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znort987
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z
March 26, 2012, 05:51:10 PM
 #1

z

1Fj3WdCLXhYtKY25xZAdBv38mLoPfoHry
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1480897716
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ineededausername
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March 26, 2012, 05:52:52 PM
 #2

It shouldn't be too hard, since you're just adding another table of loans and repayments.

(BFL)^2 < 0
copumpkin
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March 26, 2012, 06:13:40 PM
 #3


Folks,

I'd like to start a discussion on a controversial idea : a credit rating agency for the bitcoin world.

This is likely to be both controversial because of the anonymity aspects (or loss thereof) and interesting
because of the technical implications of what can be achieved in that space via use of the blockchain.

So, here's the kick-off idea: how about we extend bitcoin-otc to allow registered users to record
every loans extended, to who they are extended, and the full repayment history ?

This would extend the web of trust model to a point where anyone would be able to check the current
debt balance of anyone. It also would show how much money a given borrower can be entrusted with
as opposed to the current model that measures how "trustworthy" someone is based simply on the
number of successful transactions.

Thoughts ?



reeses and I have discussed this before, and if you look back a bit on this forum you'll see me proposing similar ideas. I think it's a useful proposal, but so far nobody has stepped up to implement it (reeses started on something, and I'm working occasionally on something related as part of a larger project). I'm all for it, obviously Smiley
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March 26, 2012, 06:26:25 PM
 #4

I think building on top of the OTC web of trust is a good idea.  You could provide a web interface that makes it easy for less technical users to create and use GPG keys and rate other users.

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March 26, 2012, 09:22:31 PM
 #5

This would extend the web of trust model to a point where anyone would be able to check the current
debt balance of anyone. It also would show how much money a given borrower can be entrusted with
as opposed to the current model that measures how "trustworthy" someone is based simply on the
number of successful transactions.

there are five Cs to credit: http://www.investopedia.com/terms/f/five-c-credit.asp
coin_toss
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March 26, 2012, 11:20:06 PM
 #6

Definitely a good idea. This would help prevent scammers and defaulters from getting access to loans, which can only reduce the interest rates charged by current lenders. This will in turn draw in more borrowers into the system. You may even start to get users signing up to bitcoin specifically to borrow or lend money - which would be a great thing.

The loss of some anonymity and privacy due to having some of my transactions listed (and presumably linked to) in a central database is a sacrifice that I (and many others) would be willing to make. There will probably always be lenders operating outside the system anyway, for those who are not willing to make this sacrifice. Alternatively, users can make use of a mixing service so that it doesn't matter if their transactions are recorded for all the world to see.

OTC is a joke, and is really holding back the current bitcoin lending/borrowing market imo.
finway
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March 27, 2012, 03:03:59 AM
 #7

Bitcoin needs Credit Agency.

BurtW
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March 27, 2012, 05:22:38 AM
 #8

Interested.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
guruvan
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ShastaFarEye Prospectors mazaclub & mazacha.in


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March 27, 2012, 02:27:11 PM
 #9

Running it on top of the OTC WoT is a great idea, I think.

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
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March 27, 2012, 04:43:45 PM
 #10

What information is going to be collected, and where is it stored?

As a more formal organisation, in which jurisdiction will data protection laws be enacted?


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JWU42
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March 28, 2012, 02:30:27 AM
 #11

Like the concept...

GPG PubKey | THREEMA | OTC | HeatWare | 1JWU42QLGFESoQCC4iPzUDTRiC9nx5bi95
bbit
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Bitcoin


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March 28, 2012, 06:11:11 AM
 #12

Watching .
cablepair
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March 29, 2012, 04:52:38 PM
 #13

this is a great idea, I hope it comes to fruition

nanotube
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March 29, 2012, 06:04:21 PM
 #14

This will probably fit nicely into the distributed web of trust framework that is currently being developed, using an OT-style contracting scheme.

For more info, see http://privwiki.dreamhosters.com/wiki/Distributed_Web_of_Trust_Proposal_2

Join #bitcoin-market on freenode for real-time market updates.
Join #bitcoin-otc - an over-the-counter trading market. http://bitcoin-otc.com
OTC web of trust: http://bitcoin-otc.com/trust.php
My trust rating: http://bitcoin-otc.com/viewratingdetail.php?nick=nanotube
tgmarks
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April 04, 2012, 02:46:20 PM
 #15

I like this a lot. Its hard to establish history as one starting out in this community unless you have a pile of bitcoins to start buying stuff. A clearer, more detailed reporting would go along way to see the level of response and trust as opposed to just a +1 by someone.

conspirosphere.tk
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April 04, 2012, 07:13:26 PM
 #16

it would be a good idea (like western civilization).  Smiley

CecilNiosaki
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April 05, 2012, 03:59:47 AM
 #17

I am also incredibly interested in this. In the meantime, I wonder why loan companies do not have a public blacklist in use. There is the scammers sticky, but that's remotely the only thing close to it that I saw.

On a temporary blacklist just have:

Lender
Lendee
Date of Loan:
Loan Terms:

That in itself would give a ton of information that would be useful, I'd imagine.
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