Loaning System for BTC

[Alanay]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

[cloverme]

You might want to research btcjam and see what pitfalls they ran into (regulatory) and then what your platform would offer that would improve on it. http://www.coindesk.com/bitcoin-lending-btcjam-stops-us-accounts/

A lot of people in the community don't want to reveal themselves, especially with companies now focusing on identifying people and what they've done with their bitcoins. Exchange platforms also have a lending function, so you may want to see what gaps exist there that you could market on.

I would just recommend that you research the market, find gaps, and then develop a niche to fill that specific gap.

[dollarneed]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

I don't think people would reveal their identity especially in bitcoin world, even for asking a loan.
However it's very important to to make very strict regulations about the collateral so that people will not be scammed by the borrower.
Provide the identity like picture with the id is a good way, but you must be carefull since it is too easy to manipulate the pic yeah you know what i'm saying like photoshop.

[dArkjON]

Hi,
there is also a big market for BTC Loan, so what your clue and what you will make better then the other ??

https://btcjam.com/
https://www.bitbond.com/
https://bitlendingclub.com/
https://loanbase.com/

[crazyivan]

As long as there s no simple and accessible way to provide collateral for your loans, there will be no successful lending crypto project. Why? Cause people tend to try to scam. If there s no collateral, they ll just run away with your money. Imagine what would happen with banking system should there be no collateral?

[equator]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

What you are thinking is good but the process what you are telling is the same process of the fiat loan default list but i dont think that anyone will be willing to give their identity proof and then take loan. As most of them mainly are using Bitcoin because of its security of not claiming identity details.

You have to think the same process without reveling the identity details of the loan persons. Their are lot of things to be done before getting process done.

[hilariousandco]

This isn't going to work. Scammers will either just avoid using it altogether or take advantage of the fact that they can dupe someone with a fake ID or whatever.

[Embeddeddownloads]

I agree, the scammers will just use a fake id. You will need some way of verifying the person's id.

[crazyivan]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

What you are thinking is good but the process what you are telling is the same process of the fiat loan default list but i dont think that anyone will be willing to give their identity proof and then take loan. As most of them mainly are using Bitcoin because of its security of not claiming identity details.

You have to think the same process without reveling the identity details of the loan persons. Their are lot of things to be done before getting process done.

This is not going to work either. Let s say u do know identity of person who requires funding. You loan your money and they run away. How is their identity going to help you out?? Are you going to sue them over a few BTC you loaned to them? If yes, how exactly would u do that? What court? What institution? This does not work and collateral is the only way.

[Snorek]

Bitcoin legal status is currently blurred and we don't have clear laws or ways to enforce them. Unfortunately it creates a scam friendly environment.

It is random profile of some BTCJam user: https://btcjam.com/users/147184 take a look at amount of verification you have to do to receive better rating...

[topesis]

You need to do better than the likes of BTCjam.com to have a chance in the space, the loan default rate seems high in my opinion, I tried BTCjam out and the BTC I lent out to some users have not been recovered at the time of writing.

[~Bitcoin~]

There is no guarantee that even the well trusted member gonna payback in future if he have payed back in past. And all the ratings systems usual bitcoin lending platform have may get passed with lots of fake documents or someone else documents, there is no single platform where lenders can have access to collateral of takers so there is no guarantee that you will get your money back.

[Patatas]

I'm contemplating on creating a loaning system for BTC.

Much saturated market filled with scammers and liers.Document forgery I may add.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Really? How difficult is it to photoshop that? Or ask a random stranger to do it on your behalf.This is 2016,you're thoughts are still stuck in 1980's mate.No offence but it just wouldn't work out.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

So I will scam 2 bitcoins for once and maximum damage could happen to me would be a place in your website's hall of shame section? Cool.Wouldn't be that difficult to get stickied in your HOF section over and over.

Do you guys like this idea?

Yeah,just not sure about the amount of bitcoins that will be stolen.

[MyBTT]

There are a few problems that will always exist in an open loaning platform. A new user can look legitimate, but scam and leave. This guy can make a new account, totally anonymous if they have access to different IPs or a VPN/proxy.

[avatar_kiyoshi]

This isn't going to work. Scammers will either just avoid using it altogether or take advantage of the fact that they can dupe someone with a fake ID or whatever.

This.

I think loaning system cannot work on the internet, you know nowadays people can easily doing a cybercrime. If you googling it there are pretty much tutorial about hacking ect.

[Hakari]

Well you can do this but a safe collateral would always be necessary online.

One idea could be to trade steam accounts for btc.

[U2]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

Problems:

My name is John Smith and here's my fake ID. I don't intend on paying the loan back and don't really care because it's not under my name.

Or

I give you my real name and ID, borrow $50 and don't pay it back. Now what? I'm on some wall of shame? Is that even legal due to privacy policies in certain countries? I highly doubt it. You'll end up getting sued when you're the one that's already out the money that they stole.

I would just do manual credit adjudication and take collateral that can be sold. Nothing else will be worth your time/effort/money.

[SparkedDev]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

Small issue with your hall of shame idea depending on the country your from its against the law to publicly post your users data.
Also users aren't likely to use a site that if they scam or have a hard time and can't make a payment their face is plastered on the web.
Any form of loan type site will have to require real details on users, home address valid email and normally social profiles.
The other issue is stolen identities which you can buy with a few dollars off the dark web.

[arwin100]

I'm contemplating on creating a loaning system for BTC.

The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.

Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.

Do you guys like this idea?

Small issue with your hall of shame idea depending on the country your from its against the law to publicly post your users data.
Also users aren't likely to use a site that if they scam or have a hard time and can't make a payment their face is plastered on the web.
Any form of loan type site will have to require real details on users, home address valid email and normally social profiles.
The other issue is stolen identities which you can buy with a few dollars off the dark web.

Hall of shame really not helping his cause since we are on cyberworld and anything behind it can be possibly lie and also it is easy to stole someones identity and scattered some bad doings by using those fake profile, he really need to study this one since the business he plans is so risky on his side, and also he should remember that theres existing loan site scam happen and that is btcjam, hopefully you would not do the same act.

[FLoving]

But what if people start to create fake photos with a fake ID card. they will not feel shame to get in the hall of shame with those photos and what will get the person who will lose his money in loaning system?