Topic: Bitcoin Loaning - Is it worth it? - page 2. (Read 3469 times)
I think it can be worth it as long as you never tried to loan without a collateral. though giving a small loan to a trusted member that can prove their ownership of the said account can be worth it as well.
well without colateral you will get scammed without anyone think twice,you can rent your bitcoins on poloniex with margin trades,means the money cant be moove from the exchange and will generate a fee,that is your profit,the good thing is that no one cant withdraw any ammount from it before pays the loan soo is like 99% safe this loan.
I believe it's profitable, if I had only enough bitcoins to lend, I will run a loan service in this forum
Of course there's still a risk on lending and getting scammed but you can reduce the risk by asking a collateral on every loan or you can just lend to trusted users here.
Of course there's still a risk on lending and getting scammed but you can reduce the risk by asking a collateral on every loan or you can just lend to trusted users here.
This is true, but even with no collateral loans one can make a decent profit, because the interests are much grater on non collateral loans, than they are
on collateral ones, mostly because the risk is greater also.
You can evaluate the risk on the status of the account asking for loan; if the account can be
signed, and it has estimated worth of ~0.20 btc, it is unlikely that the loan taker will scam you after borrowing 0.05, simply because he will get negg repped and
destroy his account, which will make him a much more loss. But then again, some people still do it anyways, but it's beyond me why they do it.
cheers
It's a tedious process honestly, yea you could ask for collateral and if they give you altcoins is all good but bitcointalk accounts as collateral are just painful, you have to either sell them which you might not be able to do so fast or join a sig campaign and pay for the loan yourself which is tedious so if someone ends up not paying you have to be dedicated to it and recover your money using your time.
I think I might proceed with it actually. Alt coins seems a good, solid collateral, even if I don't receive many requests because of it, I atleast will come out well if I'm not paid back.Thanks
Unfortunately there is already people that offers loans without collateral, some of them to increase their trust some others to try make some profit, that would make it really hard for you to get requests from people who actually have alt-coins to offer as a collateral, 95% of the loans requested are usually stupid loans, anyone who needs a loan < 0.10 btc will probably use it for gambling, increasing trust, some of them might actually need it but not too many.
I believe it's profitable, if I had only enough bitcoins to lend, I will run a loan service in this forum
Of course there's still a risk on lending and getting scammed but you can reduce the risk by asking a collateral on every loan or you can just lend to trusted users here.
Of course there's still a risk on lending and getting scammed but you can reduce the risk by asking a collateral on every loan or you can just lend to trusted users here.
What would you use for collateral? I hope it's not usernames on Bitcointalk. These usernames are sold, and bought for scamming on a daily basis. The only reliable usernames are the primary username of a member, with Hero and above ranking and not created with the intent to sell. {Check post history, for constructive and non-spam related content} .....
i don't quite understand this part. can you explain a little.
if by username you mean taking control of the account and not only knowing the username, i don't see the risk in that. because any account with any sort of rank has its own value and post history doesn't make any difference.
if you want to join any campaign you can post good quality for one week and then join.
the value depends on the rank and whether or not it has been banned, negative trust or things like that
What would you use for collateral? I hope it's not usernames on Bitcointalk. These usernames are sold, and bought for scamming on a daily basis. The only reliable usernames are the primary username of a
member, with Hero and above ranking and not created with the intent to sell. {Check post history, for constructive and non-spam related content}
You are entering a very high risk scene and the probability of being scam exceeds the promise of a high return on your investment. Good luck, if you want to try it, because you will need it.
If you use Escrow, make sure it's one with a good reputation and lots of positive feedback from many users... some of those might be shill accounts used to boost it's reputation.
member, with Hero and above ranking and not created with the intent to sell. {Check post history, for constructive and non-spam related content}
You are entering a very high risk scene and the probability of being scam exceeds the promise of a high return on your investment. Good luck, if you want to try it, because you will need it.
If you use Escrow, make sure it's one with a good reputation and lots of positive feedback from many users... some of those might be shill accounts used to boost it's reputation.
Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
- Is it actually profitable?
- Will I get scammed to death?
there always exists a chance of getting scammed in every trade that you make. the only thing that you can do is to reduce the risks as much as you can.
for example when you want to trade anything with bitcoin you can use a trusted escrow service, or when lending bitcoin you should ask for a valid collateral.
What if you use BTCJam and do lending only for the A+ guys? To be A+ you need all sort of verifications, so it wouldn't be anonymous, which means they will do everything possible to be pay back. What would happen if they legitimately cant pay back tho, do BTCJam cover loses?
I think that even btcjam doesn't offer the needed warranties. The A+ guys doesn't meant that will be successful with the lending money. There are to many guys with A+ that have lost the money because the erroneous investments. So with him investment go away even the bitcoin lended . My suggestions is: Don't give bitcoin. Maybe with escrow yes but as a general rule might be: don't give bitcoin. Save those in your wallet.
Not only this. But if you want to increase the amount of bitcoin you own save everyday some bucks (the bucks of the second and third coffe at the bar) and after a while buy bitcoin with those. You will be amazed how many bitcoin you will have after a year.
If there is a chance of you being scammed then you will surly be scammed. Only ever loan Bitcoin if you can get a trusted 3rd party to hold collateral at 110%-120% of the value of the loan, which will at least cover you when they default. I doubt it is very profitable in all honesty.
Ah okay, thanks. But what really is collateral? If someone says they'll give a domain name for example, how do I know that really is worth more than the loan?Collateral is anything you can hold as value for the amount you've loaned...domain name is good but only as valuable as your ability to use it to recoup your money of the borrower doesn't repay.
You should check out www.prosper.com. It would be safest and most profitable to converts your btc to dollars and loan them through Prosper. You can lisn amounts as low as $25, choose who you loan to and get a decent return (4-10%.)
Check it out.
What if you use BTCJam and do lending only for the A+ guys? To be A+ you need all sort of verifications, so it wouldn't be anonymous, which means they will do everything possible to be pay back. What would happen if they legitimately cant pay back tho, do BTCJam cover loses?
I think that even btcjam doesn't offer the needed warranties. The A+ guys doesn't meant that will be successful with the lending money. There are to many guys with A+ that have lost the money because the erroneous investments. So with him investment go away even the bitcoin lended . My suggestions is: Don't give bitcoin. Maybe with escrow yes but as a general rule might be: don't give bitcoin. Save those in your wallet.
Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
- Is it actually profitable?
- Will I get scammed to death?
my ans is NO its so much work and hassal for little profit and if you got scamed you loss your complete month of profit without collateral no way dont even think about it with collateral its still so much work got scam and try to use that collateral is also work mostly you will get account as a collateral and after being scam you will find someone to buy that account to recover loss so much work
worth it if you are good in selecting who will be approved
if i will go into lending its much better if theres always a collateral, that way I can at least regain my BTC in case of loan default
if i will go into lending its much better if theres always a collateral, that way I can at least regain my BTC in case of loan default
Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
- Is it actually profitable?
- Will I get scammed to death?
If you have to lend, start with only collateralized loans is my advice. Do not be greedy.
Otherwise, you definitely will get scammed to death.
Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
- Is it actually profitable?
- Will I get scammed to death?
Your ability to achieve a profit in the free market is determined by your skill and your intelligence, be in WoT, ask for collateral and most importantly build a name and make a steady profit, don't be lending on bitcointalk like a fool.
If you know how to evaluate the "colaterals" and never give the loan without loan.
Then it's quite profitable.
Then it's quite profitable.
i think you meant without collateral , right ?
If you know how to evaluate the "colaterals" and never give the loan without loan.
Then it's quite profitable.
Then it's quite profitable.
Bitcoin loaning is nice idea but better be safe and ask for collateral, unless you trust the person.
Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
- Is it actually profitable?
- Will I get scammed to death?
No.
Yes.
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Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).
- Is it actually profitable?
- Will I get scammed to death?
No.
Yes.
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