I'm very unhappy today, but I still want to share a piece of trivia with you:
Coins that are lent out cannot be retrieved.
Today, Lawyer Liu Yang from DeHeng Law Firm surprised me with a point:
Any coins lent out are not supported by domestic laws.
In other words, the coins you lend out cannot be retrieved at all.
There are several situations involved: first, you lend coins to the other party, and they do not return them.
You can't even win a lawsuit; currently, there are almost no cases in the country that can support this, fundamentally due to the classification issue of coins in the country.
So far, there should only be one case, where bitcoins were lent to the other party, who acknowledged it, and it was eventually agreed to be repaid in USD according to the price of bitcoin.
But since the person who owes coins is a deadbeat, they haven't paid it back yet.
It's equivalent to not getting it back. If the other party denies it or refuses to return it, you have no way to deal with it.
Second, if you lend coins to the other party, anchor a RMB price based on the price at that time, while the actual payment is made in coins.
For example, if Zhang San lends Li Si 100,000 USDT, it is agreed to be equivalent to 730,000 RMB.
But since the actual transfer is in coins rather than RMB, it will not be supported.
Because you are lending coins, how do you prove your coins are worth 730,000 RMB?
To be honest, Orange Seat has previously written articles urging everyone to be cautious when borrowing money:
I've already been mixed up in the crypto world, and you still come to borrow money from me?
But in reality, the act of borrowing coins happens quite frequently among people; Orange Seat has also lent coins before, but luckily the friend was reliable and returned them.
After hearing what Lawyer Liu said today, I suddenly feel that this matter should not be underestimated and must be taken seriously, so I'm updating you all.
In the case that borrowed coins cannot be retrieved, there are also some derivative situations that will not be supported, such as proxy lending, wealth management, etc. Basically, it comes down to that saying: not your keys, not your coins.
In this dark forest of the crypto world, once money or coins leave your pocket, the chances of it coming back are very low. It's easy to send money out, but getting it back is damn hard.
So I remind everyone again, you need to be responsible for your own wealth, after all, these decisions have to be made by you, and transfers need to be done by you.
Before there is a formal change in the classification of cryptocurrencies in the country, many rights of holders are actually not protected, and in this situation, risk awareness should be increased.
Just remember this:
Borrowing money is not allowed, and borrowing coins is also not okay. The main point is: don't come to me to borrow money; just don't split the coins.
But don't think you're being clever and see this as an opportunity; after reading Orange Seat's article, rush to borrow a bunch of coins and then default. That's unethical and will increase your karma.
Alright, I've worked enough overtime; I'm going home.
I am Orange Seat, the founder of Web3 Oasis, and an expert in retrieving crypto assets.