 Show Posts
|
|
Pages: « 1 2 3 [4] 5 »
|
|
Thank you for this thread, I have learned a lot because of it and will fix my projects accordingly.
|
|
|
|
How you will make people pay back the loan?
The key (which has been an underlying principle of the CU movement for over a century) is that the members are connected by a common bond. Thus, if you default on a loan from an institution that you and the peers whose respect you value cooperatively own, you will be forced to deal with the stigma of essentially stiffing your friends/co-workers/project collaborators, etc. Thus, a member of a credit union with a tight common bond can often be expected to go above and beyond in attempting to pay off their debts in order to avoid the judgment of others... Also, loans are distributed among members who choose to invest in the loan so that it is less of a risk to everyone. This, with a trust system built into the site let others know your trust rating, giving the investors an idea of the risk they are taking when they invest in a loan. |
|
|
|
I think most people are thinking of the site in terms of as it is now, instead of how it will be when it goes live. Most suggestions I hear is get a domain and SSL, well I have both but I am working on the site continuouslly and have it locally for development reasons. It's much easier just to save a file and reload the page rather than having to upload to a server constantly. So yes, a domain is coming and actually already works ( http://bitcoincu.org), SSL is on hold untill I move to a permanent server. My question about the forums is meant to be for the site in general, do the members want to have any kind of community between themselves or should it be a blind system. Ignore the fact that I have no reputation, and people dont know if the union is going anywhere, to me it seems like a moot point. |
|
|
|
|
Something I have been thinking about, should the credit union have its own forums for members to communicate?
|
|
|
|
Thanks!  |
|
|
|
Warning: fopen(http://...@127.0.0.1:8332) [function.fopen]: failed to open stream: HTTP request failed! in \www\classes\jsonRPCClient.php on line 132
Fatal error: Uncaught exception 'Exception' with message 'Unable to connect to http://USER:PASS@127.0.0.1:8332' in\www\classes\jsonRPCClient.php:140 Stack trace: #0 \www\vote.php(32): jsonRPCClient->__call('getbalance', Array) #1 \www\vote.php(32): jsonRPCClient->getbalance('ec8956637a99787...') #2 {main} thrown in \www\classes\jsonRPCClient.php on line 140
How can I avoid this? This error pops up occasionally and refreshing the page always works. I just wish it wouldn't show the RPC username and password. |
|
|
|
Even so... How fast can it solve a block?
The wallet is full before you start the client.  I know, I'll go away now... |
|
|
|
I really like your project, but seemly it is not working.
What we need to do to make it work properly?
Time. I'm doing this in my free time between work and family life, don't worry though I have no intentions of giving up on this. Heres an update, earlier I fixed a bug with the account transfers and I discovered an issue loan payments. Working on that currently. Also, I've created a twitter account to let you guys know whats happening. http://twitter.com/#!/BitcoinCU |
|
|
|
How much was invested into this project so far, anyone know?
By me, or the users? Its not too much, the wallet is at 11.50. |
|
|
|
This is how to do it without the library, though you will need the JSON RPC Client, found here: http://jsonrpcphp.org/?page=download&lang=en<?php
require_once "classes/jsonRPCClient.php";
define ("BC_HOST", "127.0.0.1"); // set bc client addy
define ("BC_USER", "user"); // set rpc user
define ("BC_PASS", "pass"); // set rpc password
define ("BC_PORT", "8332"); // set rpc port
$bitcoin = new jsonRPCClient("http://".BC_USER.":".BC_PASS."@".BC_HOST.":".BC_PORT);
?>
Then you have a list of functions you can do with their parameters here: https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_listFor example for what you want to do: <?php
$bitcoin->sendtoaddress(<bitcoinaddress>, <amount>);
?>
Make sure the amount is not a string or you will get errors. Remember you can use the commands from that website in place of "sendtoaddress" to fit your needs. |
|
|
|
|
No, everything is fine. Real world events has cause me to move to a different state. Getting the site back up has been my priority and I'm also sorry you guys had no warning but I didn't really have any warning myself. My move is still going on so the site may be up and down. I'm sorry if I've lost trust because of all this but the best I can do is tell you I would never just take your money and run, financially it makes more sense to see this through as I also have an idea for my next project which ties into the savings accounts.
Anyway, sorry for the panic.
|
|
|
|
if you are going to put out loans.. (which are very risky buisness to begin with) I would suggest getting yourself setup as a financial institution in your country of choice, and abiding by those laws, and only taking loans from people who can be held to those laws.
otherwise you may find yourself in a bit of a hellish area.
as for the credit union itself.. id say give a variety of options for what people want to do with their money while its in savings. whether they want to keep it there, put some of it in to your hands for low risk capital gains.... whatever.
as for transaction fees... what kind of transactions are you thinking about? like handling monitary transactions to other people in other currencies? or.. what?
also, what other ways do you intend to make money with the money that is being held?
The way loans work here is that the members fund the loans by investing whatever amount seems fit to them. This way it is less of a risk to everyone involved. When someone requests a loan that persons "trust" rating is displayed, giving the investor a choice of what loan they feel comfortable investing in. Based on the amount they invest and the current interest rate set by the members determines the return to the investor. Let's be honest here, bitcoins are a great idea and I support the cause and want to provide a service to give back to the community, but since bitcoins are not recognized as legal tender I am reluctant to call this a financial institution. This credit union plays the role of one, yes, but it is within the bitcoin community that I offer my services to. We may call it money, but we do so because it is simply a virtual good that has value given to it by the community and can be sold for legal currency. This credit union will never handle any legal currency and I prefer to stay away from that grey area. The credit union makes money from votes cast by it's members to increase or decrease other bank fees like transfer fees and loan interest, votes can also determine the dividends that are paid out to members. It is in the interest of the credit union members not to make these fees go away because then the credit union has no income, thus there would be nothing to pay out to its members. Currently the function of the savings account is a foundation for holding of funds with the intent to invest, but for now it simply serves a purpose by paying dividends to members based on the amount in their savings account. Remember though to put funds into the account you must transfer it there with the fee. Hey thanks for this, it's very informative. |
|
|
|
I really think you should have shorter term loans than the minimum 3 months. I would like to make a test loan like above of .1 btc but wouldn't like to wait three months to see how it worked out. these are fast times man! You can always pay it off early, though you do not gain much "trust" (credit) for doing so. You should know I found problem with my current formula for determining an investors return. This is high priority for me, I will post back once this is fixed.
I believe this issue is resolved, feel free to make investments. |
|
|
|
I've requested a 3 month loan of 0.1 BTC for testing purposes. If you want to make a tiny profit for a tiny investment, please fund me. I will maintain a balance of 1 BTC with the credit union for the duration of the loan.
You should know I found problem with my current formula for determining an investors return. This is high priority for me, I will post back once this is fixed. |
|
|
|
|
Luckily, I have already acquired the name I wanted. BEHOLD, bitcoincu.org
Nice try though...
|
|
|
|
|
Thanks for the suggestions, I will see what I can do. In the meantime I have opened registrations, please register so we can look for any bugs that have been hiding from me. Once you register you will have to wait for your account to be activated, even though it says verification email sent, it wont send anything. I will manually activate accounts on a first come first serve basis until I have enough for testing.
Please don't deposit too much.
The next thing I will be working on is dividends. Stand by...
|
|
|
|
|
I do use the GUI for development of my site, sorry I misunderstood.
|
|
|
|
|
What I do is put a number next to the ones I often use, for example:
1Personal
2Mining
3Donations
Those 3 always stay at the top of my list. Its ugly, but works for me.
|
|
|
|
|
