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Author Topic: advice to IBB  (Read 1259 times)
BTC4Host
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August 16, 2011, 09:53:13 PM
 #1

Hi IBB

First, thanks for being such a kind and thoughtful person/group

Unfortunately, the US and UK lack heavily in such kind and honest people, as seen with the recent payment problems and scammers.

You guys usually lend 5 BTC or ~50 dollars to random people at a time, that's a ton of money!

Therefore, instead of just using posts to determine trusts, I highly suggest

1. You look at other sources of references, including ebay, amazon, etc
2. Obtain their phone number, address, and email for people lacking references. Make sure this isn't fake before you send the coin.
3. Spend some time doing background checks on other bitcoin merchant sites / forums
4. Talk to the admins of underground sites such as silk road, and have them refuse business to people using your coins, as most likely they are drug addicts never intending to repay

I understand according to your religion, its not right to charge an obscure amount of interest, but is it right to charge interest just to cover loses?
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Bitcoin Swami
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August 17, 2011, 02:14:09 AM
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Yes please take more care before just lending bitcoins to anyone.  I was gonna invest in your company but if scammers are taking away all the profits whats the point?
Bitcoin Swami
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August 17, 2011, 02:40:09 AM
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thanks for your advice. yes we do check not just posts but also other feedback from other sites such as those you mentioned (amazon/ebay). so far only 2 havent repaid loan.

Are you also working to list your information on the GLBSE so you don't get delisted?
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August 17, 2011, 05:10:03 AM
 #4

"I understand according to your religion, its not right to charge an obscure amount of interest, but is it right to charge interest just to cover loses?"

I cannot charge interest

And it also would be futile to avoid loses.

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Sultan
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August 17, 2011, 01:10:22 PM
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With each scam the process of determining trustworthiness should become better!

http://images.onbux.com/banner.gif
I then use the money to buy BitCoins. You can too!
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