Loaning System for BTC

[SparkedDev]

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?

Well Issue is its against the law to dox people well depending on the country your from.
But if there from places like the uk they can have a page that is made about them blacklisted from google.
So the shame wall won't help much in many countries.

[jacafbiz]

The concept is a good one but all the services provided by these service providers come with a very high risk, even on BTCjam the rate of loan default is quite high. Someone needs to come up with a better structure than the existing one that can truly work and protect the lenders

[g3rszpi]

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?

in case of btcjam even users with real photo/documents are defaulting huge loans.

[Patatas]

Well Issue is its against the law to dox people well depending on the country your from.
But if there from places like the uk they can have a page that is made about them blacklisted from google.
So the shame wall won't help much in many countries.

No,it's not against any laws to doxx people.Maybe I'm not fully aware but that's why documentation is made compulsory on exchanges and digital payment methods.However,internet community strictly opposes it for obvious reasons.

At least this page doesn't say it's illegal : https://en.wikipedia.org/wiki/Doxing (not sure though)

Someone needs to come up with a better structure than the existing one that can truly work and protect the lenders

And that would be ? Banks I suppose .

in case of btcjam even users with real photo/documents are defaulting huge loans.

The documents are not real.You can buy any sort of validtaion online ,obviously fake.Take fake paypal verified accounts sold on this forum for example.

[DicePalace]

Making loans can be dangerous, especially with a irreverssible currency like Bitcoin.

[TriggerX]

I think the concept behind this is nice, but I wouldn't go too far as to making a hall of fame/shame with people's personal information on there, it might be a bit too far? And to some extent, personal information could be fake which would make it useless for including it in the first place. I think the BTCtalk's trust system + it's ranking system is a good way to deem whether a person is trustworthy or not.

[veleten]

the only way btc loaning site could work is if you develop a system of valid colateral
it could be digital products like accounts,access etc. basically anything you could sell for profit if things go south
no id checks or trust rating or whatever else helps
check btcjam stats on loans,there are more than half of that go bust due to scammers just running away with money
so in short,you have to combine an auction for colateral and loan site in one

[bitbunnny]

There are lot of Bitcoin lending sites already but seems that there are also many people who want to borrow Bitcoin so there should be place on the market for your service too.
But it would be good to offer something inovative and new that will make a difference from other lending sites and provide you clients.
And security system against scamers is very tough task and hard to achieve, there is always a risk.

[Financisto]

The main keys to a platform that works better than available competitors would be like:

1) decentralization and censorship-free p2p BTC lending platform;

2) Automated collateralized loans;

3) automation of escrows as good as possible.

As far as I can see, the projects that went that far are Bitsquare and BitHalo/BlackHalo.

But they're not fully working for that function yet... 

[BingoDog]

You have to have some new and fresh ideas to attract new users on the lending market. And that is not easy, there are already so many lending platforms already. You have to find the balance between protecting investors from scamers and also trying to keep borrowers privacy. But if you have the good will and enough funds to invest go for it.

[wxa7115]

There are some problems with id identification, the first is that many in the bitcoin community will not like to go through it and that will limit the possible market and the second is that is very easy with Photoshop to manipulate images.

[Herbet Fry]

I think you should make it. It is always good to have more places for people to turn to for loamds and for lenders to create business and nice passive income. I think you need to have more secirty then just a half of fame and shame though.

[Patatas]

I think you should make it. It is always good to have more places for people to turn to for loamds and for lenders to create business and nice passive income. I think you need to have more secirty then just a half of fame and shame though.

The urge to earn passive incomes turns the urge to slap the shit of borrowers real quick considering the amount of scams they face for every satoshi they try to get back with rate of interest.I've invested some money in getline lending service since 6 months and I never got the money back,all I get is ROI per day I think which is 0.00001 aka fuckin worthless.Can't even withdraw the invested money neither do anything with the interests.It's all a scam my dear friend.

[viziano]

This thing will be kinda hard to manage right..?
All legal work needed...damn

[shield132]

Idea is good but there are many factors why you can't release it. Picture with ID to identify person, won't make anything big. Privacy is protected when you are using bitcoin and if anyone won't return loan, you can't complain he/she. In this situation, loans made with banks accounts is better but at the same time it's not good way-out. If you'll give person 200$ loan and than it won't be returned, I think you can't complain him because he/she hasn't putted anything but you can add them in black list for future. It's very hard job and don't worths headache.

[RTemKa]

Good Day, this idea is not new, it has existed for many hundreds of years... the idea is interesting but still it is the principle of Bank loans or loans from moneylenders and entails debt ... As it was many years ago before the advent of cyber currency and even banks.

I note that there already wrote about the fact that this idea is real, but if each loan or loan to provide any collateral, as was done in my entire life, even when people took each other in debt, but leave at least a horse  or pig, for example  now it can be a car or a property ( for example ) ...