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UltraChief

Security Deposit for borrowers - suggestion to secure lending

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Hello everybody, 

Although I insist on collateral-backed loans there seems to be none who are willing to do so even when we have altcoins in PD added recently. Thus I have this new idea which can be a potentially new and better method to secure loans in the forum with additional security for the lender.

I want to suggest a new rule for being able to borrow in the "lending" section - a minimum security deposit.

Guidelines:

1. This deposit will need to be done to Primedice on forum I guess a fund can be created to store the borrowers deposit.

2. The utility of this deposit will be to secure a repayment in case the borrower defaults on a loan in future.

3. Once the security deposit is verified by the admin, the borrower can start making loan requests in the section.

4. If they default, the deposit amount has to be given to the lender to cut their loss after the admin confirms.

5. In case people are defaulting and then coming back after a few months, their security deposit will not be given back. They would have to provide a new security deposit in order to be eligible for borrowing again.

 

Amount that the security deposit needs to be can be anything above 100$ equivalent BTC, LTC, ETH. (more may be thought of in future if Primedice adds them)

Based on the amount of security deposit the borrower will have restrictions on how much they can potentially borrow and default. I suggest that borrowers would be able to ask for a maximum of 60-70% of this deposit for lending which seems feasible enough to cover a default in future.

I would like to know what you all think of this idea.

Tagging @Dan

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Great idea, but I think, that 100$ or above is pretty high price.. cuz very a little amount of users loan more that 200-300k so deposit for 500k SATs ( or equivalent in alt coins) will be enough. If smbd wants to take loan - lenders can check this statistics + if smbd wants to loan more he has to deposit more. Also should be available to transfer funds from casino itself to forum. Smth like collateral bot would be great. So he can store who and how much deposited.

 

The only thing I can't get is if defaulter will loan from 2 or more users? How collateral will divide?

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18 minutes ago, peckatop said:

Great idea, but I think, that 100$ or above is pretty high price.. cuz very a little amount of users loan more that 200-300k so deposit for 500k SATs ( or equivalent in alt coins) will be enough.

I dont know about others but I get 50$ loan requests often in equivalent BTC.

19 minutes ago, peckatop said:

If smbd wants to take loan - lenders can check this statistics + if smbd wants to loan more he has to deposit more.

Just depositing does not always mean they are going to pay back. That is why I suggested the security deposit to be eligible.

20 minutes ago, peckatop said:

Also should be available to transfer funds from casino itself to forum.

That can be worked out after admins respond.

21 minutes ago, peckatop said:

Smth like collateral bot would be great. So he can store who and how much deposited.

I said already - collateral backed loans are better. But we dont get any collateral at all.

21 minutes ago, peckatop said:

The only thing I can't get is if defaulter will loan from 2 or more users? How collateral will divide?

First thing is not to loan to a person who already has outstanding loan with others. The total amount of loan they can take is already dependent on the security deposit made. There is no collateral involved here.

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Whats the point of borrowing if you already have the funds? I must be missing something.

If you use the forum lending section, its impossible to have more than one topic open, so its difficult to have multiple loans open at a time.

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16 minutes ago, Dan said:

Whats the point of borrowing if you already have the funds? I must be missing something.

 

What I am suggesting is another new stipulation for someone to borrow. If they are taking loan regularly and paying them back they need to deposit some coins as a "security deposit" before starting to borrow. This amount will remain locked up till they default in future (if they do). If they even need that money again then if all due loans have been paid back they can ask for it back as well.

In a more subtle way its something like a "Lender Protection Fund" to be made ready by the depositor before being eligible to ask for loans.

19 minutes ago, Dan said:

 If you use the forum lending section, its impossible to have more than one topic open, so its difficult to have multiple loans open at a time.

Thats not the issue I am talking about.

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Ultra, I know this has been a profitable way of earning for some of you that have been established borrowers here on Forum. Not sure if you are at a gain at the moment, or at the loss due to the defaulters, but Lending is at the moment, let's call it like that -  "necessary evil"... It has been discouraged from the chat and still is, and for a good reason too, since it creates a lot of problems and many accounts who were even regulars have ended up banned due to some ridiculous amounts in the past. 

Lending is not something we are trying to encourage further, it is limited to Forum as a subtle way of controlling the ones who can actually provide the service and restore the funds. Still, a lot of defaulters appear despite all the warnings and precaution measures. So, in a way, I hope you understand, we are trying to keep this at a minimal level, not interfere in the loans outside the Forum and especially not provide additions to the platform that will encourage  more Lending. 

As for the protection for you, you need to take care of this on your own, it was your choice to provide the Lending services, and it is your responsibility to keep track of who you lend to. I'm sure you are very careful in that regard. Slips happen, accounts get banned, but asking more of the Primedice itself is a bit over the top... just my 2 cents on the matter ;) 

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@Bojana I agree with you point and I would like apologize if I sounded like I am asking the staff for too much because I never meant to be. I am at a gain at the moment and always was because I choose whom to lend to very carefully.

I know its my responsibility and I take it as the risk for the reward. So I guess we can close this thread now because I am satisfied with the response from staff.

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18 minutes ago, UltraChief said:

@Bojana I agree with you point and I would like apologize if I sounded like I am asking the staff for too much because I never meant to be. I am at a gain at the moment and always was because I choose whom to lend to very carefully.

I know its my responsibility and I take it as the risk for the reward. So I guess we can close this thread now because I am satisfied with the response from staff.

No need to apologize, I am aware you have been doing business here, just trying to make you understand the staff's stance on this - we are trying to keep away from this and can only help to the extent we have so far, the remaining responsibility is on the borrower and the lender, preferably not a future defaulter :) 

Keep it safe, that's the only way!

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5 hours ago, UltraChief said:

Hello everybody, 

Although I insist on collateral-backed loans there seems to be none who are willing to do so even when we have altcoins in PD added recently. Thus I have this new idea which can be a potentially new and better method to secure loans in the forum with additional security for the lender.

I want to suggest a new rule for being able to borrow in the "lending" section - a minimum security deposit.

Guidelines:

1. This deposit will need to be done to Primedice on forum I guess a fund can be created to store the borrowers deposit.

2. The utility of this deposit will be to secure a repayment in case the borrower defaults on a loan in future.

3. Once the security deposit is verified by the admin, the borrower can start making loan requests in the section.

4. If they default, the deposit amount has to be given to the lender to cut their loss after the admin confirms.

5. In case people are defaulting and then coming back after a few months, their security deposit will not be given back. They would have to provide a new security deposit in order to be eligible for borrowing again.

 

Amount that the security deposit needs to be can be anything above 100$ equivalent BTC, LTC, ETH. (more may be thought of in future if Primedice adds them)

Based on the amount of security deposit the borrower will have restrictions on how much they can potentially borrow and default. I suggest that borrowers would be able to ask for a maximum of 60-70% of this deposit for lending which seems feasible enough to cover a default in future.

I would like to know what you all think of this idea.

Tagging @Dan

I dont know about this i have never taken loans but i have lend some people and most of them have paid back. Also there can be scammers while lending and successful people who can give it to us :) But keeping a collateral of 100$ for just 100k Btc or something is too much. Also like dan said whats the point of taking loans like that better we deposit and play and no need to get interest. TBH I like this idea as a lender but as a seeker of Loans No :) . Hope you wont have any negativity towards me for this since this is just my opinion :) . BUT gl 

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As long as you look after yourself as a lender, you shouldn't need anything more form us. Just be vigilant with your practice and you will be profitable. We can't really afford to provide resources into a lending platform anytime soon.

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