MightyStorm (OP)
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May 21, 2015, 02:55:02 AM |
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 It seems that anyone can get a micro finance ctrypto currency loan with the existing services. What I don't understand, is how they are going to collect the money if someone fails to cough up when the time is due. Any thoughts? |
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In order to get the maximum amount of activity points possible, you just need to post once per day on average. Skipping days is OK as long as you maintain the average.
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thebenjamincode
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May 21, 2015, 03:11:18 AM |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
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MightyStorm (OP)
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May 21, 2015, 04:27:45 AM |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you? |
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Soros Shorts
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May 21, 2015, 05:18:37 AM |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you? Looks like the system will include a distributed credit history database which is tied to your phone which in turn is tied to your identity. Pretty much like how the 3 main credit bureaus in the US tie a person's credit history to their SSN. It can work if a person can only have one phone number, so if they blow their credit rating by defaulting on a loan they can't easily get a new identity and new credit history. |
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shulio
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May 21, 2015, 05:31:09 AM |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you? In my country you need to put on your address and your real name to get your number activated. This could be how they will get your data if you want to take a loan with your phone but most people are just registering it using a fake name and address . My concern is that how is a person will trust to loan someone through a mobile number |
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louise123
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May 21, 2015, 05:37:32 AM |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
The title of this thread is misleading: Lenders and borrowers can connect peer-to-peer, like over the ProudSource platform. And it can all be done by phone.
It has to go through their app which is installed on your phone. It is not all you need. You probably need to verify other things about yourself too. |
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NyeFe
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May 21, 2015, 05:44:44 AM
Last edit: May 21, 2015, 01:02:33 PM by NyeFe |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you? It can work if a person can only have one phone number, so if they blow their credit rating by defaulting on a loan they can't easily get a new identity and new credit history. That's the main problem. A consumer may only have one number, but what will stop other technically advanced users from obtaining more than one SIM card & using them simultaneously? I mean SIM cards can be literally ordered for nothing from their online providers. Vodafone is one example. What about scammers, who are able to obtain SIM card replacements for any number within a certain region? It has to go through their app which is installed on your phone.
It is not all you need. You probably need to verify other things about yourself too.
If the App is available on Android, and requires unique phone settings such as an IMEI number, then the integrity of the data collected can not be trusted since these tags can be modified at ease. |
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sirnoah
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May 21, 2015, 05:59:42 AM |
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i could see scammers getting many celfones and scamming people...
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Amph
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May 21, 2015, 06:14:26 AM |
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it could be integrated with something like this http://crypt.la/2014/01/06/satoshi-nakamoto-quotes/here we are talking about a istitution emitting the loan not random guy on the forum, you can't scam them, it would be like scamming a loan emitted by a bank... |
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louise123
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May 21, 2015, 07:20:39 AM |
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i could see scammers getting many celfones and scamming people...
No need for multiple phones. A good Android programmer can probably create something that will fool the app. |
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MightyStorm (OP)
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May 21, 2015, 08:20:03 AM |
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is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?
The title of this thread is misleading: Lenders and borrowers can connect peer-to-peer, like over the ProudSource platform. And it can all be done by phone.
It has to go through their app which is installed on your phone. It is not all you need. You probably need to verify other things about yourself too. Yep, my bad. |
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hasmukhh
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May 21, 2015, 09:43:25 AM |
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yeah its true . mobile phones have become a source of income nowadays. you can lend money to anybody using mobile phones.
it is recommended to get or give s loan from a known source as third party people are quite risky to get loan from
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rishabh6115
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May 21, 2015, 11:56:53 AM |
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Yes it is good to be btc owner beacuse i think it might be true it is not good for taking loan from every third party because he or she avoids it . It might be true
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Kyraishi
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May 21, 2015, 03:59:22 PM |
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yeah its true . mobile phones have become a source of income nowadays. you can lend money to anybody using mobile phones.
it is recommended to get or give s loan from a known source as third party people are quite risky to get loan from
How so? How is it a source of income to the consumer? Can you give me some examples? Thanks  |
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spazzdla
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May 21, 2015, 08:09:44 PM |
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Yes you can, BTCJAM.
You get screwed..
Why people dump money into loans that promis a 200% return in 30 days I will never understand. They didn't pay you back?!?! OMG I never saw that coming.....
I just play by the rule B rating or higher, must have paid back coins. Using this I have gotten paid back everytime, say for 1 payment over 10 loans.
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RitzBitzz
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May 21, 2015, 09:50:18 PM |
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Sounds very interesting I will have to check it out.
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ecoh012
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May 25, 2015, 05:33:29 PM |
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how it works? Thanks.
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hasmukhh
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June 13, 2015, 10:53:28 AM |
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yeah its true . mobile phones have become a source of income nowadays. you can lend money to anybody using mobile phones.
it is recommended to get or give s loan from a known source as third party people are quite risky to get loan from
How so? How is it a source of income to the consumer? Can you give me some examples? Thanks example: you can earn bitcoins through campaigns, faucets etc... you can trade bitcoins to others and get commission and a smartphone is enough to handle these jobs. other than bitcoin , you could use your phone to sell your stuff online too . you just need to play it the smart way to have a good income through your accessories. |
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okae
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northern exposure
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June 13, 2015, 11:07:56 AM |
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i could see scammers getting many celfones and scamming people...
No need for multiple phones. A good Android programmer can probably create something that will fool the app. but dont bring ideas to them lol  btw the problem that i can see here is that how is a person will trust to loan someone through a mobile number, but who know maybe this will improve in any way. |
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bitnanigans
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June 20, 2015, 02:31:29 PM |
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Wouldn't it be easy to beat the credit report system by getting a bunch of prepaid numbers? These are very easy to obtain.
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