If you were in desperate need for money.... - page 110.

vero

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Quote from: Bitcoinsummoner on September 13, 2016, 03:35:12 AM

Quote from: Positid on September 13, 2016, 03:19:20 AM

Quote from: danherbias07 on September 13, 2016, 02:58:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

That business would not work, and you cannot just sell that when you are in desperate need of money, you better take a loan in the bank and you get all your properties as your collateral so you can avail.

You can loan in the bank if you have a stable work but if you dont have any work you can not take a loan..
If you desperate you can only get or borrow money in your family..

i think it have a thought to borrow money for build a business is not an good option, where you do not know whether these business will go well or not.

Betwrong

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Quote from: Bustart on September 13, 2016, 03:43:28 AM

Quote from: Bitcoinsummoner on September 13, 2016, 03:35:12 AM

Quote from: Positid on September 13, 2016, 03:19:20 AM

Quote from: danherbias07 on September 13, 2016, 02:58:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

That business would not work, and you cannot just sell that when you are in desperate need of money, you better take a loan in the bank and you get all your properties as your collateral so you can avail.

You can loan in the bank if you have a stable work but if you dont have any work you can not take a loan..
If you desperate you can only get or borrow money in your family..

I think it is better to borrow fiat with the collateral as bitcoin. You can make profits in the long term as the bitcoin price will rise.

Although I think that Bticoin price will rise so I agree with you here, I wouldn't recommend to borrow money anyway. This happened many times to my friends so I want to share it here: When you borrow money to buy something you end up having a thing that you don't actually need and a debt you have to pay.

Bustart

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Quote from: Bitcoinsummoner on September 13, 2016, 03:35:12 AM

Quote from: Positid on September 13, 2016, 03:19:20 AM

Quote from: danherbias07 on September 13, 2016, 02:58:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

That business would not work, and you cannot just sell that when you are in desperate need of money, you better take a loan in the bank and you get all your properties as your collateral so you can avail.

You can loan in the bank if you have a stable work but if you dont have any work you can not take a loan..
If you desperate you can only get or borrow money in your family..

I think it is better to borrow fiat with the collateral as bitcoin. You can make profits in the long term as the bitcoin price will rise.

italianobitcoin

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If i were in desperate need for money I'd ask myself how I got into that situation first. After that I'd try to cash in all my bitcoin wallets and see how much I have.
Then I'd go to the forums and check services which I could possibly do and try to earn a quick buck that way. There's not much more options then that, maybe borrow from a relative.

Bitcoinsummoner

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Quote from: Positid on September 13, 2016, 03:19:20 AM

Quote from: danherbias07 on September 13, 2016, 02:58:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

That business would not work, and you cannot just sell that when you are in desperate need of money, you better take a loan in the bank and you get all your properties as your collateral so you can avail.

You can loan in the bank if you have a stable work but if you dont have any work you can not take a loan..
If you desperate you can only get or borrow money in your family..

SignificantOtter3

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Quote from: danherbias07 on September 13, 2016, 02:58:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

This is a good point. Establishing trust is incredibly difficult in the bitcoin community due to past events. Additionally, the entry barrier is so low that you might start getting thousands of "customers" who only have a few satoshis. As a result, you will have a ton of customer support and admin costs for very little revenue. If you put customer support on the back-burner and concentrate on marketing, the two/three people who encounter bugs and cant use your platform properly will go to social media, forums, and reddit to shout about how you cant be trusted.

I think the low revenue coupled with potentially huge customer base is a real problem for your platform and most bitcoin platforms.

Always happy to see new bitcoin companies though, so I would say go for it anyway Cheesy

Positid

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Quote from: danherbias07 on September 13, 2016, 02:58:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

That business would not work, and you cannot just sell that when you are in desperate need of money, you better take a loan in the bank and you get all your properties as your collateral so you can avail.

danherbias07

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Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

This could be bad at start. How will you gain their trust first. You need a lot of spending before they would trust you. What else is bad here. You hold the private keys so a mess could possibly happen if you are the one hacked. They cant even do a thing.

groll

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Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

Wow, sound good but it may take a long time for you to put up a well organize bitcoin insurance. Make sure that it will not be a scam after we give you some share of our bitcoins. Just inform us if you already put up your bitcoin insurance. That would be a sure hit especially if it really gives us an assurance. Wink

diegz

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Quote from: freedomgo on September 13, 2016, 01:23:29 AM

Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

Insurance won't work here, we are in the cryto world and everything is anonymous of the users prefer to choose it, and I do not think they will ever pay their dues just to get insured, I am sorry to say this but there will only be two outcome, either you will be scam or you will scam them.

Yeah, sounds like that... There is no assurance that each of those who use your service would really pay, sometimes people are clever, if they know they can get something they would really pursue to go on and vanish if they notice that good time is already fading..

freedomgo

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Quote from: MFahad on September 12, 2016, 11:23:20 PM

I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

Insurance won't work here, we are in the cryto world and everything is anonymous of the users prefer to choose it, and I do not think they will ever pay their dues just to get insured, I am sorry to say this but there will only be two outcome, either you will be scam or you will scam them.

MFahad

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I was thinking of putting together a project and this brought it to mind. It would be Bitcoin insurance. Basically a wallet that is fed from your pay or however, but on a regular basis. The company that creates the insurance holds the private keys and that keep people from hitting their wallets every time they see a new toy out there.

John Constantine

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I would probably try to sell goods that I do not need, or that are no longer very important to me.
I think it is surely a better alternative than getting a loan.

tygeade

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Quote from: Newcoins2020 on September 12, 2016, 03:46:43 AM

Depends on what I would need so badly. It it's for bills which can not be delayed in any ways then I would just borrow somehow from people I know which means I have time to pay it back and zero interest. Anyways I wouldn't do anything irresponsible or crazy for money cause money is just paper in the end of the day just a currency we all made up and believe in.

Yes its better to borrow from friends or from parents rather then choosing any illegal way to get it, I mean it doesn't make any sense in stealing money as it will surely spoil your image and reputation in the minds of people.

Newcoins2020

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Depends on what I would need so badly. It it's for bills which can not be delayed in any ways then I would just borrow somehow from people I know which means I have time to pay it back and zero interest. Anyways I wouldn't do anything irresponsible or crazy for money cause money is just paper in the end of the day just a currency we all made up and believe in.

stevo401

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I dislike lending in general, however in my opinion some of the interest rates on bitcoin lending are ludacris.
Having to pay back double in a week is essentially 5200% annualised interest (ignoring compounding). By comparison, Wikipedia states there is legislation in parts of the USA capping payday loans at 36%

If you can't afford something today, can you really afford it twice over in a weeks time?

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Quote from: Bit1334271 on September 11, 2016, 04:31:24 PM

Quote from: d@nte on September 11, 2016, 03:45:27 PM

I would do nothing because there is not much that I can do if I am in need of money. I can loan money but I don't like that, because I would have to pay it back after a while..

Same here I also cannot do any thing just have to wait and try to solve this because lending is never been good option for me as mostly I dig and have start some other problems with this loan so just wait and watch for some other and better solution is very good option for me

Same here, i usually find the possible ways on how to seek money first for my problem regarding financial before i decide to take a loan from someone as my last resort. I agee with you i dont like to start a problems regarding with loans since it a little bit hard for me to pay on short terms loans.

Bit1334271

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Quote from: d@nte on September 11, 2016, 03:45:27 PM

I would do nothing because there is not much that I can do if I am in need of money. I can loan money but I don't like that, because I would have to pay it back after a while..

Same here I also cannot do any thing just have to wait and try to solve this because lending is never been good option for me as mostly I dig and have start some other problems with this loan so just wait and watch for some other and better solution is very good option for me

Colt22

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Quote from: co5hike on September 11, 2016, 05:40:47 AM

If I am in desperate need of money then first of all I will try to borrow it from my friends and family as if they help you then you can expect hard cash in your hands instantly.

Your family is Ok especially your parents and brothers and sisters but from friends it is something hard to get loan, they will be in fear of default. as I have faced the same issue also the better route i found is to start some online earnings and from that manage to fulfill that need.

d@nte

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I would do nothing because there is not much that I can do if I am in need of money. I can loan money but I don't like that, because I would have to pay it back after a while..

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