Topic: Lending Subforum Intro & Scam Trends (Read 64457 times)
damn makes you think though
Then how do you get a BTC / ETH loan?
The point is how you can secure a loan, with what sure collateral.
General good practices:
Scam trends:
Please post new repeat scam tactics here. They will be added to the list.
- Lending used to only require some sort of "proof of reputation" (anything from a long post history, ID, or Web of Trust stats to a full credit report) from lendees. Due to an exceptionally high incidence of scamming, this is generally no longer the case. You generally MUST put up some form of collateral (usually some type of alternative cryptocurrency, like Litecoin or Quark). This depends heavily on the lender, and physical collateral may also be accepted (motorcycles, watches, PMs).
- Please refrain from requesting unnecessary "confidence loans" (a loan you don't need, but want to take out simply to show you'll repay). This was an issue a year or so ago, where scammers would take out incrementally larger loans, pay maybe .1BTC in interest, then take off with a 1BTC loan. A history of so-called confidence loans inspire more hesitancy than confidence.
- This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.
- Almost all loans issued in this subforum would be at rates considered to be exploitative in most countries. We're talking about something like 5-15% monthly (there are some more favorable alternatives, such as seeking out the Islamic Bank of Bitcoin). Use short-term loans responsibly, do not use loans for naked market positions or otherwise attempt to arb, and you should only use short-term lending from strangers as an absolute last resort.
Scam trends:
- There is an ongoing scam issue where "lenders" are saying they'll issue loans for collateral. The "lender" then takes the collateral and disappears. Prevent this by using reputable escrow providers or only dealing with lenders you trust. Keeping in mind that proving available funds isn't necessarily connected to whether or not a lender will steal collateral and disappear, you can also ask a lender asking for collateral to show he has the funds to lend you by signing a message with his private key (most BTC clients have a GUI allowing you verify messages, though they don't all use the same scheme to do this -- if a message fails to verify, you may wish to ask the signer to tell you which client and scheme he used so you can double-check using the same set-up he has ).
Please post new repeat scam tactics here. They will be added to the list.
Then how do you get a BTC / ETH loan?
General good practices:
Scam trends:
Please post new repeat scam tactics here. They will be added to the list.
- Lending used to only require some sort of "proof of reputation" (anything from a long post history, ID, or Web of Trust stats to a full credit report) from lendees. Due to an exceptionally high incidence of scamming, this is generally no longer the case. You generally MUST put up some form of collateral (usually some type of alternative cryptocurrency, like Litecoin or Quark). This depends heavily on the lender, and physical collateral may also be accepted (motorcycles, watches, PMs).
- Please refrain from requesting unnecessary "confidence loans" (a loan you don't need, but want to take out simply to show you'll repay). This was an issue a year or so ago, where scammers would take out incrementally larger loans, pay maybe .1BTC in interest, then take off with a 1BTC loan. A history of so-called confidence loans inspire more hesitancy than confidence.
- This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.
- Almost all loans issued in this subforum would be at rates considered to be exploitative in most countries. We're talking about something like 5-15% monthly (there are some more favorable alternatives, such as seeking out the Islamic Bank of Bitcoin). Use short-term loans responsibly, do not use loans for naked market positions or otherwise attempt to arb, and you should only use short-term lending from strangers as an absolute last resort.
Scam trends:
- There is an ongoing scam issue where "lenders" are saying they'll issue loans for collateral. The "lender" then takes the collateral and disappears. Prevent this by using reputable escrow providers or only dealing with lenders you trust. Keeping in mind that proving available funds isn't necessarily connected to whether or not a lender will steal collateral and disappear, you can also ask a lender asking for collateral to show he has the funds to lend you by signing a message with his private key (most BTC clients have a GUI allowing you verify messages, though they don't all use the same scheme to do this -- if a message fails to verify, you may wish to ask the signer to tell you which client and scheme he used so you can double-check using the same set-up he has ).
Please post new repeat scam tactics here. They will be added to the list.
Very good and important post. Helping people get money is really important, but everything that is given must be repaid.
Hi Kluge,
Thanks for the great post in 2014 regarding "Lending Subforum Intro & Scam Trends". I have been scammed on bitcoin sites before, so it seems to come with the bitcoin territory unfortunately.
I would be interested to know what kind of update you have to this article seeing it is now 2018.
As new forum member that is interested in a loan to grow my business - I would like to find out how do I find reputable lenders on here, and also put forward a credible loan request.
Thanks
farmingbyfaith
Thanks for the great post in 2014 regarding "Lending Subforum Intro & Scam Trends". I have been scammed on bitcoin sites before, so it seems to come with the bitcoin territory unfortunately.
I would be interested to know what kind of update you have to this article seeing it is now 2018.
As new forum member that is interested in a loan to grow my business - I would like to find out how do I find reputable lenders on here, and also put forward a credible loan request.
Thanks
farmingbyfaith
Can hardly believe someone in the right mind in the age of scam would give a loan ...
Hi,
I just read the messages one by one. I am not necessarily new here but I never participated in the forum. I totally understand what you're saying. I might look like a jerk, but I don't understand this collateral system.
People are going to leave a collateral value....to borrow it on the other side !!! why do they bother to borrow when they already have that money? there it is necessary to explain to me I do not understand everything, yet I work in trade, but there it exceeds me
I just read the messages one by one. I am not necessarily new here but I never participated in the forum. I totally understand what you're saying. I might look like a jerk, but I don't understand this collateral system.
People are going to leave a collateral value....to borrow it on the other side !!! why do they bother to borrow when they already have that money? there it is necessary to explain to me I do not understand everything, yet I work in trade, but there it exceeds me
ponzi scheme is a fraudulent investing scam, they promise to make a high rates of return with little risk.Read the news to learn more about it before invest Bitconnect is a lesson!
I think that lending is a risky undertaking
The Internet does not guarantee the return of your money.
so be careful!
The Internet does not guarantee the return of your money.
so be careful!
This is very good idea
Computers solve mathematical puzzles to confirm blocks of transactions on a network. When they succeed, they reward you with bitcoin.
Te rule still remains, do not think you're too careful, many have been scammed thinking otherwise, especially when it comes to Lending ,I've got couple if friends or scammed in this.
Hi, What do think about Welltrado (www.welltrado.io)? Their project is related with p2p lending and I was thinking does it has enough potential for completing their ICO? I saw Celcius network already raised 30M usd, do you think Welltrado could do better? 
The form he says is no different than the lending project: 3. It trick people into lending with great package. When enough people play it will close the website. I was fooled by Bitconnec 
R.I.P 
R.I.P
How can I lend bit coin and how can I know scam link
General good practices:
Scam trends:
Please post new repeat scam tactics here. They will be added to the list.
Thanks so much. i should have read this the first time i came to this thread. No wonder i was bombarded with neg trust despite not scammed anybody. - Lending used to only require some sort of "proof of reputation" (anything from a long post history, ID, or Web of Trust stats to a full credit report) from lendees. Due to an exceptionally high incidence of scamming, this is generally no longer the case. You generally MUST put up some form of collateral (usually some type of alternative cryptocurrency, like Litecoin or Quark). This depends heavily on the lender, and physical collateral may also be accepted (motorcycles, watches, PMs).
- Please refrain from requesting unnecessary "confidence loans" (a loan you don't need, but want to take out simply to show you'll repay). This was an issue a year or so ago, where scammers would take out incrementally larger loans, pay maybe .1BTC in interest, then take off with a 1BTC loan. A history of so-called confidence loans inspire more hesitancy than confidence.
- This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.
- Almost all loans issued in this subforum would be at rates considered to be exploitative in most countries. We're talking about something like 5-15% monthly (there are some more favorable alternatives, such as seeking out the Islamic Bank of Bitcoin). Use short-term loans responsibly, do not use loans for naked market positions or otherwise attempt to arb, and you should only use short-term lending from strangers as an absolute last resort.
Scam trends:
- There is an ongoing scam issue where "lenders" are saying they'll issue loans for collateral. The "lender" then takes the collateral and disappears. Prevent this by using reputable escrow providers or only dealing with lenders you trust. Keeping in mind that proving available funds isn't necessarily connected to whether or not a lender will steal collateral and disappear, you can also ask a lender asking for collateral to show he has the funds to lend you by signing a message with his private key (most BTC clients have a GUI allowing you verify messages, though they don't all use the same scheme to do this -- if a message fails to verify, you may wish to ask the signer to tell you which client and scheme he used so you can double-check using the same set-up he has ).
Please post new repeat scam tactics here. They will be added to the list.
This post is very useful to those newbie like me to avoid scam 
Thank you Sir! Appreciated
Thank you Sir! Appreciated
I think i should have read this the first time i entered this section. Now i know why i was denied and why my message was misconstrued.
In lending should I trust the website if it has a structured whitepaper?
A "whitepaper" usually means a technical paper, to explain a new technology or idea.
Lending isn't complicated or new - there should be no reason for a lending website to have a whitepaper, other than boost it's credibility.
In lending should I trust the website if it has a structured whitepaper? And have many youtube testimonials? I also wanted to invest in bitcoin. But I am scared to get scammed.
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