Payment 1 of 3 on @kenny-crane's loan
Today, the first payment of @kenny-crane's loan was paid back. Investors can track this loan's payments on steemfund.github.io
Transfers
@lukestokes 70 Steem
@kingscrown 21 Steem
@ervin-lemark 35 Steem
@chitty 84 Steem
Payment schedule
21/02/2017 = 210 Steem ✓
21/03/2017 = 210 Steem
21/04/2017 = 210 Steem
I'm so glad to be part of this steem loan program! Thanks to the investors for having faith in me!
I know there are a few people on the waiting list for steemfund but I worry about those users a little because if they're in a position where they actually need the funds but their activities on Steemit can't support what they actually need the STEEM for (plus the value of STEEM seems to have dropped again) I fear many of those in need are putting themselves at risk of being nuked because they simply cannot afford to pay it back. I understand Kenny volunteered for proof of concept but he's also got enough funds to pay back the loan today if need be. Like anything, the consumer really needs to be aware of the consequences should they default.
Are there any safeguards to how much they can borrow? For example, limit borrowing based on their account history? Just some thoughts.
These are very valid points, if a user who needs the funds can not pay it back later then his REP will be ruinned and he will be flagged by steemfund account and probably by users who invested and didnt get any returns.
At the moment I have had a couple of petition from people I believe can´t pay it back.. so far it is pretty subjective on my part to decide who can and can´t pay it back... it is mainly based on their SteemPower.. if they can powerdown to pay back the loan then its safe to lend them the money and if they don´t pay it isnt because they couldnt but because they didnt want to.
Thanks for the first transfer!
I have just made Payment #2 on my loan. Thanks for allowing me to use this program!
The @steemfund initiative has been a great learning experience.. I will be posting some thoughts on the project early next week.
I know we have had a lot of applications, but please be patient. This first loan with @kenny-crane was meant as a proof of concept, there is a lot of things to tweak and automatize.
If you are a developer and wish to contribute with this project, feel free to contact me on steemit.chat or busy.org
Good ideas, I had not heard much about this until recently. Thumbs Up.
got it :)