GingerAle (OP)
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February 25, 2015, 04:16:54 AM |
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Yeah, its in the OP. Basically, part of the interest charged to the borrower gets put in a Decentralized Autonomous Reserve, which is an algorithm controlled wallet that is distributed amongst all members.
So that can be called fees in a way , what if there won't be so many scams and what will happen to that btc in the so called Decentralized Autonomous Reserve. Also , this gives a win-win situation to scammers, they just get away like that. Anyways , i will look forward to this , it has some really nice ideas though it sounds pretty sketchy because of scammers but everything works out somehow and am sure this will too  if you read the OP, its all there. the DAR accumulates fees so that all loans out on the network are insured. Anything above this limit is distributed to those participating in the network, as a dividend. If you have currency available to loan, then you get a dividend. Scammers - the current design of the network prevents collusion (multiple parties working together to try and screw the system), but it won't prevent an individual from scamming the system. Like any traditional banking system, the fundamental component of this is trust - trust that you'll pay back. And this trust is all in the loan application process... you publish something on the block chain, people respond - they bid into your loan or not. |
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koelen3
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Activity: 1022
Merit: 1007
Sooner or later, a man who wears two faces forgets
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February 25, 2015, 04:55:16 AM |
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Yeah, its in the OP. Basically, part of the interest charged to the borrower gets put in a Decentralized Autonomous Reserve, which is an algorithm controlled wallet that is distributed amongst all members.
So that can be called fees in a way , what if there won't be so many scams and what will happen to that btc in the so called Decentralized Autonomous Reserve. Also , this gives a win-win situation to scammers, they just get away like that. Anyways , i will look forward to this , it has some really nice ideas though it sounds pretty sketchy because of scammers but everything works out somehow and am sure this will too if you read the OP, its all there. the DAR accumulates fees so that all loans out on the network are insured. Anything above this limit is distributed to those participating in the network, as a dividend. If you have currency available to loan, then you get a dividend. Scammers - the current design of the network prevents collusion (multiple parties working together to try and screw the system), but it won't prevent an individual from scamming the system. Like any traditional banking system, the fundamental component of this is trust - trust that you'll pay back. And this trust is all in the loan application process... you publish something on the block chain, people respond - they bid into your loan or not. Yes i read the OP clearly and i do understand this is a great system with very less flaws but nothing can be perfect and this can be Se'ed by scammers. Though i would really like to see it implemented . |
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GingerAle (OP)
Legendary
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Activity: 1260
Merit: 1008
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February 25, 2015, 12:35:16 PM |
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Yeah, its in the OP. Basically, part of the interest charged to the borrower gets put in a Decentralized Autonomous Reserve, which is an algorithm controlled wallet that is distributed amongst all members.
So that can be called fees in a way , what if there won't be so many scams and what will happen to that btc in the so called Decentralized Autonomous Reserve. Also , this gives a win-win situation to scammers, they just get away like that. Anyways , i will look forward to this , it has some really nice ideas though it sounds pretty sketchy because of scammers but everything works out somehow and am sure this will too if you read the OP, its all there. the DAR accumulates fees so that all loans out on the network are insured. Anything above this limit is distributed to those participating in the network, as a dividend. If you have currency available to loan, then you get a dividend. Scammers - the current design of the network prevents collusion (multiple parties working together to try and screw the system), but it won't prevent an individual from scamming the system. Like any traditional banking system, the fundamental component of this is trust - trust that you'll pay back. And this trust is all in the loan application process... you publish something on the block chain, people respond - they bid into your loan or not. Yes i read the OP clearly and i do understand this is a great system with very less flaws but nothing can be perfect and this can be Se'ed by scammers. Though i would really like to see it implemented . Cool! Thanks for reading the whole thing !!! Need to work on condensing it. |
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networthsigns
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February 25, 2015, 03:39:50 PM |
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Sounds Great to me !
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koelen3
Legendary
Offline
Activity: 1022
Merit: 1007
Sooner or later, a man who wears two faces forgets
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February 25, 2015, 06:40:44 PM |
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Yeah, its in the OP. Basically, part of the interest charged to the borrower gets put in a Decentralized Autonomous Reserve, which is an algorithm controlled wallet that is distributed amongst all members.
So that can be called fees in a way , what if there won't be so many scams and what will happen to that btc in the so called Decentralized Autonomous Reserve. Also , this gives a win-win situation to scammers, they just get away like that. Anyways , i will look forward to this , it has some really nice ideas though it sounds pretty sketchy because of scammers but everything works out somehow and am sure this will too if you read the OP, its all there. the DAR accumulates fees so that all loans out on the network are insured. Anything above this limit is distributed to those participating in the network, as a dividend. If you have currency available to loan, then you get a dividend. Scammers - the current design of the network prevents collusion (multiple parties working together to try and screw the system), but it won't prevent an individual from scamming the system. Like any traditional banking system, the fundamental component of this is trust - trust that you'll pay back. And this trust is all in the loan application process... you publish something on the block chain, people respond - they bid into your loan or not. Yes i read the OP clearly and i do understand this is a great system with very less flaws but nothing can be perfect and this can be Se'ed by scammers. Though i would really like to see it implemented . Cool! Thanks for reading the whole thing !!! Need to work on condensing it. That will be amazing idea but i hope you are keeping in mind some way to for those individual scammers I was looking a site today and they wanted id verification , where they asked to keep the documents ready and a person will visit to pick them up , i forgot the site(not good memory) but that sounds a really good idea Though that will need a big team but how about all lenders need to do this verification , that can actually avoid scammers JUST A THOUGHT |
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jdbtracker
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March 01, 2015, 02:26:31 PM |
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Oh wow! this has gotten a lot of attention, been away suffering from the winter lul... horrible, just not enough sunlight.
but everything is there, risk mitigation is pretty much left to the lenders, all we can do as a DOA is to incentivise the participants to use the system, because they get a share in it's success. yeah scammers suck, but scammers are usually stupid, going for the short term win instead of the epic win that the system is meant to foster.
the best I can come up with would be built in data tracking options, if a borrower wishes to be trusted they can opt to allow the money to be tracked on it's respective blockchain. Once the DAFNe releases the funds out of it's control it just begins tracking the money on that network and mapping known Cryptocoin addresses... basically, keeping a directory of Crypto accepting businesses and choosing from there to continue tracking that portion of the funds or not for investors to know. The more information a borrower gives to establish their stake in the system the more likely they will receive funds. If they fail to do so they will have to start all over again and establish their reputation all over again... making this process as difficult as possible and the rewards for continued service must be huge... hence the Reserve.
I was looking at NXT and thought It may be implementable through that system,
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If you think my efforts are worth something; I'll keep on keeping on.
I don't believe in IQ, only in Determination.
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GingerAle (OP)
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Activity: 1260
Merit: 1008
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August 21, 2015, 07:29:05 PM |
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I think this thing could be easily built in ethereum, as sort of a test. Because we wouldn't be able to move / use actual bitcoin, but ppl could lend ethereum to each other.
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