So you don't really need an escrow, because if you default on your loan it will damage your reputation in the community.

What is to prevent someone from building up a lot of trust over the course of years, and then, just stealing lots of money?  I suppose the amounts could never be high enough to make scheme worthwhile?

Its just my opinion that voting on can't produce excellence because the voters are informed at different levels about different topics

Just my opinion, but this seems a bit messy.  Wouldn't it be easier and eliminate the rounding issues to just do a doubling bitshift on all balances on any new block in which the total supply would otherwise drop below a minimum?

Awesome!

Quote from: OldMan on April 01, 2014, 04:25:28 pm

I am a serial entrepreneur and crypto/fiat investor. We are building a team and have programming/coding gurus on-board.

Can you say more?


I have built and operated three (non-tech) businesses and been following/investing in the crypto space for two years.

My partner is knowledgeable in several programming languages. We are both working as technical professionals in the engineering field.

Once we get our heads around the platform/scope of work we will grow as required. We have access to hoards undergrad/graduate comp/sci comp/eng if needed.

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40% Market

Does this mean marketing?


This is the open market allocation for the general public, and yes, we are vetting a novel distribution mechanism that does double duty as a marketing campaign.

Rather than tying up this value in a relatively small community of miners we would like to use the allocation to reach a wider audience and accelerate adoption.

Increased adoption = increased shareholder value.

The distribution mechanism is essentially a referral network that is administered by the DAC; creation of a loan earns the referrer XX LND.

We have noted that immature P2P lending communities have a proliferation of small 'reputation building' loans.

Autonomous marketing agents convince new borrowers to engage with the Lending DAC.

The new borrowers create a Keyhotee ID and begin building a reputation/credit score; they do so by taking out small loans.

When the first loan is made, the referrer receives LND.

This should provide both push (referral agents) and pull (new borrowers building a credit rating/reputation) to build momentum/adoption quickly.

Make this lucrative enough and a viral army of autonomous marketers will emerge.

Once all of the public LND allocation has been 'mined' the Lending community should be mature enough to hit critical mass.

There will of course be abuse and we will need to find a way to make gaming the system unattractive/inefficient.

We could certainly earmark some/all for traditional PoW mining, however, we are committed to maximizing shareholder value and mining is perhaps not the best means of doing so.

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Loans can be secured with any bitAsset.

Does this mean you will have an embedded BTS X exchange, or that you will do something clever with cross-chain?


Cross-chain collateralization is absolutely beautiful:

- Borrower puts up assets on any chain as collateral (imagine being able to earn interest on your loan collateral, ie. use BTS as collateral for trading margin)

- If LTV ratio is breached/borrower defaults/payment is missed etc. the loan is called and the Lending DAC transfers assets to the creditor

- A penalty is assessed from the debtor's assets and is split between the creditor and shareholders

We could definitely use input on how this is best accomplished... borrowers would not want to grant the Lending DAC unrestricted access to all of their assets, assuming the collateral requirements < total assets.

Perhaps a separate 'collateral wallet' in Keyhotee would be the simplest solution.

Collateral is put into the wallet, continues to earn interest etc. but is accessible to the DAC if the loan is called.

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Also, any advice from Invictus or other devs on nuts and bolts and how-tos of building a DAC would be greatly appreciated.

We can talk on skype, I can help you through everything except designing your trust/credit/rep system


That would be greatly appreciated! We will take you up on it, but need some time to be well enough informed not to waste your time.

Also looking forward to further feedback from the community to see if there are any major course corrections before we start into the nuts and bolts of it...