Regulating loans and investments.

[Louwtjie]

Hello, I'd like to start this off as this is my own Subjective opinion and suggestion. If you have any of your personal opinion leave it down below as I would like your input.

All research done was calculated on the first two pages of the loan section.

Loans
MC-Market is a hot spot for unethical business transactions to say the very least as we all have come to know.

Recently some scam reports about loans as skyrocketed due to the backlog of scam-reports and the minimal effort regarding staffing participation on those matters. This resulted in multiple exit scams and a fair less warning towards the victims but a mere reputation.

It is of my opinion for MC-M to place limitations of the requested loan amounts such as placed on the begging section; $30.

- MC-M should place a limit of up towards $100 P/Loan thread
- Max interest rate of 16.5% on all transaction in order to not OVER CHARGE
- Should allow the loanee to pay all fees resulting in 16.5% profit over all.
- Restrict access to the loan section (There is now but raise it more)
- Just to add it's not entirely legal for MC-M to allow loans on this platform even though individuals do it them-self; MC-M still grant them the platform to create such loans therefor it's the obligation of MC-M to do more than what they are currently doing.

- MC-M should regulate the investments; It's absurd to allow users to ask for $1000 in investments with no regulation; MC-M is a platform that allowed participants to communicate with each other therefor is considered the middle ground and accountability and responsibility of MC-M to protect the investors regardless of internal policies as Legislation in various countries overrule the internal and "Thread rules"
- Investments are regarded as Risks rewards; therefor MC-M cannot take accountability for the actions of the investors and requests. BUT MC-M still providing the platform for these people to communicate would result in some accountability as the terms and conditions of liability does not limit MCM interference.



Thank you for coming to my TEDtalk. Your participation is appreciated and will be looked at objectively.

Keep your aggressive responds to yourself.

 

[Louwtjie]

how would you suggest mcm to regulate investments? I personally am one of those that requests investments for my projects and would like to know. I dont disagree with you, mcm has really been flopping up with exit scammers and loan scammers, like the recent incident with A Boogie , scammed of a loan of 2,000.

Well; unlike other platforms MC-M does not ask for verification.
Hell; it could be a 12 year old from new york asking for investments? MC-M does not do any regulation regarding account registrations. I would suggest implementing an identification approval system for the section.

Drivers/Identification
And any form of residential proof.
Which can be requested by an attorney to the operators of the website. The liability MCM has is so much; even anyone being scammed on this site can actually take MCM to court? Since they do not regulate anything regarding identification as any country legislation REQUIRES

 

[Louwtjie]

I see I see. Maybe implement a new support team that mainly is in charge of age and name identity verifications, and when a user is verified, they'd have a small white star next to their name ( this could also be served as a "deal with caution " symbol, if a user doesnt have the white star. Maybe, only allow verified users to access certain forums like private-ogs, investment and loans, etc.
is that what you mean?

Yes; Allow those that have been verified access to areas whereby others would not have access.
Providing any forms of identification that warns people to deal with caution would not pass (One is innocent until proven guilty)
whomever; a team that maybe approves request of verification would be applicable.

 

[Satan]

While I agree with this thread so far entirely, it should be made clear that this is a block game kid's forum of underage users who barely have bank accounts let alone the guts/confidence to give out real life information of who they are to verify with some ID even with their parents backing them. Its just too much of a hassle with too little users who would qualify and be willing to go through this process of verification to take out "safe loans" and investors to feel "safe" when getting them back.

 

[Justis]

This has already been sitting close on the top of my priority list, and has been since shortly after starting as a scam resolver and seeing all of the loan related bans and losses resulting from unreasonable interest rates, unfortunately delayed due to support needs.
I was actually planning on editing the inv/loans wiki for it today now that we've gotten the staff promotions out of the way.
Interesting timing.

 

[1337]

Hello, I'd like to start this off as this is my own Subjective opinion and suggestion. If you have any of your personal opinion leave it down below as I would like your input.

All research done was calculated on the first two pages of the loan section.

Loans
MC-Market is a hot spot for unethical business transactions to say the very least as we all have come to know.

Recently some scam reports about loans as skyrocketed due to the backlog of scam-reports and the minimal effort regarding staffing participation on those matters. This resulted in multiple exit scams and a fair less warning towards the victims but a mere reputation.

It is of my opinion for MC-M to place limitations of the requested loan amounts such as placed on the begging section; $30.

- MC-M should place a limit of up towards $100 P/Loan thread
- Max interest rate of 16.5% on all transaction in order to not OVER CHARGE
- Should allow the loanee to pay all fees resulting in 16.5% profit over all.
- Restrict access to the loan section (There is now but raise it more)
- Just to add it's not entirely legal for MC-M to allow loans on this platform even though individuals do it them-self; MC-M still grant them the platform to create such loans therefor it's the obligation of MC-M to do more than what they are currently doing.

- MC-M should regulate the investments; It's absurd to allow users to ask for $1000 in investments with no regulation; MC-M is a platform that allowed participants to communicate with each other therefor is considered the middle ground and accountability and responsibility of MC-M to protect the investors regardless of internal policies as Legislation in various countries overrule the internal and "Thread rules"
- Investments are regarded as Risks rewards; therefor MC-M cannot take accountability for the actions of the investors and requests. BUT MC-M still providing the platform for these people to communicate would result in some accountability as the terms and conditions of liability does not limit MCM interference.



Thank you for coming to my TEDtalk. Your participation is appreciated and will be looked at objectively.

Keep your aggressive responds to yourself.

I agree with everything but the loan interest/return amount. It should be up to the people involved how much is paid back, there's no reason in my opinion for just a max rate.

 

[Justis]

I agree with everything but the loan interest/return amount. It should be up to the people involved how much is paid back, there's no reason in my opinion for just a max rate.

Tell that to the countless 1st world countries that enforce laws on how much debt a loaner can put a loanee in, even if mutually agreed upon.
Interest rates are dangerous for both parties.
Reminder, this is an Australian registered business, and this site is governed by Australian law.
http://www.mondaq.com/australia/x/4...ate+for+Interest+Fees+and+Charges+ACT+and+NSW

 

[Louwtjie]

This has already been sitting close on the top of my priority list, and has been since shortly after starting as a scam resolver and seeing all of the loan related bans and losses resulting from unreasonable interest rates, unfortunately delayed due to support needs.
I was actually planning on editing the inv/loans wiki for it today now that we've gotten the staff promotions out of the way.
Interesting timing.

Yes. Interesting indeed Justis.

 

[Jerry]

If you don't want to get scammed off of a large loan, don't give it.
If a user is comfortable giving ito a loan as large as $1,000, there shouldn't be a barrier for them not to. The site is a platform that allows users to deal, while the staff should be helping to prevent scams, this is just too far. If you're restricting the amount a user can receive in a loan, you should also restrict how much users are allowed to sell accounts for.

 

[Mick]

As Justis has said, we have implemented a policy similar to the one you have suggested outlining maximum loaning amounts to ensure that we are providing a fair environment for investments and loans on MC-Market.

I'll move this to accepted, thank you.