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Absolutely brilliant. There's an entire untapped market of sub prime credit that will rack up a few dollars balance then be trapped in the minimum payment cycle

• liberalkut 7y ago
  > Very low risk and huge upside Ha, that gave me a good chuckle. I assume you're joking, since the upside is a few billion made, and the risk is many of those making less than $1 a day goes to debtor prison or revolt, and Chinese Communist Party is overthrown by a few hundred million peasants. There's currently a few hundred thousand protesters in hong kong right now, and CCP couldn't even handle those.
  • yorwba 7y ago
    China doesn't have effective means of debt collection (the social credit system is supposed to change that, but it's not widely deployed yet) so the risk is currently just a few billion lost to debtors who default on their microloans.
  • danielschonfeld 7y ago
    Not withstanding the former part of your argument. The latter part is mistaking their current response with inability in a way that appeases the world and keeps the pseudo democratic facade believable, with actually being unable to control by force. We haven’t seen yet whether they can or cannot. But if to judge by the fact China still is a country ruled by one party for decades, a position that was achieved by powerful quenching of dissent - I wouldn’t say it’s likely that they’re unable to deal with protesters. No matter the size.