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Offline oldman

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Bitshares Lending DAC
« on: March 21, 2014, 06:09:22 AM »

A DAC for P2P lending of BitAssets/Cryptoanything would completely revolutionize global finance.

Micro loans to mortgages to trading margin to business loans.

Credit rating linked to Keyhotee ID.

Automatic transfer of collateral on delinquent debts.

DAC takes a cut of every loan.

Global. Decentralized.

The profit would be staggering.

Any thoughts?

 There seems to be a lot of focus on gaming, music, etc.

Perhaps basic financial services should be addressed prior to the more glamorous sectors?
« Last Edit: March 21, 2014, 07:51:16 AM by OldMan »

Offline CLains

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Re: Bitshares Lending DAC
« Reply #1 on: March 21, 2014, 12:11:46 PM »
basic financial services

I agree that basic financial services should be the hard focus of Invictus over the next year as it is the most profitable. Right now I think that getting some decent products out is the most important, to increase cashflow through angelfuncing and to attract talent.

You bring up many good points OldMan, keep at it :)
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Offline yellowecho

Re: Bitshares Lending DAC
« Reply #2 on: March 21, 2014, 07:59:51 PM »
Any thoughts?

 There seems to be a lot of focus on gaming, music, etc.

Perhaps basic financial services should be addressed prior to the more glamorous sectors?

I like the way you think!
Current development of Music, DNS, ME, Lotto, etc is being done in parallel by different development teams.. which is the goal of Bitshares (so devs have the tools to build DACs quickly and easily).  I believe Bytemaster has said that ME is needed to establish the proper consensus for BTSX.

With that said, I'm sure the financial services you're describing could be implemented into BTSX and Keyhotee after they're launched.
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Offline mf-tzo

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Re: Bitshares Lending DAC
« Reply #3 on: March 21, 2014, 08:33:17 PM »
p2p lending is in the next big thing in fiat. The market skyrocked from millions to billions within 1 month.

http://www.economist.com/news/finance-and-economics/21597932-offering-both-borrowers-and-lenders-better-deal-websites-put-two

Definitely a DAC for p2p lending is a great idea using Kehotee. I understand that there are a lot of outstanding though so maybe not a priority now, but I wouldn't let competition to catch up with something like that. Invictus has to be the first here as well!

Offline oldman

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Re: Bitshares Lending DAC
« Reply #4 on: March 22, 2014, 05:55:22 AM »
P2P lending has experienced tremendous success when introduced to localized markets.

Global P2P lending would be exponentially larger. Have a quick look at the global market cap of various credit instruments.

Keyhotee and a modified implementation of the Bitshares X DAC would be an ideal platform.

Only a small fraction of the global population has the capital and knowledge to invest in something like Bitshares or other crypto-assets.

Now... how many people need to borrow money? How about businesses?

Would greatly appreciate the Invictus team weighing in on this.

Perhaps there is a moral opposition to creating a decentralized credit market? Credit is without doubt the dark side finance.

However, in terms of creating value for shareholders there is really nothing that compares.

After all... http://en.wikipedia.org/wiki/History_of_banking

Banking = lending = profit.






« Last Edit: March 22, 2014, 05:58:52 AM by OldMan »

Offline Overthetop

Re: Bitshares Lending DAC
« Reply #5 on: March 22, 2014, 06:13:55 AM »
P2P lending has experienced tremendous success when introduced to localized markets.

Global P2P lending would be exponentially larger. Have a quick look at the global market cap of various credit instruments.

Keyhotee and a modified implementation of the Bitshares X DAC would be an ideal platform.

Only a small fraction of the global population has the capital and knowledge to invest in something like Bitshares or other crypto-assets.

Now... how many people need to borrow money? How about businesses?

Would greatly appreciate the Invictus team weighing in on this.

Perhaps there is a moral opposition to creating a decentralized credit market? Credit is without doubt the dark side finance.

However, in terms of creating value for shareholders there is really nothing that compares.

After all... http://en.wikipedia.org/wiki/History_of_banking

Banking = lending = profit.

I agree , especially in china ,It is  a huge market .

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Offline CWEvans

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Re: Bitshares Lending DAC
« Reply #6 on: March 22, 2014, 02:27:42 PM »
Vendor credit guarantees is another field lying fallow. The vast majority of the people in the world do not have access to credit. We need a system, whereby a buyer can put up collateral that would be used to pay vendors, if the buyer did not pay for goods and services within 30 days, for example, of delivery.

I know a couple of people in Ghana who want to import energy drinks, which apparently are all the rage there now. The problem is that they have very little money to pay up front. If they could order a container of energy drinks from a vendor in the USA and pay 30 days later, then they would be able to move a lot of product.

The problem is that very few are willing to front a container of goods to a region that is notorious for fraud.

This goes beyond basic escrowing to the extension of actual credit.


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Re: Bitshares Lending DAC
« Reply #7 on: March 22, 2014, 03:31:36 PM »
Credit , it seems to me, will be one of the hardest things to come across in the crypto space


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Offline Troglodactyl

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Re: Bitshares Lending DAC
« Reply #8 on: March 22, 2014, 03:53:28 PM »
If we partly mirror the Insurance DAC structure, with loan officers rather than insurance adjusters, I think this could work.  If it's as efficient as it should be, existing banks will be able to adopt it and act as loan officers within the DAC, competing for trust on a level playing field with any individual acting as a loan officer.

Offline bytemaster

Re: Bitshares Lending DAC
« Reply #9 on: March 23, 2014, 03:57:53 AM »
If we partly mirror the Insurance DAC structure, with loan officers rather than insurance adjusters, I think this could work.  If it's as efficient as it should be, existing banks will be able to adopt it and act as loan officers within the DAC, competing for trust on a level playing field with any individual acting as a loan officer.

+1
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Offline oldman

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Re: Bitshares Lending DAC
« Reply #10 on: April 01, 2014, 03:31:09 PM »
I've now completed some fairly in-depth market research on the existing crypto/fiat-P2P lending platforms - including funding loans on BTCJam for hands-on experience.

There are two problems to be resolved:

Fraud - P2P loans are unsecured and lender recourse is generally via some type of arbitration process.

Identity - P2P lending attempts to mitigate lender risk through various reputation and identity schemes. This has proven surprisingly successful in mature P2P lending ecosystems where default rates can be less than 5%.

However, establishing identity is a non-starter for the billions of people that have no identity per se. Government ID is very much a first world luxury and this is very apparent in the user demographics of the P2P lending platforms.

I believe the Bitshares platform can resolve both of these issues.





Offline unimercio

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Re: Bitshares Lending DAC
« Reply #11 on: April 01, 2014, 07:59:51 PM »
If we partly mirror the Insurance DAC structure, with loan officers rather than insurance adjusters, I think this could work.  If it's as efficient as it should be, existing banks will be able to adopt it and act as loan officers within the DAC, competing for trust on a level playing field with any individual acting as a loan officer.

+1
   +5% yep, once the basic ingredients are in place the various pizzas will be flying out the oven.
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