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Maasdamer

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Quote from: shasan on October 01, 2021, 01:26:40 PM

Quote from: HedgeFx on September 18, 2021, 04:25:17 AM

Hi,

Have 75.000 Fun token loked till december 9 (just for take promo of 45% interest). Someone are available to take them as collateral for give me 0.025 BTC loan for 30 days?
Just for be clear: for take collateral lender need to take my freebitcoin account where FUN are locked.
No time waster, only deal with escrow or reputable member.

*Actually 75.000 FUN worth abount 0.0307 BTC and gave the right to make 7 spin daily at freebitcoin wheel of fortune. At the end of loked period , my account will receive other 8.230 fun as interest.

Why your balance is locked on freebitcoin? I have seen that a lot of exchanger allowing trade of the token in that case why your token will have locked on freebitcoin. I think there is something wrong on your token. Anyway, if it has not any problem on the coin still no one will take it or consider it as valid collateral. Because it will not be a valid collateral until you transfer the coin/token.

You can lock the token for a period of time and therefor get higher rewards and %. There is nothing wrong with the account.

shasan

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Quote from: HedgeFx on September 18, 2021, 04:25:17 AM

Hi,

Have 75.000 Fun token loked till december 9 (just for take promo of 45% interest). Someone are available to take them as collateral for give me 0.025 BTC loan for 30 days?
Just for be clear: for take collateral lender need to take my freebitcoin account where FUN are locked.
No time waster, only deal with escrow or reputable member.

*Actually 75.000 FUN worth abount 0.0307 BTC and gave the right to make 7 spin daily at freebitcoin wheel of fortune. At the end of loked period , my account will receive other 8.230 fun as interest.

Why your balance is locked on freebitcoin? I have seen that a lot of exchanger allowing trade of the token in that case why your token will have locked on freebitcoin. I think there is something wrong on your token. Anyway, if it has not any problem on the coin still no one will take it or consider it as valid collateral. Because it will not be a valid collateral until you transfer the coin/token.

Gambit2s

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Looking at the FUN token price in the last 30 days you can see that the token lost almost 50% of its value in just 1 month, so with the amount of FUN token syou're offering as collateral even plus the interest accumulated during the locking period will not cover the loaned amount in case you defaulted.

UserU

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Quote from: condoras on September 20, 2021, 08:00:01 AM

There is nothing personal here, is just business. If what you got is considered risky or not "ready to sell" at the end of your loan and put the lender in serious danger to lose his money why to fund your request? Will you fund such a request? Of course not.
As for the track record, that doesn't mean a thing. More than a lot of members with higher / better records than you or OP have defaulted their loan and vanish. Some "lost their way" even if they gave collateral...

Totally understandable. I mean he was fine with it unlike some that start throwing tantrums, you know I know Wink

condoras

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Quote from: UserU on September 20, 2021, 07:15:16 AM

Good you didn't take the replies too personally. I get it that sometimes we badly need one (I faced that before) and it gets disheartening when nobody wants what you got even if you have a good track record.

There is nothing personal here, is just business. If what you got is considered risky or not "ready to sell" at the end of your loan and put the lender in serious danger to lose his money why to fund your request? Will you fund such a request? Of course not.
As for the track record, that doesn't mean a thing. More than a lot of members with higher / better records than you or OP have defaulted their loan and vanish. Some "lost their way" even if they gave collateral...

UserU

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Quote from: LoyceV on September 20, 2021, 03:36:51 AM

120% isn't going to help you if you can't sell the collateral when it drops.
In the past 3 months, this happened to the Bitcoin value of this shitcoin:

From nearly 6 cents to 2, and I was planning to hodl them for the long term.

But yeah, I can imagine the concern from a lender's perspective. Not shitting on FBC since its a good site with good intentions, just that this can be off-putting to many. It also happened to another casino's token (BFG) once the hype died off.

Quote from: ?? on ??

I don’t need the loan anymore. I just decided, due the big drop, to buy BTC and pay in FIAT.

Thank for all reply and for make this discussion a little bit interesting.

I also understand that put my freebitco account as collateral (just because FUN are locked there) is not properly a good idea: my account is involved in premium benefits (7 wof spin per day) and also I bought over 2.000 tikets for Lambo raffle

Good you didn't take the replies too personally. I get it that sometimes we badly need one (I faced that before) and it gets disheartening when nobody wants what you got even if you have a good track record.

LoyceV

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Quote from: UserU on September 19, 2021, 01:31:42 AM

In terms of devaluation though, it's been hovering between 2 - 3 cents these few months from its peak shortly after its official debut. Doubt it would tank further since its Freebitcoin. But then, that's the reason why the 120% requirement exists.

120% isn't going to help you if you can't sell the collateral when it drops.
In the past 3 months, this happened to the Bitcoin value of this shitcoin:
Image loading...

UserU

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Quote from: Little Mouse on September 18, 2021, 10:36:52 PM

Yeah I know but that doesn’t mean you can sell OPs FUN token anytime. He said that the token is locked. Can you use the coin before the lock period ends? I think NO. If you can't redeem the coin, how will you sell/liquidate them. I think you totally missed my point above.

My bad, it seems that I misunderstood your statement. Those locked tokens won't be able to be sold.

In terms of devaluation though, it's been hovering between 2 - 3 cents these few months from its peak shortly after its official debut. Doubt it would tank further since its Freebitcoin. But then, that's the reason why the 120% requirement exists.

noorman0

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Literally you do not provide FUN tokens as collateral, but your account that has several staking balances. I don't think this is a fair deal, you still have control over to the collateral as long as the loan is active.
Based on this case, the role of 2fa on freebitco site is very strong, even email confirmation is not considered strong as proof of ownership.

Little Mouse

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Quote from: UserU on September 18, 2021, 10:34:17 PM

The FUN tokens are tradeable on a number of exchanges, including Binance
https://coinmarketcap.com/currencies/funtoken/

Yeah I know but that doesn’t mean you can sell OPs FUN token anytime. He said that the token is locked. Can you use the coin before the lock period ends? I think NO. If you can't redeem the coin, how will you sell/liquidate them. I think you totally missed my point above.

UserU

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Quote from: Little Mouse on September 18, 2021, 10:30:44 PM

What will happen when the FUN token get devalued before the lock period ends? Will collateral make any sense? How will the lender be able to liquidate the token and get back his loan?
Collateral is only valid when it can be used for liquidating anytime. Otherwise, having collateral means nothing at all.

The FUN tokens are tradeable on a number of exchanges, including Binance
https://coinmarketcap.com/currencies/funtoken/

Little Mouse

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What will happen when the FUN token get devalued before the lock period ends? Will collateral make any sense? How will the lender be able to liquidate the token and get back his loan?
Collateral is only valid when it can be used for liquidating anytime. Otherwise, having collateral means nothing at all.

Quickseller

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I would advise against accepting an account with tokens as collateral.

If you can withdraw the tokens, send them to a lender (or escrow) so they can sell them if you default.

examplens

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Quote from: ?? on ??

It’s not a Bitcointalk account. It is a freebitcoin account.

For change account owner is required 2FA (obviously I have Google Authenticator enabled) and mail of new owner: once you change email, due you had to use 2FA, this is irreversible so new email setted became the owner of the account.

Even if this happened, if you write any complaint to Freebitco.in or report that is your account hacked, they are likely to suspend that account and ask for some proof or KYC from the new owner. this can take a little longer and complicate the whole thing about paying off the loan

Quote from: HedgeFx on September 18, 2021, 04:25:17 AM

*Actually 75.000 FUN worth abount 0.0307 BTC and gave the right to make 7 spin daily at freebitcoin wheel of fortune. At the end of loked period , my account will receive other 8.230 fun as interest.

I don't know much about this fun token, can you check is it possible to make the internal transfer of these tokens to another freebitco.in the account. They would be stay locked into a new account, but it would all be legal.

condoras

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Quote from: ?? on ??

It’s not a Bitcointalk account. It is a freebitcoin account.

If it was, (probably) will matter more. Anyway, doesn't matter which or from where is the account. It's an account thus not valid collateral.

Quote from: ?? on ??

For change account owner is required 2FA (obviously I have Google Authenticator enabled) and mail of new owner: once you change email, due you had to use 2FA, this is irreversible so new email setted became the owner of the account.

And still, you can reverse it if you claim that your account has been compromised. Besides, changing the e-mail doesn't mean that you change the ownership. Plus that the lender will have to wait for the tokens to be unlocked and available.

UserU

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I'm afraid many lenders don't actually accept accounts as valid collateral, due to the fact they could always be recovered.

If you've visited the threads of reputable ones, they made it clear from the start.

HedgeFx

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