This is why Bitcoin P2P lending is dead. - page 3.

MingLee

hero member

Activity: 490

Merit: 520

Quote from: sbtctalk on September 24, 2016, 05:51:39 AM

I forgot I had some coins put away in a bitcoin lending site to try P2P lending. This is what I see when I logged in to see my "investments"

Four pages of red glory. I stopped clicking after page 4. Brilliant.

Not surprised. This is why I don't lend to people I don't know who have no accountability and you never see their actual face. I don't know why there is any point in loaning to these people, since most can easily run off with the money anyways. Notably thousands of dollars.

Some times it is best to assume something that seems too good to be true really is.

avikz

legendary

Activity: 3080

Merit: 1500

Even initially I had a good feeling about p2p lending and invested some money in to this btcjam and btcpop website. But then I started seeing that people are here to scam other people only. Hence I stopped and withdrew whatever I have in my kitty.

Still around 0.28 BTC is floating in the market and I have no hope of receiving that amount. Even though it is not a big amount but the trust factor is not there anymore. Even I have stopped investing in to p2p lending.

Dudeperfect

hero member

Activity: 1190

Merit: 534

No P2P lending isn’t dead but most of the times it doesn’t work, especially when reputation system is poor. Some bitcoin lending sites just help lenders to identify the real identity of loan defaulters and they don’t take any steps to recover defaulted amount. I think a serious infrastructure which helps lenders to recover defaulted amount can bring that missing factor which could help others to see p2p lending seriously, otherwise it’s not going to work. I am optimistic and I believe we will have something like this in near future.

Catmony

hero member

Activity: 854

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Actually there is no point in trusting borrower only looking at the social media accounts and other idendity they have uploaded in lending platform. It needs somekind of collateral in between which is not required in most of the P2P lending platform so people with some common sense never gonna trust system.

JamirOn

newbie

Activity: 23

Merit: 1

Sorry but I don't see it working without transfer of money being met with an opposite transfer of risk. Be it collateral, reputation, what not.

At the least there should be some sort of law binding contractual agreement.

Doms

hero member

Activity: 714

Merit: 500

When I was new to bitcoin, I created an account with btcjam. After some research, I found out that most of these lending sites turn out to be scams sooner or later. I kind of feel sorry for those who were duped once for trying this lending, but for those who have been scammed several, it's a shame that they don't learn from past mistakes.

CraigWrightBTC

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Activity: 518

Merit: 500

Quote from: sbtctalk on September 26, 2016, 03:30:05 AM

Quote from: CraigWrightBTC on September 26, 2016, 02:56:36 AM

Quote from: sbtctalk on September 24, 2016, 10:47:29 AM

I hope by posting my experience here would allow more people to understand the downsides of P2P lending.

Ok thank you for your share about the experience, where do you made investment in lending business? Usualy the people using loanbase or btcjam and it went fine, i think you have to show the details about the website.

It is loanbase. There have predefined investment settings. I chose the medium risk settings.

Now its resumed its old name bitlendingclub

It may be as bad as btcjam

Thank you for the informations, it is help. I must wait and see before using loanbase for make sure it is not bad as btcjam.

Decoded

legendary

Activity: 1232

Merit: 1030

give me your cryptos

P2P services are broken with humans. We are naturally greedy, and will without hesitation try to take advantage of others for their own benefit. Lending, all the more.

Wind_FURY

legendary

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Merit: 1823

Quote from: Yakamoto on September 28, 2016, 06:12:14 PM

In my opinion P2P lending has always been dead, people simply end up using their loan on either something they know is incredibly risky and not worth taking the chance on with their own money, or they ask to get funded and then dip out and forget about paying it back ever again, happy with their payout.

P2P lending was a good concept, but with nothing to enforce it, it is useless.

This is true, that is why setting up some sort of system for verification to be done also peer to peer and for the borrower to have some sort of collateral to offer for the loan is a must. Surely the collateral has to be a digital product but the problem is what? Peer to peer lending could have a bright future especially with the advent of cryptocurrencies. If someone smart can solve the small fusses and problems it is actually a good idea.

Yakamoto

legendary

Activity: 1218

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In my opinion P2P lending has always been dead, people simply end up using their loan on either something they know is incredibly risky and not worth taking the chance on with their own money, or they ask to get funded and then dip out and forget about paying it back ever again, happy with their payout.

P2P lending was a good concept, but with nothing to enforce it, it is useless.

Hugroll

hero member

Activity: 756

Merit: 500

I would only ever lend money to a person if i knew then personally, and only after i know for sure that they would be able to pay me back. why would i risk losing money to help fund a loan when the interest rate is so insignificant.

Doamader

hero member

Activity: 756

Merit: 501

Quote from: sbtctalk on September 28, 2016, 02:53:15 PM

Quote from: gentlemand on September 28, 2016, 02:40:30 PM

Quote from: sbtctalk on September 28, 2016, 12:42:08 PM

If there is a way to do a consumer level of "credit charge hold" on borrower's credit card similar to what hotels are doing, until the loan is returned, that will be good.

But no one really needs a Bitcoin loan. They're only trying to scam. If I want to buy something the last thing I'll get a loan for is Bitcoin.

This must be the coldest hardest truth I've ever heard since I dabbled with Bitcoins. Nice one bro. Seriously, this is the quote of the decade for the Bitcoin world.

No that isnt true some people really needs the loans and they offer usually a 15 days repayment, that should end after the time they will get paid from real work. The problem at bitcoin lending is the same as banks they take the risk and charge a high interest to cover those people which wont return the loan.

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: gentlemand on September 28, 2016, 02:40:30 PM

Quote from: sbtctalk on September 28, 2016, 12:42:08 PM

If there is a way to do a consumer level of "credit charge hold" on borrower's credit card similar to what hotels are doing, until the loan is returned, that will be good.

But no one really needs a Bitcoin loan. They're only trying to scam. If I want to buy something the last thing I'll get a loan for is Bitcoin.

This must be the coldest hardest truth I've ever heard since I dabbled with Bitcoins. Nice one bro. Seriously, this is the quote of the decade for the Bitcoin world.

gentlemand

legendary

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Welt Am Draht

Quote from: sbtctalk on September 28, 2016, 12:42:08 PM

If there is a way to do a consumer level of "credit charge hold" on borrower's credit card similar to what hotels are doing, until the loan is returned, that will be good.

But no one really needs a Bitcoin loan. They're only trying to scam. If I want to buy something the last thing I'll get a loan for is Bitcoin.

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: haankoammu on September 28, 2016, 11:29:34 AM

Of course P2P without collateral is useless and only proves that it's not working overtime, Plenty of people in this forum tried it before and it didn't work, Currently you always need to put a collateral which is acceptable when you consider even banks do so "and it takes a large part on the meaning of a loan".

If there is a way to do a consumer level of "credit charge hold" on borrower's credit card similar to what hotels are doing, until the loan is returned, that will be good.

haankoammu

member

Activity: 115

Merit: 10

Of course P2P without collateral is useless and only proves that it's not working overtime, Plenty of people in this forum tried it before and it didn't work, Currently you always need to put a collateral which is acceptable when you consider even banks do so "and it takes a large part on the meaning of a loan".

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: lumeire on September 28, 2016, 03:45:13 AM

Quote from: btccashacc on September 28, 2016, 02:27:44 AM

Quote from: sbtctalk on September 27, 2016, 11:47:05 AM

yes. But P2P lending sites do not require collateral from borrowers.

well this is why the P2P lending site is turned to red, as for me i would never giving somone even for penies without collaterral. I just don't get it why they adopted this system, we don't even know the id that they provide is real or just photoshoped,since it's easy to manipulate the id.

Well that was the essence of p2p lending anyways, it's supposedly a lending network built on trust and reputation. At least that's what it should be.

There was a survey years ago that pointed how citizens from scandivanian countries have the highest level of integrity.

But with globalisation and ease of borders -- trust is not something that is bankable any longer.

Pursuer

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Quote from: lumeire on September 28, 2016, 03:45:13 AM

Quote from: btccashacc on September 28, 2016, 02:27:44 AM

Quote from: sbtctalk on September 27, 2016, 11:47:05 AM

yes. But P2P lending sites do not require collateral from borrowers.

well this is why the P2P lending site is turned to red, as for me i would never giving somone even for penies without collaterral. I just don't get it why they adopted this system, we don't even know the id that they provide is real or just photoshoped,since it's easy to manipulate the id.

Well that was the essence of p2p lending anyways, it's supposedly a lending network built on trust and reputation. At least that's what it should be.

we are not living in a perfect world so trust (full trust) is never achieved anywhere. and any system that works only on trust will fail miserably as we can now see how many people are scam and getting scammed on these lending platforms like btcjam and many others.
this is one of the reasons why the lending board here doesn't let anybody ask for a loan without providing a valid collateral.

lumeire

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Quote from: btccashacc on September 28, 2016, 02:27:44 AM

Quote from: sbtctalk on September 27, 2016, 11:47:05 AM

yes. But P2P lending sites do not require collateral from borrowers.

well this is why the P2P lending site is turned to red, as for me i would never giving somone even for penies without collaterral. I just don't get it why they adopted this system, we don't even know the id that they provide is real or just photoshoped,since it's easy to manipulate the id.

Well that was the essence of p2p lending anyways, it's supposedly a lending network built on trust and reputation. At least that's what it should be.

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: sbtctalk on September 27, 2016, 11:47:05 AM

yes. But P2P lending sites do not require collateral from borrowers.

well this is why the P2P lending site is turned to red, as for me i would never giving somone even for penies without collaterral. I just don't get it why they adopted this system, we don't even know the id that they provide is real or just photoshoped,since it's easy to manipulate the id.

Topic: This is why Bitcoin P2P lending is dead. - page 3. (Read 4482 times)