Hello everyone,I just started to study information about the project. I would like to know more information about the insurance structure. How will this be realized?
Hi @bpcguy and welcome to our project! Have you joined our Telegram and Discord already? Back to your question: When issuing a loan, insurance coverage works the following way: 1. A part of the credit body concerning no return is secured with KYC Masternodes stake (don't mess with PoS masternode, these are different masternodes) 2. Another part of the loan body in case of no return is guaranteed with Auditor Masternodes stake 3. The total amount of the support entirely depends on the level of the risk of the application. The higher the risk, the more security deposit to be required by the network. Yes, I've already joined them, thanks! That's an interesting. But where are this insurance money come from? Who pays them? @bpcguy, that's quite easy, e.g.: the borrower comes up. KYC masternode checked their ID. Auditor checked their docs for credit purpose. After that KYC and Auditor have to kinda vouch for them. KYC masternode freezes a part of their stake as a guarantee, that the ID is checked well. So do the auditors (more than one) - freeze their parts. If money is not returned, these frozen stakes go to loaners (wallets owners issuing the loan). If money is returned, than these parts are not frozen anymore and can be used for further work. And all participants get their interest. The network will adjust the insurance deposit by inself. In case of 10% of non-returns the system will require 10%+ interest rate of all insurance deposit. E.g.: 2% money from KYC, 8% money from 4 Auditor - so 2% from everyone. However, according to BRAC report ( http://www.brac.net/sites/default/files/BRAC-at-a-glance-december-2012.pdf , page 3 ) and Muhammad Yunus experience repayment rate is 98.76% |
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If PayDay is a credit system, then what will happen in the case of non-repayment of the loan. Is this provided?
First of all, there might be a collectors or so. As you may see in WhitePaper, we will be using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt. Untill they repay. Our experience says that most payments are repaid upon notifications. Another thing is AI and bigdata. PayDay will be track and analyse user behavior in order to check wether he fraud or real man, and what probability of repayment from this specific loaner. Next thing are Auditor masternodes. Let's say some business tries to get loan. Owner says : we are blacksmith, and we need some more iron to create more horseshoes and get more profits from it. Auditors comes to action here. They check if this business really exists. If they have a contracts. If they have a sales for a years before. If loaner is business owner, as he states and so on. To continue conversation and give some more arguments, I have a question to you, @cryptocyprus, do you personally own or use bitcoins or ethers? |
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Excellent. Do more often such small ads and interesting news  Thanks @Ofcifreak stay with us as we're just at the beginning of our big journey:) |
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Have you conducted any marketing research? Will your project be in demand?
Yes we have. Bank loans are in high demand now all over the world, and each country has their own interest rates. Why not erase the geographical boundaries between countries and issue loans at the best interest for both loan sides? btw do you have any bank loans?  Yes. It will be wonderful. I am not better than others, so yes I have a loan. We all want to have a new car I understand you. The only thing scary about loans. So you become dependent on them. More and more you begin to rely on the credit system You're right, most ppl are scared to get loans, cause in many countries loan rates are so high! PayDay wants to change that situation and offer loans for a reasonable rate to those who need them. |
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Have you conducted any marketing research? Will your project be in demand?
Yes we have. Bank loans are in high demand now all over the world, and each country has their own interest rates. Why not erase the geographical boundaries between countries and issue loans at the best interest for both loan sides? btw do you have any bank loans? Yes. It will be wonderful. I am not better than others, so yes I have a loan. We all want to have a new car Agree:) we hope that by using our loans everyone will be able to get new cars, new houses or get business loans. What do you do for life? |
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I joined the chat in telegram, but so far I haven`t seen any useful information it Hey @Kerandias stay tuned as we gonna post lots of useful info there soon. Meanwhile you can ask any questions and keep in touch with us here. Have you tried our wallet already? All ok with that? Hey. Thank you. There will be questions. So far, only installed a wallet Do you have a Facebook page? it is convenient for me to receive news there Hey @Kerandias We'll keep that in mind, btw we've recently joined https://betweenblocks.org/topic/154/ann-pos-masternode-payday-unique-global-loan-mechanism-based-on-blockchain Is it comfy for you to follow our news there? |
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wallet no synh... Please addnode
It do. We have vast amount of transactions within blockchain already. From 3 to 15 per each block (yes, blockchain is working and users are USING it) and there are already 7000 blocks. So it will take some time to get synch about 15-30 minutes to synch from scratch. |
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I was saying that there is no guarantee of the return of the investment. Did I understand correctly?
It all depends on what warranty you talking about. The only numbers we can warrant are from blockchain math. They hardcoded and unchangeable : 280*0.75 coins reward each 120 seconds evenly distributed across masternodes. So from this PoV you may feel safe. Earlier you get in, faster you'll mine. Say with 1 masternode in network you will get 21 000 PDX in return from 20 000 PDX in roughly 100 minutes. |
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The loan limit and the stake will depend on the credit score of the borrower. That's pretty simple: the loan limit will be as high and required stake from KYC and Auditor masternodes low as the credit score be good. All loaners indicate what credit score they work with. The higher score you have the more potential loaners you get.
It turns out a kind of auction? Yes, sort of. If you have a score X, loan will be issued from those holders, who want to borrow with such score, group with lowest interest will be chosed among them |
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scam com again very sad news
At least thanks for upping our thread. Though with such words. Anyway, we'll appreciate if you give something more detailed but than empty statements! |
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You wrote In white paper that every participant of the system will have PayDay Card. How will this card be issued?
Hi @sheloa and welcome to our thread. We are going to be partners with several banks issuing such Cards that will be used in ATMs all over the world. By the way what banks your credit cards belong to? You can give more detailed information about the banks. And what type of cards will be supported? Of course we could say somethin like "We're negotiating with the major Swiss banks like CoinSuisse bank and BankOfBitcoin now" , but while we're actually negotiating: 1. There's NDA 2. Any ann of our dead cool plans without prior mutual confirmation is a scam coins' lot. That's why we'll be more specific when we're totally sure of the outcome, and the NDA lets us reveal that. btw what banks are the most popular in your location? Thanks for the answer. Yes, you are right to give verified information. We have a popular bank Ceska sporitelna A.S. Great @sheloa we'll surely consider it too. Europe is a big loans market full of people ready to issue loans to those who need them for a reasonable rate. |
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Hello. I just came across your project. While I'm trying to figure out the details. Can you already have white paper in other languages?
Hi! There's just an English version as we are focused on other tasks at the moment. |
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Hello! The project is very promising, but what your differences from the competitors? And who are they?
I heard about cryptolending and ethlend, but I don't think they offer the same possibilities as this project, do they? Had no idea about them. And actually I can't google their websites. Maybe the team will say smth? Guys, PayDay Coin is a first P2P loans proof-of-stake blockchain platform to set up cross-boarder loans and adjust the high interest rates for those who are in need. We're unique and don't know any other existing project that could compete with us, do you? Why the masternode? 'PayDay Coin is a first P2P loans proof-of-stake blockchain platform' sounds great. How can I become an auditor? The procedure of getting an auditor node will be added later, stay tuned! |
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Hello. I just came across your project. While I'm trying to figure out the details. Can you already have white paper in other languages?
Congratulations! We are all here trying to find out the details of the project. I don`t think there is a translation wp. Bounty campaign is going on now Thank you! Right now our airdrop is going on, and bounty campaign is coming next. Are you gonna take part in it? |
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I would like to know more about the project. It looks beautiful, but there are many common concepts. We need more details!
You're right! More and more similar projects are growing. How will we be identified among all this? I really want to see how you differ from the same projects? Hey @Kerandias that's a good question. So, our difference and uniqueness lies in the fact that we are not trying to overstretch ourselves, but to focus on solving a specific problem in partnership with other blockchains (KYC and Insurance blockchains). All similar projects were just trying to take these functions on themselves. Did I manage to answer your question? You Quite answered. I'm sorry that your telegram chat is not very informative. Will you have any activities to attract investors? Our Telegram will soon have more info and announcements, stay tuned! As for investors, we're quite ready and open for them. Now everyone can join and buy PDX on our website paydaycoin.io. Soon we're planning to enter stock exchange. Which of them would you prefer to buy our coins on? That'll be really useful! I don't like bitcointalk communications and prefer telegram. Telegram is currently the best messenger and information source in the cryptoworld, but in my country telegram were blocked. It is a pain. So bitcointalk is also a good tool for communication If your Telegram is still blocked you can use our Discord channel instead https://discord.gg/mpfRekm It has FAQ and support sections, if you struggle with anything we're always ready to help |
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I would like to know more about the project. It looks beautiful, but there are many common concepts. We need more details!
You're right! More and more similar projects are growing. How will we be identified among all this? I really want to see how you differ from the same projects? Hey @Kerandias that's a good question. So, our difference and uniqueness lies in the fact that we are not trying to overstretch ourselves, but to focus on solving a specific problem in partnership with other blockchains (KYC and Insurance blockchains). All similar projects were just trying to take these functions on themselves. Did I manage to answer your question? You Quite answered. I'm sorry that your telegram chat is not very informative. Will you have any activities to attract investors? Our Telegram will soon have more info and announcements, stay tuned! As for investors, we're quite ready and open for them. Now everyone can join and buy PDX on our website paydaycoin.io. Soon we're planning to enter stock exchange. Which of them would you prefer to buy our coins on? That'll be really useful! I don't like bitcointalk communications and prefer telegram. Yeah I agree the feedback is always delayed on forums. If you prefer you can always ask any questions here in our Telegram chat https://t.me/PayDayCoin |
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Oh, thanks. I found this thread but didn't understand rules. Will I get tokens just after I sign up? Or I will have to wait? Thanks @Ofcifreak for giving our airdrop link. Hey @new_conquistador17 how are you? Yes, we've recently launched our first airdrop. According to the conditions of Airdrop #1 tokens are being distributed during 4 weeks after the Airdrop is closed. By the way, are you guys in? It was easy. Actually, I joined the airdrop and think it's a good opportunity to help your team with the project and earn some tokens! Great, @Ofcifreak, so you've heard about our bounty already? |
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Are you offering a guaranteed rate of return to investors?
you beat me to this question. It's interesting to know. Although the project looks interesting, there are doubts Hi @nucriptobomb you seem to be new here 🙂 What are your doubts? Pls share, we'll be happy to answer all your questions! |
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Oh, thanks. I found this thread but didn't understand rules. Will I get tokens just after I sign up? Or I will have to wait? Thanks @Ofcifreak for giving our airdrop link. Hey @new_conquistador17 how are you? Yes, we've recently launched our first airdrop. According to the conditions of Airdrop #1 tokens are being distributed during 4 weeks after the Airdrop is closed. By the way, are you guys in? You are welcome Today you are working quickly. Thanks for answers. Yes, I have already joined your Airdrop Awesome, now wait for our coins after the airdrop is closed. You can also join our bounty campaign - its ann will be soon, stay tuned! |
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