Topic: Building Credibility (Read 1966 times)
Thanks
Good luck!
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Then your idea makes no sense. This:
Ok I'm done with this.I'll do whatever feel suits my needs.Thanks.I'll be off to raise the initial capital for the loaning business without borrowing a loan myself as I prefer to be the entrepreneur.
Then your idea makes no sense. This:
If they have the coins for a deposit, they don't need a loan. If they did, and you loaned to them, the net position is that you're still out of pocket.
I read the "deposit" might be in fiat. Right?
Maybe but I prefer BTC as it's instant for me.No paperwork (unlike with fiat based system)
I read the "deposit" might be in fiat. Right?
If they have the coins for a deposit, they don't need a loan. If they did, and you loaned to them, the net position is that you're still out of pocket. (Banks have this great system where they lend to people who don't need it, or have security worth more than the loan. Here we are quite the opposite.)
Please send me your cat as collateral for a lower interest rate - it might cost you $1000, and there will be six month quarantine.
or accept zero collateral implies higher risk and interest rates
or accept zero collateral implies higher risk and interest rates
I plan to charge a small deposit combined with higher interest rate for people with less rep.More trusted people I will waive the need for a deposit and charge less interest.Does my idea sound like it'll handle people with low rep/scammers? Or is it just stupid?
Do you mean in the way banks give out "Starter" credit cards? where you basically put $200 on it and can always have access to that $200 like a pretend card lol, they do exist, i believe i had one from bank of America a long time ago, you miss a payment and they will charge the fool out fo you for using your own money, it was something crazy like 25%.
I'm not thinking in that way as I don't see these starter credit cards in UK (so I'm not familiar with that system). What I mean is simply tack on a desposit reqirement for low rep borrowers and higher interest rates. If a high rep borrower asks for money,I waive deposit need but still charge a lower rate of interest instead.It's just that simple.I believe in good,honest,simple money. No complex things like programming or derivative based money systems (bitcoin is coding based and conventional money system is based on derivatives which I'm not happy with.I prefer the simple honest trade like either bartering or another simple currency like precious metals,gold,silver,e.t.c. Money based on ideology is also a no-no for me as I just like to trade and be done with it.)
Please send me your cat as collateral for a lower interest rate - it might cost you $1000, and there will be six month quarantine.
or accept zero collateral implies higher risk and interest rates
or accept zero collateral implies higher risk and interest rates
I plan to charge a small deposit combined with higher interest rate for people with less rep.More trusted people I will waive the need for a deposit and charge less interest.Does my idea sound like it'll handle people with low rep/scammers? Or is it just stupid?
Do you mean in the way banks give out "Starter" credit cards? where you basically put $200 on it and can always have access to that $200 like a pretend card lol, they do exist, i believe i had one from bank of America a long time ago, you miss a payment and they will charge the fool out fo you for using your own money, it was something crazy like 25%.
Please send me your cat as collateral for a lower interest rate - it might cost you $1000, and there will be six month quarantine.
or accept zero collateral implies higher risk and interest rates
or accept zero collateral implies higher risk and interest rates
I plan to charge a small deposit combined with higher interest rate for people with less rep.More trusted people I will waive the need for a deposit and charge less interest.Does my idea sound like it'll handle people with low rep/scammers? Or is it just stupid?
I like the idea of Heatware but as one of the first posts stated Bitcoin in general is a premature system in terms of reliability regarding user verification and consistency in some sort of fashion, but this is also it's strength.
All you can really do is put yourself out there and reward those certain members who help you out by paying them back honestly. Over time if enough people can vouch for you it shouldn't be an issue. Some people will never trust you, that just the way it is. Building trust is about effort not simply happening, a poor excuse is that you don't spend enough time here, that in itself is a factor of trust for some. Put in the effort and get some successful transactions going is my advice.
I hate bition-IRC as well. Heatware is a much better idea and more user friendly.
All you can really do is put yourself out there and reward those certain members who help you out by paying them back honestly. Over time if enough people can vouch for you it shouldn't be an issue. Some people will never trust you, that just the way it is. Building trust is about effort not simply happening, a poor excuse is that you don't spend enough time here, that in itself is a factor of trust for some. Put in the effort and get some successful transactions going is my advice.
I hate bition-IRC as well. Heatware is a much better idea and more user friendly.
Well hey, i own a Armalite AR50 50 cal. if anybody needs some repayment (joke)
It really is a shame, i was hoping there was a way to prove credibility, for everyone's sake. What i might just have to do is build credibility by borrowing a small amount that i know i can pay back with interest from somebody just to build otc rating, i'm not ready to do that just yet though, i really only have ~2BTC to juggle around as of this posting.
EDIT: I'm trying to figure out how to 'register' on bitcoin-otc, unless you just get added via feedback/some sort of overseer?
It really is a shame, i was hoping there was a way to prove credibility, for everyone's sake. What i might just have to do is build credibility by borrowing a small amount that i know i can pay back with interest from somebody just to build otc rating, i'm not ready to do that just yet though, i really only have ~2BTC to juggle around as of this posting.
EDIT: I'm trying to figure out how to 'register' on bitcoin-otc, unless you just get added via feedback/some sort of overseer?
Appreciate your suggestions Kohta. You are correct in identifying this a a problem in the bitcoin economy. The tricky part is that those in the economy tend to understand that all security systems are just fallible, exploitable, ignorable ideas for and by rule followers.
One could rely on paypal verification or whatever, but to me it's just 1's and 0's with no meaning or value. I know how to create a fake identity and use it to get credit, and I'm not that smart.
I just see no way around doing your own due diligence.
One could rely on paypal verification or whatever, but to me it's just 1's and 0's with no meaning or value. I know how to create a fake identity and use it to get credit, and I'm not that smart.
I just see no way around doing your own due diligence.
You can go to "Profile-> Add or Edit Street Address" and take a screen shot submitting it to the lender which will display your address as "verified" on the right hand side
Because screenshots aren't ever photoshopped.
You may want to look at selling mining contracts instead. That way you get paid in USD up front and can cover your power cost, hardware investment, and pay out the BTC to the buyer for an agreed-on amount of time. Then you keep the hardware when it's done.
I vaguely considered that, but i figured my hashing power wasn't good enough, ~2700MH/s, not to mention i'm real slow if i have to use or maintain a miner other than GUIMiner.
Try gpumax.com you can buy hashing power and direct it at the pool of your choice. Currently they only accept BTC as payment but it is possible (based on the current poll) that other forms of payment might be accepted in the future. It would be an easy way of "buying" BTC by basically paying miners to hash for you.
You may want to look at selling mining contracts instead. That way you get paid in USD up front and can cover your power cost, hardware investment, and pay out the BTC to the buyer for an agreed-on amount of time. Then you keep the hardware when it's done.
I vaguely considered that, but i figured my hashing power wasn't good enough, ~2700MH/s, not to mention i'm real slow if i have to use or maintain a miner other than GUIMiner.
Ummm, otc???
Something like OTC and Heatware are great but i also stated it doesn't help somebody who doesn't have a lot to trade, sell or buy.
Quote from: Kohta
there is really no way i would ask for that amount of BTC when in a few months time that amount could lower and the loaner would really loose,
If the loan is denominated in BTC the BTCUSD rate is irrelevant, both parties accept currency fluctuation risks up front.
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not just that but i actually am in such hard times that i am using BTC to pay all of my electricity, so in my position i would have to find a way to arrange the payments so i make enough to cover energy usage.
You may want to look at selling mining contracts instead. That way you get paid in USD up front and can cover your power cost, hardware investment, and pay out the BTC to the buyer for an agreed-on amount of time. Then you keep the hardware when it's done.
Ummm, otc???
Milk coming out of my nose.
Paypal Verified:
Milk coming out of my nose.
Here is a thought:
Paypal Verified:
From my understanding you have to have a legitimate bank account linked to your billing address, which is 9 times out of 10, your actual address. To varify this with paypal you have to actually make transactions with them and if you change anything about your account you instantly loose your verification. You can go to "Profile-> Add or Edit Street Address" and take a screen shot submitting it to the lender which will display your address as "verified" on the right hand side which has to be linked to a bank or they received a code via physical mail. For extra measure i would communicate with them using the Email from their paypal account.
Paypal Verified:
From my understanding you have to have a legitimate bank account linked to your billing address, which is 9 times out of 10, your actual address. To varify this with paypal you have to actually make transactions with them and if you change anything about your account you instantly loose your verification. You can go to "Profile-> Add or Edit Street Address" and take a screen shot submitting it to the lender which will display your address as "verified" on the right hand side which has to be linked to a bank or they received a code via physical mail. For extra measure i would communicate with them using the Email from their paypal account.
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