Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 11. (Read 284560 times)

@ coins101

I think we should properly document all this. That way , during design, i can keep it in mind and refer back to it

He posts because he is aware he has an audience that listens to his ideas and opinions. Just because we do not immediately respond does not mean we are not here.

Coins101 is pretty hard to keep up with...   

You are, ofcourse, 100% correct.

But what you fail to notice is that my posts are targeted not at BCT necessarily.

The target audiences are a few steps further down our development plan. Like, when you apply to Polo, they ask questions like - what's your BCT thread?

Also, if you look at what I'm posting, this stuff relates to business planning. I won't presume that you have ever submitted a regulatory application, but one of the key documents they require is an overview of your business plans.

Regulatory organisations want to know you know about the market you are getting in to and that you have some idea about what you are doing so that you don't end up a failed business which risks customer funds. They don't care if you become a big powerful entity, they care that you sound competent so they can take the risk on giving you a licence number to offer financial products.

Still, always nice to have free bumps. Keep it up.

We did this for months and months on the Dash thread during its early days, now its self-sustaining 

yea nearly 2500 views and you still the only one posting lol it says something

lol.

We need more bump bitches, is all.



Nearly 2,500 views 

That be about $500 on Google AdWords 

why are you talking to yourself, are you okay mate?

Taking on overseas lenders:

So this is going to be our BTC play.

If you want to lend money to people in another country other than yours, you must use Bitcoin.

This establishes commitment and certainty for our borrowers, while giving overseas players a chance to invest anywhere in the world.

For example, a loan in the UK, USA or China will be 100% fiat, to start with, but the lenders can provide funds via fiat or BTC (so, Chinese can invest in UK property loans).

The cleared fiat value of any BTC loan is the only figure we should accept. This takes away any risks on BTC price changes in the period between BTC being sent and it being cleared into fiat.

This also means that loan repayments should be in BTC, but we need to have some T&Cs to cover price volatility on the conversion price.

LTC, didn't you do some property development?

This stuff should be right up your street.

So, everyone on this thread should be able to relate to this P2P Equity deal. I know I would be keen to get something like this in order to help buy a property. I'd also be up for lending out some money on this type of deal, especially in the UK where property values have gone up over 170% in the last 15 years.


http://www.thisismoney.co.uk/money/mortgageshome/article-3431441/House-prices-jump-3-500-month-buyers-chase-limited-homes-sale.html

The other big issue is that price / earnings ratios are out of whack. You can't get a mortgage if your earnings are more than 3 to 4 times the value of the loan, but because house prices keep going up, the actual price earnings are nearly double that, so you need a big deposit to make you eligible for a loan:



This is a sweet spot of factors going on here:

> Rising property values
> Inaccessible Mortgage requirements
> Explosive growth in Peer-to-peer loans

These issues are global, too. Not every country has the same level of market dynamics, but there are enough markets to go after making BCR the only international player, at the moment. That's another sweet spot for lenders who want to access a wider market to invest their money overseas.

Err, what happens at block 289857?

We now have some models to follow for the residential equity peer-to-peer loans:

The eligibility criteria for our Mortgage Equity Deposits are:

> Minimum deposit from you of 5%
> Up to 20% equity loan from our P2P lenders
> Maximum loan mortgage size of £1,000,000 [so, BitCredit could arrange upto £200,000 per customer]
> The mortgage must be taken out on a capital repayment basis with a maximum term of 25 years
> The property to be purchased must be the only property you own, will be your main residence and cannot be rented out
> While you can apply for a loan, you must have a mortgage offer that is ready to be drawn down before you can access the loan from our lenders
> For P2P loans from us that are over £20,000 you have to pay for an independent valuation
> You are required to provide ID details to a legal advisor on our approved list and pay the ID verification fee directly to them
> If the property is sold within 5 years, you must repay a minimum of the original P2P loan taken out OR the percentage of the equity loan taken out [so, our P2P lenders could share in any increase in the value of your property while the equity loan is still unpaid]
> The equity loan must be repaid within the period agreed between you and the P2P lenders

Note to self: eat before going to LTC's.

You missed out on the fiat aspect.

I'm OK with doing a blockchain report that can be manually executed against a bank account by a few admin people.  But this should be a short term workaround.

Or we could have this as a long-term approach to avoid having to put bank accounts into encrypted files on the tinternet.

I go with cake and stackoverflow.com myself. Remember that not all of this needs to happen at once, it can be released bit by bit but basic p2p loans in v2.0 (even just on testnet) would be fantastic.

I envisioned the p2p lending working something like this:

1. Wallet user (Lender) is able to mark a % of their balance as available for lending if they wish. Wallet user (Lender) selects their risk profile and maybe their min interest rate - ie. has some say in who they will lend to.

-> Needs: UI checkbox and amount entry field, some means of storing lender prefs (on chain?) - Amount Borrowalbe either locked or sent to appropriate Risk Level Address - lender has option to pull out / withdraw funds or change preferred risk level somehow if funds not already loaned out.

2. Wallet user (Borrower) is credit scored by the code and presented with a list of single lenders willing to do business with them and/or an option to source the loan truly p2p based on what regular lending users have added to the available pot at various risk levels.

-> Needs: Basic working TrustDB / credit scoring code and client ability to pull suitable lenders from the lender DB and display them.

3. Borrower chooses Lender(s), picks loan amount and repayment terms, clicks GoForIt

-> Needs: Loan request message facility to lender or p2plenders. Check risk match, Lender themselves or network in case of p2p loan sends funds to borrower.

4. Borrower pays back Lender direct, or pays back lenders by paying to one address from which proportional shares to all lenders are sent. Or just make micropayments direct to all participating lenders in that loan?

-> Needs: Automated invoicing? GoForIt button.

5. In event of dispute, Lender requests Big Al's gang to sort things out, or network decides on behalf of p2p lenders to instigate Big Al's Tutelage & Chastisement Package.

-> Needs: Call Big Al button.

++ a whole crapload of other stuff.  

Do we enable all wallet users to mark funds as available for loan or just BNs? If possible I would go with the former, but... legailties... keep it BN for now perhaps if that speeds development and minimises legal voodoo.

If this could be demonstrated working in native BCR* with maybe just BNs as lenders at first, we could then add an in-wallet BTC/BCR facility (I think this should be done anyway**) and the same code template can be applied to BTC too, ie. BTC loans also, same schema. Suddenly we've got a $billions of market cap to provide p2p lending opportunities to anyone with some spare BTC.

*At this point at the latest we should take it to VC/ICO. And keep it closed source IMO, cryptognats will whine about that but nobody else gives a damn, and the blockchain is still an open ledger.


**I'm about as much of an actuary as I am a lawyer, but in order to prevent some whale coming along any buying the entire future mintage for peanuts, we could offer fresh superblock BCR something like...

1000 BCR @ current market price +10%
Each subsequent 1000 BCR at (cost of last 1000 BCR) + 2% cumulative

eg. CMP is 400 sats, 1000 BCR costs 440000 sats, 2000 BCR costs 44000 sats + (1000 * 400 * 1.12), 3000 BCR costs 44000 + (1000 * 400 * 1.14) + (1000 * 400 * 1.16) etc.  ... 100000 BCR BN package (50k collateral + 50k working capital) would cost about 0.8 BTC @ 400 sat base price, which is about 10% more than what 100k BCR would cost on Bittrex currently.



Thought I'd jot down some ideas while waiting for the oven timer to beep...   ***


***Dinner only slightly burned.

P2P loans is begging to be taken. I'd put that up at the top of the list.  Everything else can be done while we get lenders on boarded.  I've got a plan for that, but we can't do it without a viable application to a p2p association to give the lenders confidence.

Seriously, we can get so much newspaper press out of this it's unreal:


You'll be on TV, mortgage magazines, etc

I'm looking from the coding PoV, none of this is trivial.

Let me try explain.... For native support of assets , we need to design and implement

1) A "coloring" scheme
2) Policy on how they are created , how many can exist , and if they are interchangeable with BCR or are just BCR with tags, and whether BCR converted to assets  can be returned to the base MS. Much like we have M0 , M1 etc
3) Re-design how transactions work (can it only be one type , can they be mixed etc )
4) Formulate consensus rules whether payments can be settled in any accepted valid blockchain asset/coin or something else
5) Yes, the code

For P2P loans book, design and implement

1) Communication between Lenders and Borrowers , in wallet .
2) Storage of the P2P loan book (on chain/offchain)
3) Decide on loan policy, (one lender one borrower or true P2P one borrower multiple lenders)
4) How do users decide who to trust with a loan (in progress ie ChainID and TrustDB)
5) Kneecapping / Rewards Policies
6) And again , the code 

BCR is a platform, as such it should allow various combos of infrastructure to allow a multitude of business opportunities.

Loan Book + Assets + Trust Engine == Secure Debt Facility
Assets + Loan Book + Verification + Trust Engine == Insurance
Verification + Trust engine == Brokerage
Bank API + All the above == Approved Fiat Gateway
All the above == Decentralized BCR-bay

Everytime you guys are posting and refining your ideas and introducing new ones, I'm already working out how and if code can actually do that.

 

This is going to be an epic few weeks/months of vodka coffee, google and github.

Err, what's the edifference?

The go to market proposition is the p2p loans book.  We just need a list of loans that people can choose to back.

To go with that, it's the reports required by the p2p associations. With the association application done, we can get in contact with a load of people who are interested in backing residential property loans. There are tons of them.

What's this asset thing and why can't it wait?

So, first we need to get the Asset Platform (native) working properly and user friendly. This can go hand in hand with the Loan Market.

I think this is achievable. Won't be easy though.

I'm sure there are ways around that. Call them Network Support Tokens not 'shares', and call the 'dividends' Network Support Fees Payable, which is true enough, they're actively maintaning copies of the distributed ledger - in essence every running wallet is a subcontractor and what they do about legalities is their own affair.

First to admit I'm no lawyer though. But hey, we can actually play that angle at the VC meeting.

"As lawyers go, Crouton here makes a great ashtray. He just can't be relied upon to find his arse with both hands. So, naturally, part of the $70 million we're asking as investment would go to... whatever law firm gives you the biggest backhanders you recommend."

Legal problems.

If you consider each currency unit a share, then you are immediately into promoting shares over the internet.

Masternodes also have to be created and collateral put to one side. But you never actually hand over ownership of the collateral. So it's not really promoting shares, just voting rights and you can always get your money back (the base BCR currency units).

DAPP is also set-up for masternodes to vote. If you have a currency unit but don't have a mechanism to vote, then you're into situations of being unfairly treated. So, if you want a vote, get a masternode.

What's the advantage over letting every BCR holder be a shareholder? BNs can still do their stuff, and can be accorded a Voting Share, with all wallets receiving proportional dividends each quarter or whatever - rather than blockchain-bloating daily payments - which 4 times a year would see a nice market price spike.

Being ahead of Zerohedge by a few days is an achievement level that has now been unlocked