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The fees for this are stupid high.
25% fixed APR. The lender only gets 15% and the company that made this gets 10%.
With fees like that, you're better off screwing your friends with high interest rates outside of this app. Because you know you're just as likely to get paid back, and a company isn't making money off of both of you.
It is a shitty premise to take advantage of the financially illiterate or truly desperate. Almost any borrowing is cheaper than this.
There is also no mention of how funds will be collected should the borrower not repay their money. Are you supposed to go around to their house and ask for it back - talk about killing friendships.
Connecting your social networks and allowing friends to borrow at a locked in interest rate seems like a dangerous game to play, at some point a loan is going to go sour, and rather than a damaged credit score, it'll be a damaged friendship.
I think the media and press coverage Bitcoin is getting as being a safe-haven asset will increase investor awareness and eventually make it a recognized safe-haven asset as investors reevaluate options. But I expect that to occur over a more gradual timespan of months to years as investors encounter long-term global financial instability. Very few people had their finger on a trigger to buy BTC the way traders were ready to shift GDP to USD or gold.
Until Bitcoin has an ETF or Forex presence (on major Forex brokers) I don't expect markets to react on a similar timescale.
I'm 28 years old. I couldn't do what I wanted to do in my life because I crossed the age limit. Right now, I'm earning 15k and my friends earn 80k to 1 lac. I feel like I want to end my life. What else can I do?
Learn about the hedonic treadmill, also known as hedonic adaptation.
Also read about stoicism.
Good book about these subjects is "The Antidote" by Oliver Burkeman.
When printing your keys make sure you use a proper font (that don't have similar characters - like "I" and "l", zero and big O).
Also don't trust your printer - some printers have hard drives. And copy of all printed documents is saved on your hard drive (and then "erased" but it still revocable using "undelete" programs) - even in Linux.
You can use this trick to prevent copies of printed pages to be written on the computer's hard drive (this is NOT applicable for printer's hard drive):
mount -t tmpfs -o size=1G tmpfs /var/spool/cups
chmod 0710 /var/spool/cups
chown root:lp /var/spool/cups
chmod 1770 /var/spool/cups/tmp
chown root:lp /var/spool/cups/tmp
Also you need encrypted home folder (/home/yourusername) to be safe.