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October 06, 2014, 10:05:44 PM |
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I'm taking a $50k line of credit out this week to help with business cashflow.
Most of loans have a return of capital between 30 and 90 days.
Before I turn in my paperwork, I started thinking about how a LOC would work with bitcoin and I couldn't think of anything that didn't include a bank-like entity.
I could probably get a number of investors to put up the bitcoin in a pool.
When I needed to place an order, I could exchange to cash and make my purchase.
Around 30 days later, I get paid and rebuy the bitcoin, to make the fund whole.
I make an interest payment to the investors every 30 days for the amount used during that time.
The bank doesn't need to part with the actual funds when they have an open line. It's just a value in a table.
How would bitcoin accomplish the same thing?
I'm just thinking aloud.
I know smart people out there have given thought to banking/bitcoin analogs.
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