a very good designed reputation system , things could go wrong. As far as I know , lending websites have a system to ask users for Residence,ID,passport etc... so you should be able to take actions against them unless there is something that prevents you from doing it. (from the ToS or something)
Yeah it is true, all websites that provided systems or facilities such as p2p is not good enough to follow because there must have been some people who utilize it. In cyberspace everyone can wear any mask without being noticed, so better to borrow the btc to those who are already clear |
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Senor.Bla
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September 24, 2016, 10:13:48 AM |
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you can hate me for saying it, but giving a stranger money because he promises to give me back more does not sound like a good idea to me. just a name and even an id should not be enough as a security.
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gentlemand
Legendary
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Activity: 2590
Merit: 3013
Welt Am Draht
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September 24, 2016, 10:20:47 AM |
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I can't believe people were mindless enough to enable it to get off the ground in the first place. By its very nature it's going to attract morons, scammers and dreamers. I'd love to see the stats from some of these places. They're almost guaranteed to be dire.
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mexicotaco
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Activity: 87
Merit: 10
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September 24, 2016, 10:28:27 AM |
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I would never use this p2p lending, so many scammers there, if they don't give real collaterals, i can't trust them online. Bitcoin world is a wild west
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TemplarKnightUK
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September 24, 2016, 10:36:27 AM |
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I can't believe people were mindless enough to enable it to get off the ground in the first place. By its very nature it's going to attract morons, scammers and dreamers. I'd love to see the stats from some of these places. They're almost guaranteed to be dire.
Very true. People who are credit-worthy enough to begin with will borrow in fiat; Bitcoin attracts what is left over, and results in a slew of defaults. I invested a reasonably small portion a while ago (with max. about 2-3%/loan diversification level), but quickly decided it was a lost cause. Rates aren't high enough. If their clientele has default rates akin to pay-day-lenders, then the rates should be just as high. Once the sort of people who are credit-worthy adopt Bitcoin, the business model might be viable. A better investment in Bitcoin is in casino bankrolls, or to go your own way  |
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Astargath
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September 24, 2016, 10:42:18 AM |
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I just feel like bitcoin loans are not safe right now, not even here, using escrow and a collateral seems like a safe idea but it's not 100% safe, the escrow could get hacked or just scam himself, things like this have happened before so Im not just making this up, we really need a better system for normal people
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gentlemand
Legendary
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Activity: 2590
Merit: 3013
Welt Am Draht
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September 24, 2016, 10:46:41 AM |
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I just feel like bitcoin loans are not safe right now, not even here, using escrow and a collateral seems like a safe idea but it's not 100% safe, the escrow could get hacked or just scam himself, things like this have happened before so Im not just making this up, we really need a better system for normal people
They'll never be safe. And the way Bitcoin itself works and the way it's valuation works means there's no way it's ever going to be viable. Even if all parties are honest, if there's a violent price move in either direction then someone's going to get ravaged. People should stop attempting to apply concepts that do work with fiat but just don't compute with Bitcoin. |
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lumeire
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Activity: 1848
Merit: 1009
Next-Gen Trade Racing Metaverse
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September 24, 2016, 11:13:21 AM |
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Same story here. BitLendingClub was okay way back then, my default rate was acceptable. Then suddenly came the wave of "reputable" defaulters, those that are fully verified and with good credit rating, they were supposedly the trusted set of individuals, and for whatever reason, the majority defaulted on their loans. That was the last time I invested in p2p lending.
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calkob
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September 24, 2016, 11:40:39 AM |
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I have to agree with you on this one, i opened up an account with BTCJAm and i have to say i think in my first year i am set to make a 30% loss. what a load of crap. People just cant be trusted and if they can see away to steal they usually will. its human nature. a reputation system my work if it is the nearest and dearest of friends and family who are finding out about the bad debt. This is the whole reason why we need trust less systems on the internet.
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sbtctalk (OP)
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September 24, 2016, 11:54:29 AM |
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A loan is useful if it happens within the same country and backed by contractual laws of that country. The defaulter is liable for civil court actions in that case. But that alone defeats the purpose of decentralization. Lessons learnt: Don't use P2P loaning sites - as many pointed out, Bitcoin is wild wild west.
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13Sk3gsQ1ogrzmyt3xMVvByxcUvZr98kKN
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Senor.Bla
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September 24, 2016, 11:58:49 AM |
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A loan is useful if it happens within the same country and backed by contractual laws of that country. The defaulter is liable for civil court actions in that case. But that alone defeats the purpose of decentralization. Lessons learnt: Don't use P2P loaning sites - as many pointed out, Bitcoin is wild wild west.
even within the same country i do not expect this to work. or would you go to court to fight for $100? there are cost involved that are higher than the sum you want to fight for. so most will just let go. |
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buxlover
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September 24, 2016, 12:08:22 PM |
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I see any loans funded are below $1, will anyone try to take action against the borrower for such small amount. You have to spend more than what you may get from the borrower if you take legal action. I think that is the reason why most borrowers prefer p2p lending services. only a few would lend higher amount, that too has potential risk since we could get only his personal details (not any collateral) to recover the funding.
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franky1
Legendary
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Activity: 4214
Merit: 4479
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September 24, 2016, 12:08:30 PM |
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the issue is simple
the cost of recovering a loss far exceeds the loss itself, and scammers know this.
if you cannot physically slap someone with a wet fish. dont hand them your money
if you affordably slap someone with a wet fish. dont hand them your money
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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davis196
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September 24, 2016, 01:44:28 PM |
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I "invested" $0.02 in btc in a guy using btcjam.Never got my cents back. There is no good collateral to cover the p2p loans and to lower the risk of the guy runing away with the money. |
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Astargath
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September 24, 2016, 02:15:17 PM |
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I just feel like bitcoin loans are not safe right now, not even here, using escrow and a collateral seems like a safe idea but it's not 100% safe, the escrow could get hacked or just scam himself, things like this have happened before so Im not just making this up, we really need a better system for normal people
They'll never be safe. And the way Bitcoin itself works and the way it's valuation works means there's no way it's ever going to be viable. Even if all parties are honest, if there's a violent price move in either direction then someone's going to get ravaged. People should stop attempting to apply concepts that do work with fiat but just don't compute with Bitcoin. Yeah, you are right. The volatility of bitcoin is an issue not only for loans but anything related to bitcoins and I feel that 99.9% of the loans here are really just scammers or people who want to gamble with them, I mean when was the last time someone legitimately needed 100 bitcoins for a legitimate project and got it? |
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Velkro
Legendary
Offline
Activity: 2296
Merit: 1014
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September 24, 2016, 02:44:18 PM |
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P2P isn't always the best thing , unless there is a very good designed reputation system , things could go wrong. As far as I know , lending websites have a system to ask users for Residence,ID,passport etc... so you should be able to take actions against them unless there is something that prevents you from doing it. (from the ToS or something)
P2P can be harsh, like here, you need REALLY GOOD reputation system close to perfect one to this have any chance to succeed |
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sbtctalk (OP)
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September 24, 2016, 02:47:29 PM |
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I hope by posting my experience here would allow more people to understand the downsides of P2P lending.
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13Sk3gsQ1ogrzmyt3xMVvByxcUvZr98kKN
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Doamader
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September 24, 2016, 03:57:44 PM |
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Im sorry to say but in the general just scammers are present at p2p lending since the begining, as op i had lost some coins, but i were able to roi and left those insane projects, how can you lend and trust into someone that says has a big salarie and wanna make a mining farm, or any other project, sure the honest people still there and around, but being part of such website its the same as being a donator, as the risks of you loose your bitcoins are 99%.
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