RE: First SteemFund Loan Application - BETA
Hey Luke, thanks for participating. The main idea of this loan is to think of ways to improve the system and make it less reliable on the escrow (me)... I guess for that I would need at least one more person to help me and give them authorities of @steemfund account.
I have also thought of creating tokens so that investors could sell their investments (like @eliowilson proposed) but it is not practical to create 1 token per loan.. it would have to be sort of like a fund, I have a post ready with that idea but again I don´t think I have the time to carry out a project of that magnitude by myself.
In the past, I have seen all P2P Bitcoin lending past fail, mainly because the borrower has nothing at stake and can easily walk away with the money.. this is not the case anymore, anyone who steals will get flagged by all my accounts and I assume others will join me, thus preventing him from ever making money again on steemit.
Anywayz, to answer your question: yes, it will be timestamped, first investors will have priority.
I think for this to work well, it would also have to be tied into a solid account verification system. We have to know that this is a "real" person and they intend to stick around Steemit for a long time using that same account.
Since, in a sense, Steemit accounts are just like bitcoin wallet addresses, I can see people just spinning up new accounts and continuing on. Basically, I imagine some level of fraud will be unavoidable. We see this on exchanges as well, "Whoops! Sorry, we got hacked and now all the moneys are gone. k. thx. bye."
The Steemit reputation system is a start, but it's not as detailed as I'd like it to be. I'd like it to be tied into social media accounts (Klout score type stuff?) and maybe even some kind of verifiable trust system. My intro post, for example, includes links to multiple online identities:
https://lukestokes.info/
https://www.facebook.com/bestoked
https://twitter.com/lukestokes
https://www.linkedin.com/in/bestoked
https://keybase.io/lukestokes
https://onename.com/lukestokes
https://about.me/luke.stokes
From there people can find my business (FoxyCart.com) which means I have a lot to risk if I screw someone over. My reputation is more valuable to me than the score shown on Steemit.
Yes, I think there will always be a certain level of default rate. But people wont be able to just sign up for accounts to ask for loans because there is a minimum reputation needed to ask for a loan, so even tho we dont know if this person intends to keep posting in Steemit we will know that everybody that asks for a loan has been a blogger and has earned some rewards and reputation, so they risk their possible future rewards (unlike other p2p lending platforms they have something to lose).
However, I agree that if this idea takes form and a GUI is implemented then a personal ID verification would be a must.
I would like to state that the idea is 100% Open Source, anyone can take it, improve it and make a business around it. I have always thought of myself to be a better thinker than a developer, so I just like to throw this concepts out there.
Speaking of which, I will give you a preview of the idea I have for token implementation (this does not mean I will do it, they are just my personal notes): https://www.evernote.com/shard/s673/sh/b15e7d18-847a-472e-950d-bbfc4e2c8f45/e33506918d38af86bfdbb408124ce680