alright first of all the collateral must be something that can be sold (instantly) and not waiting until the dev ANN
second. you are not sure that the price of 1 MINEXCOIN will be 0.0023.. BTC !
as that being said if you don't have another type of collateral i suggest you lock this topic cause i doubt that somebody will lend you.
Where you get it wrong is that collateral is something that is available for sale. If that is the case then there is no need for him to come for the loan rather he could have exchange it at the exchange. So, I think he has a valid collateral but who am I since I am not going to make the loan available and even using the quoted price, the amount is over 100% of the amount asked for.
It will just be a valid collateral if it's already listed on exchange. And the supposed price of it once it hit exchanges is just an expecting proce. Sometimes people doesn't want to sold it at the moment in some of the exchanges since they are waiting for their target that's why sometimes it was being used as a collateral.
In case of OP's requested amount, it was way too high because of the current bitcoin price. Maybe someone will click the bait if he will lowered the amount and escrow is a must.
