so i posted for a loan expecting some flaming and man i sure got it.
quite the welcome to the community for my first post.
yea i knew it would tank cause the requirements and preconceptions of people by the "lenders" are ... well... your just better off asking a fiat bank for some bitcoin in most cases no? but i did it anyway and wow....
so now im kinda confused...
to get a loan generally you need:
1. reputation - people need to know your not a scammer i get that...
but generally if you have been here long enough to be known then odds are you have plenty of bitcoin and dont need any kinda loan.
2. collateral - this is where it gets quizzical for me.
a. collateral as crypto - if you have alot of bitcoin or an equal amount of an alt coin that you could exchange for bitcoin and a real exchange, then what is the point of coming here and asking for a loan to a bunch of people who are sure everyone is nothing more than a scam artist and wants 10% back? where is the point in asking someone for a loan for something you can already afford?
b. collateral as physical - this is an item that could be sold for whatever your wanting to get so why let someone else hold it for the purposes of giving them 10%? or like me the only high dollar value item i own is my car computer and existing mining hardware. so which of those items could i live without to use for collateral for a btc loan if i were so inclined?
exerpt from another post....
I have up to 0 BTC to loan at 0%!!!
Terms
You must supply collateral before receiving a loan
Collateral must be in the form of Litecoins, Primecoins, or mcxFEE shares
The amount of collateral will be 20% more than you're borrowing (ie. in order to borrow 10 BTC, you must supply 12 BTC worth of Litecoins at current market value).
All loans are for a period of one week, unless agreed upon otherwise
All collateral transfers must be from an address that YOU control
so i ask again...
if everyone here is sure everyone else thats not been here forever is a scam artist and/or wants as near exact value collateral upfront as possible to hold on to, with which you could generally exchange for bitcoin and just get what you wanted to begin with, what is the purpose of this section of the board?