Hi @Kevinwong,
I'm New to Steem, but fundamentally can't Steem be used as a way to fund credit?
Think about it:
- We have Steem Dollar - which is ideal for lending out to account holder.
- We have reputation, can't they create another Credit-Reputation for the Steem account holder. The higher the credit-Reputation the lower the interest, etc.
- This will create a need to produce more Steem Dollar....and also Steem.
- This will increase demand of Steem, raising prices, attracting investors
- This will allow Steem to be used as MicroFinancing DAPP to small business projects around the world. And blogging and success of repaid loan will generate more Steem???
Ok...Not sure about the last one. But the point is why do we need ETH, is it possible to implement a simple pure credit / loan and customized system using Steem....with CreditWitness to set Rates etc?
Any thoughts on this?
I think it's possible for sure. One thing Steem has is frequent users, probably moreso compared to other projects. At one point, we'd definitely have some identity system. Not sure if anonymity would work.. maybe it will.
Wish I can Double Upvote your Post....you are on to something here Kev.