Bitcoin Forum
September 19, 2018, 12:29:28 AM *
News: ♦♦ Bitcoin Core users must update to 0.16.3 [Torrent]. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: What would constitute as collateral for a loan.  (Read 85 times)
prozak4kidz
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
January 17, 2018, 01:37:36 AM
 #1

TITLE

Highly doubt anyone would loan a noob anyway just curious on the process.
1537316968
Hero Member
*
Offline Offline

Posts: 1537316968

View Profile Personal Message (Offline)

Ignore
1537316968
Reply with quote  #2

1537316968
Report to moderator
1537316968
Hero Member
*
Offline Offline

Posts: 1537316968

View Profile Personal Message (Offline)

Ignore
1537316968
Reply with quote  #2

1537316968
Report to moderator
1537316968
Hero Member
*
Offline Offline

Posts: 1537316968

View Profile Personal Message (Offline)

Ignore
1537316968
Reply with quote  #2

1537316968
Report to moderator
Einax Airdrops and Bounties made easy! List your ERC-20 token
FREE
ETH markets launching soon!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537316968
Hero Member
*
Offline Offline

Posts: 1537316968

View Profile Personal Message (Offline)

Ignore
1537316968
Reply with quote  #2

1537316968
Report to moderator
1537316968
Hero Member
*
Offline Offline

Posts: 1537316968

View Profile Personal Message (Offline)

Ignore
1537316968
Reply with quote  #2

1537316968
Report to moderator
1537316968
Hero Member
*
Offline Offline

Posts: 1537316968

View Profile Personal Message (Offline)

Ignore
1537316968
Reply with quote  #2

1537316968
Report to moderator
WritingG123
Full Member
***
Offline Offline

Activity: 420
Merit: 113


View Profile
January 17, 2018, 01:40:46 AM
 #2

altcoin or bullion.

Vod
Legendary
*
Offline Offline

Activity: 2506
Merit: 1678


Licking my boob since 1970


View Profile WWW
January 17, 2018, 02:36:46 AM
 #3

TITLE

Highly doubt anyone would loan a noob anyway just curious on the process.

What is considered collateral?

Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.

- The best collateral is another crypto-currency, such as Litecoin (also written as LTC).  Coins must be moderately traded on multiple exchanges.
- Some digital wares such as domain names can be considered as long as the user cannot recover it.
- Small valuable items that can be shipped though the mail - i.e. gold, silver, iphones, etc.
- Large items, such as a motorcycle or guitar can be used if you live close to the person giving you the loan.  Try localbitcoins.com

What is not considered collateral?

- Items they want to sell.  They don't want it back, so they will default.  It's scammy unethical behavior and will lead to negative trust.  Check their recent posts!
- Items not in hand.  Don't trust a user that promises to give you something *when* they default!  Tracking numbers only show something has been mailed - it could be an empty box.
- Future income.  You can prove you'll make xx coins in the next few days, but nothing forces you to send those coins to pay your debt.
- Identification.  So what if they can prove who they are.  Are you going to spend more money and time taking them to court on untested legal grounds?  You'll probably just walk away, like everyone does.  ID is useless.
- Games codes or similar.  To verify the collateral you need to use the code, which destroys the collateral.  Consider this a purchase, not a loan.  (Post in Digital Goods instead)
- Most new alt-coins or alt-coins that trade for satoshis are not good collateral as they can become worthless overnight.
- Paypal should never be used - they are anti-bitcoin and will rule against you 100% of the time.  Escrow can't even help, as paypal charge backs can come over 6 months later!
- Most valuable online accounts can easily be recovered by social engineering (the user contacting support to say they were hacked, and regain control of the account)  Examples:  Steam
 

I'm into creating universes, smiting people, writing holy books and listening to Prayer Messages (PMs).
BitcoinTalk Public Information Project (BPIP)
"Masturbation makes you feel good but doesn't do anything for the person you're thinking of.  Just like prayer."
prozak4kidz
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
January 17, 2018, 05:37:15 AM
 #4

Detailed response, thanks.
Starlightbreaker
Legendary
*
Offline Offline

Activity: 1764
Merit: 1006



View Profile
January 17, 2018, 11:58:31 AM
 #5

Detailed response, thanks.

It's been here all along.
They called stickies for a reason and if you wasn't so lazy,you could see it yourself.
Now that you know and your question answered,lock your thread. Down left corner,"lock",cheers. Cool

prozak4kidz
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
January 20, 2018, 07:39:41 AM
 #6

I now use stickies all the time lol thanks for the tips. Locked.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!