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Author Topic: Issuing loans in Bitcoin, how we could do it  (Read 878 times)
el kaka22
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June 27, 2019, 03:04:42 PM
 #81

Maybe we can do it in a technological way? I mean I know people will find loopholes and so forth and that is guaranteed to be abused but if we can do some sort of "Ethereum blockchain and ICO issuing" type of deal in reverse that would be at least a right step towards it. Like you send someone funds and that person will take it and spend it on whatever they want but when the time comes the system sends your loan back to you with interest from his wallet, if he doesn't have any then when he gets any money at all in there you will get your money back automatically.

Obviously, there are millions of possibilities like not using the same wallet anymore and like that but you can find stuff like lock it on your pc and force it to receive all new coins and what not, I don't know how it could be done but that type of automatic system might be at least a right step into a good lending system.


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June 27, 2019, 04:04:25 PM
 #82

Do you remember the site BTCJam? Why do you think the site failed? Because people weren't paying their due back. What lenders have been able to do? Nothing
IRL, it will be almost the same thing. you ask collateral, you will still lose money if the person doesn't repay. You can say to go injustice, you will still lose money with the cost to go in court.

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June 27, 2019, 05:10:12 PM
 #83

LeGaulois, this is one of the things that the bitcoin world needs--a good and safe way to borrow bitcoin.  From everything I've seen of the lending section on the forum, it's a nightmare to do so.  I would imagine that any crypto bank would have to collect collateral for any loan being issued, which is what traditional banks do anyway unless a person's credit is solid.

The problem with loans on bitcointalk is that they're often being requested by people who have no or inadequate collateral, and a lot of them have no intention whatsoever to pay back the loan.  In addition, there's the anonymity factor.  A crypto bank would likely have to verify the identity of the borrower.  It could work, but there would have to be major security features implemented on the part of the lender.  Loans would look much different than they do currently, i.e., less anarchy, less trust, more collateral and identification verification.

Didn't Trendon Shavers try this?  Not sure if he was loaning out money, but he did try to start some sort of crypto savings and loan thing.  Look what happened there.

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June 27, 2019, 08:41:16 PM
 #84

I started to think about it. How a bank and folks could issue loans to people?

Currently, when you need to borrow money, your banker just edits your balance account and create money magically. You then pay back monthly.
Banks won't be able to do that with Bitcoin with its limited supply. You can't print bitcoins.

But now, between folks. Let's say I'm the banker and you're the customer looking to borrow money to buy a house. I can lend you the money but how to be sure you will pay me back with full interests? With banks, the solution is easy, the bank seizes the house and you can't do something. But the average Joe hasn't the same 'power' than a bank to collect a debt.
I really don't know about this kind of wastes are also available in the cryptocurrency field to get the loan with the cryptocurrencies but if it is giving the helpful things for the people then I also ready to try this but I need some guidance.

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July 01, 2019, 05:27:53 AM
 #85

I think Bitcoin lending businesses will have their own management. Sure, they will not be able to give another person their country and only provide National ID.
they can only lend to those who can pay interest and they can control their whereabouts.
If there was full support of government for cryptocurrency, I would have seen it as an easy thing to go into crypto loan business, at least there would have been regulation then that may bind the borrower and the lender, which will make it impossible for the borrower to default in payment, and maybe with support and regulations, we would have crypto banks that can easily manage such activities and the risk involved.

Cryptocurrency is a peer to peer system, which usually does not involve personal contact before a transaction can be carried out, so I am really wondering how crypto loan activity can be easily carried out and how it can be managed if there is an issue with paying bank, if the borrower refuses to pay, I dint think authority will meddle in this as they are not authorized to engage in anything that is against the law yet, which may even land the lender in trouble if reported.


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July 02, 2019, 08:06:11 PM
 #86

I think that crediting users in Bitcoin is a very dangerous way to implement certain services.  Today, things are already very bad with the popularization of cryptocurrency, and if due to loans in Bitcoin the same problems arise as with the banking system, then confidence in cryptocurrency will generally fall.  At the same time, the whole situation can be aggravated by price instability.

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July 02, 2019, 10:29:59 PM
 #87

LeGaulois, this is one of the things that the bitcoin world needs--a good and safe way to borrow bitcoin.  From everything I've seen of the lending section on the forum, it's a nightmare to do so.  I would imagine that any crypto bank would have to collect collateral for any loan being issued, which is what traditional banks do anyway unless a person's credit is solid.

The problem with loans on bitcointalk is that they're often being requested by people who have no or inadequate collateral, and a lot of them have no intention whatsoever to pay back the loan.  In addition, there's the anonymity factor.  A crypto bank would likely have to verify the identity of the borrower.  It could work, but there would have to be major security features implemented on the part of the lender.  Loans would look much different than they do currently, i.e., less anarchy, less trust, more collateral and identification verification.

Didn't Trendon Shavers try this?  Not sure if he was loaning out money, but he did try to start some sort of crypto savings and loan thing.  Look what happened there.
This can be sought with the gold loans from my understanding, in traditional banking we get used to gold loans where gold is given as the collateral. Here the value of the collateral gold is valued 75% and the sum of amount equal to the gold is got by the borrower. Further for this interest is being levied which need to be paid along with the borrowed amount to get back the gold. This way can cryptocurrency bank function same as the traditional banks.

As stated collateral through our forum is purely on trust and lot many have got cheated, this can't be made perfect as it is impossible to collect collateral as well as do KYC. A physical banking system is the possible way to provide loans with proper collateral. These days there were apps that are issuing loans in fiat, and here we're supposed to accept legal norms and if we didn't pay our loan within the quoted tenure with the interest they have the rights to take legal action against us. If we pay the loan properly then we can request for an increased amount. This is a limited amount service where initially what we can get as loan is just $100.




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July 04, 2019, 07:36:23 AM
 #88

There was a company that did something about loans with collateral and it was literally automatic. I know people are not really fans of doing it since they could literally just sell whatever they have if they were so much in need of money instead of give it as collateral but as a service for people who are looking for it that was a start.

You would for example get 100 dollars loan from them in bitcoin and give them 120 dollars worth of ethereum to them, they charge you lets say 5 bucks as interest and when you pay them 105 bucks back in bitcoin they gave you 120 dollars worth of ethereum back. Now, this makes no sense since if you need money you could just sell your ethereum instead of giving it as collateral but at least it was a start and you could have used it. Kabbage literally started out this way and became one of the biggest digital lenders in the whole world.




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July 05, 2019, 08:12:13 AM
 #89

There was a company that did something about loans with collateral and it was literally automatic. I know people are not really fans of doing it since they could literally just sell whatever they have if they were so much in need of money instead of give it as collateral but as a service for people who are looking for it that was a start.

You would for example get 100 dollars loan from them in bitcoin and give them 120 dollars worth of ethereum to them, they charge you lets say 5 bucks as interest and when you pay them 105 bucks back in bitcoin they gave you 120 dollars worth of ethereum back. Now, this makes no sense since if you need money you could just sell your ethereum instead of giving it as collateral but at least it was a start and you could have used it. Kabbage literally started out this way and became one of the biggest digital lenders in the whole world.
It is easy for everyone to just sell their investment anytime they need money, but the concept of crypto loan is to give people the opportunity to still hold their cryptocurrency without using it while they still have access to what they would have pulled out of their portfolio to meet up with whatever thing they need it for.

But come to think of it, if they pull out the investment directly from their portfolio, there are some people that made their investment during the last ATH, let’s say around $19800, and probably their investment is now $11k, and they believing that one day in future, bitcoin will climb back to such amount for them to recover their full investment back, do you think they will be willing to completely lose their portfolio now, they will prefer to take loan for certain period of time, while they still give opportunity for their investment to climb.

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July 08, 2019, 05:35:54 AM
 #90

I started to think about it. How a bank and folks could issue loans to people?

Currently, when you need to borrow money, your banker just edits your balance account and create money magically. You then pay back monthly.
Banks won't be able to do that with Bitcoin with its limited supply. You can't print bitcoins.

But now, between folks. Let's say I'm the banker and you're the customer looking to borrow money to buy a house. I can lend you the money but how to be sure you will pay me back with full interests? With banks, the solution is easy, the bank seizes the house and you can't do something. But the average Joe hasn't the same 'power' than a bank to collect a debt.
You can be given loans through bitcoin…but they don’t give you bitcoin, they give you fiat .how it works is that you will submit your coins as collateral, coins that are worth the amount you would like to collect as loan. You submit the coins and then collect fiat and after you pay back the money you borrowed, they will give you back your coins, and when paying the money you will also have to pay the interest that is on top. But what you can’t do is give loans in cryptocurrency exactly, nah you can’t do that. If you do it then what are you using as collateral? That doesn’t work.
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July 25, 2019, 10:51:26 AM
 #91

As long as there's a contract it's possible to enforce the collection, and if not possible, you can take the collateral.
It's pretty the same with your example,  banks loan to people with collateral, in your example, that's a mortgage loan, and will just forfeit the collateral when a borrower is unable to pay, that's kinda secured and a typical joe can also do the same thing as like I said, as long as there's a contract.
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July 26, 2019, 08:35:28 PM
 #92

Borrowing bitcoin and paying back bitcoin and borrowing bitcoin and paying with dollar are two totally different things.

For example, if you get a loan in bitcoin and you want to later pay it back by buying bitcoin when you have money the price of bitcoin may have gone up and it may have a trouble for you to buy that much bitcoin because of the price increase, or maybe it will be easier because price went down and you will get more bitcoin for the same price.

However, if it is just dollars, like you get a loan in bitcoin form but 1000 dollars and will have to pay 1100 dollars back, that would be easy and doable because people could totally pay back in dollars but in bitcoin form. So you are basically getting dollar loans but the transaction is made in bitcoin, that could be a good start for this.

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