Re: Medium Loan Request - 10-15% Interest, 30-45 days, Collateral and Escrow
Also, liquidating the collateral option is one I rejected and continue to reject, simply because the sheer volatility of crypto currency makes this a very disadvantageous move.
I am at fault for not reading this completely.
User here is NOT offering collateral despite scamming attempts to entice users in thinking so. The very definition of collateral counteracts his assumptions.
He is use the lenders like a parachute: if everything goes OK and his collateral gains value he will pay, otherwise good luck with him giving back principal + interest and getting back useless coins
All this weighting on borrowed money.
All offers withdrawn, stay away like the plague!!
You say you failed to read the terms properly when I publicly stated it and my reasons behind it. Then you proceed to say 'scam'.
I am not sure if you are upset about me being unwilling to lend on the basis that you will liquidate the collateral if it falls below current value, and thus posted this lying accusation. Were you trying to scam me by giving you a direct control over the collateral instead of 3rd party escrow, or hoping to liquidate the collateral at a higher price once you got hold of it?
You are simply a liar for doing so - I have explained the reason clearly why I stay away from liquidation of collateral option unless the payment is not made on time. That's what a collateral is for.
One user has already decided to invest 3.08 BTC because we have dealt before.
Not agreeing to the terms that are in your favor does not make the deal a 'scam'.
The collateral value overtime is not a consideration in whether I pay or not - I must pay, because you are supposed to pay back your loans no matter what. Am I missing something here?
Maybe you have been scammed one too many times judging from your sent-feedback history (containing mostly personal complaints and whining) and now decides to spend your time bitching at others for supposed 'scams'. You should better understand your position.
You insisted on holding an option to liquidate the collateral. I rejected it, and informed you that 3rd party escrow will hold the coins and only liquidation that will occur is if the payment of the loan is not made on time.
To call this standard arrangement a 'scam' because it did not settle in your favor - what a joke. You apparently think loans are supposed to be 100% in your favor and know nothing about how deals like these work. It's a trade off, and 3rd party escrow acting as the insurance against fraud - an option that I favor.
To all serious investors, feel free to PM.