Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 44. (Read 204975 times)

Quote from: gweedo on April 03, 2013, 03:06:11 PM

Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.

I think the scammer tag would only apply if the borrower and lenders didn't come together and agree on how to resolve the issue. If the lenders decided to take a cut on this and accept the borrower repaying a lower amount, that won't automatically make the borrower a scammer. Hopefully that will also incentivize the borrower to actually talk to the lenders, instead of just frieze up and try to disappear, which is a rather big problem out in the non-bitcoin lending world, too.

But he obviously hasn't thought of the risk of accepting bitcoins as a loan medium. I think that deserve some kinda of special tag, not knowing the risk is just as bad as scamming in my opinion. It also makes it unfair to people that actually did pay back their loans.

Who took the risk though? The person accepting a loan in a rapidly appreciating currency, or the person giving out an unsecured loan to an almost anonymous person online? (The same question is still being asked regarding housing bubble, with borrowers v.s. banks)

Well we are talking about two different types of risk. While yes there is a lot of risk sending anonymous person online coins, I was just focusing on the risk of converting coins to dollars. The market is too crazy look the market was hovering in the teens and 20's then shot up $30 then $50 and now we are sitting in the hundreds. I am just saying I think people need to understand the market better, before doing loans to convert to dollars.

The price was pretty stable when I got my loan.

Do you even know what makes a market stable? Cause bitcoin is more stable then it used to be but it is not completely stable, when your converting to fiat and back you need to know the risk with that. If you know if it goes up and you can't pay the investors back then maybe you shouldn't take the loan.

boonies4u

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Quote from: Rassah on April 03, 2013, 02:20:45 PM

Quote from: Rassah on April 03, 2013, 02:20:45 PM

Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.

I think the scammer tag would only apply if the borrower and lenders didn't come together and agree on how to resolve the issue. If the lenders decided to take a cut on this and accept the borrower repaying a lower amount, that won't automatically make the borrower a scammer. Hopefully that will also incentivize the borrower to actually talk to the lenders, instead of just frieze up and try to disappear, which is a rather big problem out in the non-bitcoin lending world, too.

But he obviously hasn't thought of the risk of accepting bitcoins as a loan medium. I think that deserve some kinda of special tag, not knowing the risk is just as bad as scamming in my opinion. It also makes it unfair to people that actually did pay back their loans.

Who took the risk though? The person accepting a loan in a rapidly appreciating currency, or the person giving out an unsecured loan to an almost anonymous person online? (The same question is still being asked regarding housing bubble, with borrowers v.s. banks)

Well we are talking about two different types of risk. While yes there is a lot of risk sending anonymous person online coins, I was just focusing on the risk of converting coins to dollars. The market is too crazy look the market was hovering in the teens and 20's then shot up $30 then $50 and now we are sitting in the hundreds. I am just saying I think people need to understand the market better, before doing loans to convert to dollars.

The price was pretty stable when I got my loan.

gweedo

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Merit: 1000

Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.

I think the scammer tag would only apply if the borrower and lenders didn't come together and agree on how to resolve the issue. If the lenders decided to take a cut on this and accept the borrower repaying a lower amount, that won't automatically make the borrower a scammer. Hopefully that will also incentivize the borrower to actually talk to the lenders, instead of just frieze up and try to disappear, which is a rather big problem out in the non-bitcoin lending world, too.

But he obviously hasn't thought of the risk of accepting bitcoins as a loan medium. I think that deserve some kinda of special tag, not knowing the risk is just as bad as scamming in my opinion. It also makes it unfair to people that actually did pay back their loans.

Who took the risk though? The person accepting a loan in a rapidly appreciating currency, or the person giving out an unsecured loan to an almost anonymous person online? (The same question is still being asked regarding housing bubble, with borrowers v.s. banks)

Well we are talking about two different types of risk. While yes there is a lot of risk sending anonymous person online coins, I was just focusing on the risk of converting coins to dollars. The market is too crazy look the market was hovering in the teens and 20's then shot up $30 then $50 and now we are sitting in the hundreds. I am just saying I think people need to understand the market better, before doing loans to convert to dollars.

Rassah

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Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.

I think the scammer tag would only apply if the borrower and lenders didn't come together and agree on how to resolve the issue. If the lenders decided to take a cut on this and accept the borrower repaying a lower amount, that won't automatically make the borrower a scammer. Hopefully that will also incentivize the borrower to actually talk to the lenders, instead of just frieze up and try to disappear, which is a rather big problem out in the non-bitcoin lending world, too.

But he obviously hasn't thought of the risk of accepting bitcoins as a loan medium. I think that deserve some kinda of special tag, not knowing the risk is just as bad as scamming in my opinion. It also makes it unfair to people that actually did pay back their loans.

Who took the risk though? The person accepting a loan in a rapidly appreciating currency, or the person giving out an unsecured loan to an almost anonymous person online? (The same question is still being asked regarding housing bubble, with borrowers v.s. banks)

boonies4u

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If i'm going to be getting a scammer tag I really don't have any incentive to pay back at all.

Smoovious

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Scattering my bits around the net since 1980

Quote from: Smoovious on April 02, 2013, 02:09:24 PM

I'm also in this situation, and at this point, I am unable to keep the repayment schedule, no matter how I try to do the math it isn't possible... the remainder of the payments on my loan are going to be late... and the more the exchange rate rises, the later they will be.

Nothing else I can do... sucks... I barely stayed on time as it is.

I considered the possibility of BTC rising to 20 USD, or 30 USD on the outside... almost 110 USD? WAY beyond any schedule I can keep.

At the current price, it is 1000% more than what I cashed out the BTC from my loan for, not including the loan interest itself.

-- Smoov

Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.

No I don't...

The scammer tag belongs to those who set out to defraud from the start.

It doesn't get tacked onto people who are making an honest effort to honor his obligations, but due to circumstances beyond his control, is no longer able.

If I just walked away, with no more effort to repay, not even bothering to communicate? Then yes, you can make an argument for the scammer tag.

This isn't that situation, and your position completely ignores realities that can't just be tossed aside.

-- Smoov

sal002

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I am not saying there shouldn't be repercussions, similar to what happens in any scenario that involves mis-payment on a loan (settlement, notation on credit report, etc), but just saying the "SCAMMER" tag is not appropriate.

As for me - I am hoping for a large BTC crash

gweedo

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Quote from: creativex on April 03, 2013, 12:05:59 PM