decentralized banking services using decentralized money?

[cryptospreader]

Hi all,

my name is George and at Wetrust.io, we're building a decentralized platform that allows anyone to create their own 'credit union' where you save and borrow with groups of people you know and trust. I'm reaching out because I thought you might be interested in what we're building.

We believe that Bitcoin is the decentralization of money, but the promise of decentralized money *cannot* be achieved until there are decentralized financial services.

We were inspired by a informal banking system known as Tandas in Latin America, Hui in China, Susu in Caribbean/ West Africa, Chit Funds in India, etc… and "Rotating Savings and Credit Association" aka ROSCA in the US, and we are creating a decentralized platform that allows people to become financially self-sufficient in their trust networks via a grass-roots type of credit union.

I would love to get your advice and hear your thoughts on our project!

thanks,
George

[PokerDiceMan]

I think is good project id wetrust open banking service, credit union , or debit card service
if use credit union can loan , or this mean can open lending service too

[cryptospreader]

I think is good project id wetrust open banking service, credit union , or debit card service
if use credit union can loan , or this mean can open lending service too

@pokerdiceman
the banking services can be simulated by leveraging the trust and social capital within the community - essentially the platform is digitizing and scaling up tandas, susus, chit funds, hui -- so they can compete with traditional financial institutions

[bitart]

I think is good project id wetrust open banking service, credit union , or debit card service
if use credit union can loan , or this mean can open lending service too

@pokerdiceman
the banking services can be simulated by leveraging the trust and social capital within the community - essentially the platform is digitizing and scaling up tandas, susus, chit funds, hui -- so they can compete with traditional financial institutions

How do you plan to handle the money transfers between the members? Your system will have a central ledger and you only use the blockchain if you need to transfer outside your system? Or, every member will have their own wallet and you transfer the amounts to and from those wallets?
Will you sign contracts with the members about the lendings and borrowings? How do you plan to handle the legal background? If someone fails to repay, will it be enforceable somehow? (just to protect the other members)

[Pab]

We believe that Bitcoin is the decentralization of money, but the promise of decentralized money *cannot* be achieved until there are decentralized financial services. Very much agree with you ,the problem is not money but much more services what are not services for people but money creator,debt.That system is running for very long time and looks like there is now in a kind of dead end.So no give up with your project,overcome obstacles learn from mistakes.There is great demand of that kind of service,There is strong movement in Europe what is calling for financial world change,thay want limit banks to financial services only and ban possibility of money creation,Madame Le Garde is one of his supporters,but it is hard to do becouse power is in banks hands.So maybe your project can be begining of change,p2p b2b,p2p landing isnow more and more popular in the world,for sure it is a time

[genny2kuk]

A very nice project. A decentralized system works best with people who think the same way. The first thing to do is to educate participants so they each understand the role they play to the success or failure of the project. Let them all see it as 'their' project.

After you have achieved this, the rest becomes easy to achieve.

Wish you the best

[Idrisu]

I think is good project id wetrust open banking service, credit union , or debit card service
if use credit union can loan , or this mean can open lending service too

Bitcoin has started up our eye for possible decentralize financial sector. I think the idea is good and we have to support this kind of idea. I do think we also need to be very careful as most bank are not even ready for such changes but thinking there will only need to get information on how to attack bitcoin.