The 1st CrowdVouching platform... Can it Work?
A new term "coined" for a a new type of lending token that caught my eye yesterday.
It's a p2p-lending system concept but with a few twists. It's built to spread the risk by not lending to one person that may default. Instead you vouch for a person who is funded by a group of lenders. The customers themselves are not doing the lending to borrowers but instead are vouching for certain people for a fee.
The project is called Suretly and it's pre-ICO token and plans to start in June. Most people have come to hate ICOs (like me) so it's one thing holding up my decision to part with some ETH or not. I've really haven't been active in blogging and crypto for several months. I've just been mining and holding major coins (BItcoin & Ethereum with some Zcash, LTC and little Dash on the side :)
So I'm just sharing this information out there to see what others think outside the Bitcoin talk cheer crowd.
Here is a video of the owner talking in front of group of people about the concept behind Suretly.
It shows that the risk is spread because if one person doesn't pay you are still in profit but what is the break even point and how are they going to get a high percent of borrowers to pay? Are there future plans to partner with a debt collector token? LOL
But in all seriousness, it does look like they have a very good team behind this company. The were part of the March 2017 NYC LendIt-2017 which is a big financial tech expo.
But is it something that will actually catch on and work is the big question mark in my mind. Let me know if you have any thoughts or insights on this new crowdvouching concept.
Here is their main website: https://ico.suretly.com/
And here is the Bitcoin talk link: https://bitcointalk.org/index.php?topic=1879035.0
This can create a new bad credit bubble.
If no one gives an "Alice" a loan, it's because she has no means to repay it. So how does improve her ability to pay if she is vouched by 10 "investors"? I don't see any improvement except that the lender will get paid anyway either from Alice or from the "investors". Basically what this system is doing is allowing the lender to sell a bad loan to an investor, does it sound familiar?
Let's create solutions that make the world a better place and not even worst than it already is.
What if it was in Steemit? The community gives a person a rating for how well they write, create art, report news, tell stories etc. The guys that show they are able to make money here would be low risk but even with this there would people that just take the coin and run
BTW Income Monthly is buddy of mine... thanks Dude for giving me a ring today. I've been dealing with family stuff (as you know), but it's cool to see Steemit is going well like we figured it would when joined. Just life has taken over for awhile.
Hey but you know me..... Vouche for me for say 100,000 Steemit? I'm good for it ;)
Np man... and you are making me think on this one because of course I'd vouche for you since I know you. But the question would be for how much since I don't know what your credit is or how you stand financial beyond some simple conversations we've had about money.
So how would credit be established in this crowd vouching system. Everyone would start at super high risk until the proved otherwise, right? And even then what keeps them from build up their credit to get to the bigger amounts and then walk... hmmm?
But yeah buddy I'll just loan you the 100k - I think I have some old checks laying around that I stopped using in the 90s. I'll just pop one in the mail to you. It'll make for a nice wall hanger.
Crazy aint it.
long shot.. would you kn how to add the token to my ether wallet.. cant find help anywere