Thanks Lutpin. I can see how it's hard to trust someone new after I read that. I'll probably just buy a $20 gift card and trade it on paxful.
You can lock the topic on the lower left in that case (since you wouldn't have to ask for a loan now). 
Topic: Need a small loan (Read 387 times)
Thanks Lutpin. I can see how it's hard to trust someone new after I read that. I'll probably just buy a $20 gift card and trade it on paxful.
I transferred my coins on my Bitcoin Core wallet and I didn't know the sync would take forever. I was told I cannot access my coins until the sync is complete. I still have a year worth of blockchain before completing. I need 100 to 200mBtcs, I'm new here and I'm not sure what collateral I could provide for somebody to give me a loan. But I'm open to suggestions. For the interest, I'm willing to pay not more than 10% of the loan. Thanks.
Newbie + 1st post loan request + big amount needed = fishy
If you have collateral(altcoins, anything that is able to be converted to BTC at a short notice), then people will gladly take your loan request. If not, you'll be labelled as a scammer.
Reading the sticky threads in this section before posting your loan request would have saved you the trouble of askin what is accepted as collateral.
What is considered collateral?
Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.
- The best collateral is another crypto-currency, such as Litecoin (also written as LTC). Coins must be moderately traded on multiple exchanges.
- Some digital wares such as domain names can be considered as long as the user cannot recover it.
- Small valuable items that can be shipped though the mail - i.e. gold, silver, iphones, etc.
- Large items, such as a motorcycle or guitar can be used if you live close to the person giving you the loan. Try localbitcoins.com
What is not considered collateral?
- Items they want to sell. They don't want it back, so they will default. It's scammy unethical behavior and will lead to negative trust. Check their recent posts!
- Items not in hand. Don't trust a user that promises to give you something *when* they default! Tracking numbers only show something has been mailed - it could be an empty box.
- Future income. You can prove you'll make xx coins in the next few days, but nothing forces you to send those coins to pay your debt.
- Identification. So what if they can prove who they are. Are you going to spend more money and time taking them to court on untested legal grounds? You'll probably just walk away, like everyone does. ID is useless.
- Games codes or similar. To verify the collateral you need to use the code, which destroys the collateral. Consider this a purchase, not a loan. (Post in Digital Goods instead)
- Most new alt-coins or alt-coins that trade for satoshis are not good collateral as they can become worthless overnight.
- Paypal should never be used - they are anti-bitcoin and will rule against you 100% of the time. Escrow can't even help, as paypal charge backs can come over 6 months later!
- Most valuable online accounts can easily be recovered by social engineering (the user contacting support to say they were hacked, and regain control of the account) Examples: Steam
Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.
- The best collateral is another crypto-currency, such as Litecoin (also written as LTC). Coins must be moderately traded on multiple exchanges.
- Some digital wares such as domain names can be considered as long as the user cannot recover it.
- Small valuable items that can be shipped though the mail - i.e. gold, silver, iphones, etc.
- Large items, such as a motorcycle or guitar can be used if you live close to the person giving you the loan. Try localbitcoins.com
What is not considered collateral?
- Items they want to sell. They don't want it back, so they will default. It's scammy unethical behavior and will lead to negative trust. Check their recent posts!
- Items not in hand. Don't trust a user that promises to give you something *when* they default! Tracking numbers only show something has been mailed - it could be an empty box.
- Future income. You can prove you'll make xx coins in the next few days, but nothing forces you to send those coins to pay your debt.
- Identification. So what if they can prove who they are. Are you going to spend more money and time taking them to court on untested legal grounds? You'll probably just walk away, like everyone does. ID is useless.
- Games codes or similar. To verify the collateral you need to use the code, which destroys the collateral. Consider this a purchase, not a loan. (Post in Digital Goods instead)
- Most new alt-coins or alt-coins that trade for satoshis are not good collateral as they can become worthless overnight.
- Paypal should never be used - they are anti-bitcoin and will rule against you 100% of the time. Escrow can't even help, as paypal charge backs can come over 6 months later!
- Most valuable online accounts can easily be recovered by social engineering (the user contacting support to say they were hacked, and regain control of the account) Examples: Steam
I transferred my coins on my Bitcoin Core wallet and I didn't know the sync would take forever. I was told I cannot access my coins until the sync is complete. I still have a year worth of blockchain before completing. I need 100 to 200mBtcs, I'm new here and I'm not sure what collateral I could provide for somebody to give me a loan. But I'm open to suggestions. For the interest, I'm willing to pay not more than 10% of the loan. Thanks.
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