Loaning suggestion

[williamshennie9]

Hey guys and @Dan

This is my idea for loaning on Stake:

Why don't we automate loans?

• So basically what I mean is, on the Stake platform, we have a section where people who want loans can request them.
• These loans go into a "pool" and lenders can select which ones they want to fund, and which ones they don't want to accept (lenders come on a first come first serve basis).
• If no lender accepts the loan in x days, the loan is removed form the pool.
• The system will then automatically calculate interest, on the number of days that the lendee requested.
• The system will then automatically block users who do not pay in time, as well as ensure that accurate interest is paid.
• The format can be something similar to the tip-box, where the lendee enters the amount, time paid back in days, and then lenders can access this and grant loans accordingly.

What do you guys think?

Loaning was great, for both lenders and lendees, for various reasons. If we automate this process, then the mods/admins will not have to get involved at all

I know this is something that will require programming to be built into Stake, but if there is enough support to bring lending back, perhaps we can implement it?

[meggiemegs]

That's a great idea I think its really cool, but... I don't think that helps serve the purpose of them phasing this out its because of all the drama it causes and the extra workload on staff which is not needed and this would also create more unwanted work. I assume most casinos don't do it for these exact reasons.

[williamshennie9]

3 minutes ago, meggiemegs said:

That's a great idea I think its really cool, but... I don't think that helps serve the purpose of them phasing this out its because of all the drama it causes and the extra workload on staff which is not needed and this would also create more unwanted work. I assume most casinos don't do it for these exact reasons.

My idea was to create this automated system, so that the admins and mods would not have to do any extra work.

So it is kind of a once off creation, and then the system/Loan-bot  will automate the loaning process so no input form mods/admins is required, even when things go wrong (as the user is automatically banned).

[meggiemegs]

I understand but that takes work to create plus to maintain and keep going takes work if anything was to go wrong plus it does not remove the drama that it creates sorry it was a cool idea tho And props to you if they take your idea ever

[Stake Staff]

@williamshennie9, thank you for your suggestion, but you should understand that Stake is trying to distance themselves from the Lending business and not to get any deeper involved into this. The process brought more trouble to everyone, than it did good. We attempted controlling it and moving it from the chat and PMs, but many users have remained damaged in the process and for the substantial amount of funds. 

You have a free choice to do as you please with your lending topic, you can close "the shop" or keep it open, the fact is that you have always had a free choice to pick which users you deem reliable to lend and you could have easily say no to anyone who appears uncertain/new/has bad feedback, a pool will not change this in any way  

 

[OneEyedKing]

Interesting, but in all honesty i don't think it would work out for many reasons

[Dan]

The decision to phase out the loaning component of the site is more so to do with things other than work load. Sure we could invest time into making a system that works, but the Admins have found that there's been many HR's who have left the site because they were banned for defaulting on loans. This is primarily the main issue that triggered the decision.

There's nothing you can do to prevent someone form defaulting on a loan. If we put in measures where you couldn't wager all your loaned funds, that would be us stopping our customers from playing. I don;t know that any business model would ever work like that.

[1n0n7y]

Couldn’t Stake work into this program, a small fee in every loan made through it? I’m sure an automated stream of revenue, complete with KYC and a reputation system scheme, could possibly be of interest to Stake!

After all, the site name IS Stake. It would only be logical as the best place to stake and be staked, right?!

[irawk0]

Great suggestion but it brings up the risk of potential abuse from newcomers who lend and never repay, tells all their friends to join and do the same etc... I'm going to assume Stake is obviously not going to reimburse lenders when the borrower up and ran away with profit/loss :s

[1n0n7y]

Of course not. Without risk, there can be no return... why should anyone other than the primary benefitor of the loan bear risk on it?

Finance is a very profitable sector of the world’s industries. So much so, it is protected in every way possible and barriers to entry are artificially erected in order to maintain control over it’s power. Aren’t you guys aware this is one of the most criticial missions of crypto?

Decentralized control over money, and with lending lies the ability to create economic value for both sides. 

Staking / lending is implied in the namesake. A proprietary system that correctly manages the effects of its users and adequately protects the interests of the community is unnegotiable. It can be achieved, and Stake is capable of achieving it - go for it! I’m sure you will find the support of the community at every step of the way, I for one pledge mine.

[williamshennie9]

3 hours ago, 1n0n7y said:

Of course not. Without risk, there can be no return... why should anyone other than the primary benefitor of the loan bear risk on it?

Finance is a very profitable sector of the world’s industries. So much so, it is protected in every way possible and barriers to entry are artificially erected in order to maintain control over it’s power. Aren’t you guys aware this is one of the most criticial missions of crypto?

Decentralized control over money, and with lending lies the ability to create economic value for both sides. 

Staking / lending is implied in the namesake. A proprietary system that correctly manages the effects of its users and adequately protects the interests of the community is unnegotiable. It can be achieved, and Stake is capable of achieving it - go for it! I’m sure you will find the support of the community at every step of the way, I for one pledge mine.

I hope at some point, they reintroduce loans. Maybe once things have calmed down, Stake can try a different approach