Steemit as a P2P lending platform by chitty

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steemit · @chitty · Sep 26 '16 (edited)

$5.14

Steemit as a P2P lending platform

<div class="pull-right">
 https://pixabay.com/static/uploads/photo/2012/04/24/17/58/loan-40681_960_720.png
<center> Source: pixabay </center>
</div>

In a previous post I wrote about the [“debacle of Bitcoin P2P Lending”](https://steemit.com/money/@chitty/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*

👍 steemychicken1, wang, nanzo-scoop, kevinwong, laonie, barrie, roelandp, recursive3, recursive2, chitty, teamsteem, nabilov, jl777, anonymous, mummyimperfect, will-zewe, geoffrey, dragonslayer109, samuel-stone, asksisk, bravenewcoin, somebody, kimziv, smooth-e, fyrstikken, steemit-life, movievertigo, emily-cook, krnel, xiaohui, vip, norbu, jimmco, ak2020, proctologic, claudiop63, creemej, elyaque, midnightoil, james-show, dubi, teatree, hcf27, konstantin, writing, myfirst, proto, meesterboom, sisterholics, sunshine, r4fken, acidyo, bitshares101, deviedev, sgnsteems, funnyman, matrixdweller, jaewoocho, yefet, laonie11, mallorca, taker, richman, gregm, and 41 others
👎 fydel

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@claudiop63 · Sep 26 '16

If there was a way to use SP as collateral, I think Steemit would be perfect for p2p borrowing...

👍 claudiop63, cmorton

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@francoiskok · Sep 27 '16

Coint me in ... I for one would be very interested in this idea

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@fydel · Oct 25 '16

https://youtu.be/EQDHCyFe2rY

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@james-show · Sep 26 '16

I am indeed interested in borrowing using Steem.
Here are my terms:
1. I need to borrow steem (preferably in 2000+ batches)
2. loan term 3 to 6 months
3. Interest:
10% annually + __*The appreciation of Steem as if it was vested as Steem Power__
4. Escrow of the collateral, the same mutually agreed escrow 'agent' will receive the funds of the loan and send it to me upon providing the collateral.
5. Collateral - 100% to 120% of the Steem (borrowed amount) as of the day of the loan.
6. Return of the collateral - with each repayment of part of the loan [aka monthly/weekly payment], proportional amount to the principal repaid, of the collateral will be freed and returned to me.
7. Payments: weekly (or monthly as agreed with the lender) - 1/Nth of the principal for N weeks loan + the interest+ appreciation of 1/Nth of principal from origination to payment.
#
*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?

👍 james-show

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@pfunk · Oct 25 '16

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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@james-show · Oct 25 '16 (edited)

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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@team101 · Sep 26 '16

Very interesting idea with the proper credentials and oversight in place.

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@teatree · Sep 26 '16

$0.02

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.

👍 aenor, alyssas, teatree, bitshares101, alyssasanders

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@bitshares101 · Sep 26 '16

I think under the correct circumstances someone could even potentially refinance their home entirely through steemit.

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