Defaulted loan

[Csmiami]

Facts: User Kid_dik requested a no collateral loan of roughly 20$ in order to buy some beers for the day. He said it would be repaid within the week, but it's been 4 days since deadline and I have heard no word from said user

Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=1105063

Reference Link: https://bitcointalk.org/index.php?topic=3063983.msg51585450#msg51585450

Amount Scammed: 0.002

Payment Method: Bitcoin

Additional Notes:

The day before the deadline, I PM'd him (@Kid_dik) in order to remeber him his loan was about to expire, and to ask if he needed any further extension:

Hi there!

Your loan deadline is tomorrow, will you be needing an extension or anything similar?

Kind regards

His answer was as follows:

Hello. I think not, i will buy btc later today and send you during the day. If there will be any need for extension ill let you know

That happened on 27th June, so that "later today" has become 5 days. I've waited for 72 hours before escalating a late loan to a defaulted one, but since user seems to be ignoring my PM's and is still active (has loged in every day after not repaying); I have no choice but to consider this a defaulted loan.

Link to the flag: https://bitcointalk.org/index.php?action=trust;flag=312

Reference to the form I've followed: https://bitcointalk.org/index.php?topic=5042099

[Avirunes]

I've added feedback and have supported your flag as well. Keep us updated if he happens to fix this up.

[Csmiami]

I've added feedback and have supported your flag as well. Keep us updated if he happens to fix this up.

Hope so, but doubt so.

Maybe he is just a bit absent-minded and hasn't realized I've sent him PMs and neg trust

[BitcoinGirl.Club]

Sorry to hear your lose. Hard to believe people do not feel guilty and do not have self respect. It was just only $20. Anyway, going to support the flag and also leaving a negative feedback shortly.

[The Sceptical Chymist]

a no collateral loan of roughly 20$ in order to buy some beers for the day.

That would have been a huge warning flag for me, but to each his own.  Not sure where you can buy beer for bitcoin nor why he wouldn't hit up a friend or relative for that.

You got burned, though, and I'll also support the flag.

[suchmoon]

This reasoning looked a bit flawed to me at the time:

This is rather interesting; low merit but green trust with a low amount but big return... I may give it some thought

I regret not pointing it out then. Hindsight 20:20. Hopefully the perp will come around seeing how they do translations and stuff. That must be worth more than $20.

[Csmiami]

That would have been a huge warning flag for me, but to each his own.  Not sure where you can buy beer for bitcoin nor why he wouldn't hit up a friend or relative for that.

The address I sent the funds to was supposed to be an exchange address; so that he could sell and after that buy the lager. There are some dark evenings in one's life where you only want to sit alone in the dark and drink; so that didn't raise too much of a flag

You got burned, though, and I'll also support the flag.

That can always happen, I took the chance but didn't do so great this time

This reasoning looked a bit flawed to me at the time:

This is rather interesting; low merit but green trust with a low amount but big return... I may give it some thought

I regret not pointing it out then. Hindsight 20:20. Hopefully the perp will come around seeing how they do translations and stuff. That must be worth more than $20.

Agreed; and for that same reason I recall I played a Hi-Lo dice game with a x2 multiplier; and since I won I decided that I was not going to loose something I had before (my head doesn't really think straight most of the times)

But I still consider merit to have some trust deeper inside; if you are a good poster it means you care about the community; and thus won't risk an account with some earned merit (there are always exceptions to the rule)

[suchmoon]

But I still consider merit to have some trust deeper inside; if you are a good poster it means you care about the community; and thus won't risk an account with some earned merit (there are always exceptions to the rule)

While it can increase the perceived value of the account... on the other hand if someone can easily earn merits then they can also "burn" one on a loan and then farm another one. Not sure what the "cost" of the effort is and how it compares to e.g. earning from a sig campaign.

[Csmiami]

While it can increase the perceived value of the account... on the other hand if someone can easily earn merits then they can also "burn" one on a loan and then farm another one. Not sure what the "cost" of the effort is and how it compares to e.g. earning from a sig campaign.

Making a very rough estimate; current signature campaign rates for Member status pay 0.00007BTC max 0.00002/600 satoshi min. on Bitvest; and 0.25$ per post (source) I don't take into account shitcoin sig campaigns because shitcoins be shitcoins.  The first campaign allows 60 posts per week and the second one 20.
So we have:

0.00007BTC*60=0.0042BTC on max tier of the bitvest campaign; 0.00002BTC*60=0.0012 on lowest tier; 0.00036000BTCwith no tier

Or, 0.25$*20=5$ (0.0004697BTC @ current market rates)

Now for the merits; I don't consider myself an extraordinary poster(yesterday I found out that I am on SMAS blacklist  ), so compared to an account farmer scammer; I think the stimate may be similar. Since I've come back to the forum, I've earned 32 merits (if I'm not mistaken), and I came back a month and a little ago; so I'll take 1 merit/day as a reference.

Newbie needs 10 merits to achieve rank; so 10 days.

Each one can draw its conclusion; but on a single month; user could earn 15$ or more. Since no one will give a no collateral loan to a recently created account; I think it's way much more hard work to create an account, far it a bit so that it's not "suspicious" and the default a small loan; than farming an account a bit and starting doing sig campaigns

[actmyname]

Each one can draw its conclusion; but on a single month; user could earn 15$ or more. Since no one will give a no collateral loan to a recently created account; I think it's way much more hard work to create an account, far it a bit so that it's not "suspicious" and the default a small loan; than farming an account a bit and starting doing sig campaigns

Bear in mind... a loan is instant (more or less) whereas signature campaigns take time and effort.It's a situation where the user expects to have more gain out of the short-term despite the intrinsic calculations.

I believe in some cultures, it is quite common to take a lower-reward short-term gain as opposed to a higher-reward long-term gain.

[HCP]

...so I'll take 1 merit/day as a reference.

Newbie needs 10 merits to achieve rank; so 10 days.

You must be new around here...

The vast majority of accounts on this forum are created for joining the shitcoin campaigns. 10 days for a newbie to rank up is just not close to reality given the current stats. There are plenty of accounts that haven't managed 1 merit in a year... let alone 1/day!

[Joel_Jantsen]

Facts: User Kid_dik requested a no collateral loan of roughly 20$ in order to buy some beers for the day. He said it would be repaid within the week, but it's been 4 days since deadline and I have heard no word from said user

How could you consider someone asking a loan for buying beers serious? If I'd have seen that request before, I'd just donate the amount for his honesty Doesn't matter $20 or $200 collateral should be must if you value your money.

[suchmoon]

You must be new around here...

The vast majority of accounts on this forum are created for joining the shitcoin campaigns. 10 days for a newbie to rank up is just not close to reality given the current stats. There are plenty of accounts that haven't managed 1 merit in a year... let alone 1/day!

To be fair, we were talking about someone who would be able to earn merits at a decent pace and whether such a person would be better off scamming a no-collateral loan or earning via sig campaigns. It looks like sig campaigns would be more profitable but on the other hand... hacked accounts, plus what actmyname probably means that scammers gonna scam even when it doesn't seem to make sense.

[actmyname]

such a person would be better off scamming a no-collateral loan or earning via sig campaigns. It looks like sig campaigns would be more profitable but on the other hand... hacked accounts

Bear in mind as well: merit requirements are exponential alongside time requirements. Scammers don't want to wait a year to turn into a Sr. Member whilst accumulating a huge toll of 250 merit. That takes far too long.

Scamming with a member account is easy. And if we consider the amount of Member accounts that someone can pump out with airdropped merit & circles, this corresponds to quite a bit.