In the meanwhile there is a lot of money flowing around Silicon Valley on friends-and-family terms, extended kin networks, etc etc, but you could totally imagine a bank saying "Here's a Ruby method. If you can tell me what it does, you're approved. Tell your friends; I'm hungry."
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Lending Club tried to be the bank of internet people, but it turns out institutional investors have way more risk appetite at scale. I think less than 5% of their loans are made by everyday folks.
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I lost ~2% over 2 years lending to A & B grade loans on Lending Club. Tons of defaults within the first 4 months of the loan issue. I have no interest in participating anymore. I'd rather lend to the US gov.pic.twitter.com/cQE1pkaC2i
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This is literally possible today between
@compoundfinance and@RealTPlatformhttps://defirate.com/tokenized-real-estate-on-uniswap/ …Thanks. Twitter will use this to make your timeline better. UndoUndo
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I wish there was a thing like Lending Club, but not anonymous. Like a merge between Lending Club and Kickstarter. I have no interest lending money to anonymous people who default after 4 payments, but this would be more interesting than keeping money in treasury bonds.
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I believe
@DCoolican worked on something similar. Would be super interested to hear why it didn’t end up working out. - 2 more replies
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I've no stake in this but ostensibly there'd be a way to make you a recourse co-signer/guarantor on the loan and pay you some fee up front to take that role? Which kind of sort of looks like CDS if you squint?
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I have seen a few companies come and go that do this. Small scale doesn’t really last, mostly ones that do syndication like a REIT stick around.
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Something like peer-to-peer lending but without the anonymity, maybe? Intermediary handles the contracts and money flows but the matching has to happen elsewhere (e.g. Twitter).
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This honestly got me thinking - would it be (legally) possible to create a system where people can write CDS' for each other and get compensated for that? I think this was Venmo's initial vision but they never got there
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Rishab, would you insure my debt
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man non-conforming mortgages are a BITCH