Topic: Lenders, please don't lend without a proper collateral! (Read 3292 times)

If you would take away this then you would hurt one of the main characteristics of bitocin. Bitcoin is money so everything related to money needs to happen. This is no forum for a different topic. Bitcoin IS money from the start and a big part dicussed was trades and such.

You can't take that away.

Since the search included the google search it has become more handy. and yes if ppl pushing you to act faster something isnt right. i foten get requests via skype or pm and ppl cant wait for a proper reply. if someone is trying now to push me by telling me they are short on time i cancel or deny the deal. better safe than sorry.

i dont think the lending section is the problem like The Pharmacist wrote. its more the people using it. hence i suck at trading i decided to loan out BTC. if you are carefully and dont get greedy it works. of course i got scamed a few times but only three loans were a total loss. collateral or escrow is a must.

we are glad we have some trusted escrwos like sebastianju around.

then lending will be the pawnbroker.
i don't think we need to do this.

If bitcointalk got rid of lending and signature campaigns, it would be a much better place.  People should not be getting loans on a discussion board. Friends or family or professional lending places exist for that.  Both the lending section and all of these sig campaigns are why assholes from around the world flock to this forum.

I think it was a nice move of you. When i check for loans or scams i do a google search with something like this:
and see what comes up. Of course it seems to be needed nowadays too to check avatar messages and so on.

Though i tell the buyer always that i made a quick check but that i can't ensure that there is nothing hidden. That risk has to be taken by the buyer always since loans could be given out via pm too.

Besides that... traders pushing for a fast transaction are a pain... though i then feel more like they might to scam me, so that i don't get that something is fishy or so.

Good luck with your future escrow service. I think the way you handled your parly error is an advertisement for you.

Its a good advice you give here. i appreciate you dont call out any names, but i am okay with having this out. it was me who escrowed the deal and it was me who paid the open loan to protect the one who gave the loan.

i wasnt able to figure out that the account i escrowed had an open loan. i watched through the last posts but i missed it. after the deal was done i was contacted by the person who gave the loan. as the parties were not able to deal with the situation i decided to pay the debt.

i am giving out loans, so i know how it feels to get scammed. why did i pay the open loan, even i didnt take it? well, after thinking about the whole story i feelt it was my mistake by not checking all things that i shlould have checked. so i decided to pay.

I was later repaid by the seller of the account, not in btc but he did some work for me. Some would say it didnt cover the full amount but at least i got something back.

Two things i learned from that:

As escrow: clearly state what your tasks are. escrow are only responsible for smooth trades, nothing else. explain this to the parties.
As someone who gives loan: no collateral, no loan. no exceptions.

I think this should be in the lending section.

I just don't bother with lending in the first place with bitcoin. You are jus asking to be scammed.

There are things of worth that can be given in escrow. For example altcoins or accounts, when they can be secured and the value is real and can not be faked.

Accounts are nowadays sold with the old private keys. You will not know if he really is the old owner.

And the worth of the account is nothing you can trust on if you don't take a collateral. Since what will you do when he sold his account after you gave him the loan? Will you try to get it from the new owner? That's an unsure game.

You really should not be so uncautious. You ask for being scammed. I say that because this happens on the forum, this is no theory.

Of course you need to not trust escrows, though most escrows are trusted because they have shown some form of morals that would make it unlikely that they will sell their account for a fraction of a bitcoin. And accounts asking for loans are only in very rare cases so established or trusted like escrows.

On top, escrows often had way way more coins in escrow than a loan or account can be worth. So if an escrow would want to scam then surely that would not be for the amount of loans that are lent out on the forum.

Don't feel so safe. If you behave that way then you will bring escrows in risk too. Since when they get tricked by the scammer then it might be that they pay in order to not tarnish their name. It might be that some of these no collateral loans only found a good ending because escrows paid, because they felt responsible.

Only saying...

Thank you for the advice.

I want to suggest adding forms of collateral for new users.

Very good advice. I'm also surprised that many lenders take the risk of lending without collateral and many people requesting loans ask them without any collateral, or with the intent to scam straight away... That's one of the reasons I now rarely go to the lending section

It's not that hard to spot when someone really needs a legit loan, even withouth collateral in some cases. If the member can sign his old btc address, and the
amount isnt a great one in contrast to his/hers account, i believe they will pay up.
If that sort of rule was to be used, then one could argue that no escrows should be trusted, since they also can sell their account and take the escrowed funds to themselves,no ?

I'm opening this post to warn lenders to not lend out cryptocurrencies without a proper collateral. You not only risk your own coins but you risk the coins of escrows too. And when you take an account as collateral check carefully if a loan is on that account.

I write this because it happened lately that a lender lent out coins without collateral. The borrower removed the personal message under the avatar that he has a loan and sold the account. The outcome was that someone paid for the loan and it was not the borrower. I won't say any names and i didn't even gave red trust yet in order to not pinpoint the case.

Please don't be stupid by lending out without collateral. I'm actually surprised that it still happens since everytime i have read about that in the past there were many that warned the lenders already. Accounts can be bought or sold anytime and you never can be sure about the one controlling the account. And when you give out loans without collateral you practically ask being scammed. And you even risk escrows that might be involved and don't find about such thing. Which is quite easily done since you can't check everything out.

Only a headsup. Don't do this!