Testing the idea of a Steem account to be used and held as collateral for a loan from other users in the community.
Here is the update of trying out the idea of a steem account being used to get a loan for a user to be backed by the value of the account in STEEM POWER. In a collaborated effort @mrwang, @virtualgrowth, and the community (see specific users below) worked together to create an example how we may use STEEM in some ways to help in a loan effort to help each other while using our reputation to show how we are reputable to put together and try out ideas like this.
You may read about the previous update here: Steemit Loan Update for 8/31 @mrwang's loan managed by @virtualgrowth
Steem Account for Loan Collateral
Basic idea explored is that a Steem account may be used for collateral with the value of the STEEM POWER to guarantee the value of the loan. The account must be secured by some third trusted party to hold the master key during the time of the loan. During the time of the loan the user may make posts that earn STEEM that may be used to pay for the loan. In the event that reasonable levels of payment do not come from posts then the escrow manager may power down the account and use liquid STEEM to make payment towards the outstanding loan. The reputation number of users on Steem helps to see the positive reputation of users to be considered trustworthy to hold account keys and make payments to the users during the time. So all parties involved should be sure that they trust each other beyond the reputation numbers and through their reputation from their actions in the steem community.
Loan Update
Glad to be trusted to manage this loan for @mrwang which helped him get his truck back on the road. Payments from his account have been lower than they had previously so he informed me to start powering down his account and paying off the loan about two weeks ago. This is the second payment since power down had been initiated.
Account details
The next power down is scheduled to happen in 4 days.
Estimated Account Value: $3,882.81
STEEM POWER: 2,615.410 STEEM
There are no payments for partners this week during this payout.
Steem (Backed) Dollars (SBD) Balances & Payments
| User | Total (sbd) | Previous Balance | Paid (sbd) | Balance (sbd) |
|---|---|---|---|---|
| @quinneaker | 715.274 | 451.024 | 172.401 | 278.623 |
| @virtualgrowth | 44.402 | 27.995 | 10.701 | 17.294 |
| @patelincho | 9.486 | 5.978 | 2.285 | 3.693 |
| @konelectric | 2.371 | 2.06 | 0.787 | 1.273 |
| @mattclarke | 4.743 | 2.994 | 1.144 | 1.85 |
| @reedracer | 4.743 | 2.994 | 1.144 | 1.85 |
| @holoz0r | 1.054 | 0.667 | 0.255 | 0.412 |
STEEM Balances & Payments
| User | Total (steem) | Previous Balance | Paid (steem) | Balance (steem) |
|---|---|---|---|---|
| @quinneaker | 573.354 | 381.178 | 127.687 | 253.491 |
| @virtualgrowth | 35.592 | 33.096 | 11.046 | 22.05 |
| @patelincho | 7.604 | 0.239 | 0.080 | 0.159 |
| @mattclarke | 3.802 | 0.119 | 0.040 | 0.079 |
| @reedracer | 3.802 | 0.119 | 0.040 | 0.079 |
| @konelectric | 1.901 | 1.31 | 0.439 | 0.871 |
| @holoz0r | 0.845 | 0.027 | 0.009 | 0.018 |
Payments will continue from rewards earned by @mrwang's posts & account powering down.
Recent Payments
1 minute ago Transfer 10.701 SBD to virtualgrowth 4th loan payment
1 minute ago Transfer 11.046 STEEM to virtualgrowth 4th loan payment
3 minutes ago Transfer 1.144 SBD to mattclarke 4th loan payment
4 minutes ago Transfer 0.040 STEEM to mattclarke 4th loan payment
4 minutes ago Transfer 0.040 STEEM to mattclarke 4th loan payment
5 minutes ago Transfer 1.144 SBD to reedracer 4th loan payment
5 minutes ago Transfer 0.040 STEEM to reedracer 4th loan payment
6 minutes ago Transfer 0.255 SBD to holoz0r 4th loan payment
6 minutes ago Transfer 0.009 STEEM to holoz0r 4th loan payment
7 minutes ago Transfer 0.787 SBD to konelectric 4th loan payment
7 minutes ago Transfer 0.439 STEEM to konelectric 4th loan payment
8 minutes ago Transfer 2.285 SBD to patelincho 4th loan payment
8 minutes ago Transfer 0.080 STEEM to patelincho 4th loan payment
9 minutes ago Transfer 172.401 SBD to quinneaker 4th loan payment
10 minutes ago Transfer 127.687 STEEM to quinneaker 4th loan payment
Thank you for everyone bringing this idea to life as a way to help each other and use our new found cryptocurrency possibilities.
Please check out recent posts of users who support this project
Building A Real World Economy For $teem & Increasing $teem Value: 2 NEW Hand Made Pure Stone Necklace Available For $teem by @quinneaker
Virtualgrowth visiting Google LaunchPad and other places by @virtualgrowth
The scariest words I heard in a long time ... by @konelectric
Damnit. Bitcoin's dead again. by @mattclarke
holoz0r plays pillars of Eternity: Part Seven by @holoz0r
I Just Dove Right Into YOURS.org by @mrwang
Big Thank You to @quinneaker as the largest contributor. You may check out his blog/post to return the favor of his support.
Best,
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