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Author Topic: Bitcoin Credit Union  (Read 9099 times)
carbonpenguin
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May 31, 2011, 05:27:41 PM
 #61

How you will make people pay back the loan?

The key (which has been an underlying principle of the CU movement for over a century) is that the members are connected by a common bond. Thus, if you default on a loan from an institution that you and the peers whose respect you value cooperatively own, you will be forced to deal with the stigma of essentially stiffing your friends/co-workers/project collaborators, etc. Thus, a member of a credit union with a tight common bond can often be expected to go above and beyond in attempting to pay off their debts in order to avoid the judgment of others...
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sentry
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May 31, 2011, 07:21:04 PM
 #62

How you will make people pay back the loan?

The key (which has been an underlying principle of the CU movement for over a century) is that the members are connected by a common bond. Thus, if you default on a loan from an institution that you and the peers whose respect you value cooperatively own, you will be forced to deal with the stigma of essentially stiffing your friends/co-workers/project collaborators, etc. Thus, a member of a credit union with a tight common bond can often be expected to go above and beyond in attempting to pay off their debts in order to avoid the judgment of others...

Also, loans are distributed among members who choose to invest in the loan so that it is less of a risk to everyone. This, with a trust system built into the site let others know your trust rating, giving the investors an idea of the risk they are taking when they invest in a loan.
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June 05, 2011, 09:22:10 PM
 #63

Tried a few loans to test it, and improve my rating, just a few bitcents.

did a loan, and once I had paid enough, the ability to take out a loan opened up again.

took out a larger loan, and I think i've over paid it, but I still cant take out a new loan.

would be nice to see the loan/investment balance on that page.

Bitrated user: opticbit.
https://www.bitrated.com/opticbit
koin
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June 19, 2011, 03:56:14 AM
 #64

So Sentry.... did you run off with all our funds?  I can't get to bitcoincu.org or the original url.  Hopefully you're just working on something.  Please give us a status update.

so that was the last of it?  a few promises followed but the current status sounds like there were deposits made but then not returned?
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June 19, 2011, 04:22:40 AM
 #65

"BCCU is a community driven bank that runs itself, secures your finances, pays you for keeping a balance and gives everyone the oppertunity opportunity to be the Board Director of their very own bank."

I know it's a small thing but if you want people to invest trust you cannot have spelling mistakes.
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