Topic: Collateral Risk! (Read 280 times)
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Don't forget to check contract address for ERC20 token. There is high risk. Multiple case happened with fake token. Scammers just send fake token as collateral. Actually that's wasn't real token. So if you are going to ask alt coins collateral than check first on CMC to confirm token contract address. Also you can check which exchange are listed. It will better for you. It's should not only check for collateral, you should check also like airdrop, or if some one offering cheap price. Than also you need check contract address. I have noticed sometimes scammers promote fake token and try to sale cheap price. In that case also you should check from CMC.
I agree with this, I had someone send me a couple hundred in fake Eidoo. A good way to ensure you are not getting fake collateral is to hold the collateral directly on an exchange as exchanges wont accept fake coin.
Don't forget to check contract address for ERC20 token. There is high risk. Multiple case happened with fake token. Scammers just send fake token as collateral. Actually that's wasn't real token. So if you are going to ask alt coins collateral than check first on CMC to confirm token contract address. Also you can check which exchange are listed. It will better for you. It's should not only check for collateral, you should check also like airdrop, or if some one offering cheap price. Than also you need check contract address. I have noticed sometimes scammers promote fake token and try to sale cheap price. In that case also you should check from CMC.
Reserve
Loan can be defaulted anyway. But according to me risk can be as mentioned below.
1. loan with no collateral 99% risky (depends on amount and rank)
2. Electronics good as a collateral 60% risk as price can be changed more than thinking. So if loan default then there will be no way to cover the amount.
3. Domain as a collateral 50% risk. As domains price can be manipulate.
4. Others accounts as collateral eg: youtube 80% risk. As it can be restored.
5. New listed coin 30% risk. As price can drop too fast.
6. Low volume coin 45% risk. As if price drop there will be no way to sell or will have to sell more lower.
7. ERC20 token collateral. Except number 5 and 6 scammer can send scam by sending other coin. In this case you have to double check price on etherscan and original contact address of the token.
I want to say only altcoin collateral which is listed on multi exchange and volume is good can be risk free.
Edited:
Added number 7.
1. loan with no collateral 99% risky (depends on amount and rank)
2. Electronics good as a collateral 60% risk as price can be changed more than thinking. So if loan default then there will be no way to cover the amount.
3. Domain as a collateral 50% risk. As domains price can be manipulate.
4. Others accounts as collateral eg: youtube 80% risk. As it can be restored.
5. New listed coin 30% risk. As price can drop too fast.
6. Low volume coin 45% risk. As if price drop there will be no way to sell or will have to sell more lower.
7. ERC20 token collateral. Except number 5 and 6 scammer can send scam by sending other coin. In this case you have to double check price on etherscan and original contact address of the token.
I want to say only altcoin collateral which is listed on multi exchange and volume is good can be risk free.
Edited:
Added number 7.
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