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Author Topic: [EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!  (Read 86852 times)
PunkAngel
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June 10, 2017, 05:05:08 PM
 #81

I need to borrow a loan. If anyone is willing please contact me. I don't want much money, just a enough to buy some groceries please. I have a reddit account that I can use as collateral. I am not sure what else is exactly used for Collateral but I am willing to consider whatever options you suggest.
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aadje93
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June 10, 2017, 05:09:39 PM
 #82

Not valid and wrong place to post your loan request please read teh first post if you not understand what is a valid collateral it's really not hard to read and underatand it :/

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June 13, 2017, 03:05:22 AM
 #83

Looking for ideas on obtaining 75K USD loan from trusted reputable source to finance a commercial property investment for 3yrs. Have ETH and BTC for collateral but don't want to sell as I believe the run is no even close to the top of the hill. Willing to put up 150K worth of coins, I talked to 2 banks but they have no ideas on how to collateralize digital assets.

Any suggestions?

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September 01, 2017, 08:19:06 AM
 #84

Why Giftcards Cant Considered As zcollaterall
And How To Spot Items That They Want To Sale?

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September 10, 2017, 02:33:25 PM
 #85

Very nice thread this help lender and borrower insure there hard earned btc is safe. But still the risk is very high.  Its hard to find trusted person or company to be sure your collateral or btc you lend will be safe. 
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September 10, 2017, 02:45:33 PM
 #86

Why Giftcards Cant Considered As zcollaterall
And How To Spot Items That They Want To Sale?

A collateral is supposed to be sold only when someone decide to not pay the loan back and not before (you can't know If the card is actually working). If someone gives you an Amazon gift card as collateral for example (assuming that it works), he could both not pay the loan back and also redeem the gift card so even when you try to sell it or use it, It would be too late.

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September 24, 2017, 01:07:39 PM
 #87

@ PPOC

Maybe ripple bank parteners will facilitate Fiat loans with Crypto collateral in the near future
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October 29, 2017, 04:04:32 PM
 #88

I think a full member account of  bitcointalk  can be used as a collateral if the amount requested does not exceed the account value.
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October 31, 2017, 01:19:39 PM
 #89

As in 2013, it seems the trend has continued - a massive influx of users, both new and old, has continued to hit the Lending section with more and more loans being asked for daily. Due to scams a "rule" has been created which, while not currently "enforced", is basically a minimum requirement to get a loan. Note that this isn't an official forum rule, it's just a rule that most lenders will follow.

The rule of "No Collateral, No Loan" means that in order to get a loan you must give collateral that is equal, or preferably higher to the amount you are being loaned.

If you completely ignore this sticky and make a loan request with no collateral, without having massive trust on the forum, the chances of you getting negative trusted feedback and therefore having a Trade with Extreme Caution tag is almost 100%.

In general the amount lenders will be looking for is collateral equal to 110%-120% of the amount you are being loaned. Why is this? Well, first, they want to discourage you from running off with the funds. Collateral also needs to be something that can easily be sold, which brings me to my second point - your $500 worth of ink isn't going to cut it as collateral. Normally lenders will want things such as Altcoins or precious metals, although things that can be sent electronically are preferred.

A common question is why don't I just sell my collateral? Well the reasoning behind collateral is that you think it's going to appreciate in price or do not want to sell it, encouraging you to pay back the loan to have your collateral returned.

However, you must also watch out for collateral scammers. These guys take your collateral and run, without sending you the loan. Avoid this by using escrow.

This applies to lenders too - for your own sake, please follow this rule, both for your wallet and to discourage scammers from coming here.

The below post is also part of this [EDU].
hi hello it's me binting i need to borrow money from lending to help my business grow.To help my family my children to there needs in school and there everyday life.

▰▰▰▰ me token ▰▰▰▰
▰▰ WHITEPAPER ▰▰▰▰   The Social Commerce Revolution  ▰▰▰▰ ANN THREAD ▰▰
 ▰▰ WEB SITE  ▰▰ REDDIT  ▰▰ TELEGRAM  ▰▰ FACEBOOK   ▰▰ LINKEDIN  ▰▰
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November 08, 2017, 01:18:56 AM
 #90

the approach https://lendoit.com/ is taking looks legit.


no collaterals, default market, interest auction...
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November 08, 2017, 08:31:03 PM
 #91

What is considered collateral?

Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.

- The best collateral is another crypto-currency, such as Litecoin (also written as LTC).  Coins must be moderately traded on multiple exchanges.
- Some digital wares such as domain names can be considered as long as the user cannot recover it.
- Small valuable items that can be shipped though the mail - i.e. gold, silver, iphones, etc.
- Large items, such as a motorcycle or guitar can be used if you live close to the person giving you the loan.  Try localbitcoins.com

What is not considered collateral?

- Items they want to sell.  They don't want it back, so they will default.  It's scammy unethical behavior and will lead to negative trust.  Check their recent posts!
- Items not in hand.  Don't trust a user that promises to give you something *when* they default!  Tracking numbers only show something has been mailed - it could be an empty box.
- Future income.  You can prove you'll make xx coins in the next few days, but nothing forces you to send those coins to pay your debt.
- Identification.  So what if they can prove who they are.  Are you going to spend more money and time taking them to court on untested legal grounds?  You'll probably just walk away, like everyone does.  ID is useless.
- Games codes or similar.  To verify the collateral you need to use the code, which destroys the collateral.  Consider this a purchase, not a loan.  (Post in Digital Goods instead)
- Most new alt-coins or alt-coins that trade for satoshis are not good collateral as they can become worthless overnight.
- Paypal should never be used - they are anti-bitcoin and will rule against you 100% of the time.  Escrow can't even help, as paypal charge backs can come over 6 months later!
- Most valuable online accounts can easily be recovered by social engineering (the user contacting support to say they were hacked, and regain control of the account)  Examples:  Steam
 
When should you use Escrow?

 - Never send collateral directly to a low activity/post account offering you a loan, as they are likely to take your coins and disappear. (Collateral Scam)
 - Use only "Hero Members" or "Legendary Members" for escrow - they have a vested interest in the community with the time they have spent here.
 - Do not use a third party escrow service unless hero members can vouch for it - it's too easy to create a website, do a few escrows then disappear with a big balance.  Rinse and repeat.
- A list of trusted escrows can be found here:  https://bitcointalk.org/index.php?topic=855778.0
 
When considering the trustworthiness of a user, ignore "Posts" as there are schemes that pay a user per post.  A person can make 1,000 useless posts in one day and contribute nothing to the community.  Instead look at the "Activity" number - that gives you a more accurate tally of how involved the user is in the community.

Ignore the sob stories that users post - it's just a scam to get your coins.  If a person really is in such a situation, they can turn to family, friends or other social circles they frequent.  They are just posting in our community because the payment is anonymous and irreversible.

This was extremely helpful and informative. Glad to see some Elder Members in the forum helping out. I wish more people would pay attention to this non-enforced Rules. I see a lot of people making initial requests for loans without any type of pay back plan or collateral.
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November 11, 2017, 12:17:47 PM
 #92

Can i use my account of paypal or payoneer as collateral? Sorry about the noob question.

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November 11, 2017, 12:47:58 PM
 #93

Can i use my account of paypal or payoneer as collateral? Sorry about the noob question.

You can't as both accounts can be retrieved back from PayPal/Payoneer If you claim that you got hacked and provide proof.

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November 14, 2017, 01:19:28 PM
 #94

Are other cryptos ever really that hard to trade into BTC that they would need to be used as collateral to get BTC, I never quite understood this?

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November 14, 2017, 05:49:06 PM
 #95

Are other cryptos ever really that hard to trade into BTC that they would need to be used as collateral to get BTC, I never quite understood this?

It's not that that they are hard to sell. In fact, no one would accept something unavailable in exchanges as collateral. It's just that people who are holding this altcoin for example want to continue to hodl as it value may increase and in the same time, they want a loan in BTC.

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December 14, 2017, 10:51:04 PM
 #96

I was just informing myself on lending principles here, although I'd don't have any plans to ask for a loan for the time being, and there's a one thing I don't get. This account value is I guess referring to the value of the account here on bitcointalk, right?
So, how can that value be determined? Again, no plans to ask for a loan, just curious to understand things Smiley


Ok, I just found this topic:
https://bitcointalk.org/index.php?topic=1142314.0

With all the answers I need Smiley
Hannu
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January 07, 2018, 08:01:30 AM
 #97

Hey buddy,

100%-120% is terrible cost on money (me at least). Never can pay it back! Its good to be read first this article!

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LTC: LYX1ZH7f4qcXq52AzA6grUYDfDngVz7BEi
ZEC: 0xbbc86cedbe5847ec4266bf79b7af79b3ecd30d24
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January 13, 2018, 07:41:05 PM
 #98

Thanks much. I think you saved me from some bad ju-ju!
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January 20, 2018, 02:30:47 AM
 #99

Amen.

Thank you for taking care of the well-being of the community.

Due diligence is always warranted.

Sometimes some things should go without saying but we mortal beings now and then can get carried away, be it from greed or hope and need to be put back on the right track.

Be rationnal and as always, use the help of the community wisely and cautiously and do your homeworks.
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January 26, 2018, 07:13:30 AM
 #100

I have made the following changes for the new merit system.   Source here.

- The best collateral is another crypto-currency, such as Ethereum (also written as ETH).  Coins must be moderately traded on multiple exchanges.

What is not considered collateral?
- Merit.  Bitcointalk Merit is not a commodity and is not meant to be traded.  Asking or doing so may get you negative trust (Trade with Extreme Caution!)
- Most pre-coins/tokens are worthless, or may take significant time to be worth anything.  

When should you use Escrow?
 - Use only "Legendary Members" for escrow - they have a vested interest in the community with the time they have spent here.

When considering the trustworthiness of a user, ignore "Posts" as there are schemes that pay a user per post.  A person can make 1,000 useless posts in one day and contribute nothing to the community.  Instead look at the "Activity" number - that gives you a more accurate tally of how involved the user is in the community.  The new "Merit" system highlights thoughtful or useful posts, but gives no indication of trustworthiness.

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