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Author Topic: Account as collateral - How it reflects the forum rule?  (Read 390 times)
The Pharmacist
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July 28, 2018, 07:16:46 PM

I'm definitely not a fan of accounts being offered as collateral, and if I'll tag the seller (and the account, if the identity becomes known) if I see it.  But I understand why it's being done.  Most borrowers don't have altcoins to give as collateral for loans, and it seems like usually the only thing of value they have is their bitcointalk account.

It's unfortunate that the only thing left to do once a borrower defaults on a loan is to sell the account.  Iluvbitcoins (IIRC) was a member I tagged for selling an account he took as collateral, but I couldn't really make an exception for him even though he is otherwise fairly trustworthy.  Don't know why that particular member didn't try to sell the account using a brand new account like the rest of them do.

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July 29, 2018, 09:06:17 AM
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I can see clearly that we have different opinions on this subject. What everyone suggesting is a safer approach which is ok but as a lender I get asked from users to accept their account as the collateral.
You can deny them of a loan and then point them to the sticky thread which tells people about what a valid collateral is.

In some cases these members do not have anything else to offer but they need the fund desperately.
Desperation to seek money is the first sign that they will default. One who is willing to do a steady business will try to negotiate. But you can always say that I am wrong and go about your own way.

I found few of them are legit users and they have no intention to default the loan. How do you deal with them? Don't they deserve a fair deal since the forum has not such rules which stops account taking as collateral.
The rules of the forum are clear and so is the stance of the DT. But its upto you what you take as collateral because it is your loan shop. They wont "bend" the rules in order to "help" any lender or borrower.

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July 29, 2018, 12:36:35 PM

Let's say the answer is "a". In that case - since account selling/buying is prohibited or technically speaking the DTs don't like it - so, if a borrower default a loan and the lender have his/her account in control then how would the lender use the account?

As well there is no forum rule about collateral of BT account. Even there is no rule for account buy/sale. If you follow option "a" and borrower can't able to return your loan than account will be your. But on my opinion it will consider as a account buy sale. Because if this (a) processor legal to own account than account farmer will be follow this prossesor to save account from DT. So absolutely collateral of account equal is trade account.

I will suggest to OP, it's better to avoid account collateral. I can't feel it will be fair deal.














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