Lending Subforum Intro & Scam Trends

[Kluge]

General good practices:

• Lending used to only require some sort of "proof of reputation" (anything from a long post history, ID, or Web of Trust stats to a full credit report) from lendees. Due to an exceptionally high incidence of scamming, this is generally no longer the case. You generally MUST put up some form of collateral (usually some type of alternative cryptocurrency, like Litecoin or Quark). This depends heavily on the lender, and physical collateral may also be accepted (motorcycles, watches, PMs).
• Please refrain from requesting unnecessary "confidence loans" (a loan you don't need, but want to take out simply to show you'll repay). This was an issue a year or so ago, where scammers would take out incrementally larger loans, pay maybe .1BTC in interest, then take off with a 1BTC loan. A history of so-called confidence loans inspire more hesitancy than confidence.
• This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.
• Almost all loans issued in this subforum would be at rates considered to be exploitative in most countries. We're talking about something like 5-15% monthly (there are some more favorable alternatives, such as seeking out the Islamic Bank of Bitcoin). Use short-term loans responsibly, do not use loans for naked market positions or otherwise attempt to arb, and you should only use short-term lending from strangers as an absolute last resort.

Scam trends:

• There is an ongoing scam issue where "lenders" are saying they'll issue loans for collateral. The "lender" then takes the collateral and disappears. Prevent this by using reputable escrow providers or only dealing with lenders you trust. Keeping in mind that proving available funds isn't necessarily connected to whether or not a lender will steal collateral and disappear, you can also ask a lender asking for collateral to show he has the funds to lend you by signing a message with his private key (most BTC clients have a GUI allowing you verify messages, though they don't all use the same scheme to do this -- if a message fails to verify, you may wish to ask the signer to tell you which client and scheme he used so you can double-check using the same set-up he has ).

Please post new repeat scam tactics here. They will be added to the list.

[1500337810]

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[1500337810]

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[hostmaster]

It's very good post, i have seen people here scammed badly on lending. I cant goodly stress enough importance of being carefull!

[yntro]

I need 0,02BTC loan but after reading this.. I don't think anyone will give me this ...

[paysafecoin]

I need 0,02BTC loan but after reading this.. I don't think anyone will give me this ...

I will give you the loan =)

[pekv2]

General good practices:

• Lending used to only require some sort of "proof of reputation" (anything from a long post history, ID, or Web of Trust stats to a full credit report) from lendees. Due to an exceptionally high incidence of scamming, this is generally no longer the case. You generally MUST put up some form of collateral (usually some type of alternative cryptocurrency, like Litecoin or Quark). This depends heavily on the lender, and physical collateral may also be accepted (motorcycles, watches, PMs).
• Please refrain from requesting unnecessary "confidence loans" (a loan you don't need, but want to take out simply to show you'll repay). This was an issue a year or so ago, where scammers would take out incrementally larger loans, pay maybe .1BTC in interest, then take off with a 1BTC loan. A history of so-called confidence loans inspire more hesitancy than confidence.
• This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.
• Almost all loans issued in this subforum would be at rates considered to be exploitative in most countries. We're talking about something like 5-15% monthly (there are some more favorable alternatives, such as seeking out the Islamic Bank of Bitcoin). Use short-term loans responsibly, do not use loans for naked market positions or otherwise attempt to arb, and you should only use short-term lending from strangers as an absolute last resort.

Scam trends:

• There is an ongoing scam issue where "lenders" are saying they'll issue loans for collateral. The "lender" then takes the collateral and disappears. Prevent this by using reputable escrow providers or only dealing with lenders you trust.

Please post new repeat scam tactics here. They will be added to the list.

Thanks, Kluge. I should have read this first prior to making my first loan thread. Specifically the bolded part. I am now prepared in my second made loan thread.

[Muhammed Zakir]

Hello!
Can we trust donators (I didn't meant you.  ) ? I asked because they are donating btc to the forum, so I think they are good persons and also you are a member of this forum for a long time. So you might have seen everything going around here...

Kindly,
        Muhammed Zakhir

[Justin00]

No you can not trust a donator. They might of donated 10BTC when BTC was $0.01 - $5 etc etc.
A lot of hero and donator members were the ones who pulled off the biggest scams. Do not trust any one until you have gone over them thoroughly.. even if they have a bit of good trust.... Perhaps if they have a lot of good trust you could trust them...

[Justin00]

After replying the to guy with "100BTC"...... I propose anyone lending money should sign their BTC addy proving they have the BTC.
It should be in OP.

[paceta]

Thats a very good idea but how will OP prove it is really his wallet?

Maybe some trusted member should open some wallet and ask OP to deposit like 1-2 cent to the said wallet to proof it is him wallet and he have the coins that he whant to lend

[Justin00]

If they have 10BTC or any amount in their wallet on a certain address, if they sign a message using that address we can verify it belongs to them
You can test it out using your own wallet and sign messages etc.

Thats a very good idea but how will OP prove it is really his wallet?

Maybe some trusted member should open some wallet and ask OP to deposit like 1-2 cent to the said wallet to proof it is him wallet and he have the coins that he whant to lend

[Kluge]

After replying the to guy with "100BTC"...... I propose anyone lending money should sign their BTC addy proving they have the BTC.
It should be in OP.

Kinda-sorta added.

[vafelcz]

I need 0,0025BTC loan but after reading this.. I don't think anyone will give me this ...

[Quickseller]

There are some people who appear to be making very risky loans (even to people with negative trust) then end up getting repaid. I speculate that some lenders are lending money to their alts in order to build up trust of their alts so they can eventually borrow more significant money from someone else

[rtserv]

Can't you just restrict the IPs? I think there are people who are using many accounts from one IP at the moment. Buying and selling accounts is also helping scammers.

[needFREElunch]

I have noticed somewhat of a scam trend:

People will offer their domain/website as collateral while giving it outrageous valuations. The amount of the loan will of course be much less then what they claim it to be worth, while the actual value of the domain is closer to zero

[xerbot_dev]

This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.

Heed this advice and stay away from this section altogether. You're better off selling something you own or make than asking for a loan here.

Source: I asked for a loan.  

[leen93]

why don't we just ban newbies from posting here? it gets kinda annoying with all the scams

[--Encrypted--]

Hi

I need a loan of 1BTC how to get it

I am new on the community but have all the valid docs with regular income

Regards
Amit

make a thread/post requesting a loan and provide a collateral. not documents like bank statement or other information. but something on this list (under "What is considered collateral?") that is worth at least 1.1BTC, which you will have to hand over to the lender for assurance.

[webdeveloper5050]

still very hard to trust someone online.especially when you send bitcoin.

[tlictdig]

Hi,

As a noob here, can someone tell me how I can ask for a loan using domains as collateral?

Thanks

[strayanbit]

I don't lend or borrow here, but I imagine if you wanted to use a domain as collateral it would have to have some value.
There are a few sites out there which will give you an approximate $US valuation for a domain. 
Once you have the value, screenprint it (hopefully with a time and date), and then you will have to hand your domain over to the person giving you the loan, for the period of the loan or an escrow service.

Even with the above info, some lenders may not accept a domain or a website as collat', but if it's worth anything it may well be worth a go.

[bitsizeinvestor]

I am new here.

Wonder how does the collateral of domain and altcoin and message work? Firstly, how do I receive and keep the collateral? Secondly, how do I turn these into cash or bitcoin?

Thanks in advance.

[--Encrypted--]

I am new here.

Wonder how does the collateral of domain and altcoin and message work? Firstly, how do I receive and keep the collateral? Secondly, how do I turn these into cash or bitcoin?

Thanks in advance.

1a. for domains you or the escrow will need to have a registrar account. the domain collateral will be transferred to your or the escrow's account. additional fee may be charged.

1b. for altcoin you or the escrow will need to have an address to store that altcoin. from wallet or an exchange.

2. you sell them. duh. 

[bitsizeinvestor]

I am new here.

Wonder how does the collateral of domain and altcoin and message work? Firstly, how do I receive and keep the collateral? Secondly, how do I turn these into cash or bitcoin?

Thanks in advance.

1a. for domains you or the escrow will need to have a registrar account. the domain collateral will be transferred to your or the escrow's account. additional fee may be charged.

1b. for altcoin you or the escrow will need to have an address to store that altcoin. from wallet or an exchange.

2. you sell them. duh. 

Thanks. But in that case, is it possible that the lender will sell away the collateral and run away if the collateral worth more than the loan itself?

[marjod]

Thanks. But in that case, is it possible that the lender will sell away the collateral and run away if the collateral worth more than the loan itself?

If the lender is not established as trusted, you should escrow the collateral to a trusted third party in order to avoid this case. For exemple, if the lender is a newbie account and want to hold your collateral, don't send it to him but to a trusted escrow. Better pay a small escrow fee than lost your collateral.

[BTCBroker2016]

Is it possible to get a sticky of Trusted lender services?

[morantis]

Is it possible to get a sticky of Trusted lender services?

services, maybe, people would be a bad idea

i have seen members on here, long time members that have helped people and given money away and such either start a website or service or get involved and two weeks later that trusted members is gone and so is the site.

the same has been true for lending and escrow, it makes you wonder if the two years it took to build the account were all just a setup for that one time site take down of hundreds of Bitcoins, maybe, i think people just change  over time, especially when the miracle cure of Bitcoin did not solve all their problems by making them rich, well, actually, in the end, it did, lol

point is, two three year old accounts with trust and honor on here have turned and ran quickly and without a word, a list of services would be nice, i would watch and suspect every individual in the end

[The Pharmacist]

Is it possible to get a sticky of Trusted lender services?

services, maybe, people would be a bad idea

i have seen members on here, long time members that have helped people and given money away and such either start a website or service or get involved and two weeks later that trusted members is gone and so is the site.

the same has been true for lending and escrow, it makes you wonder if the two years it took to build the account were all just a setup for that one time site take down of hundreds of Bitcoins, maybe, i think people just change  over time, especially when the miracle cure of Bitcoin did not solve all their problems by making them rich, well, actually, in the end, it did, lol

point is, two three year old accounts with trust and honor on here have turned and ran quickly and without a word, a list of services would be nice, i would watch and suspect every individual in the end

Yep, and you know what I think is responsible for a lot of that?  Account sales.  And they happen right here in the open and nobody seems to give a shit.  If you banned them here, they'd be less likely to sell.  And I think sellers and buyers both should be tagged a nice shade of red by the DT members.  But most of them are happy with the status quo which got them their positions in the first place. 

[morantis]

Is it possible to get a sticky of Trusted lender services?

services, maybe, people would be a bad idea

i have seen members on here, long time members that have helped people and given money away and such either start a website or service or get involved and two weeks later that trusted members is gone and so is the site.

the same has been true for lending and escrow, it makes you wonder if the two years it took to build the account were all just a setup for that one time site take down of hundreds of Bitcoins, maybe, i think people just change  over time, especially when the miracle cure of Bitcoin did not solve all their problems by making them rich, well, actually, in the end, it did, lol

point is, two three year old accounts with trust and honor on here have turned and ran quickly and without a word, a list of services would be nice, i would watch and suspect every individual in the end

Yep, and you know what I think is responsible for a lot of that?  Account sales.  And they happen right here in the open and nobody seems to give a shit.  If you banned them here, they'd be less likely to sell.  And I think sellers and buyers both should be tagged a nice shade of red by the DT members.  But most of them are happy with the status quo which got them their positions in the first place. 

My favorite thing of all time here is escrow.  no proven trust, just a third party that says they will keep the other two safe by holding everyone's money.  Just using the word escrow makes two or three people pop out and start trading.  It is like a magic necklace that makes you appear trustworthy and you are just you, can be trusted or not.  They even create scripted websites to create the illusion of trust.

Anyone can do that....find a domain that includes free SSL for the first year, some web hosting, find the script out there for free or drop ten bucks and suddenly your BTC account has the money in it from one of more people, protected by you, lol.  I think anyone that does this for a year or more and watches $1000's of dollars pass through their account, only to make a couple bucks on the service, will get bitter and bolt one say with someone's money.

[MoneyJ]

Lenders have always used 3rd party for escrow service. But make sure it's legit .

[Kevin29]

Now i cant loan 

[morantis]

Now i cant loan 

why would people trust you in a loan?

[maincoon]

IMHO most people here are not reliable enough to get any loan. I was burned too many times on scammers even from legendary accounts with good rep. People are buying/hacking such accounts and they are defrauding money.

So yeah anonymity = no loan for you dude. ever

[sonofjesus]

i want to any one lend me
what i must do to trust for me

what collateral i must provide ?

[Jeremycoin]

If I lend some Bitcoin to someone, and if the deadline has passed and he still had not paid. How long I have to wait til the collateral be mine?

[Bemerand]

I still cant figure out how a bitcoin lending service even works, do you owe the money or the bitcoins? is the interest on the money or the bitcoins?

[shivohum2015]

can anyone explain me first what is the meaning of "OP", this peculiar term is very frequently used over here. and second this is how to sign a message when some ask for

[arseaboy]

It's really such a bad idea to get a loan. We really need to earn bitcoin in a hardway. Really hard to trust people nowadays when money talks.

[piececake24]

there are so many newbie's here that's why people doubt or get hesitate to make a deal

[styleyfrancky]

Scam trends:

• There is an ongoing scam issue where "lenders" are saying they'll issue loans for collateral. The "lender" then takes the collateral and disappears. Prevent this by using reputable escrow providers or only dealing with lenders you trust. Keeping in mind that proving available funds isn't necessarily connected to whether or not a lender will steal collateral and disappear, you can also ask a lender asking for collateral to show he has the funds to lend you by signing a message with his private key (most BTC clients have a GUI allowing you verify messages, though they don't all use the same scheme to do this -- if a message fails to verify, you may wish to ask the signer to tell you which client and scheme he used so you can double-check using the same set-up he has ).

I enjoy this part, it shows that borrowers can face scammers too, not only the lenders. But I don't understand the part "you can also ask a lender asking for collateral to show he has the funds to lend you by signing a message with his private key (most BTC clients have a GUI allowing you verify messages, though they don't all use the same scheme to do this...). Can someone explain it to me, please?

[Vorth]

very hard to trust someone online especially when you send bitcoin.

[piececake24]

Lending money is not an option this nowadays it's better to work hard and put some effort even if it is a little money but guaranteed safe

[Soldiernumberone]

I need 0,02BTC loan but after reading this.. I don't think anyone will give me this ...

Yes it seems with no collateral or reputation , people in our situation will find it very difficult .

[SativaDiva]

A lot more people definitely need to see this post. There are tons of people willing to scam in order to make a quick buck. It's sad that the entirety of the bitcoin platform has to do with: connecting, networking, and being rewarded for maintaining security but there are still so many people willing to jeopardize and skew online transaction reputation.