Topic: questions about 2 types of collateral (Read 831 times)

You would,if you cared to read the entire thread.Basically,Jacee linked that dude to the collateral terms which are posted by VOD a very long time ago.Since it has a wonderful explanation on what a actual collateral is,every time a discussion about collateral comes out in the lending section,the post from VOD is quoted in the post.And hence VOD's current post,wish he'd get a payback every time that post was quoted.He would be rich!

Hi knightkon,  Thanks for the offer.  I'm in the US and the loan I'm looking for is for around 12 BTC to pay for the remaining cost of renovating a house and put it back on the market.  I decided to make a loan request on bitbond.com and see if that works.  It's a terribly high interest rate but as per the Realtor she expects that the house will close on quickly.  The only problem is that it is going to take 11 more days before I realize if the loan will be funded or not.

If you are still interested we can discuss take this over PM. The bitbond listing is 3ESZ978A05. I'd be willing to cancel the bitbond listing for a faster turn around time if I offer up collateral.

I doubt someone here will fund this loan with such collateral, first because you are not saying the ammount you willing to ask, and second because a game account isnt something easy to sell, but maybe the right person can sell it, i know you dont wanna scam or atleast isnt your main thinking, but the lender has to have sure he can sell those things, soo maybe btcjam can be the best option for you, but i doubt they will accept those colateral, usually they lend to people who can proof their income.

I can fund a loan for you, but the question is how much of a loan are you looking for and what are the interest terms.  Also, where are you located?  Once you get this general information to me, I will let you know if there is anything I can do to help you.

Don't get it.

Wish I got a payback every time that post was quoted!  lol

thanks jacee that helps

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