Topic: Old Member (New Account) - Looking to get back into this game (Read 324 times)

Hello all my crypto enthusiast friends!

I was into crypto a couple years back and had a great time, life caught up to me and I had to take a break but now I'm looking to get back into the game and study.

Unfortunately I don't have a good enough rig for proper mining anymore so I'm forced to purchase/loan my startup funds.

I have to offer as collateral a full, barely used Battlefront account. I only use origin for that so you could have the account and transfer credentials. It doesn't quite play good enough on my laptop. Because of the slight risk of that collateral I'd take .07 BTC as payment or on loan.

I also have a full GTA V acccount but that one would need to go for .09.

Any donations ofcourse would be greatly appreciated as well and if anyone is looking for someone to chat with about current events/theory please feel free to PM me.

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