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Author Topic: [EDU] EXERCISE CAUTION WHEN LENDING TO USERS!  (Read 62863 times)
DiamondCardz
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December 22, 2014, 08:58:07 PM
 #21

Quoted this:

Inspite of the best efforts of the lenders and trusted members, there has been a spate of scams. To prevent that use the trust rating wisely.

[1] When giving out a collateral free loan, give a neutral feedback mentioning the loan.
[2] When you receive a loan request, check the trust rating, click on untrusted feedback, and see if there are any ratings which may be of concern.

It should help to detect loanees who take out multiple loans. This seems to be the recent trend these days.
Warnings may not be given as negative feedback but as neutral, so it will not show up unless you go into their trust rating.

And re-titled the thread to make it a tad more intimidating, so that people actually read it.

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March 05, 2015, 01:04:52 PM
 #22

Because your thread is a sticky so lots of lender/borrowers read it i thought it may be helpfuf to others if you add my suggestion regarding the lender leaving netural trust on the loanee's trust profile once a loan has been taken and only removed when the loan is repaid in full.
This would be another way someone could check if the member has a outstanding loan before buying their account, lending them BTC  or just conducting any business with them.

You can see an example of what i am talking about on my profile that was left by tm2013.
Please let me know what you think of this idea.
Thanks.

Edit: i just seen the post above mine quoted in the OP, the leaving of netural trust by a lender needs to be made clearer i think, no many lenders i have spoken with know they could do that.

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March 05, 2015, 04:59:25 PM
 #23

@DiamondCardz: First of all, thank you for putting effort on creating this thread! Smiley Can you make a note about 'Steam' saying that "if the borrower moves the game or weapons to lenders or a trusted person's wallet, it can be used as collateral".

P.S. Can you also tell the lenders to check their posts and also to ask a signed message from one of their old address(1-2 months)?

   -MZ

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March 29, 2015, 12:04:04 AM
 #24

@DiamondCardz: First of all, thank you for putting effort on creating this thread! Smiley Can you make a note about 'Steam' saying that "if the borrower moves the game or weapons to lenders or a trusted person's wallet, it can be used as collateral".

I'm not adding that simply due to credit card fraud.

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September 27, 2015, 03:31:08 PM
 #25

The thing is, if you really need money to pay your bills or whatnot, get a loan from the bank.

Bitcoin is not big enough yet to have service providers accept it as payment.
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November 05, 2015, 08:29:46 PM
 #26

There is no way to be sure if someone is genuine. don't depend on the ID because it might be fake. sometimes we just need to trust someone blindly hoping for the best.
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March 07, 2016, 01:46:41 AM
 #27

Although i respect diamondcardz advice on lending to new users i think some advice is bit short sighted.

Collateral is fine if someone lives in travel distance but not really if they live abroad.
Also members new and old maybe cautious sending collateral and/or id to members due to bening scammed themselves, not because they r scammers.


Newbies can bé as wise as hero members remember just cause they r new here doesnt mean they are new to lending or bitcoins.

Ultimately ID is better than collateral for borrowers and lenders should never lend more than they could afford to lose in event a user defaults.

There are good rules for lending should i think could bé usul here ;-)




So I know this is almost 3 years old, but I agree with this 100%. I'm new to this particular community, but I have been around bitcoins for over 2 years. I decided that this would be a great place to begin getting more involved. I can't wait to get more involved in this particular community.
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October 09, 2017, 03:13:38 PM
 #28

Thanks for this great explaination mate Smiley helped me alot

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October 20, 2017, 07:42:56 PM
 #29

If it can be used to trace someone back to their house or such, then I would consider it acceptable.
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October 24, 2017, 11:55:49 AM
 #30

this information is cool, it reminded me because i had just read an offer about lending. but i have a question, is only newbie member can fraud or scam us? or is there a posibility that Member above rank can do also scamming?

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October 25, 2017, 05:45:08 PM
 #31

There has been a massive influx of new users requesting loans lately, and as a result, lots of people being scammed. It seems that Tomatocage's thread isn't enough, so let me just say this:

Do not loan to new users unless you can get collateral OR if they are very trusted due to high-risk services they provide (examples: gambling sites, currency exchange sites), because the chances of them defaulting/scamming are 90%+.

What defines a "new" user?

  • Anyone who is a Jr. Member
  • Anyone who has registered <1 month ago
  • Anyone with less than 100 posts
  • Anyone whose posts mainly consist of spam and/or meaningless posts such as "+1" and "nice post"
  • Anyone who refuses to provide collateral or ID for large loans (a general guideline is >0.1 BTC) or states that they can not give it may not be new, but is untrustworthy.
  • Anyone who you think is a scammer, because in the Lending sub-forum, 90% of the time, you're probably right.

There has been an influx of people giving loans as high as .85 BTC (remember, that's $100! Edit: At $1000 (per BTC), that's $850, at $500, that's $425.) to newbies who have just registered, and shortly after been stabbed in the back. Don't do it.

What is good collateral for a loan? (From best to worst)

  • #1: Alternate stable and well acknowledged cryptocurrencies
  • #2: Securities and shares such as TAT.ASICMINER
  • #3: Anything that can be traded in somewhere for a secure cash/Bitcoin value quickly
  • #4: Physical items such as an iPad

Or, if you can not get collateral:

  • Identification that is clear, verified and can be linked to you and trace you Note: This has been less and less commonly accepted recently due to the relative difficulty of doing anything productive with a scammer's ID.

If someone is requesting a loan and meets any of the "new" user criteria, do not loan to them unless you can get collateral. For your own sake.

Also: Invaluable advice from Boelens on bad collateral:

Alright, so, many people have been asking for loans, providing completely no collateral, or not knowing what collateral is. I saw Nimda make a small post on it in a loan topic, but figured I've seen this having explained so many times I figured I'd make a quick topic on it.

What does NOT count as good collateral:
  • Your accounts on anything like Steam, or any other game site. Why? First of all, it's an account, they're not that easy to sell and while you may have 1,000$ in value on there it is not worth 1,000$. Also, you still most likely have e-mail access to it, and you could go to support saying you got hacked. Also, most Terms of Services do not allow the trading of accounts. This is a bad way to provide collateral and I doubt anyone would accept this.
  • ID card, or any other personal identification. This is great information to supply upon getting a loan, but this is NOT collateral. Often people do offer it as collateral but generally it is not worth much, because the worst you could do is find personal information and post it online, which is nasty, but some people won't mind, or use a fake ID.

Tell me if I missed anything. Just figured this is a quick good small guideline.

To add to this: Gift Cards are also terrible collateral. Not only are they hard to sell for their full value (you'll probably get more like 50-80%), like with all GC sales, they can be fraudulently purchased meaning that you either have the GC balance zeroed out before you can use it, or you use it and then get left holding the bag when the police arrive.

22nd of December, 2014: Another extension onto this:

Inspite of the best efforts of the lenders and trusted members, there has been a spate of scams. To prevent that use the trust rating wisely.

[1] When giving out a collateral free loan, give a neutral feedback mentioning the loan.
[2] When you receive a loan request, check the trust rating, click on untrusted feedback, and see if there are any ratings which may be of concern.

It should help to detect loanees who take out multiple loans. This seems to be the recent trend these days.
Warnings may not be given as negative feedback but as neutral, so it will not show up unless you go into their trust rating.

The trust system is invaluable to prevent against scammers. Members may be old but have suspicious trust history, and their trust can help you make a calculated decision.





Thanks! helpful information!
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November 02, 2017, 04:52:54 PM
 #32

+
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November 24, 2017, 11:56:38 AM
 #33

After read so many fintech websites, I'm just looking for best site/person/institutions to make a lending program for my monthly stable income. For me it's brand new world so i need to explore it more deep, wish we are all get success from cryptocurrency era. Thank u you
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December 15, 2017, 08:26:12 AM
 #34

There are many lending sites that offers 20-30% ROI in just 1 month. Although I am not sure if they are legit. They have a structured white paper and youtube testimonials.
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January 10, 2018, 06:52:08 AM
 #35

Does anyone knows if gift cards are chargback? Because if so...
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March 27, 2018, 10:55:43 AM
 #36

Hi, have you heard something about Welltrado project (www.welltrado.io)? As I understood from their website they are focusing into p2p lending. It looks like and interesting project. Any thoughts about them?
DiamondCardz
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March 31, 2018, 04:52:04 PM
 #37

Hi, have you heard something about Welltrado project (www.welltrado.io)? As I understood from their website they are focusing into p2p lending. It looks like and interesting project. Any thoughts about them?

p2p lending can be risky as you are relying on the website itself to pursue someone who defaults, and they often don't succeed. You need to trust both the platform and the person you are lending to, and I still think you should exercise extreme caution.

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April 08, 2018, 07:57:10 PM
 #38

Lined is a high-risk income level of business, one must understand this when choosing a lending!

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May 08, 2018, 05:09:39 AM
 #39

What is good collateral for a loan?

Identification that is clear, verified and can be linked to you and trace you

ID is not acceptable collateral for a loan.

If it can be used to trace someone back to their house or such, then I would consider it acceptable. Proof of ID, not the actual physical ID Wink

It's important we use the same definition, so I look to the dictionary which says collateral is security for a loan.

While identification helps prove a person is who he/she says, it does NOTHING in helping secure the funds.

You don't want to fool new users into thinking it's safe to lend to someone because they know who they are - its NOT. 

Collateral is something to fall back on - something to sell - should the borrower not repay his debt.  ID cannot help with that.
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