Topic: A P2P Crypto Currency Lending Platform (Read 300 times)

If borrowers are required to deposit collaterals on smart contracts, there is still a risk that they'll lose the money if the contract is hacked. Maybe you could try making a smart contract where the collateral will be transferred to the lenders when the borrower starts accepting the deal instead, so there's no fund being held anywhere. The status will be more or less locked with a signature if that's even possible. I don't really remember a contract or a project with such an option though, so maybe you can be the first (if that's your goal).

I mean if the platform never hold any coins, then maybe it safer. All transaction is direct from lender wallet to borrower wallet.

A brand new p2p crypto lending platform is a recipe for an exit scam.
We already have the Loan sub-forum here on Bitcointalk,websites like Nexo and Blockchain.com are offering something similar to p2p crypto lending,so there's no need to create a separate platform.
If the project you are proposing is going to be Non-KYC,I think that it will have problems with the authorities.


What do you mean by this?The platform will hold a part of lender's coins?The problem with security and protection against hacks remains.

That's way too complicated and I don't think it will attract much interest from borrowers in the first place, since they don't really need to borrow from the pool because there are dozens of competitors out there. I think over-collateralization is good enough if you want to make sure lenders will get something if the borrowers default.

AFAIK Yield also plans to launch a pooled-lending mechanism, but it is basically an automatic lending-borrowing mechanism so people don't have to create individual offers. Lenders can send their funds on a pool and set their categories (let's say interest between 3-10% within 10 days), and the contract will automatically take care of finding the borrowers that suit their criteria. I think you can follow this structure and make sure the interest is good enough to attract lenders while borrowers get incentivized to use your platform.

Your right, why I need to suffer myself to think about difficult solutions...
By the way, I just register a domain called lendmecoin.com
A .COM is better, so I am thinking at the very beginning, just a simple and clean Marketplace for lenders/borrowers to post their Ad enough. For free, then I open for suggestion on how to improve and add on extra features on that.

And if none of them pay, we'll get nothing ^{[100% of our funds gone]}... Why waste your time in building a system that doesn't guarantee the safety of your lender's assets, when you can just tackle those issues by simplifying everything...
^{- Sometimes a simple/basic system is much better than a complicated system with underlying problems.}

This might be a tough one for you to enforce legally speaking since a financial lending scheme is something that will need KYC from the certain authorities you will have more so this involves cryptocurrencies which is getting a lot of attention lately. Authorities enforce KYC as this kind of businesses have a high chance of being used in money laundering that is why they seek enforcement of AML procedures. Even if you start with no KYC for your platform chances are they might suspend your business until you require KYC for your customers. Also if you are looking for loopholes I don't see any as of the moment and it seems to me you really need comply with this regulation.

Thanks for the info, free token after borrower repayment, sound a good idea man... And if in future the token listed in exchange then the borrowers will get free coins too.

But after I read their medium post, it inspire me on another way of lending.
What should I call it, not sure is that anyone in the market doing it right now.
Maybe  it is a stupid idea, but just open for discussion.

Lets call it Pool Lending!

How it works?
Very similar to Yield and many other lending platform, lenders put their funds/coins in a pool, there will be various of pool with different coins, interest rate and repayment period (higher interest rate = higher risk here)
So borrowers with different levels can lend different pool, Eg. a newbie borrower can only loan Level 1 pool which is higher interest rate and shorter repayment period.
When borrower make all repayment on time, then it will be upgraded to level 2 then only he/she can loan Level 2 pool which is lower interest rate and longer repayment period.

Let say there is 5 levels of pool, level 1 will be highest risk and level 5 will be lowest risk. Level 1 interest rate will be highest and level 5 is lowest.

Lenders are free to choose which level to lend. Once the pool is full no more lending is allowed. Then borrowers can start to receive the coins.

Benefit of this is that the lending and repayment done by a group of lenders and borrowers. So means if few of the borrowers do not make repayment, it will not become 100%. Meaning if 2 of out 10 borrowers not pay back, you still get back 80% of the investment (plus the interest)...

This is one way, another way is that to combine the high risk borrowers and the lower risk one. So that the risk can be leverage down.

How about that?

You might want to check out yield.credit, it is more or less the lending platform developed with the same idea as yours albeit running on Ethereum. One of the things you could improve by looking at that platform is to reduce fees to make loan offers etc. I'm not sure how this could work with the Bitcoin chain though, probably you can do it on a 2nd layer or something similar if you truly want to achieve full decentralization where the blockchain holds all the details and secure the deal.

Your right, I found some negative comments when Google BTCJam:
https://99bitcoins.com/btcjam-investment-went-bust/
And when I try to visit BTCJam.com, it is not reachable. Not sure is the web site is dead or what.


Rogue that, you ring my bell, okie I will try to help lenders & borrowers first before think about revenue. And I am pretty sure if I can solve their problems sure they will happy to pay for it.


As the idea is being started in Bitcointalk, so I think to let members here to try this service at the first phase. And those already have good lending history here will be given good rating and approval to use my new platform. This mean New Registration is not open at the first stage, all wanted to use the platform will need to go through me and I will manually register and approve the profile. And the advertisement will not be shown publicly. Something like Beta version. As Bitcointalk already have Lending thread for lender/borrower to deal each other, so my new platform need to have more functions like Rating/Comment/Blacklist etc to improve what is missing or require.

Get rid of the no collateral part, if you offer this to people on the other side of the globe with just an ID and papers then you can't really check to see if they are not faked so you can be sure you're going bankrupt in a few months. People are tricking banks for loans, an online platform will be easypie.


Btcjam...


Again you're focusing your energy on how to charge members/users before you've passed the first fence and that is why should people use your platform! You need to be appealing to borrowers and at the same time offer lenders some real income to risk their coins, you have to get clients first, then you can charge them if you will be tossing a $100 membership fee around but for them, there is no way to gain more than that nobody will buy it.

The net is full of those, what would your platform offer to make it stand in that crowd, especially since it will be a new one so there will be the trust issue?
 

Hi all,

Thanks all for the reply, my purpose of this post is actually to see how people (or potential users/customers) reaction before I really go and built it. And I found it is so negative so I decided not to do it.

However, I did some reading on the posts in Bitcointalk forum and I found another opportunity!

Moved the content to the top.

You realize there is something wrong with this one, right?
You're creating a room for only your closest friends where they have to pay (YOU!) in order to discuss things.
I have a feeling you won't be having any close friends after proposing such stuff to them.


Yup, it's a Ponzi scheme, the first owner gets the biggest share, a few early members a profit, and the rest are left watching an empty chatroom.

Clubhouse invites have started being offered for some $ not because there is a money-making scheme but because people really want to get access, the content came first, then the money issue.

I share your opinion, so many online venues are now open for discussion I am a member of many Facebook group and I can create ten or, twenty groups, for discussions, it's also free to open one on a telegram group, I don't know if this will become competitive when there are free options available online, but I don't discourage him for creating a project like this, it's the community and the kind of features that you are going,  to implement that will attract people, I leave this to people.

I don't see any point on participating in this kind of service for one why would people pay up on a video conference room where they can do it on free services that already exists like Teams, Zoom, Discord, and even Facebook Messenger which they can talk freely without paying anything. When it comes to the earning side I don't see people earning anything from here when at the end everything will be shared by everyone.  I'm not saying your project is bad but really nobody will use this when you won't be offering anything new even if you call it a "voice discussion room" as  people already have modes on chatting without paying up anything.

For each room there is a small capital amount to have it, this was base on your statement.
That means, it won't gonna work in the end for sure, if this is really trying to help everyone here in
the forum, surely it will succeed. And where does the profit sharing will come from anyway? Just a
question and thought were suddenly came pop up into my mind.

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So, what else would users be doing in the House besides sharing profits from new sign-ups?

I actually prefer crypto projects that are value driven & with less focus on coins/rewards. The coins will definitely come when users create good valuable contents that solve very important problems. If you want an automated reward system, you could create set of good rules that people automatically get rewarded for once they are obeying them. With this method, users who find/discover faults that break community rules also get rewarded. Contents without faults but aren't manually rewarded will automatically get rewarded.
This should encourage most users to post good valuable contents alone.

By the way, I wish the voice can be masked for privacy reason. Not everyone really like sharing their own voice on the internet... And i prefer this to be decentralized.

Just to be clear, are you referring to two different systems when it comes to rewards gained vs given ^{[upon joining a room]} or you just used different terms but it's essentially just a single reward system?

That sounds like a pyramid scheme ^{[maybe not directly, but still]}.

AFAICT, others have already done that with other platforms.

Not really... When you're doing something for the wrong reason, the end result wouldn't be that good.

The quality of discussions on a forum is what makes it grow; bitcointalk does not offer any direct incentive for people to join and has attracted some of the most knowledgeable individuals in this space. If you created a cryptocurrency forum with a marketing idea that members can earn when they join or create rooms, it will attract lots of users who are uninterested in the specific purpose, but are only there to spam and earn.