Topic: PROTECT YOUR COLLATERAL/LOAN (Read 1656 times)

Don't take this as personal, but if you're interested in protecting the community you'd advise people to use more trusted members than yourself. You only have 3 trusted feedbacks, two of which from same person. Perhaps offer a max amount you'd take?

Would you be able to hold physical collateral also? I'm struggling to find someone, I've been asked to hold onto physical collateral before however, because I'm situated in the United Kingdom I normally can't because of the delay & shipping costs. I don't need it immediately but, that's one of the things I've held back from giving Loans because I mostly lend to people situated outside the US.

Looks great, I might start giving loans soon so I'll be sure to use you.

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So you're looking for a loan and somebody decides to offer you the 1 bitcoin you've been looking for,but in exchange for the loan he wants collateral.
It turns out that you're aware that he's a collateral scammer.
So you being excited that you are finally getting your loan so you send your loaner your collateral.
He now disappears with your collateral and leaves you as a loner without your 1 bitcoin you wanted.
What now?


PREVENTION IS BETTER THAN CURE.


Somebody comes to you and they ask for a loan and they state that they have collateral.
So since they have collateral you agree to send and you do.
The receiver of the loan asks you to wait a bit since he's going to open his wallet/pack the item etc.
and so you do.
It turns out that he never returns and you are left with nothing.
What now?


PREVENTION IS BETTER THAN CURE.



PREVENTION= ESCROW

I am offering free escrow for the forum, I am online most of the time.

This is how it's going to work-

Follow this format
Quote
Loaner: "InputUserHere"
Loanee: "InputUserHere"
ATBE*: "21,000,000btc"
*ATBE = Amount To Be Escrowed

I will then Sign another message asking for the buyer to send the funds to a uniquely generated address.
Once the funds have been sent, The seller should wait for at least 2 confirms until he/she may release the loan/collateral.


If there is a dispute the funds will be released to the party with the most evidence.


I will also allow private group escrows done by Personal Messages.
However if there is a dispute, it will be made public.


Here are some links that tie in with my trust and authenticity:
Rep Thread: https://bitcointalk.org/index.php?topic=723310.new;topicseen#new
Feedback: https://bitcointalk.org/index.php?action=trust;u=168114
Public Key: https://keybase.io/crackedlogic/key.asc
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