I came across r/Borrow, figured it would be nice to start something of that sort to build a local Lemmy economy with fiat and or digital currencies (BTC and ETH for starters). If it works, That would be nice!. I am open to ideas and suggestions on how to start and if people would be interested in such an idea. We may be on to something.
yeah, It’s been on for about 11 years on reddit. It’s pretty much a payday loan / private lender type deal. Interested borrowers would post a request and reason for the loan, date of expected payment and interest on such loan. Lenders that are interested in the post would contact the lender. Over the years the system has worked well.
Verification system (fair for both interested parties) is in place to avoid people absconding with the lenders pay. There are bots involved to keep track of the borrowers reputation for loans paid and unpaid, same thing foes for lenders to keep it safe and transparent.
People who do transaction ouside of the subreddit automatically get kicked out to avoid screwing up the system if the transaction goes left. The Major system used include Paypal, Venmo, other arrangement to accomodate international users of the platform.
I have always lurked around that subreddit, but never used it since i. don’t have a need for it.