Re: Medium Loan Request - 10-15% Interest, 30-45 days, NO COLLATERAL and Escrow
Well he's risking his reputation if he wishes to keep all the coins and default on the loans.
I can confirm that Honeypot is offering collateral but I won't reveal what it is, as that's what the OP wants.
I can confirm that Honeypot is offering collateral but I won't reveal what it is, as that's what the OP wants.
This is indeed true and a huge red flag, however I'm not commenting on users choices... it is your money and you do what you want with it.
The purpose of my posts here, aside from taking a good laugh at someone who is climbing mirrors trying to defend what cannot be defended, is to make sure everyone understand that what he is offering is not collateral by definition.
It is some kind of 'deposit to escrow' which may or may not lose value. If its value rises he is safe since escrow holds the coin and he can redeem them by paying.
The breach happens in case the value lowers.... he is no longer financially compelled to uphold his part of the bargain since he will trade a good asset (plus interest) for a losing one. You'll have to believe his word for this.... which makes to whole concept of collateral null and void.
The fact that he did not mention partial redeeming is just inexperience, it is a common condition of loans when another currency is used as true collateral not this kind of weird hybridation.
That being said if these conditions are enough for someone to gamble, go ahead! I'm not suggesting that he will not pay... he is just making false advertisement and claims.
Now we have one ignorant italian boy bitching and moaning through PM and this thread, trying to defend himself after making some very ignorant comments.
If you knew how to invest, trade and spot legitimacy, maybe you wouldn't have been scammed so many times, and now try to bitch and nitpick at every loan thread when deals don't go your way
You think you can keep mouthing off about 'real collateral' and 'real security' when I have clearly outlined why this is financially and contractually very disadvantageous for one party in the cryptocurrency environment. I have also outlined that aside from these conditions, I negotiate to reach the fairest terms possible for both sides.
You refused escrow the first time around and tried to get a deal where you would be in direct control of the collateral - this is not a red flag, it's a confession of scam or at the very least extremely ignorant attitude that doesn't even deserve a serious consideration. Having a mutually agreed 3rd party escrow is essential for obvious reasons.
You then asked for liquidation option when I have clearly stated beforehand why that is not feasible, and then proceeded to squeal 'scam' - even though it was you who didn't even bother to read the terms.
You then proceeded to 'argue' about what you think is a 'right' definition of a 'secure' collateral and bitch about 'false advertisement' when in fact, you just happened to get mouthy and couldn't finish what you started without getting put in your place
If you knew the value of rep and had actual contacts and activities within crypto currency instead of spending most of your time whining and losing on deals, you would understand just how important it is
Offer ongoing, several requests at hand and options available. PM for details and confirm on the thread.