Loan

[grandman58]

So this is more of a general question, not necessarily a loan request.
Yes ,I do need a loan of about 0.6 btc, but before I make any request I want to know a few things.
I have collateral, but it is scattered in more than 1 altcoin wallets, I'm considering exchanging them for a single type of altcoin.
Also, as per my old request that I locked, I have a wallet with btc in it, it has been consolidated, but most of it was spent to solve my original issue and make some investments. Currently it has only 0.00070782 left in it.
So my question here is, what kind of altcoin is acceptable as a collateral?
And also, if the collateral is approximately 110% of the loan amount, is that good enough?

Again, I'm mostly looking for answers, not necessarily the loan, that can wait, it's not that urgent.

Thanks for any clarifications  

[TryNinja]

Talking about myself here, everyone has different terms.

So my question here is, what kind of altcoin is acceptable as a collateral?

Anything that is listed on a big exchange (i.e Binance) and has enough liquidity so I can sell the collateral if you default on the loan.

And also, if the collateral is approximately 110% of the loan amount, is that good enough?

For a shitcoin, it's probably not enough. I could maybe accept it but chances are that the shitcoin dips and I have to liquidate you before I get to ask for some extra margin or even recall the loan.

[grandman58]

Ok. That's helpful.
I might need to rethink the amount on the loan and see where I can get the rest.
Thanks

[bitbollo]

it also depends on how long you want to have this loan and what percentage of payment you want provide (lending terms).

in general I would tell you to check coinmarketcap.
I would certainly accept the first 10 coin in this list, excluding tether/USDC/dogecoin, with the greatest focus on ethereum or litecoin/monero (even if it is not in top 10).

[grandman58]

it also depends on how long you want to have this loan and what percentage of payment you want provide (lending terms).

in general I would tell you to check coinmarketcap.
I would certainly accept the first 10 coin in this list, excluding tether/USDC/dogecoin, with the greatest focus on ethereum or litecoin/monero (even if it is not in top 10).

The loan I'm thinking of is for 2 months, and I will be able to pay back at least 0.75 btc.
And I was thinking of exchanging everything I have into ethereum or litecoin, so that's good.

[TryNinja]

The loan I'm thinking of is for 2 months, and I will be able to pay back at least 0.75 btc.
And I was thinking of exchanging everything I have into ethereum or litecoin, so that's good.

Be careful getting this loan with any user. Someone could pretend to be willing to give you the loan just to run away with your 110% collateral (i.e 0.66 BTC worth of ETH) right away.

And btw, since you're already thinking about liquidating your altcoins, why not just sell everything to BTC (which is what you need)? Why the loan?

[grandman58]

The loan I'm thinking of is for 2 months, and I will be able to pay back at least 0.75 btc.
And I was thinking of exchanging everything I have into ethereum or litecoin, so that's good.

Be careful getting this loan with any user. Someone could pretend to be willing to give you the loan just to run away with your 110% collateral (i.e 0.66 BTC worth of ETH) right away.

And btw, since you're already thinking about liquidating your altcoins, why not just sell everything to BTC (which is what you need)? Why the loan?

I'll be careful.

My thinking is that I'm probably never going to buy any altcoin again and maybe I'll need it some time latter. Maybe for another loan or some quick cash.
So I'm thinking I have the possibility to repay a loan now, but maybe at a latter time, maybe next year or in any undefined period of time, I won't.
Maybe I just will sell everything to BTC and be done with it, still not sure yet.

Anyway, thanks for the advice

[LoyceV]

Maybe I just will sell everything to BTC and be done with it, still not sure yet.

It makes much more sense to keep the 0.15 BTC instead of paying it in interest, and exchange your altcoins for Bitcoin directly. If you really want to speculate on altcoins again, see these depressing graphs first

[grandman58]

Maybe I just will sell everything to BTC and be done with it, still not sure yet.

It makes much more sense to keep the 0.15 BTC instead of paying it in interest, and exchange your altcoins for Bitcoin directly. If you really want to speculate on altcoins again, see these depressing graphs first

Yeah. I'm just going to exchange everything into bitcoin in the end.
Better to be informed before making any kind of decision.
Thanks for the graph, will look to over it, and I'll decide if I ever want to speculate on altcoins again.

Thanks to every one who responded to my post, got some info out of it. I'm locking it now.