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Maybe buy up the debt and throw it on the blockchain as the basis of a stablecoin?

by UncleEntity 4y ago

rs999gti 4y ago
Isn't that just shifting the debt from one place to another?
- sebastien_b 4y ago
  Not really - they’re buying debt just like a debt collector does, but don’t collect on it - just forgives it outright.
  - sc68cal 4y ago
    Why burn coal to keep the records of this on a blockchain if you are going to forgive it. It is stupid.
sc68cal 4y ago
why? so you can collect the debt yourself? That's not the point. The point is to forgive the debt. If you want to be a debt collector go be a debt collector, no blockchain required.
- UncleEntity 4y ago
  But everything is better with blockchain. As blockchain ideas go it is better than most I’ve heard. People get their magical electronic coins they can use as status symbols (or virtue signaling) and other people get their debt paid off. Mining new coins is a social good. Win, win and win. When the whole house of cards comes crashing down nobody loses anything since the coins have no real value other than the “feels”. I was mostly just trolling originally but I’m starting to like this idea.
  - NoahKAndrews 4y ago
    That says a lot about blockchain ideas
  - sc68cal 4y ago
    Nobody cares about you holding these coins that were used as part of a debt forgiveness scheme, and it is not worth the carbon emissions to maintain these coins on a blockchain. Just forgive the debt.
rubyn00bie 4y ago
Sell sub-prime medical debt, on sub-prime blockchain, run by sub-prime financial experts, to unqualified investors... And finance it all with VC money? Sounds fucking genius to me, my good dude. Business Plan Step 1: Buy medical debt, starting with the highest risk debts. Step 2: Move debt to blockchain. Step 3: Yell, "it's ponzin time." Step 4: Wait for technological or social exploit to render coin worthless. Step 5: Enjoy the destruction of medical debt. Step 6: Rinse repeat with other forms of debt.
throwoutway 4y ago
The worst idea I’ve ever seen on HackerNews

Maybe buy up the debt and throw it on the blockchain as the basis of a stablecoin?

rs999gti 4y ago

Isn't that just shifting the debt from one place to another?

sebastien_b 4y ago
Not really - they’re buying debt just like a debt collector does, but don’t collect on it - just forgives it outright.
- sc68cal 4y ago
  Why burn coal to keep the records of this on a blockchain if you are going to forgive it. It is stupid.

sc68cal 4y ago

why? so you can collect the debt yourself? That's not the point. The point is to forgive the debt. If you want to be a debt collector go be a debt collector, no blockchain required.

UncleEntity 4y ago
But everything is better with blockchain. As blockchain ideas go it is better than most I’ve heard. People get their magical electronic coins they can use as status symbols (or virtue signaling) and other people get their debt paid off. Mining new coins is a social good. Win, win and win. When the whole house of cards comes crashing down nobody loses anything since the coins have no real value other than the “feels”. I was mostly just trolling originally but I’m starting to like this idea.
- NoahKAndrews 4y ago
  That says a lot about blockchain ideas
- sc68cal 4y ago
  Nobody cares about you holding these coins that were used as part of a debt forgiveness scheme, and it is not worth the carbon emissions to maintain these coins on a blockchain. Just forgive the debt.

rubyn00bie 4y ago

Sell sub-prime medical debt, on sub-prime blockchain, run by sub-prime financial experts, to unqualified investors... And finance it all with VC money? Sounds fucking genius to me, my good dude. Business Plan Step 1: Buy medical debt, starting with the highest risk debts. Step 2: Move debt to blockchain. Step 3: Yell, "it's ponzin time." Step 4: Wait for technological or social exploit to render coin worthless. Step 5: Enjoy the destruction of medical debt. Step 6: Rinse repeat with other forms of debt.

throwoutway 4y ago

The worst idea I’ve ever seen on HackerNews