Topic: 👑 Crypto-backed loans. From 50 to 45,000 USD 💰 No KYC. (Read 658 times)

One question. Since you decided to post, why did you choose to necropost and resurrect this dead thread?

Yes, that's how lending works.

So I can get a loan from you for 1BTC (7.5K USD), HODL it for almost a year, by then BTC is worth 40k each, then just pay you back 7.5K + 8% of that and thank you? lol

UP 

I am ready to give a loan secured with Bitcoin on Biterest, a p2p platform for crypto-backed loans. Feel free to get in touch with me.

Did you saw how fast bitcoin grew in this week? Remember - Dont sell your bitcoin! Never sell your bitcoin! Use your Bitcoin as collateral for crypto-backed loans. It's are more profitable then selling! 

Want to know more about crypto-backed loans? Just ask me.

Sorry, but I can't fully agree with your point. However, if a person trusts government regulation, he might choose Nexo. Maybe you know an answer: if Nexo goes bankrupt, will users get their collateral back? How are they secured? I have asked about this point in their online-chat but didn't get an answer. They just said about the insurance, copying the text from their homepage ☹️
As for KYC, I don’t trust any guys who ask me about it. A couple of days ago, the data was leaked from another lending service: https://techcrunch.com/2019/07/24/youhodler-exposed-unencrypted-credit-cards-transactions/
Therefore, Biterest is more trustworthy for me. It is an OTC lending platform (look alike Localbitcoins) and is completely opposite to Nexo and other projects such as SALT, Blockfi, etc. Biterest only provides a tool for generating a multisig address for collateral. Also, if something goes wrong with the platform, my borrower can ask me to choose another service to exchange money to the key (they repay me money, I give my key). But I have been using it since last year, and nothing bad has never happened. And, of course, I do not want to give any information about me and my money to any government

True, however bitgo (which is a US company) uses multisig for their wallets so technically no jurisdiction can control or have access to the assets stored with them being a custodian and nexo themselves technically dont have direct access since everything is stored with bitgo in that multisig system as well, with everything being insured. If one is concern about personal information being handed over for KYC then why not just stick to this forum and find a trusted escrow that would use multisig? That way atleast there is real trust can be establish than relying on a strange site in a unknown jurisdiction (which seem to be russia) that is ran by unknown people with unknown software. On top of that, what if the lender (or borrower) is also the site owner, which would also have access to both keys in the 2-of-3 multisig wallet? That is something to think about since there is very little about them while with nexo, atleast one would have a piece of mind knowing that their coins are safe and insured, or here on the forum knowing that someone that is well trusted wont simply do something stupid to ruin their reputation or destroy the trust built with them.

Services like Nexo issue their own funds on credits and get user's bitcoins in their own possession. When you apply for a loan, Nexo takes all private keys to the multisig-wallet and control your assets. Moreover, your private keys are known not only to Nexo but also to BitGo. So, there are already two parties who control your assets.  You may not get your collateral back if the jurisdiction and the policy of Nexo or BitGo, or the conditions of their partnership change. Furthermore, Nexo controls your personal information.
As opposed, Biterest P2P platform does not require my personal information, and my private key is only in my possession 

Yes, I totally agree with you. There are a lot of scammers in the world of crypto, but there are a lot of scammers just on the Internet too.  This weakness of the Internet doesn't stop us from using it, right? We just need to be attentive to details and think more about the consequences. The cryptoworld is still too young and attract a lot of people who are hunting for easy money. However, more people will use cryptocurrency, more stable and reliable the crypto community will become. Do you know that more than 60% of bitcoins haven't been moving from one address to another for the last year? The vast majority do not want to sell their crypto. These people, who do not want to spend their crypto, buy your Bitcoin when you are eager to sell it. So, if you receive a loan, you try to save your bitcoin for yourself and help the community become more and more decentralized. You will keep hodling it and do not let someone else buy it who has already thousands of them.
I hope hodlers like you, me, and everyone else who read this stuff will realize soon the value of crypto-backed loans. Especially, when the BTC rate begins to increase significantly. It's quite obvious that getting a loan is more profitable than selling it.

Ok, about the size of the collateral. It is calculated by Biterest and depends on the loan amount, loan duration, and discount (loan to value ratio). You can change the size of collateral by changing discount, but its level secures you from the volatility of the BTC rate.

Doesnt look that trustworthy tbh. After all, trust itself cannot be truly establish based on everything im reading there. Plus, why use that when they could easily use a platform like nexo to get a fiat loan with btc as collateral with favorable terms? Eg if youre only borrowing $1k for a month, with nexo its only 8% APR (Annual Percentage Rate) vs your general 8% (assuming that 8% interest is 8% of the amount being borrowed).

I didn't know a site like that existed. I didn't check them out but I'm certain they wouldn't accept physical goods, digital goods and the range of items they are usually offered as collateral here. You have a nice service but unfortunately, not many people here take loans with the intentions of giving back. Most of them are scammers and digital account sellers who can't offer anything valuable for collateral. What's the size of the collateral though?

When people have a choice, it is good. If the user feels comfortable to receive a loan without leaving this forum, he can do it. Personally, I choose to work through Biterest, because all deals on this platform are secured with multisignature. This means that in a case of fraud made by one of the parties of the deal, I can appeal to arbitration service and the problem will be resolved.

And why would a forum user want to use an external platform to get a loan/leave collateral, if s/he can already do that here?

Crypto-backed loans let you save your bitcoins if you need to exchange them instantly to cash. Instead of selling bitcoin and losing the profit of the increasing BTC rate, you pledge your coins and get money.

I am using a P2P platform Biterest and can be your lender (someone who sends money). This platform does not control the user's bitcoins, because it only provides a bitcoin multi-sig address 2/3 for storing collateral. So, both of us upload to Biterest our public keys, after that the platform generates the multisig address from the three public keys.

If you do not know how multisignature works, I suggest you watch this short video https://www.youtube.com/watch?v=yeLqe_gg2u0 In a nutshell, no-one can use your collateral, because the address requires two private keys. After repayment, you receive the Biterest key and get collateral back. More information is given here https://biterest.com/en/blog/why-is-it-impossible-to-steal-collateral-from-multisig-address

My username is Ccryptolord.
The link to my offers - https://biterest.com/en/offer-lender/ccryptolord

THE LOAN TERMS
I can grant a loan in a range of 50 to 45 000 USD
Annual interest rate is 8%
You can receive money for a duration of 30-250 days
I use Bitcoin for transferring money, so it doesn’t matter in which country you live.
No mediators. No KYC. You will get them direct to your bitcoin address.
The loan and repayment amounts are fixed in USD. No worries if the BTC rate changes. If you need to repay 1000 USD, you'll repay 1000 USD whatever the BTC rate is at the moment of repayment.
You can repay the loan at any time BEFORE the end of the loan duration.
No monthly payments.

Why to receive a crypto-backed loan is more profitable than to sell bitcoins?
Let’s imagine a bad scenario. You sell your bitcoin at the current exchange rate of 10,000 USD. Later the BTC rate dramatically increases to 15,000 USD or even up to 40,000 USD. I am sure all of us would be completely down in the dumps!
Positive scenario. You get a loan instead of selling bitcoins at the current rate. You provide collateral in the amount of 10, 000 USD and receive 8,000 USD (the collateral has to be higher than the loan amount). Over some months, the BTC rate rockets to 40,000 USD. You repay 8100 USD and get collateral in full. Your profit is 31,900 USD.

Steps how to get and use a loan
1. Go to my link - https://biterest.com/en/offer-lender/ccryptolord
2. Click the Apply for a loan button and sign up. No KYC.
3. Set loan amount, amount of days, discount (it affects the amount of collateral, please learn more https://biterest.com/en/blog/discount) and insert your bitcoin-address. If you have any questions, you can ask in the chat on the site. They respond in English too.
4. Upload public key or generate it with the help of a script on the page. It uses for a multi-sig address.
5. Transfer the required amount of collateral to the multi-sig address. After that, I will send you money as soon as possible. I have 800 minutes to send you money because I also need to sleep Usually, it doesn't take that much time.
6. You get bitcoins and use them as you need. You can exchange it wherever you want to. It’s also beneficial just to hodl. If the BTC rate goes up, you repay the lower amount of BTC in the result. This is due to the repayment amount which is fixed in USD.
7. You repay the loan and Biterest provides the second private key to the multisig address.
8. If you don’t want to repay, don’t do that. Your debt to me will be covered by collateral.

I have been using Biterest since last year. The platform is quite easy to use. If you are doubtful but want to try, start from a small amount. You can try even with 50 dollars.

Any questions? You are welcome to ask.