Collateral is a Suggestion not a Rule...I lend without it from time to time. It is the lenders choice if they require collateral to lend or not.
Would you be willing to lend him 60 BTC without collateral? If someone were to lend him that much, what do you think the chances are that he would repay the loan (be sure to look at his trust first)?
I lent someone very close to this amount, no collateral. Got at least half of it back, the rest still not due yet
. But obviously such large transaction like this without collateral is extremely rare.Ok continue on...