◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[thelonecrouton]

Revised logo?



Don't make me animate it.

[coins101]

Any chance we can do a test run?

I'd like to borrow $100  

[thelonecrouton]

Any chance we can do a test run?

I'd like to borrow $100  

Sure, coming in v2.0. After we've got your mates at Big Al's Debtor Reform Ltd. on board. 

[jasemoney]

Revised logo?



Don't make me animate it.

looks good.

thelonecruton be like:

[thelonecrouton]

If anyone wants to test my Electrum bidbot, it can be found here:
https://github.com/thelonecrouton/bcrbidbot

This version is very basic, some upgrades in the works but lets see if this one behaves in the wild first. Instructions in the README.

[coins101]

My laptop ran out of juice (forgot to plug it in) while the chain was at 48weeks. The client doesn't like a crash close. It won't restart again now. keeps looping on this error:



I guess I'll have to start from scratch.

[coins101]

If anyone wants to test my Electrum bidbot, it can be found here:
https://github.com/thelonecrouton/bcrbidbot

This version is very basic, some upgrades in the works but lets see if this one behaves in the wild first. Instructions in the README.

Is there a list of people looking for loans (a facility for a listing system, not an actual list of people waiting for a loan)?

[proletariat]

My laptop ran out of juice (forgot to plug it in) while the chain was at 48weeks. The client doesn't like a crash close. It won't restart again now. keeps looping on this error:



I guess I'll have to start from scratch.

You should use a bootstrap for now (part of the reason a new fresh chain is being developed with 2.0)

latest wallet: https://bitcointalk.org/index.php?topic=896133.msg14197166#msg14197166

bootstrap: https://bitcointalk.org/index.php?topic=896133.msg13961783#msg13961783

Note: Dragosbdi account was compromised but I think the links were not changed. Dragos confirmed dragos_bdi2 IS his new account.

If you get stuck at certain block while syncing, go to console and :

Code:

1. type: getblockhash blocknumberyourestuckon
2. Then copy the block hash and type: reconsiderblock pastethehashhere

It should work while we wait for the snapshot for the new chain.

[coins101]

I crashed my laptop again on purpose while the BitCredit client was running and it had done about 10 hours of building the chain.

This time it didn't mind the crash, so much. Got a message about rebuilding the chain (good stuff), and off it went back to block 1.

We'll have to get a torrent file sorted out and perhaps a paid for USB stick or something with the client and the chain already done.

When you go out to main street this stuff can be a barrier to participation. Especially one of our key target audiences of angel investors that have pots of money and more grey hairs than your average Silverback gorilla.

[coins101]

Is there a bounty for a decent website? Some of the premine?

Something that can act as a point for information, but also registration of new lenders and borrowers.

I have some suggestions about creating a hybrid website & client implementation in terms of end user experience.

Potentially - register on the website, get credit checked, validated, etc; but conduct business on the client? It would also be useful to have some form of deals on offer section so people can select which loans to participate in.

I also like the idea of looping in the OpenBaazar open source code in order to generate ratings and potentially for deals for lenders and borrowers, or have ratings already been addressed in a different way?

[bitcreditscc]

I crashed my laptop again on purpose while the BitCredit client was running and it had done about 10 hours of building the chain.

This time it didn't mind the crash, so much. Got a message about rebuilding the chain (good stuff), and off it went back to block 1.

Great !!!

I copied your OP into the main one, meanwhile i am knee deep in code fixing up the ChainID  and TrustDB. we should have a working version by end of day.

I've been monitoring the conversation and agree in full about the direction of the project. To that end, i'll speak up about what the next few days have on the timeline

1) Complete and test TrustDB (having weird integer overflow)
2) Finish up ChainID and do rough draft explaining everything
3) Layouts and basics of the matching mechanism for  lending

On that point. I'd like input, should we limit lending to BNs ? Or should we allow any and all users to lend ?

[coins101]

A few of you may already know this, but I was on the board of a financial services company for about 6 years until it was sold to a bank.

My little secret is that I was an approved person and registered with the Financial Services Authority, now called the FCA. I was fully checked by the authorities and they passed me as a 'Fit and Proper Person' to operate a financial services firm.

To get on that list, for the type of financial services we were doing, required a 'full application'. They practically check everything including where you buy your underwear. Then you and your firm get to go on a register:  https://register.fca.org.uk/

So, having gone through the entire process to get registered with the leading financial regulator in the world, I propose we go through the steps to do that again, in anticipation of submitting an application to join various decentralized lending bodies and becoming the first project of its type to link online lending with decentralized clients - we'll be the only ones that actually put the peer into peer-to-peer lending.

The documentation process usually takes about 9 months, so we can do this in small chunks and get it done over the next year, to coincide with some upgrades and work on websites, etc.

So, whose up for that as a project? I'm happy to do much of the leg work as I've done it before. This sort of thing usually costs about $400k to get people in with the right level of expertise to help out.

[coins101]

...
3) Layouts and basics of the matching mechanism for  lending

On that point. I'd like input, should we limit lending to BNs ? Or should we allow any and all users to lend ?

I would suggest putting off these decisions for a few days / week.

Why?

It would be useful for a bunch of the community to register with https://www.ratesetter.com/ & https://www.zopa.com & one other I want to check out.

This will then help to identify the good bits and the bad bits from our competition. Also, it would be useful to check out reviews of these websites and see what people think.

If we're going to reach out to main street, we should try to make onboarding to BCR as familiar as possible, while also having points of differentiation (the main one being the decentralized client).

[bitcreditscc]

Is there a bounty for a decent website? Some of the premine?

Something that can act as a point for information, but also registration of new lenders and borrowers.

I have some suggestions about creating a hybrid website & client implementation in terms of end user experience.

Potentially - register on the website, get credit checked, validated, etc; but conduct business on the client? It would also be useful to have some form of deals on offer section so people can select which loans to participate in.

I also like the idea of looping in the OpenBaazar open source code in order to generate ratings and potentially for deals for lenders and borrowers, or have ratings already been addressed in a different way?

The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....

[coins101]

Is there a bounty for a decent website? Some of the premine?

Something that can act as a point for information, but also registration of new lenders and borrowers.

I have some suggestions about creating a hybrid website & client implementation in terms of end user experience.

Potentially - register on the website, get credit checked, validated, etc; but conduct business on the client? It would also be useful to have some form of deals on offer section so people can select which loans to participate in.

I also like the idea of looping in the OpenBaazar open source code in order to generate ratings and potentially for deals for lenders and borrowers, or have ratings already been addressed in a different way?

The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....

Yes, I'm sure it is a risk.

We'll have to address the risks.

The one thing that we need to keep in mind is the end user (the Main Street guys and girls). I can't tell you how many times this has been drummed into me and how often it has proven to be the most effective aspect of building a financial services business.

Even if its 'register here and we'll send you joining details'.

Let me have a think about this for a bit.  

[bitcreditscc]

A few of you may already know this, but I was on the board of a financial services company for about 6 years until it was sold to a bank.

My little secret is that I was an approved person and registered with the Financial Services Authority, now called the FCA. I was fully checked by the authorities and they passed me as a 'Fit and Proper Person' to operate a financial services firm.

To get on that list, for the type of financial services we were doing, required a 'full application'. They practically check everything including where you buy your underwear. Then you and your firm get to go on a register:  https://register.fca.org.uk/

So, having gone through the entire process to get registered with the leading financial regulator in the world, I propose we go through the steps to do that again, in anticipation of submitting an application to join various decentralized lending bodies and becoming the first project of its type to link online lending with decentralized clients - we'll be the only ones that actually put the peer into peer-to-peer lending.

The documentation process usually takes about 9 months, so we can do this in small chunks and get it done over the next year, to coincide with some upgrades and work on websites, etc.

So, whose up for that as a project? I'm happy to do much of the leg work as I've done it before. This sort of thing usually costs about $400k to get people in with the right level of expertise to help out.

I'm onboard with getting registered, 400K though 

[bitcreditscc]

Is there a bounty for a decent website? Some of the premine?

Something that can act as a point for information, but also registration of new lenders and borrowers.

I have some suggestions about creating a hybrid website & client implementation in terms of end user experience.

Potentially - register on the website, get credit checked, validated, etc; but conduct business on the client? It would also be useful to have some form of deals on offer section so people can select which loans to participate in.

I also like the idea of looping in the OpenBaazar open source code in order to generate ratings and potentially for deals for lenders and borrowers, or have ratings already been addressed in a different way?

The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....

Yes, I'm sure it is a risk.

We'll have to address the risks.

The one thing that we need to keep in mind is the end user (the Main Street guys and girls). I can't tell you how many times this has been drummed into me and how often it has proven to be the most effective aspect of building a financial services business.

Even if its 'register here and we'll send you joining details'.

Let me have a think about this for a bit.  

Making P2P lending work with a blockchain

Two boards, one for lenders and one for borrowers. A lender can look at the borrowers board and pick some to lend. Reverse is true, but also, there can be auto scripts that lend/borrow when the parameters match

Reliance on websites freaks me out, maybe as a basic registration point, and verify non blockchain trust/credit scores , but nothing else beyond that. Such that even if its downed, its not integral to the continuity of business.

[coins101]

A few of you may already know this, but I was on the board of a financial services company for about 6 years until it was sold to a bank.

My little secret is that I was an approved person and registered with the Financial Services Authority, now called the FCA. I was fully checked by the authorities and they passed me as a 'Fit and Proper Person' to operate a financial services firm.

To get on that list, for the type of financial services we were doing, required a 'full application'. They practically check everything including where you buy your underwear. Then you and your firm get to go on a register:  https://register.fca.org.uk/

So, having gone through the entire process to get registered with the leading financial regulator in the world, I propose we go through the steps to do that again, in anticipation of submitting an application to join various decentralized lending bodies and becoming the first project of its type to link online lending with decentralized clients - we'll be the only ones that actually put the peer into peer-to-peer lending.

The documentation process usually takes about 9 months, so we can do this in small chunks and get it done over the next year, to coincide with some upgrades and work on websites, etc.

So, whose up for that as a project? I'm happy to do much of the leg work as I've done it before. This sort of thing usually costs about $400k to get people in with the right level of expertise to help out.

I'm onboard with getting registered, 400K though  

400k is how much I know it costs when you have to hire people. We can do quite a lot of the work.

Whose that person with 6m BCR, cough up some donations dude.

[coins101]

Is there a bounty for a decent website? Some of the premine?

Something that can act as a point for information, but also registration of new lenders and borrowers.

I have some suggestions about creating a hybrid website & client implementation in terms of end user experience.

Potentially - register on the website, get credit checked, validated, etc; but conduct business on the client? It would also be useful to have some form of deals on offer section so people can select which loans to participate in.

I also like the idea of looping in the OpenBaazar open source code in order to generate ratings and potentially for deals for lenders and borrowers, or have ratings already been addressed in a different way?

The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....

Yes, I'm sure it is a risk.

We'll have to address the risks.

The one thing that we need to keep in mind is the end user (the Main Street guys and girls). I can't tell you how many times this has been drummed into me and how often it has proven to be the most effective aspect of building a financial services business.

Even if its 'register here and we'll send you joining details'.

Let me have a think about this for a bit.  

Making P2P lending work with a blockchain

Two boards, one for lenders and one for borrowers. A lender can look at the borrowers board and pick some to lend. Reverse is true, but also, there can be auto scripts that lend/borrow when the parameters match

Reliance on websites freaks me out, maybe as a basic registration point, and verify non blockchain trust/credit scores , but nothing else beyond that. Such that even if its downed, its not integral to the continuity of business.

We'll figure it out.

Let's do some secret shopper testing of the competition first.

[coins101]

...
The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....

These are some key stats and reports that we will need to generate from the Blockchain or the loan books in order to meet several regulatory hurdles.  With these, we can join various peer-to-peer organisations.  This is important because, well, see towards the end  

Bad Debts:



Returns:



Most of this we should be able to generate on demand, although we need to submit these stats once a year.

There are a few sticking points:

1. KYC.  We need to have a way to verify users. I'm thinking that we can make this part of the application process and users will have to get verified by a notary or lawyer.  The lawyer can then submit a verification code which we can hash into the blockchain.

We'll need to deal with this carefully as KYC covers both lenders and borrowers.  We might be able to get around some of this if we just go after penny loans, but the real money is in the big loans. So we'll have to deal with KYC somehow.

2. Chasing bad debts. We've got a strategy for that (legal kneecapping).

So, OP. The data we need to provide should be something we can get from the blockchain?

Why this is important to get right:



The market 5 years ago when I first looked at it hardly mattered. £1m in revenues. In the last year, revenues went from £2bn to £4bn. That's a sign of explosive growth happening. Consumers and businesses have got the message and they are opting for peer-to-peer finance.

This is, as they say, the ground floor of a new financial sector being born right before our eyes.

BCR can expand on this in so many ways. For example, using BTC, we can syndicate loans all over the world. Link BTC to fiat and an investor in California can join with an investor from France and lend money to someone building a house in China or India.