.0043 bitcoin loan defaulted by [Devawnm367]

[macson]

sorry for the loss you suffered @shasan, i can't believe that person took away 0.0043 btc it's only equivalent to $113 the current btc/usd rate and it's been going on for over a year ^{(i looked at the account's posting history and found that he wasn't active enough while on the forum)}

you are a good person, i am helped with the services you provide, although i am not sure whether you get a big profit from running a lending business because i have noticed that there are quite a number of lending providers who have stopped their services for various reasons.

[1714955467]

1714955467

[1714955467]

1714955467

[1714955467]

1714955467

[shasan]

I hope he is still in profit he is one of the leading lenders here and his service have helped a lot of members and will help others who need immediate funds when they can't find it offline, I guess he should be stricter by asking for collaterals especially for lower rank although there is no guaranty on the upper rank either.

It is true that it becomes helpful for real people and it becomes helpful for scammers as they can scam easily by taking a loan but I am still unable to make a profit. For lower rank, I usually do not give a loan as the chance of default is higher than the higher rank.

[Poker Player]

And few people really need funds if all of us stop then those needy people will face a lot of problems that's the main reason for lending.

Maybe I'm old-fashioned, but in most cases I don't think you help people who have money problems by lending and making them pay interest. They're only digging a deeper hole, instead of saving up once and being ahead for the rest of their life.

From what sashan says, I see that he does it partly out of altruism, but many times to get out of the hole as you say is as easy as tightening the belt for a while, which will be more or less long depending on the size of the hole. But the thing is that when I see people asking for a small loan, and after paying it back they ask for another one, and another one, I tend to think that things are going to end badly. It is not necessarily so in 100% of the cases but it indicates a bad management of own resources and not knowing or ignoring basic rules of personal finance.

[LoyceMobile]

From what sashan says, I see that he does it partly out of altruism, but many times to get out of the hole as you say is as easy as tightening the belt for a while, which will be more or less long depending on the size of the hole. But the thing is that when I see people asking for a small loan, and after paying it back they ask for another one, and another one, I tend to think that things are going to end badly. It is not necessarily so in 100% of the cases but it indicates a bad management of own resources and not knowing or ignoring basic rules of personal finance.

There's someone right now on the Lending board, who takes larger and larger loans right after paying one back.

I've seen it many times, both online and IRL: taking a loan once, paying it back with interest, and never doing it again can actually help someone. But doing it on a regular basis either drains your finances, or you're filling one hole with another and not planning to ever pay it back. Either way, it often gets worse after a while.

[shasan]

OP, you have even been so lenient. Any reasons as to why you took a long time to open the scam accusation? Did you have some internal communications with him?

As you can see the user had positive ratings and a good trading/lending history. That's why I gave time to come back and repay the loan. Creating scam accusations is the last step which means there is no hope. That means I thought I may receive until creating the accusation.

He never struck me as a scammer, and I doubt he intended an exit scam over BTC0.0043.  I just hope he's okay, and to be honest I'm more worried about his health and safety after reading this thread.

Leaving the forum means whether there is any physical problem (it might be caused to death) and/or the intention is to scam. Actually I still cant believe this type of scam can be the intention of the borrower.

[348Judah]

I don't know how easy it has always appears for some people to take loan and finds it very difficult to make repayment, are they that desperate not to even have a look back on the issuer or considering the consequences that may land on them both, or maybe some would have been challenged with obstacles they faces as the worst challenge of their life finding it difficult to make repayment, we cannot just keep guessing but what i may suggest in this regard is to have a guarantor introduced in this regard in case of natural occurrence like death so that there will be a guarantor to reach after their abscondment.

[ScamViruS]

It's sad shasan. Many people get help in bad times by taking loans from this forum, but because of such users, lenders are now afraid to give loans. If this continues, it will become difficult for lenders to make a profit. So there is no way but to be more careful in approving loans, not only low rank account scams but many high rank accounts can also try to scam with large amount.

[shasan]

you've got to stop doing non-collateral loans especially with this not being your first time getting a defaulted loan or at the least do some sort of safety net for yourself because the loans you've got is a serious amount if you ask me even if they have a history of returning their loans, hopefully you can still get it back and if they do give it back, don't remove the red tag.

Scamming decreasing day by day as accounts decreasing day by day for scamming. But few people seriously need loans so I am not going to leave non-collateral lending. Thanks for your advice.

I'm overthinking it and that person died and we all know a dead man can't pay no debts.

We can only able to know if any known person of the borrower can update anything about the user otherwise we are unable to know whats going on.

if both gambling and lending are turning a loss in the long run.

I think all the lenders are at a loss except Darkstar.

[BitcoinGirl.Club]

I am at a huge loss and most of all the lender is a loser.

If you're only losing money, why are you still lending?

This is the reason I never joined the lending business: it doesn't seem worth the risk.

It seems to me addiction is like gambling. And few people really need funds if all of us stop then those needy people will face a lot of problems that's the main reason for lending. I have no plan to stop lending.

Then I think you need to change the title and make it Shasan's Charity 😎
This will have benefits like [1.] we will not see anymore scam accusation [2.] you know you are not expecting any return.
The people who need immediate funding they still receive the benefit

[GxSTxV]

@Devawnm367 has been offline for nearly a year now after taking the loan and hasn't logged into his account during all this time with all his accounts. So as you mentioned there seems to be no reason for him not to repay the loan given that if he participates in signature campaigns he will settle the debt within a few weeks only. Regardless of his reasons for disappearing (hopefully not due to a serious health issue), you're still facing a financial loss. This situation is a real problem especially if more cases like his appears. I noticed that his last post was when taking a loan from you, which could be coincidental or possibly linked to his exit from Bitcointalk. Unfortunately not knowing personallyit's hard to know the exact circumstances and his real intentions.

If not for a health issue or anything serious that will take someone off the internet, I see no reason why someone would default on such a small amount of money for a full member rank account where the money can be earned within a month, and based on the OP's explanation, it has given the loan defaulter close to a year now and no sign of a repayment plan has even been made.

I have borrowed money from you multiple times and I must say that you greatly helped me. I was facing some tough financial situations (as a student) where I needed that amount of money urgently and couldn't wait weeks to save it up with signature campaigns.that’s why I really hope your lending services continue, as there are needy cases and people like me who rely on them. In the meantime I believe it's time to implement more stricter rules and conduct thorough research on any profile before granting loans to anyone. Just my two cents!

[shasan]

I see no reason why someone would default on such a small amount of money for a full member rank account where the money can be earned within a month, and based on the OP's explanation, it has given the loan defaulter close to a year now and no sign of a repayment plan has even been made.

I think it might happen because of the health issue and/or the OP is no more on the earth. And/or it might happen for having too many alt accounts and it might not be worth anything to him/her. However the chance of it being too low as the accused person could borrow more money and then could default on the loan.

[arabspaceship123]

I haven't applied for loans but I'd imagine if ppl wanted one it shouldn't take long to repay. As a Full Member I can get at $40 max week in my sig campaign. You've given Devawnm367 $118 17 months ago so he should've settled he's had enough time. His last activity's a year ago in the forum. It's possible something happened to him but it's abysmal feeling to know you've had one more loan default.

I see no reason why someone would default on such a small amount of money for a full member rank account where the money can be earned within a month, and based on the OP's explanation, it has given the loan defaulter close to a year now and no sign of a repayment plan has even been made.

I think it might happen because of the health issue and/or the OP is no more on the earth. And/or it might happen for having too many alt accounts and it might not be worth anything to him/her. However the chance of it being too low as the accused person could borrow more money and then could default on the loan.

[logfiles]

I haven't applied for loans but I'd imagine if ppl wanted one it shouldn't take long to repay. As a Full Member I can get at $40 max week in my sig campaign. You've given Devawnm367 $118 17 months ago so he should've settled he's had enough time. His last activity's a year ago in the forum. It's possible something happened to him but it's abysmal feeling to know you've had one more loan default.

Like he said, he based on the defaulter's previous positive feedback, which was painting a picture of him paying back loans and having successful trades with other different members.

I feel for Shasan and all the lenders in this forum. This business is not for the faint-hearted in that even if a member has been very trustworthy, they can one day disappear in the forum unannounced due to different circumstances and there goes the loan.
I also have a feeling there are some members who build trust between different lenders and later on pull off an exit scam just when the lender thinks they can completely trust them.

[stadus]

I admire your patience in waiting for almost a year before making this scam accusation. Judging from the account, it appears that the owner has already departed. I'm sorry to hear about your loss; such occurrences are sometimes inevitable in business, particularly for non-collateral loans. However, as a borrower, it would have been beneficial to communicate any payment issues to the lender according to the agreement.

[arabspaceship123]

It's a dreadful set back when loans become defaulted so I'm with you feeling sorry for lenders in the forum. You're right some members build trust to scam that's got to happen but here it's $118. It's a small loan so it's believable he didn't intend to scam.

Lenders take risks with each loan so it's not for ppl who get affected with each default. I couldn't do it even if I had funds it's stressful for lenders.

I feel for Shasan and all the lenders in this forum. This business is not for the faint-hearted in that even if a member has been very trustworthy, they can one day disappear in the forum unannounced due to different circumstances and there goes the loan.
I also have a feeling there are some members who build trust between different lenders and later on pull off an exit scam just when the lender thinks they can completely trust them.

[shasan]

There's someone right now on the Lending board, who takes larger and larger loans right after paying one back.

I've seen it many times, both online and IRL: taking a loan once, paying it back with interest, and never doing it again can actually help someone. But doing it on a regular basis either drains your finances, or you're filling one hole with another and not planning to ever pay it back. Either way, it often gets worse after a while.

The chance of scamming is high by those who repay loan and trying to take large and after paying that asking larger and this way continue and once a time the user default the loan. Though there is an exception and but the chance of scamming is too high.

[arabspaceship123]

Lenders offer a service which ppl need so it's got to affect when they've realised they've been scammed. Aren't loans without collateral ones you've lost most money in? If defaulters leave collateral you'll sell it to recover some funds because you've protected yourself from a full loss. If you don't take collateral you're risking losses from users you trusted because of previous loans they've repaid. It's a risky way to make business.

The chance of scamming is high by those who repay loan and trying to take large and after paying that asking larger and this way continue and once a time the user default the loan. Though there is an exception and but the chance of scamming is too high.

[shasan]

I don't know how easy it has always appears for some people to take loan and finds it very difficult to make repayment, are they that desperate not to even have a look back on the issuer or considering the consequences that may land on them both, or maybe some would have been challenged with obstacles they faces as the worst challenge of their life finding it difficult to make repayment, we cannot just keep guessing but what i may suggest in this regard is to have a guarantor introduced in this regard in case of natural occurrence like death so that there will be a guarantor to reach after their abscondment.

It is almost impossible to appoint a grantor who will be able to repay the loan if the borrower dies. A lot of users have only access to the account. No other of the family members not aware of the forum as well as credentials. That's why it is impossible to keep Grantor online especially

[JeromeTash]

The chance of scamming is high by those who repay loan and trying to take large and after paying that asking larger and this way continue and once a time the user default the loan. Though there is an exception and but the chance of scamming is too high.

Have you ever thought about having limits you can send to an individual? Even for people you have lent money in the past and successfully paid back?

When I watch the lending board, there are members who are the highly suspicious of eventually defaulting a loan. Someone borrows a loan of $100, repays it with interest, then after a few days borrows $200, repays it then with interest, after a week borrows $300. Such activity is a time bomb

Such a person can live without loans, but they are trying to create some trust between you and them so that they can at one point scam you with high amounts.

[shasan]

It's sad shasan. Many people get help in bad times by taking loans from this forum, but because of such users, lenders are now afraid to give loans. If this continues, it will become difficult for lenders to make a profit. So there is no way but to be more careful in approving loans, not only low rank account scams but many high rank accounts can also try to scam with large amount.

Scammers have no feeling and they have neither country nor feelings.  They have only one target and that is called how to scamming. I am trying to be more careful but scammers are also more aware than me and that is why they are getting loan from me and they are scamming funds from me.

I noticed that his last post was when taking a loan from you, which could be coincidental or possibly linked to his exit from Bitcointalk.

It doesn't seem to me co-incidental and seems to me well planned scam and exit from the forum.