If it works in real life, why would it not work on-chain as well? What's fundamentally different? Assuming magical on-chain identity as you do.
Having some magical on-chain identity will NOT suddenly enable no/low collateral defi loans. Change my mind.
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Cost to create a new identity is significantly lower Jurisdiction issues if you expect to use that identity to recoup losses No customer deposit accounts to access low cost of capital / recoup losses (unless you want to just recreate existing system on-chain, see BlockFi)
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Tweet je nedostupan.
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But if you can't assure that a no collateral loan is paid back with like 99.9% probability OR has an interest rate of like 100%+, lenders will always lose in long run anyways. How does identity ensure people pay back with that certainty?
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Best solutions right now involve “staking” and “vouching” for other people and getting your stake slashed when the borrowers your vouch for default. Encourages social + financial pressure to repay loans - lot of bugs still to work out.
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Okay this is interesting. If it's slashed, does that forfeited stake go to the lender who you defaulted on?
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Correct. Means nothing without attestations (verifiable credentials), issuers, verifiers, and a whole web of trust. This is true with all "on chain identity will not suddenly enable X" statements.
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Okay but even then you KNOW with 100% certainty that I am Taylor Monahan. Then what does that enable?
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I love you.
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Čini se da učitavanje traje već neko vrijeme.
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