Introducing Decentrabank! Mutual Trust Banking - A lending platform on Steemit, based on trust. Opens March 1st.
The idea came to because even though we manage our funds well, we often fail to correctly distribute out SBD or STEEM for upvoting bots etc. All of a sudden you figure you want to write about something important, and then your SBD's are gone. No incoming payout the next 24 hours! Or you want to purchase an account spontaneously from @accountauction Luckily I know some people in person here who I have been able to borrow from. But not everyone is able to do that.
That's where @decentrabank comes in.
But then I realized that why really limit it to that? What if someone need money for rent? Or something else? Or maybe they need money to invest in something? Of course, I'm running a risk of being scammed. But I saw some other guy doing the same here (I don't remember his name) and he rarely experienced that. It was so seldom that he could take the small loss it seemed. The cool thing is that you, as a borrower doesn't run ANY risk, as long as you pay me back. The sanctions are social, and I will only borrow out to people that I think are worthy. I will follow my criteria that I've listen, but I will also do a personal judgement. (I'm usually a good judge of character). If you don't pay back, it will be known. And I could also downvote you if I want to.
@decentrabank opens March 1st 2018. But if you're interested please let me know in the comments field. It's nice for me to know if there is any interest.
I haven't checked up this concept yet, but just a word of warning: there have been multiple p2p lending platforms out there already, and AFAIK all of them have failed miserably. I've personally lost around 80 btc on lending activities.
Oh, a bank that lends money and instead of stealing it, that's a revolutionary idea!
Now seriously, you are taking a huge risk in doing this, you should make sure to lend money only to the most reliable people, but in itself it seems to me a very interesting idea to see how the interaction between both parties works in a community like Steemit, in where it is assumed that the vast majority of users are between libertarians and anarchists, we must see the idea put into practice.
Yup. I'm not going to take that much risk. If I get scammed more than I'm able to earn I'll shut it down. I'm not going to start off by lending 300STEEM to scamkid23439 with 55rep and just shitty posts.
But yes, the cool thing here is to see how this could work in practice. Maybe I could do like @godofbit suggests, namely to use you guys, who I know are trusted as a "team". When someone asks for a loan, you could comment on that person's request. If he gets lets say 3 comments I know that you guys think he/she is trustworthy. I will then upvote your comments as payment :)
So I need a good team! I'm thinking 10 people..because not everyone is available all the time. You in Vieria? @deanlogic ? @deismac @movingman @bearbear613 @dedicatedguy @emmyem84 @alexs1320
The problem is that there isn't scamkid23439 that will run away with the money. There is ...
Very good arguments! Absolutely something to consider...Thanks a lot.
Sure, count on me then!
Sweet! Thanks!
If you need more help I volunteer :) Would love to help with a project and I think its a good idea :)
You're in! Awesome. Thanks a lot :)
Hey bud!
I didn't get the notification of this mention I am not sure why, but luckily I was checking your posts and saw me being mentioned here!!
How can I help you with this project?? Do you use discord?
I think the similar user doing this is @neoxian by the way
That's the guy!
I don't use discord much..but sometimes Steemit chat. or use my email [email protected]
I was thinking you could help me validate if someone is a legit and safe lender! If I have a team of reasonable people to quickly look through a person who asks for a loan and them write a short "approved" or "looks good" in the comments under his/hers request. I don't expect everyone to do that everytime someone asks for a loan (if that will happen often anyway...) but if I have like 10-15 people who randomly checks in on decentrabank it should be enough
If a loan defaulter is sanctioned by the community on Steemit, the only way for them to repay the loan would be by bringing in money from the outside.
So, I guess this is a bit risky and you would have to really look into a person before you gave them a loan. Or, they could just take the anonymous loan and disappear.
Yeah..But I'm willing to give it a shot anyway. But there will of course be strict restrictions..I have all rights to chose who I am going to lend out to. And it's not like I'm going to lend out 200 STEEM to some random person. Any amount that is substantial to me will only be loaned to someone who is not willing to destroy his/her reputation here for money.
I'm not sure if I understood the first argument? Someone wouldn't be sanctioned as long as they are planning to repay. If someone doesn't repay on schedule, they will lose credit rating. I wouldn't start bashing their accounts.
I would guess that if you posted your list of bad credit rating users, then the community might react by not upvoting those accounts. So, depending on how much they had in the first place, it might be harder for them to earn more going forward.
I don't expect you to get all bsanders on them.
Oh..well. theres a difference of paying back late and taking the money and run. Late = probably not another loan. But I think I will be transparent with credit ratings..
Sounds like a great idea, people that are worthy could really use a loan to help them out. On your part its going to be really hard to find the right people to loan to and not get scammed so bad where your hurting yourself and then looking for a loan for your self.
I say you need a team behide you to help you with the venting process of the people your going to loan, if you even seem to be questioning a person if you should loan them then maybe you shouldn't. Just keep a eye out for scammers they well tell you anything and everything to get free money, they have no bad feelings for stealing and being thieves. Good luck and be smart with your choices.
Great advice!
Your welcom, and just be safe.
This will greatly help us folks in third world countries as even 2 SBD can mean a lot.
I like the procedure of choosing rep of 55 and above and also if someone doesnot pay...he/she will be put out publically and downvoted..!!
I am very sure this project will work out very well.
Thanks man! That's what I hope for :)
It's a great idea, I think that with the requirements you ask and the amount to be provided will be very low percentage of people who want to cheat (hopefully no one does), this kind of contributions to the community are fantastic, you give more life and usability to Steemit, very good !
Very cool concept! This is why I think Steemit is one of the best examples of how cryptocurrencies can benefit people around the world.
The vast majority of cryptocurrencies out there have a lot of hopes and dreams pinned to them but Steem and Steemit showcase actual real world examples of how they can disrupt existing industries.
I do want to be a beneficiary of this your benevolence. I really need something like this to help me build up, and even if it means paying with interest i am willing.
Follow @decentrabank. It opens March 1st. I might consider giving small loans 1-2 STEEM to accounts with 45-55 rep.
It's very interesting concept, it's just your money or is it a group? to and ease the pressure a bit
Thanks! Just my money. I've powered down a little bit to get it started. But I will definitely try to raise money for it on a later stage if it's a success and a working concept. :) So there should be opportunities to invest in the bank and earn some interest.
Very interesting! Great concept! I have to build up to 55 reputation. Thanks!
Perhaps I can do micro loans for those between rep 45-55. Like 1-2 STEEM. Follow @decentrabank