Bitcoin was just a beginning of larger shift of mindset - instead of having to trust third party one can transact with others freely without asking for permission or licence.
Steemit is allowing people to earn money, instead of filling publisher pockets.
For me there is still one thing that needs to be disrupted - banks. They are taking deposits from people and multiplying their money using fractional reserve. They are not providing exceptional level of service - they are just leveraging special legal and economic framework made by government just for them.
They have access to nearly 0% interest rate and yet they charge people absurdly high interest rates on credit cards. Lending is ripe for disruption as Americans are paying billions in credit card interest
Imagine what if people will be able to fund others credit lines instead of using credit cards. Imagine if all that money earned will stay in local community.
There is an answer - P2P lending. But p2p lending have own issues - for example question if somebody will not pay back his loan or if p2p lending will break relationships between people. These are valid questions and i will try to show how decentralized reputation network can solve them.
First most important thing in investing is diversification
Never keep all your investment in one place. So you should lend to as many people as possible.
Graphic below is good illustration
After investing in about 150 loans minimum return is not negative. In worst case you can get your capital back. And that number - 150 is Dunbar's number.
So by investing in your whole set of friends you will have at least not negative result (interest from loans will cover default losses)
If you have more than 150 people that are friends of your friends and belong to social lending market you will have positive return regardless of amount of luck.
So my idea was to bootstrap trust network
That was just the beginning
And now network is larger and more powerful
See the actual network here https://getline.in/friends/graph/
Help disrupting the banks by lending p2p without banks. There is some small amount of bitcoins granted to every new user of my p2p lending site - getline.in (it's applied next day after login)
I've been an active member on #Getline for nearly a month already.. Check out my profile if you don't believe me.
P2P lending is blowing up and I agree, this is the NEW way to bank. Plus an awesome and helpful community, willing to help guide you in the right direction is even better.
If your looking for somewhere to invest OR you are an honest borrower, check out Getline and see for yourself.
I use getline! unique idea' but a very good idea at that!
I was there almost from the start, and I can say that this is the best platform for bitcoin P2P lending at the moment.
getline.in/u/129
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