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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% I don`t quite understand what is the benefit for us now in acquiring your tokens? Will we have any special conditions on the platform afterwards? The benefit is profit, we are all here by way of profit |
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Any updates, admin? I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work  That's a main reason why all of us should use decentralized systems on blockchain We should create a decentralized telegram! Or maybe the payday team willl take that as idea for another project! Already there are such projects. But ⚡️PayDay team can offer better solution I'm interested to know examples projects. I haven`t met yet. I think the team will be able to perform any task |
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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? I will answer you in order to continue our conversation. I use bitcoins and ethers. I'm not entirely inspired by your system of using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt In my opinion, this is not serious. Why do you think so? What don`t you like that the systems? Any alerts on social networks can be blocked and removed. Therefore, such actions can not be taken seriously I think you don`t understand the purpose of creating a system Maybe you're right. So I ask questions in order to understand all the details. In addition, I'm interested in learning more details about the mechanism of PayDay analysis and tracking the user to check for fraud Unfortunately, I can`t answer this question. Wait for an answer from the admins. In general, a good question |
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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? I will answer you in order to continue our conversation. I use bitcoins and ethers. I'm not entirely inspired by your system of using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt In my opinion, this is not serious. Why do you think so? What don`t you like that the systems? Any alerts on social networks can be blocked and removed. Therefore, such actions can not be taken seriously I think you don`t understand the purpose of creating a system |
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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  Discord is a bit unconvenient for me, because I'm not a gamer. Well, what will have to get used to. Thank you You always want to learn something new. You now have this opportunity  I wanted to know where you from? Why do you have telegrams blocked? Telegram is blocked in Russia. After all, the founder Telegram from Russia |
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I can`t understand how you can be useful to business? with Personal loans is less understandable
Strangely, any business is built on credit relations. Yes, if we talk about fiat. I meant cryptoworld. After all for many participants it is problematic to withdraw fiat or pay salaries to employees even now. Already there are projects that have banking licenses. This greatly simplifies matters. I don`t see any problems. I could give examples, but admins can find it advertising |
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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! He just want to increase his posts counter  You're making the same |
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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 Why should we choose the group with the lowest interest? Maybe biggest? |
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Great news! I love getting good news on Friday. Thank you! |
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Hi! Tell me about the limits. Does it have a limit size? I dont understand information in WP
Each KYC and Auditor MasterNode freezes its stake as a part of loan security. The size of
the stake and the reputation of the node determine the number of loans that can be pending
at the same time.
Explain me, please
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? |
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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!
Hi @Ofcifreak, thanks for your interest! Please specify what exactly you'd like to know besides the info on our website paydaycoin.io? I would like to read somewhere else about the project. Perhaps some kind of review. Do you have this? Have you read our Whitepaper thoroughly? It's quite informative and self-explanatory. I wonder the admin responds by sending a WP to read. What should I do if I read a thoughtfully WP, but have questions remained?  You ask a question. We and the team will be answered.When there are questions it is always good. So there is interest in the project |
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I can`t understand the meaning of your project? you are another wallet. What will be better your wallet?
The bank that will provide loans. Then, where is your license? What kind will you give out loans? Everyone?
Hello Mr @Hitchcock and thanks for your big interest in our project. First of, the aim of PayDay Coin is to create a decentralised blockchain-based platform where the geographical boundaries between borrowers and lenders all over the world are erased. It's P2P funding, not a banking system, therefore the license is not needed. The loans will be given out to all verified by KYC borrowers. What do you mean by "What kind will you give out loans?" - not sure I get you. I meant the size of the loan. Limit. I already even repeated the question, where I added a text from the WP, a moment that I didnt understand |
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Hi! Tell me about the limits. Does it have a limit size? I dont understand information in WP
Each KYC and Auditor MasterNode freezes its stake as a part of loan security. The size of
the stake and the reputation of the node determine the number of loans that can be pending
at the same time.
Explain me, please
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I'll take part in it! 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? They don't answer too fast, unfortunatelly  So I just wait We are waiting, hope and believe. What can you say about the team? Do you trust? I see only inspirers |
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I think it is important that the alcohol producers cooperate with the platform. Who will be the first?
merculet
That's an interesting idea. Could you tell more about it? |
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Apparently, the current coin market is full of shitcoins and scamcoins, majority of which is poorly developed and packed with bugs. Their networks are unstable and do wrong when it comes to fundamental security and infrastructure flaws. Looking scammy has never been easier, especially if you release buggy code. We don't want that for PayDay Coin since we tend to have quite ambitious plans. We had started running a network and found some bugs. As a consequence, it was shut down temporarily in order to get those bugs fixed. Now our network stays solid, polished and ready to use. We started network 10 minutes before bitcoin mooning on April 12th. Now PayDayCoin is happy to welcome all friends, foes, aliens, allies and cryptolovers.
I am glad to read such information. Are you sure you can fix the bugs? I hope for a successful start of your project |
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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? Many projects have appeared, but few successful ones. If the team gives more explanations, then I can hope this project will be the best We will wait for answers  I'll wait with you I also wonder why there is no information about the team? |
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I can`t understand the meaning of your project? you are another wallet. What will be better your wallet?
The bank that will provide loans. Then, where is your license? What kind will you give out loans? Everyone?
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I thought that it was quite a good project, however, the men have written the same sentences twice within the scope of the title that was opened on Bitcointalk, hard cap is stated as 10m and, additionally, soft cap is stated as 10 m at their website. I mean the .psd file which was prepared is full of errors, thus, they couldn’t reach their target anyway.
Our softcap was 10M from the beginning of the pre-sale. And hard cap is still 49M as you can see on our website ico.saifu.ai http://prntscr.com/ikg9wd. Now we collected ~5M during the public pre-sale and ICO and ~17M from private buyers and funds (These funds will be added to the total amount at the final stage of the ICO), so actually we've already reached the target and we are optimistic about reaching the hardcap as well. Also you can find our updated wp on our website. I thought that it was quite a good project, however, the men have written the same sentences twice within the scope of the title that was opened on Bitcointalk, hard cap is stated as 10m and, additionally, soft cap is stated as 10 m at their website. I mean the .psd file which was prepared is full of errors, thus, they couldn’t reach their target anyway.
The problem of this project isn't only errors and inaccuracies, but a favorite phrase 'soon' When a project works in the legal field, there are a lot of partners, compliences and regulators from the real world that aren't as fast as in the world of crypto. As we have numerous processess that depend on them, we can't possibly provide you with a precise date or give you a promise that we might not deliver on time. So 'soon' is the only possible option in this scenario. Thank you for understanding. nice answer, thanks! a lot of partners, compliences and regulators.. it good explaining of your "favorite phrase" but it's sad, when people want to secure their money and crying about regulations which needs, if you want to work in legal field |
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