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RE: Introducing Decentrabank! Mutual Trust Banking - A lending platform on Steemit, based on trust. Opens March 1st.

in #steem • 7 years ago (edited)

Yup. I'm not going to take that much risk. If I get scammed more than I'm able to earn I'll shut it down. I'm not going to start off by lending 300STEEM to scamkid23439 with 55rep and just shitty posts.

But yes, the cool thing here is to see how this could work in practice. Maybe I could do like @godofbit suggests, namely to use you guys, who I know are trusted as a "team". When someone asks for a loan, you could comment on that person's request. If he gets lets say 3 comments I know that you guys think he/she is trustworthy. I will then upvote your comments as payment :)

So I need a good team! I'm thinking 10 people..because not everyone is available all the time. You in Vieria? @deanlogic ? @deismac @movingman @bearbear613 @dedicatedguy @emmyem84 @alexs1320

7 years ago in #steem by
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     7 years ago (edited)

    The problem is that there isn't scamkid23439 that will run away with the money. There is ...

    • People like @MrWang, he owes 8 btc on GetLine. I should probably do the exercise to see how many defaulted peer-to-peer crypto-borrowers there exists on Steemit.
    • Some of the scammers are experts on social engineering attacks - and it may take a year or two before you know you've been scammed - and then the borrower appears from nowhere offering to start repaying the debt, but there is always a catch, isn't it ...
    • Some keep borrowing and repaying frequently, paying excessive interest rates, building up a reputation ... but with only one purpose in mind: running away with as much money as they can. They usually fund their repayments through new loans, either on other platforms or with different usernames, or even completely visible as some of the platforms allows a user to open up multiple loans. "Ponzi-borrowers".
    • Some actually want to be honest people, but they just cannot handle money - it slips away between their fingers every time they get in touch with money, hence they are never able to repay any significant amount of money, but will come back begging for new loans.
    • Some people have the best of the business ideas and needs funding. There is a chance that the business idea succeeds, but there is a bigger chance that it fails miserably. Will the borrower be both able and motivated to pay up the debt?
    • Loans denominated in crypto currency is a terrible idea, due to the volatility, value can easily grow tenfold - or fall to 10% - within a relatively short time period. If the market value has fallen a lot, lenders are at loss - but also, if the market value rises a lot, the borrowers will not be able to pay up, and the lenders are also at loss.
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     7 years ago 

    Very good arguments! Absolutely something to consider...Thanks a lot.

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       7 years ago 

      Sure, count on me then!

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       7 years ago 

      Sweet! Thanks!

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       7 years ago 

      If you need more help I volunteer :) Would love to help with a project and I think its a good idea :)

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       7 years ago 

      You're in! Awesome. Thanks a lot :)

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         7 years ago (edited)

        Hey bud!

        I didn't get the notification of this mention I am not sure why, but luckily I was checking your posts and saw me being mentioned here!!

        How can I help you with this project?? Do you use discord?

        I think the similar user doing this is @neoxian by the way

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         7 years ago 

        That's the guy!

        I don't use discord much..but sometimes Steemit chat. or use my email [email protected]

        I was thinking you could help me validate if someone is a legit and safe lender! If I have a team of reasonable people to quickly look through a person who asks for a loan and them write a short "approved" or "looks good" in the comments under his/hers request. I don't expect everyone to do that everytime someone asks for a loan (if that will happen often anyway...) but if I have like 10-15 people who randomly checks in on decentrabank it should be enough

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