What IS and ISN'T collateral.

[Boelens]

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 count as good collateral :

• Shares on Bitfunder,btct, or any other site you can transfer shares over. It's best to use shares that don't fluctuate heavily in value.
• Something that can be sent over the internet but has value, or easily be traded in for cash. I don't have much experience with this type of collateral, so I have no good examples of this, sorry.
• Something that can cheaply / easily be mailed back and forth, this could be anything with value, a small bar of gold,silver, or your phone in example.

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.

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[nimda]

Re: Steam accounts

This has been a scam method since at least July 2012.

Steam accounts don't work as collateral. I believe it was PatrickHarnett who first got scammed when lending with a Steam account as collateral.

The actual thread is wayy back in history, but I did find this:

In one thread a steam account was used as collateral. Yours is probably worth more than $63.

The last one I remember that happening the lender got burned on the loan, so...

Well then the lender got a lot of cheap steam games. Life is tough, but I bet the lender managed to sell off the account for nearly the cost of the loan (if not, then the lender made a poor decision in the first place)

No, Steam gives users several ways to recover accounts, it is not safe to use them as collateral, or to buy them.

[DiamondCardz]

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 count as good collateral :

• Shares on Bitfunder,btct, or any other site you can transfer shares over. It's best to use shares that don't fluctuate heavily in value.
• Something that can be sent over the internet but has value, or easily be traded in for cash. I don't have much experience with this type of collateral, so I have no good examples of this, sorry.
• Something that can cheaply / easily be mailed back and forth, this could be anything with value, a small bar of gold,silver, or your phone in example.

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.

Added it to the sticky, nice work.

[J603]

Why do people use runescape accounts then? Couldn't you complain about being hacked there too?

And why not just download their steam library, and then delete it if they give you what you're owed?

[kopipe]

Why do people use runescape accounts then? Couldn't you complain about being hacked there too?

Their account recovery people are not nearly as helpful as Steam's. If you get access to the account and change the email and password, you'll get no help from Jagex (creators of RuneScape) in my experience.

And why not just download their steam library, and then delete it if they give you what you're owed?

DRM.

[J603]

DRM.

I guess but there must be ways to circumvent that?

[kopipe]

DRM.

I guess but there must be ways to circumvent that?

Then you could just pirate the games. The idea of collateral is that it is something you can resell, not something you can use. You can't resell a Steam account that the owner recovered. And the games on your hard disk at that point are no better than pirated games from the standpoint of reselling them. I guess you could burn them on DVD's and resell them on the street, but at that point you'd be better off not even taking the collateral at all and downloading them from some other source.

[Hydroponica]

I've sold Wow accounts and Eve-online characters, easy enough/ The right Eve character, can be as good as gold

[jackalope9517]

Could collateral be access to a coinbase account? My situation is that coinbase has some btc of mine stuck on "pending" after being sent somewhere else, but i need that btc to get to the destination quicker. What they'll do is send the btc back to your coinbase account so I figured if whoever is giving me a loan has access to the coinbase account, he would be able to send himself the money from my account once it shows back up. Would that work as collateral? 

[Kouye]

Could collateral be access to a coinbase account? My situation is that coinbase has some btc of mine stuck on "pending" after being sent somewhere else, but i need that btc to get to the destination quicker. What they'll do is send the btc back to your coinbase account so I figured if whoever is giving me a loan has access to the coinbase account, he would be able to send himself the money from my account once it shows back up. Would that work as collateral? 

I don't think so. Coinbase scam "I got the coins coming next week! Look!" is not working anymore. That is so old even joey tried it.

You're not joey, I know. You're... Someone else.

[jackalope9517]

Could collateral be access to a coinbase account? My situation is that coinbase has some btc of mine stuck on "pending" after being sent somewhere else, but i need that btc to get to the destination quicker. What they'll do is send the btc back to your coinbase account so I figured if whoever is giving me a loan has access to the coinbase account, he would be able to send himself the money from my account once it shows back up. Would that work as collateral? 

I don't think so. Coinbase scam "I got the coins coming next week! Look!" is not working anymore. That is so old even joey tried it.

You're not joey, I know. You're... Someone else.

But it wouldn't be a scam! And maybe i didnt explain correctly but.. i did in fact receive the btc to my coinbase account, i then sent it to another account BUT it is stuck in "pending." What coinbase would do is resend it back to my coinbase account. So whoever has the info would be able to see it for themselves.

[Kouye]

But it wouldn't be a scam! And maybe i didnt explain correctly but.. i did in fact receive the btc to my coinbase account, i then sent it to another account BUT it is stuck in "pending." What coinbase would do is resend it back to my coinbase account. So whoever has the info would be able to see it for themselves.

You're getting boring. Just bury the idea you might pull a scam here.
Backup those posts of yours, and read them again in 10 years.

Maybe you'll understand, then.

[jackalope9517]

But it wouldn't be a scam! And maybe i didnt explain correctly but.. i did in fact receive the btc to my coinbase account, i then sent it to another account BUT it is stuck in "pending." What coinbase would do is resend it back to my coinbase account. So whoever has the info would be able to see it for themselves.

You're getting boring. Just bury the idea you might pull a scam here.
Backup those posts of yours, and read them again in 10 years.

Maybe you'll understand, then.

Now you're just being an asshole. I'm not trying to scam anyone, that's wrong. Don't fucking throw around false accusations like that. Do you call everyone that asks for a loan a scammer? I'm sorry i dont have the kind of collateral you or whoever else wants, but my inexperience with btc doesn't automatically make me a scammer.

[narayan]

Jack you are a scammer. I know it from the bottom of my heart.

[jackalope9517]

Jack you are a scammer. I know it from the bottom of my heart.

Wow. Just wow.

[DiamondCardz]

Can we stop fighting on this thread? Take it to Scam Accusations...