Sorry to say it but your coins have no value, to consider them as collateral. There is no way the lender to be covered if you default. This smells like a "dump and away" scheme... 
I want to say it is the same as a non-collateral loan. If the non-collateral loan can default we may get nothing and for this coin, as collateral, we can get anything if loan default as it has no current value. Collateral should have current value so that we can cover by selling the collateral if the loan has defaulted.