People taking too many loans? | Bitcointalksearch.org

ajrah

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Activity: 350

Merit: 250

Quote from: tsoPANos on September 03, 2015, 08:45:04 AM

Quote from: bitcoinmasterlord on September 02, 2015, 09:02:36 PM

Quote from: Heutenamos on August 27, 2015, 12:09:48 AM

The problem with people asking so many loans is there, but now there are people who blindly give out coins to them, encouraging more to ask mfor loan.

Yes your correct. Some people seen giving away loans without any collateral for member accounts just because of some profits. If they pay back ok otherwise it be a big loss. Now a days lending section is full of new members (scammers) asking for loan.

Actually I have witnessed one such guy, he is either lending money to random people or it's his alts!
It is of course the legendary pro lender, manyproofs

manyproofs is a special case

it may seems like he is lending to his alts but I have seen legit (not alts) loans that he funded. 1 example is letyouearn, but the rest I would say is just an alt or taking advantage of manyproofs "generosity"

tsoPANos

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Activity: 602

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In math we trust.

Quote from: bitcoinmasterlord on September 02, 2015, 09:02:36 PM

Quote from: Heutenamos on August 27, 2015, 12:09:48 AM

The problem with people asking so many loans is there, but now there are people who blindly give out coins to them, encouraging more to ask mfor loan.

Yes your correct. Some people seen giving away loans without any collateral for member accounts just because of some profits. If they pay back ok otherwise it be a big loss. Now a days lending section is full of new members (scammers) asking for loan.

Actually I have witnessed one such guy, he is either lending money to random people or it's his alts!
It is of course the legendary pro lender, manyproofs

GannickusX

hero member

Activity: 490

Merit: 500

Quote from: ajrah on September 02, 2015, 09:10:50 PM

Nowadays you can tell if they are asking for a loan with their account as collateral or they are selling their account
The requested loan amount is almost same as the selling price of the collateral.
There's a hidden agenda
So they are not taking loans, they are selling accounts!

That wouldn't be a really big problem if everyone asks for collateral worth more than the amount of btc that is being borrowed and even so at least it's a soft scam, the loaner doesn't really lose money only time

MinerHQ

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Activity: 1456

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Quote from: ajrah on September 02, 2015, 09:10:50 PM

Nowadays you can tell if they are asking for a loan with their account as collateral or they are selling their account
The requested loan amount is almost same as the selling price of the collateral.
There's a hidden agenda
So they are not taking loans, they are selling accounts!

So just refuse to give so much loan. One should give loan amount less then the account value otherwise surely every one try to exploit this option.

ajrah

sr. member

Activity: 350

Merit: 250

Nowadays you can tell if they are asking for a loan with their account as collateral or they are selling their account
The requested loan amount is almost same as the selling price of the collateral.
There's a hidden agenda
So they are not taking loans, they are selling accounts!

bitcoinmasterlord

legendary

Activity: 1148

Merit: 1006

Quote from: Heutenamos on August 27, 2015, 12:09:48 AM

The problem with people asking so many loans is there, but now there are people who blindly give out coins to them, encouraging more to ask mfor loan.

Yes your correct. Some people seen giving away loans without any collateral for member accounts just because of some profits. If they pay back ok otherwise it be a big loss. Now a days lending section is full of new members (scammers) asking for loan.

GannickusX

hero member

Activity: 490

Merit: 500

Quote from: steveds on September 01, 2015, 10:07:10 PM

Quote from: GannickusX on June 14, 2015, 09:52:19 AM

I see some users with positive trust or with a lot of good ratings even if they are on the untrusted feedback becayse they take loans. What are these guys using the loans for? Im not going to name anyone but i have seen someone taking around 10 loans in the last 2-3 months. Normally when you take a loan is because you really need that money to either buy something or invest in somethinf, taking loans every 2 weeks not worth more than 30-50$ its weird isnt it? It just makes me believe that they are doing it to get trust or to gamble, i dont see any other reason. Any opinions? I dont know if this is the right section

Its weird trust me people shouldn't take out loans to gamble its very bad.......

Dont ever take or give a loan. Its fucking black and white :O

unless you a boss *insert middle finger emoji*

I would only give loans with collateral only but even so it's painful when they dont pay back and you have to sell the collateral which might be hard sometimes and tedious and all that just to get your money back

steveds

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Quote from: GannickusX on June 14, 2015, 09:52:19 AM

I see some users with positive trust or with a lot of good ratings even if they are on the untrusted feedback becayse they take loans. What are these guys using the loans for? Im not going to name anyone but i have seen someone taking around 10 loans in the last 2-3 months. Normally when you take a loan is because you really need that money to either buy something or invest in somethinf, taking loans every 2 weeks not worth more than 30-50$ its weird isnt it? It just makes me believe that they are doing it to get trust or to gamble, i dont see any other reason. Any opinions? I dont know if this is the right section

Its weird trust me people shouldn't take out loans to gamble its very bad.......

Dont ever take or give a loan. Its fucking black and white :O

unless you a boss *insert middle finger emoji*

tommorisonwebdesign

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Activity: 448

Merit: 251

Quote from: Gyfts on August 29, 2015, 12:13:53 PM

You can't really be sure what these guys are using the loans for. It could possibly be for paying daily bills, or even for supporting a gambling addiction. Other times it's just to build trust to value an account higher. If an account has a good trust rating and high forum tenure, I see no problem giving a loan out ot them. Especially if the have a good history of paying back the lender without defaulting.

True. Often when lending to strangers, you will more often then not find yourself financing gambling and drug addicts. That is why I would suspect that most borrowers here offering their account as collateral is fund some kind of addiction one way or the other

GannickusX

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Activity: 490

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Quote from: gentlemand on August 28, 2015, 08:58:20 AM

Quote from: prodigy8 on August 26, 2015, 10:41:30 AM

Quote from: RealBitcoin on August 22, 2015, 03:18:34 PM

The main problem is if bitcoin price goes up suddenly alot, then how are they going to pay it? They will default.

Now they are not necessarly scammers, but they just cant pay it at higher prices, so its not necessarly a good idea to take a bitcoin loan.

Yes that is a big problem, but if people need for trading so they can increase their amount of btc then it should not be a problem to pay back in this case.

How many traders are actually successful? Very, very few I'd say. It often takes years of losses before you start to become consistent and train your emotions properly. You'd be massively stupid to trade with loaned BTC.

It would be interesting to check the loan forum in late 2013 to see what happened there. I assume quite a few hearts were broken.

And people often just ask for really low amounts like 0.1 which id garbage for trading unless you are a fucking god and can predict everything you wont be able to make profit with such low amounts or you will make really low profit that wont even cover the interest rate of the loan

Gyfts

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You can't really be sure what these guys are using the loans for. It could possibly be for paying daily bills, or even for supporting a gambling addiction. Other times it's just to build trust to value an account higher. If an account has a good trust rating and high forum tenure, I see no problem giving a loan out ot them. Especially if the have a good history of paying back the lender without defaulting.

tommorisonwebdesign

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Activity: 448

Merit: 251

Quote from: fullypak on August 28, 2015, 10:07:26 AM

Quote from: tommorisonwebdesign on August 27, 2015, 03:33:44 PM

It is unfortunate people game and abuse the system on this forum. Far too often I see the most ridiculous loan requests posted here. There are many ways people come up with excuses to not repay the loan. I probably won't bother in the future with getting a loan from a stranger in the future.

That's the reason we shouldn't provide any one loan without proper collateral. Collateral should be easily liquidated later to recover our money. People come up with so many new ideas of reasons for asking loan without any collateral but do not fall on those traps. Just follow no collateral means no loan then you will be safe in this business otherwise you may end up loosing some money because of scam.

That's the best thing to do. I will never give out a loan without any collateral in my hands. I'm all for this P2P lending idea but at the moment we have a broken system. I may actually might want to look at building a website, get it tested by a professional hacker and launch a secure P2P Bitcoin lending platform. BTCJam is the shits with scammers as well. My site would hold collateral.

examplens

legendary

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Crypto Swap Exchange

which is the longest period for loan?
long period is very risky for both side, especially for big loans.
I would not dare to take loan, with my luck price will be jumped double on a payday

fullypak

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Activity: 1456

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Quote from: tommorisonwebdesign on August 27, 2015, 03:33:44 PM

It is unfortunate people game and abuse the system on this forum. Far too often I see the most ridiculous loan requests posted here. There are many ways people come up with excuses to not repay the loan. I probably won't bother in the future with getting a loan from a stranger in the future.

That's the reason we shouldn't provide any one loan without proper collateral. Collateral should be easily liquidated later to recover our money. People come up with so many new ideas of reasons for asking loan without any collateral but do not fall on those traps. Just follow no collateral means no loan then you will be safe in this business otherwise you may end up loosing some money because of scam.

gentlemand

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Welt Am Draht

Quote from: prodigy8 on August 26, 2015, 10:41:30 AM

Quote from: RealBitcoin on August 22, 2015, 03:18:34 PM

The main problem is if bitcoin price goes up suddenly alot, then how are they going to pay it? They will default.

Now they are not necessarly scammers, but they just cant pay it at higher prices, so its not necessarly a good idea to take a bitcoin loan.

Yes that is a big problem, but if people need for trading so they can increase their amount of btc then it should not be a problem to pay back in this case.

How many traders are actually successful? Very, very few I'd say. It often takes years of losses before you start to become consistent and train your emotions properly. You'd be massively stupid to trade with loaned BTC.

It would be interesting to check the loan forum in late 2013 to see what happened there. I assume quite a few hearts were broken.

tommorisonwebdesign

sr. member

Activity: 448

Merit: 251

It is unfortunate people game and abuse the system on this forum. Far too often I see the most ridiculous loan requests posted here. There are many ways people come up with excuses to not repay the loan. I probably won't bother in the future with getting a loan from a stranger in the future.

Heutenamos

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Act #Neutral,Think y'self as a citizen of Universe

The problem with people asking so many loans is there, but now there are people who blindly give out coins to them, encouraging more to ask mfor loan.

RealBitcoin

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JAYCE DESIGNS - http://bit.ly/1tmgIwK

Quote from: prodigy8 on August 26, 2015, 10:41:30 AM

Quote from: RealBitcoin on August 22, 2015, 03:18:34 PM

The main problem is if bitcoin price goes up suddenly alot, then how are they going to pay it? They will default.

Now they are not necessarly scammers, but they just cant pay it at higher prices, so its not necessarly a good idea to take a bitcoin loan.

Yes that is a big problem, but if people need for trading so they can increase their amount of btc then it should not be a problem to pay back in this case.

That depends because that adds extra risk to the loan.

If i were to give out loans I would first ask them what they need it for, and then adjust the interest rate based on that (of course they could lie so i would need proof beyond their words).

For trading loans IDK 10-15% interest.

For medical loans , personal spending, or education loans 5-10%

And for a solid business plan 1-5%, depending on what business they will do.

That is just my opinion, other guys would do it differently, and the numbers are not exact, but just to illustrate the difference between loan risks.

Sugarape

newbie

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Quote from: hasmukhrawal on August 26, 2015, 09:42:35 AM

If there is no risk in taking loans then i may also go for loan.
Because if they take loan they can get interest on it.

There is always risk unless you're covered with collateral, but the most risk is on the lender especially when they put faith and trust in the borrower and that's when scams happen but lending money when you already have it is silly in my opinion.

prodigy8

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Activity: 532

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Quote from: RealBitcoin on August 22, 2015, 03:18:34 PM

The main problem is if bitcoin price goes up suddenly alot, then how are they going to pay it? They will default.

Now they are not necessarly scammers, but they just cant pay it at higher prices, so its not necessarly a good idea to take a bitcoin loan.

Yes that is a big problem, but if people need for trading so they can increase their amount of btc then it should not be a problem to pay back in this case.

Topic: People taking too many loans? (Read 5306 times)