Well you can do this but a safe collateral would always be necessary online.
One idea could be to trade steam accounts for btc.
Topic: Loaning System for BTC - page 2. (Read 2850 times)
This isn't going to work. Scammers will either just avoid using it altogether or take advantage of the fact that they can dupe someone with a fake ID or whatever.
This.
I think loaning system cannot work on the internet, you know nowadays people can easily doing a cybercrime. If you googling it there are pretty much tutorial about hacking ect.
There are a few problems that will always exist in an open loaning platform. A new user can look legitimate, but scam and leave. This guy can make a new account, totally anonymous if they have access to different IPs or a VPN/proxy.
I'm contemplating on creating a loaning system for BTC.
Much saturated market filled with scammers and liers.Document forgery I may add.The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Really? How difficult is it to photoshop that? Or ask a random stranger to do it on your behalf.This is 2016,you're thoughts are still stuck in 1980's mate.No offence but it just wouldn't work out.Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
So I will scam 2 bitcoins for once and maximum damage could happen to me would be a place in your website's hall of shame section? Cool.Wouldn't be that difficult to get stickied in your HOF section over and over.Do you guys like this idea?
Yeah,just not sure about the amount of bitcoins that will be stolen. 
There is no guarantee that even the well trusted member gonna payback in future if he have payed back in past. And all the ratings systems usual bitcoin lending platform have may get passed with lots of fake documents or someone else documents, there is no single platform where lenders can have access to collateral of takers so there is no guarantee that you will get your money back.
You need to do better than the likes of BTCjam.com to have a chance in the space, the loan default rate seems high in my opinion, I tried BTCjam out and the BTC I lent out to some users have not been recovered at the time of writing.
Bitcoin legal status is currently blurred and we don't have clear laws or ways to enforce them. Unfortunately it creates a scam friendly environment.
It is random profile of some BTCJam user: https://btcjam.com/users/147184 take a look at amount of verification you have to do to receive better rating...
It is random profile of some BTCJam user: https://btcjam.com/users/147184 take a look at amount of verification you have to do to receive better rating...
I'm contemplating on creating a loaning system for BTC.
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
What you are thinking is good but the process what you are telling is the same process of the fiat loan default list but i dont think that anyone will be willing to give their identity proof and then take loan. As most of them mainly are using Bitcoin because of its security of not claiming identity details.
You have to think the same process without reveling the identity details of the loan persons. Their are lot of things to be done before getting process done.
This is not going to work either. Let s say u do know identity of person who requires funding. You loan your money and they run away. How is their identity going to help you out?? Are you going to sue them over a few BTC you loaned to them? If yes, how exactly would u do that? What court? What institution? This does not work and collateral is the only way.
I agree, the scammers will just use a fake id. You will need some way of verifying the person's id.
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This isn't going to work. Scammers will either just avoid using it altogether or take advantage of the fact that they can dupe someone with a fake ID or whatever.
I'm contemplating on creating a loaning system for BTC.
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
What you are thinking is good but the process what you are telling is the same process of the fiat loan default list but i dont think that anyone will be willing to give their identity proof and then take loan. As most of them mainly are using Bitcoin because of its security of not claiming identity details.
You have to think the same process without reveling the identity details of the loan persons. Their are lot of things to be done before getting process done.
As long as there s no simple and accessible way to provide collateral for your loans, there will be no successful lending crypto project. Why? Cause people tend to try to scam. If there s no collateral, they ll just run away with your money. Imagine what would happen with banking system should there be no collateral?
Hi,
there is also a big market for BTC Loan, so what your clue and what you will make better then the other ??
https://btcjam.com/
https://www.bitbond.com/
https://bitlendingclub.com/
https://loanbase.com/
there is also a big market for BTC Loan, so what your clue and what you will make better then the other ??
https://btcjam.com/
https://www.bitbond.com/
https://bitlendingclub.com/
https://loanbase.com/
I'm contemplating on creating a loaning system for BTC.
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
I don't think people would reveal their identity especially in bitcoin world, even for asking a loan.The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
However it's very important to to make very strict regulations about the collateral so that people will not be scammed by the borrower.
Provide the identity like picture with the id is a good way, but you must be carefull since it is too easy to manipulate the pic yeah you know what i'm saying like photoshop.
You might want to research btcjam and see what pitfalls they ran into (regulatory) and then what your platform would offer that would improve on it. http://www.coindesk.com/bitcoin-lending-btcjam-stops-us-accounts/
A lot of people in the community don't want to reveal themselves, especially with companies now focusing on identifying people and what they've done with their bitcoins. Exchange platforms also have a lending function, so you may want to see what gaps exist there that you could market on.
I would just recommend that you research the market, find gaps, and then develop a niche to fill that specific gap.
A lot of people in the community don't want to reveal themselves, especially with companies now focusing on identifying people and what they've done with their bitcoins. Exchange platforms also have a lending function, so you may want to see what gaps exist there that you could market on.
I would just recommend that you research the market, find gaps, and then develop a niche to fill that specific gap.
I'm contemplating on creating a loaning system for BTC.
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
The idea would be to have a hall of fame and a hall of shame. To get a loan you must first provide either something valuable (keys or something) or a picture of you next to your ID.
Then people who pay back on time will be added to hall of fame, if they don't they will be added to hall of shame along with their face.
Do you guys like this idea?
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