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Title: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: Geremia on June 08, 2015, 07:44:17 AM Are loans with interest possible with Bitcoin? Could such a thing be implemented with Bitcoin scripts?
(cf. the related Bitcoin StackExchange question (https://bitcoin.stackexchange.com/q/37839/4334)) Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: virtualx on June 08, 2015, 09:43:45 AM Are loans with interest possible with Bitcoin? Could such a thing be implemented with Bitcoin scripts? (cf. the related Bitcoin StackExchange question (https://bitcoin.stackexchange.com/q/37839/4334)) I don't think this is possible because Bitcoin transactions are not reversable, the loan taker could run off with the bitcoins. If you loan someone your bitcoins, there is no way of knowing you get your bitcoins back. This is by design of the blockchain. Perhaps its possible if you exchange for an alt... Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: unamis76 on June 08, 2015, 10:04:02 AM They are possible, and they are done in this forum, on the Lending section :)
Through the blockchain it isn't possible... And I don't really see that as a useful addition to Bitcoin, honestly Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: Muhammed Zakir on June 08, 2015, 11:19:24 AM Bitcoin is a currency. Loan is not and must never be a feature of a currency.
Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: defcon23 on June 08, 2015, 11:22:08 AM Bitcoin is a currency. Loan is not and must never be a feature of a currency. +1 for you Muhammed ;)Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: Geremia on June 08, 2015, 04:38:36 PM They are possible, and they are done in this forum, on the Lending section :) Yes, I meant on the blockchain.Through the blockchain it isn't possible... And I don't really see that as a useful addition to Bitcoin, honestly So, a script couldn't schedule new transactions to repay the principal + interest? Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: Muhammed Zakir on June 08, 2015, 05:32:49 PM They are possible, and they are done in this forum, on the Lending section :) Yes, I meant on the blockchain.Through the blockchain it isn't possible... And I don't really see that as a useful addition to Bitcoin, honestly So, a script couldn't schedule new transactions to repay the principal + interest? If you can't see: Bitcoin is a currency. Loan is not and must never be a feature of a currency. Friend, this is a currency not some sort of lending place. Please do understand... Have you ever found a currency with loan as it's feature like what you are saying now? No! There will be additional places to conduct this lending business or you can open one for yourself. The main drawback of your request is that blockchain can't force users to *fund* repayment address. Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: Geremia on June 08, 2015, 06:40:01 PM this is a currency not some sort of lending place. Please do understand... Have you ever found a currency with loan as it's feature like what you are saying now? No! There will be additional places to conduct this lending business or you can open one for yourself. No, I'm definitely not into that shady business. I just wanted to be sure Bitcoin was immune to such a thing.The main drawback of your request is that blockchain can't force users to *fund* repayment address. Excellent.Title: Re: Are loans with interest possible with Bitcoin? Such as with scripts? Post by: TierNolan on June 08, 2015, 07:53:01 PM So, a script couldn't schedule new transactions to repay the principal + interest? The system is based on transaction outputs ("coins") rather than accounts. If you buy something with 5BTC, then the merchant gets the money. If that 5 BTC was lent to you, giving it back to the lender means taking it from the merchant. |