Topic: BitKingdom - Empowering Communities & Ending Poverty - page 2. (Read 21588 times)

There's a bit of a change of tack here. You are now selling the scheme on the basis of a 365% annual interest payment. This is at a time when NIRP is a very real possibility. The flaw in your concept is that the people with the money don't need the help (unless they give it to you), and the people that need the help don't have the money.

i don't know why,but this smells very fishy...

these 1%'s a day have to come from somewhere.. and it seems bad to charge 30% to a poor person just for a month..

they are more likely to build up trust to get the highest allowable loan amount they can... and then leg it

BTCJam.com already tried this, and yes they had ID verification and phone authentication too.. yet people still ran off.

i see the moral benefits (helping those in need) i dont see the ethical benefits(charging them 1% interest a day) and dont see the security benefit..

well unless the site owner wants to get on a plane and travel to courthouses of thieves to try getting them to pay back legally.. but i just dont see that happening so not much chance of repercussions a thief would get.. apart from some snotty emails

edit:

the way i could possibly see it, although not explained well is
the amount you input 0.1 is your collateral.. that way you can ask for any amount under 0.1 (0.09999999) and if you dont pay it back. you cant get your colateral back.

however if you give help. you receive interest from the repayment. and this increases your collateral to then allow you to request larger amounts.

EG
day01: you input 0.1
loan out 0.1 for 30 days
day30: you get 0.13 return
loan out 0.13 for 30 days
day60: you get 0.169
loan out 0.169 for 30 days
day 90: you get 0.1197

you can then ask for a loan for 0.1196... and leg it with 0.0196 profit

The idea sounds good for me, but it still not very trustworthy. Besides, you have to put 0.1 to start with, which is fairly a high amount to do a test.

Perhaps with a smaller amount more people will risk trying. If it is a crowd bank, there is really no reason for such I high amount in my view, although I may be overlooking something.

Good Question. It does'nt have to be 30 days. Its induvidual's wish, he/she can Get Help any time after 15 days.

Suppose a member PH/provided help of 1 BTC,(1% profit/day)
If he Get help on 20th Day - He will get  1+0.2 = 1.2 BTC
If he Get help on 100th Day - He will get 1+1 = 2 BTC

Now coming back to your question, 1 BTC is slightly Less than 1.3 BTC, why should PH in BitKingdom.
If he dont put PH in BitKingdom, then assume he will put that in Bank, can any of the Banks can provide 1% daily profit/Interest??

Also thats what the Ideology of this BitKingdom Community is, today you help someone with your spare amount, Tomorrow someone will help you when u need the help.

Again coming back to your question, this was just an example of 1 BTC. Ok. Lets take 20 BTC.
Suppose a member PH/provided help of 20 BTC,(1% profit/day)
If he Get help on 20th Day - He will get  20+4 =24 BTC
If he Get help on 30th Day - He will get  20+6 =26 BTC
If he Get help on 100th Day - He will get 20+20 = 40 BTC

So why would somebody donating money need help 30 days later. They would be better off if they just kept their money.

btw 1 coin plus 1% is slightly less than 1.3 coins.

No. John has to provide help  first, before he Gets help.
If John provides help for 1 BTC on 1st Dec 2015, Then he is eligible to get help of 1.3 BTC on 30th Dec 2015.
Based on the 1% profit, which John deserves for the help he has provided.

This is a straight-up ponzi based on the old gifting club scam. Also you posted this in the wrong section.

This is not a referral program/MLM, you just provide help once, since then your 1% profit BTC daily starts for the provided amount of help.
No extra work.

There is no membership fee. Its free registration. Only thing is you have to buy Tokens use tokens for providing help/Getting Help. The token value is very minimal, when you compare the profit you are getting.  1% daily on your BTC which you provided help.

Token needed for PH and GH:
0.1 BTC – 4 BTC = 1token
4.1 BTC – 8 BTC = 2token
8.1 BTC – 12 BTC = 3token
12.1 BTC – 16 BTC = 4token
16.1 BTC– 20 BTC = 5token

@Jeremycoin, Exactly you will like this, and you will thank me for this

That makes sense, but the OP refers that there's a "crowd guarantee".

This looks like a snowball. John asks Lucy for help. Lucy doesn't have what she borrowed from John, so she asks for help, and so on until there's no more lending money on this economy. Not everyone is honest, unfortunately...

If the referer becomes the guarantor, that's one referrer I don't want to be

entrance requires referal.. im guessing the referer becomes the guarantor

seems more of a kickstarter / donator for people with a genuine pitty story (loans require payback afterall) where the entrance fee is to donate alteast once.
yes people 'meant' to pay back but i can see it being abused easily

This is a bit like regular banking lending: you have to have someone guaranteeing the payments if the person taking the loan defaults.

Imagine John goes away with the money he asked as a loan... Why would other participants (who have nothing to do with John or Lucy) have to pay for John?

So you lend money without charging interest, and with no requirement to give it baack? That sound like the UK overseas aid programme.

(or quantitative easing for bankers)

Help to get help, this is a cool idea.
I think I will try it now

So it's a lending system, without the worry of payback, where the membership fee is to be a lender at least one time?