Topic: What kind of collateral do you accept and how do you transfer ownership? (Read 613 times)

Collateral doesn't work very well without an escrow service, which is what our platform will serve as. We are going to mediate between the lender and the borrower to ensure that escrow is not released in either direction without the proper events occurring (i.e. a loan gets paid off or it goes in default). I got your PM too, thanks .

This collateral crap never was in the works up until few years after bitcointalk scams went into masses.

For receiving and giving all my loans I had to give nor receive collateral, I can see the point but in return u can get scammed, but on the other hand the lender can get scammed so it's a two way street and you can blame the scammers for this collateral business. Makes me furious actually, face turns red. Wring the necks of these bastards.

Edit:
I am not sure if I am off topic, OP msg'd me, so I returned the msg and put a msg here as well, so if I am OT, report it and get removed and sorry for the inconvenience

Domain names might take a little longer to automate, but I'll keep that on the list. Please note that I'll keep adding the various collateral options to my original post in order to keep them in order. Thanks for the advice, please let me know if you can think of any other collateral.

collateral implementation sounds good.
way better than btcjam with their "never gonna pay you back".
maybe domain name as collateral?

Thanks CC, I'll put altcoins, cex.io and cryptostocks.com in our pipeline, hopefully we'll have the functionality of providing collateral within a few weeks.
Cheers, Kiril

Hi Kiril.

• LTC/AltCoins: OK
• CEX.io: borrower should create a GHS voucher to send to the escrow to eventually redeem; this way it can be avoided the market (http://coinzen.org/index.php?topic=61.0);
• Cryptostocks.com: borrower should use the transfer funtcionality available in the site; this way it can be avoided the market; low fees involved; escrow should have an active account at Cryptostocks.com, in order to receive collateral-shares from borrower

Collateral will move from the escrow back to the borrower (if loan is repaid) or to the lender (if loan is not repaid) in the same way has moved from borrower to the the escrow.

If you are able to find some more ways to transfer valuable-easy-resellable digitable  goods, at no or very low cost, let me know.

Bye, CC.

Well every lender prefers  altcoins as collateral as they can be easily converted into money. A collateral should be> then the amount lended (120% ) or at least equals to the amount being lended that reduces the risk as if the person fails to pay back to can still get the coins exchanged to recover your loss. You can escrow the altcoins if a person is not comfortable in sending you directly, general its not you who have to worry about the escrow fees but you can find people who are doing it for free on the forum. Now coming on the physical collateral part ummm it actually doesn't work that smooth as the collateral provided will be hard to collect of course not everyone will be located near you if escrowed you will have to find a someone near shipping will be a problem as well suppose if someone is offering  2 miners against xbtc loan then it would be hard to ship them back and forth plus that will include a huge fees and even if the person fails to pay you have to find someone to resell it consider reselling a desktop or a cell phone??? It might be a pain right so alt coins will be the best collateral considered.  Loans against photo ids won't work real t8me as there is a huge risk for both the parties as anyone and send you a fake id of courae its easy to fake an id plus there are people who have been id scammed or even if its real and the guy is from Australia and you are in usa how will you manage to go there to recover your suppose 1btc loan that's practically impossible. Considering loans against game accounts well they don't really worth as much as they say also it will be really difficult to recover your money out of it and even if it does worth an account can be easily recovered from the email you can be easily scammed or else it can be changed by answering the secret question you will be scammed anyways. Finally our favorite PayPal never loan against PayPal or any payment reversible  supported  services ecen if a peraon is giving you 10000$ PayPal and asking for .5 of loan. Thanks for reading I hope it helped

Hi, I'm the owner of BitLendingClub (www.bitlendingclub.com) and we've noticed that collateral is a big part of lending. We currently don't have the functionality to support collateral, but we'd be glad to implement it in our system. However, I need your help in understanding how collateral is being transferred from the borrower to the lender.

• Altcoins- that's pretty straight forward.
• CEX.IO- I didn't see anything about transfering CEX.IO assets from one user to another, how are you currently transferring assets there?
• Cryptostocks.com- same thing, not sure how you transfer ownership of shares?
• Financial Securities- Etrade allows transfers of securities , so do several other brokerages.
• Gift Cards- such as Gyft, Amazon, or anything else which can be transferred
• Domain name- that's relatively straight forward too (courtesy of Kyraishi)

Please let me know what other type of collateral do you accept and how you manage to transfer ownership of it from one party to another.
Best Regards,
Kiril Gantchev
CEO of BitLendingClub