[EDU] EXERCISE CAUTION WHEN LENDING TO USERS!

[DiamondCardz]

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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[bitkilo]

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 fully repaied.
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.

[Muhammed Zakir]

@DiamondCardz: First of all, thank you for putting effort on creating this thread! 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

[DiamondCardz]

@DiamondCardz: First of all, thank you for putting effort on creating this thread! 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.

[UserVVIP]

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.

[erickimani]

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.

[DrthCaedus]

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.