If PayDay is a credit system, then what will happen in the case of non-repayment of the loan. Is this provided?
First of all, there might be a collectors or so. As you may see in WhitePaper, we will be using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt. Untill they repay. Our experience says that most payments are repaid upon notifications.
Another thing is AI and bigdata. PayDay will be track and analyse user behavior in order to check wether he fraud or real man, and what probability of repayment from this specific loaner.
Next thing are Auditor masternodes. Let's say some business tries to get loan. Owner says : we are blacksmith, and we need some more iron to create more horseshoes and get more profits from it. Auditors comes to action here. They check if this business really exists. If they have a contracts. If they have a sales for a years before. If loaner is business owner, as he states and so on.
To continue conversation and give some more arguments, I have a question to you, @cryptocyprus, do you personally own or use bitcoins or ethers?
I will answer you in order to continue our conversation. I use bitcoins and ethers. I'm not entirely inspired by your system of using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt
In my opinion, this is not serious.
Why do you think so? What don`t you like that the systems?
