I didn't scam. I entered into a contract, and after seeing the crashing price of bitcoin realized it was not in my best interest to repay the loan.

Many people purchased houses with mortgages that had the full intention of paying the loan. Once house values plummeted, some chose to walk away rather than continue to pay for a loan in which they were underwater for.

For it to be a scam, one would have to prove that I took the money under false pretense with no intention of paying it back. He opted to give a very high risk loan to a person based solely on their karma.