Quote from: Betwrong on November 16, 2019, 11:48:41 AM

Quote from: South Park on November 10, 2019, 04:41:20 PM

Quote from: Betwrong on November 10, 2019, 09:15:11 AM

Quote from: Duzter on October 20, 2019, 01:22:00 AM

Borrowed $1600 from my friend. Apart from this placed gold as collateral and got $250. ~

that it was the OP who borrowed money and lost all of it, plus $250 from the mortgaged gold.

Please, guys, before posting in a thread, read the OP first.

Unfortunately, no updates from the OP in this thread, although they were making 11 posts on this very forum just two days ago.

What surprises me the most is the amount of money his friend borrowed to him, 1600 dollars is a lot of money, in many countries that is several months of work and even in developed countries that is still one or two weeks worth of work, I love my friends but they know that my limit when it comes to loans I will give them with no question asked is only 50 dollars, anything more than that and I apply the same rule that is applied in the forum of no collateral no loan.

Although you are right in regards of hedging your funds, I think when dealing with gamblers, we should care about their fate too. If you know for sure that someone wants to borrow money from you to gamble with it later, you better don't loan the money to them at all, with collateral or not. Maybe they will be mad at you at first, but they will thank you later.

It may go either way. If someone will borrow money from you to be used for betting and that bet won but since you did not lend him, he will definitely be mad at you. But either way, you should not lend to people who will just use the money for gambling. They are not to be trusted. Who will trust someone who does not have the money but still wants to gamble? That attitude reeks of lack of discipline and out of control gambling urge.