Possible Idea: Kiwi Farms Crypto Exchange/Loan System - As Banks and Bitcoin sellers become ever more shitty towards their customer base, perhaps it's time for the Dark Web to rise up?

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CaptainRockall

CaptainRockall

kiwifarms.net
Joined
Dec 12, 2022
This may sound like a loopy idea, but hear me out...

Recently, I've tried to buy Bitcoins online via the Clearnet being 'a good boy' and have tried my best to conform with KYC (Kill Your Customer base) but whatever I do my transactions are declined.

I ask my bank if there's an issue... 'no, no issue with you buying Crypto' they say.

I ask Moonpay, Mercuryo and Simplex if there's an issue with my account... 'no, everything is fine' they say.

Whilst the two of them agree that there's no issue, I cannot has the Bitcoins - much sadness.

Now, I'm probably not alone on this and I'm sure that many people have quite rightly had a guts full of being told 'no, you can't has the Bitcoins' - therefore if these people won't help us, maybe we can help each other.

My proposal is for a Kiwi Farms Crypto Loan System

How will this work?

* Maximum loan of $100 for any Cryptocurrency at any one time as standard - IF somebody wishes to loan an amount greater than that, they can do but the agreement and understanding must be mutual and may involve some form of collateral. Users can set their limits up or down as they wish to (i.e $20 minimum and $100 maximum).

* The loan HAS to be paid back within a fixed time-frame suited to the person loaning the amount - 24 hours, 48 hours, a week etc. This HAS to be agreed beforehand otherwise late or no payment is subject to a site ban and also possible further action offline should it warrant such action. Most people here are trusting and trustworthy, therefore hopefully this should not be an issue.

* Any Cryptocurrency up to the limit can be requested, but if it's unavailable then the person making the request will have to exchange a currency in his/her own time.

For example, I am currently looking for £60-£70 worth of Bitcoin or another Cryptocurrency (roughly $70-$80) - I have enough in my Bank Account to pay for this, but for whatever reason the payment is not being allowed to go through despite me having gone through KYC and all that razzmatazz. I would repay that amount with £120-£140 within 48 hours (as I'd sweep out private keys from Bitcoin Wallets for sale and then pass that amount to the person who loaned me the initial amount).

The agreements could be:

Donations - Never repaid
$20 - $30-40 to be repaid within a time-frame of the lender's choosing
$40 - $50-80 to be repaid within a time-frame of the lender's choosing
$60 - $70-$120 to be repaid within a time-frame of the lender's choosing
$80 - $90-$160 to be repaid within a time-frame of the lender's choosing
$100 - $100-$200 to be repaid within a time-frame of the lender's choosing
Above $100 - at Lender's discrepancy but with collateral possibly required

Rewards for settling early:

* Raised standing within the Community with 25 Trophy Points awarded for early re-payment.
* More trust with lenders within the community.

Punishments for not paying back in time:

* No longer trusted in the Community, possible account deletion and further action off-site.

Here's what I'm asking for my Loan:

* $70-$80 (£60-£70 in GBP) of Bitcoin or any Cryptocurrency which I can convert into $70-$80 of Bitcoin
* Payback within 48 Hours will be $140-$160 in any Cryptocurrency which you'd like

Here's what I would Loan in the future:

Any amount up to $100 in any Cryptocurrency - minimum repayment to be the same as the amount requested.

Might or might not be a good idea, I'll leave that with you lovely peeps.
 
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The average user wouldn't place the value of their account at more than $100, plus "off-site action' is impossible with very little recourse considering anonymity and different countries. The resources required for such a small amount wouldn't be worth pursuing, anyway. The penalties for non-payment are thus essentially nonexistent.

The only way it would work is with putting up doxing as collateral, but nobody in their right mind is going to want to subject themselves to that. (Presumably unpaid) moderating would also be a nightmare for whoever does it.

I like the out of the box thinking, but it won't see a ton of demand and presents too many issues to be realistic. It would have to be undertaken with a LOT of trust between true strangers, with no real expectation of actually getting your money back.
 
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Not At All A Lizard said:
anybody want to lend me 700k USDT i'm white and good for it
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If I had some, and you could pay it back, don't see why not.

Better than giving my taxes to the Government, only to be shat upon.

Schwarzwald said:
The average user wouldn't place the value of their account at more than $100, plus "off-site action' is impossible with very little recourse considering anonymity and different countries. The resources required for such a small amount wouldn't be worth pursuing, anyway. The penalties for non-payment are thus essentially nonexistent.

The only way it would work is with putting up doxing as collateral, but nobody in their right mind is going to want to subject themselves to that. (Presumably unpaid) moderating would also be a nightmare for whoever does it.

I like the out of the box thinking, but it won't see a ton of demand and presents too many issues to be realistic. It would have to be undertaken with a LOT of trust between true strangers, with no real expectation of actually getting your money back.

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Some good points there, the doxing thing would work against the site in the end as well.
I think it has potential, and as you say trust is key here. No guarantee of future bad actors, if some people think they can get 'free Crypto gibs'.
 
Schwarzwald said:
The average user wouldn't place the value of their account at more than $100, plus "off-site action' is impossible with very little recourse considering anonymity and different countries. The resources required for such a small amount wouldn't be worth pursuing, anyway. The penalties for non-payment are thus essentially nonexistent.

The only way it would work is with putting up doxing as collateral, but nobody in their right mind is going to want to subject themselves to that. (Presumably unpaid) moderating would also be a nightmare for whoever does it.

I like the out of the box thinking, but it won't see a ton of demand and presents too many issues to be realistic. It would have to be undertaken with a LOT of trust between true strangers, with no real expectation of actually getting your money back.
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That wouldn't be legal in most countries and would probably get everyone involved sued if not criminally prosecuted. If anything it would probably be treated as some kind of vindictive harassment if not extortion of some kind and give various countries legit reason to legally clamp down on the site in a big way

That said the concept wouldn't work at all. Too many ways to exploit it, to say nothing of the IRS, CRA and whatever passes for them in most countries would want records and would get real pissy if they didn't get them, and the inevitable incidents of some idiots trying to launder money through it or use more difficult to trace money for drugs or whatever. It would at best draw far too much attention from the authorities, probably in multiple countries, than it would ever be worth
 
CaptainRockall said:
Most people here are trusting and trustworthy, therefore hopefully this should not be an issue.
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As out-of-the-box as your idea is, and while technically I too get that vibe about the general userbase, do you not recount all of the times there have been crazy and batshit users of the site? I could see all of this going south do very fast. Nothing is bound to go right when there's money on the line.
 
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CaptainRockall said:
I said most, not all - I'm aware that some people should be avoided at all costs.

It would have to be built on elements of trust.

@Ogre Magi I've heard the stories but have only been here a relatively short time, I missed the proper 'Rage Wars'.
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I joined the farms officially just a few months before you, but lurked ok and off for about two years before that. I didn't experience them either, but I am aware of how crazy can flock to the site.

Hopefully you can figure out another way to get some crypto, fren.
 
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The Antichrist and his Minions already want Joshua "Null" Moon dead for his crime of not submitting to their will, and now you suggest Dear Feeder goes and open a bank not connected to their financial systems?

I would rather not lose Null to a suicide with 3 bullets to the back of the head, thanks.
 
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