Hello everyone and welcome to a teensie weensie experiment called MicroLoans.
I wondered what would happen if I tried to shift some of my fiat dollars from conventional spending or investment to a microloan on the blockchain to invest in supporting people that I know who are trying to gain some traction with a business endeavour.
You can read all about their new Candle Business Right Here!
It is a very simple equation.
I have sent them $350CAN (232Euro or 263USD) to begin the first phase of their candle business and gather the needed supplies in raw wax, wick and containers. This is an investment in them and you. This is money that I can and cannot afford. If for any reason I lose my investment, I am absolutely ok and at peace with that. But we can all do other things with 350 bucks can’t we?
We will all watch this small business unfold in real time right before us. Crazy and Ravi will create blog posts that I will post here on MicroLoans to give the community an opportunity to support them and me. The WLS that the MicroLoans account makes on the posts that Crazy and Ravi create will be my compensation instead of receiving the loan back in fiat.
This gives the community an opportunity to be involved in supporting a creative business run by people we know and can buy products from.
How Does My Micro Loan Get Paid Back To Me?
When the net WLS from the series of posts they write reaches a total value of $350CAN, their micro loan is repaid free and clear. I am trading my fiat for WLS in order to support commerce on the blockchain. Of course WhaleShares will not be their only customers but I think people will be very impressed with the quality of goods they will be producing. And I very much hope that this community will become faithful supporters and customers of their candle business.
For the last year or so I have watched a never ending cycle of development with a nearly perfect success rate of never producing anything of value to the community. If anything, the vast majority of development that I have seen has been wasted effort and resources that have come to nothing. Even worse, the real tragedy for me, has been the approach that seems to be prevalent that development of a project is often designed from the very outset to enrich an individual or a few key people.
Don’t get me wrong, I like to make money as much as the next person and I have bills to pay too. But this blockchain on which I find myself has become a small family to me and I want to see people succeed. People that I know and interact with and am rooting for. I hope you are rooting for them too.
In that spirit I am going to chip away at this little MicroLoan idea and see what comes of it.
My two bts,
Let the games begin!
PS ~ I think it is a good idea to add my response to a question in the comments here in the main body of my post:
Thanks for the reply @felander. I appreciate the rational inquiry.
When we consider the reward pool and the WLS economy on WhaleShares, consider the following:
- I am spending fiat that I could have used for a purpose unrelated to the blockchain and, instead, investing in active members
- The reward pool will ultimately grow as a result of @microloans investments as people like @CrazyBGAdventure and @Ravijojla create a profitable candle business and feel confident to invest in the platform because of that organic support
- They will hopefully have many customers on WhaleShares which stimulates economic growth of all kinds in fiat and crypto
- It brings WhaleShares into the real world economy and shifts dollars spent on big box stores to a boutique economy supported by a select clientele
- I am doing something constructive to help my fellow humans get ahead. People I like and believe in.
- No discussion about taking WLS out of the economy for a purpose like this can really be taken seriously until the ability to self vote at full power from 100% to 80% daily (only to do it all again the next day) is addressed. I will be introducing a solution to this issue on my own blog very soon
- Any endeavour that involves being paid in crypto affects the reward pool. If I buy a piece of art from someone on WhaleShares, let's say @MandelSage, @PoeticSnake, @BeHereNow, @AnyaEhrim etc and I pay them in bts. I paid bts for artwork promoted on WhaleShares and received hard goods. The bts that I used is gone to them and I will not be converting it to WLS and bringing it into my wallet to be part of the reward pool.
- On SteemIt,myself and my partner paid a lot of steem and fiat to have my artwork created by @derosnec for my @PlankTown and @SteemPets projects. That could also be considered a form of reward pool dilution but is a thought unworthy of serious consideration. People have come here to get paid, and get paid in a social environment. You need both.
- Consider also why people, yourself included, are more concerned about a shrinking reward pool rather than a growing economy