In a previous post I wrote about the “debacle of Bitcoin P2P Lending”. Online lending is a great idea that has been poorly implemented, currently it is infected with scammers and the chances of losing your money on sites like bitlendingclub are around 11%, which is just way too high.
Like many others I believe that the reputation system makes steemit an ideal platform for p2p lending. Users who ask for money have more to lose, since they are putting their reputation at risk, you could even limit borrower´s account reputation so that only people with a certain reputation can ask for loans.
Another neat feature that can give investors more confidence while investing is the escrow feature, borrowers could put a percentage of their loan as collateral tied up in an escrow. If they fail to repay, the collateral can be released and distributed amongst the investors.
I know there are a few projects out there who are working on creating a P2P lending based on steemit and I personally can´t wait to see them released.
note: the payout of this post will be in 100% SP
One way to do it would be if the borrower could use their account as collateral. So put it in escrow - if they didn't repay the debt, the lender would then take control of the account.
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I think under the correct circumstances someone could even potentially refinance their home entirely through steemit.
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If there was a way to use SP as collateral, I think Steemit would be perfect for p2p borrowing...
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I am indeed interested in borrowing using Steem.
Here are my terms:
10% annually + *The appreciation of Steem as if it was vested as Steem Power
*The appreciation of Steem - that is to say if I borrow it today the conversion is 352.069 Steem for Mil Vests. Then when repaying, say 100 Steem of the loan, and the conversion rate at that time is 400 . I will pay for the appreciation 400/352.069 = 1.1361; 13.61 Steem.
The total payment will be 100 steem principal + 13.61 Steem appreciation + x Steem for the interest.
Any interested lenders?
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You need to borrow STEEM but offer 100% to 120% of the same STEEM as collateral? That doesn't make sense.
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It should read 120% SD collateral. My bad.[cannot edit it anymore]
Anyway I do not look to borrow Steem any more.
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Very interesting idea with the proper credentials and oversight in place.
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Coint me in ... I for one would be very interested in this idea
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