We are willing to use our site as collateral to insure no interest payments or the loan payment is missed. Meaning, if we default you will have control of our domain/brand/server/customer list/advertising accounts/marketing material/modules, ect.
Worthless, altcoins are required
How is that worthless
His whole website/domain etc could be worth more than the loan it self.
its not worthless, but it definitely isn't worth 7 Bitcoins.
If he built a fully functioning betting website (that didnt have any visitors),
it would be worth about 1-3 BTC, in my estimation, depending on the functionality.
But that would be to the right buyer, it is still not that easily liquidated,
so its not that great of colleteral.