Isn't the point of collateral minimising said risk, and covering any loses (+ extend) in case of a default?
Sure is. However the one requesting loan is still asking to be trusted, I am not. I do this for the honest profit from loans and offer the service for those requesting loan from me. I am still the one who even decides if the collateral offered is worth the risk in the first place and take the risk on getting account (or similar collateral) sold to pay my losses.
Rule of thumb is at least around 120%, although it also can be more.
Did you read my first post? There in the terms of service it indeed clearly states that I expect minimum of 120% worth in collateral from untrusted members.
Age doesn't prove anything. You could be a bought account (it happens), and even if not, being here long doesn't give you a superior trust status.
No, it doesn't and I didn't say it would? I was replying to user who referred on my 'rank' and 'trust status', and to my knowledge at least the rank part also requests some time being here. I simply pointed out that I for example, have been here longer than the user I was replying to if we look at things such as rank.
Where you trusted them, they didn't have to trust you.
Very true also. However showing trust
usually means you can be trusted too? I mean seriously, if I trust more than $200 worth of bitcoins to user from here, why would I start loaning service offering micro loans with $40 bankroll? Like said, these are 'extra' bitcoins I have in easily movable form right now. I had really good experience on those loans and I thought that is something I could try to do more regularly to earn some intrest for the extra coins I have. I also understand that I still took a bit of a gamble when I funded those previous loans without any collateral, as you can see from the last post I made to the loan over $200. That is why now that I intend to do this more often I wanted to protect myself and demand some sort of a collateral from users which cannot show lot of trust here.
It's a reflex to protect others, not to trash you.
Hopefully so. To me it seems insulting to try to point out my 'trust' or 'rank' here in a negative way when from my perspective I have shown nothing but trust towards the forum.
There we go.
And I have never even tried to state otherwise? To me this whole escrow thing makes perfect sense and like said, I am glad to use one if the user requesting one can show any kind of proof here more than I can and is willing to pay the fee. Needless to say the escrow should also be highest of trust out of us three. Yes, we can even make if for anyone requesting a loan for the first loans, no issue for me. I just don't understand the need for it when I am the one risking my BTC, offering micro loan of maximum $40, to possibly newbie user without any kind of trust to show here in any way. But like said, sure, if the loan requester pays for it and demands one we can use one.
Well, that's something you and your borrowers have agree on, providing you will find some.
Good catch on the escort typo, I am not native English speaker and that was totally accidental. I hope this post answers to some questions already if anyone is in doubt of using my service. If not that's fine too, after all I really have no expectations and this was intended to be fun and good thing for the users of this forum.
