Will this be the newest craze in social networking? Or just a flash in the pan? It is really up to us!
Wis.dm (wisdom) is the latest site to use a domain name hack to create a very clever site. I was reading in the Wall Street Journal about a week ago and came across an article about Wis.dm and their attempt to draw from the wisdom of the masses. (insert another victory cry for the "Wiki" movement)
The site functions very slowly right now, so be patient if you decide to pay them a visit. It operates kind of like Digg.com where it is user content driven. Rather than submitting articles, you submit a "yes or no" question. After you have racked your brain to be the single most clever question creator you know your question is submitted other users can comment, vote "yes" or "no", and discuss your topic. Everything from Terrorism to "does your car have leather seats?" is currently being submitted.
After people decide if they will comment or vote your question is ranked on popularity and the most popular questions bubble up to the top for the greatest number of users to vote/discuss/decide on your question.
So I ask you: Will this site be the latest craze? Please select "yes" or "no"
Showing posts with label Wall Street Journal. Show all posts
Showing posts with label Wall Street Journal. Show all posts
Wednesday, June 20, 2007
Thursday, January 18, 2007
Prosper - Micro lending brought to the masses
A while ago I was reading in the Wall Street Journal, for those of us who are regulars it is called simply "The Journal", about the Nobel Prize winner Muhammad Yunus. He started the Grameen bank in India that gave out micro-credit loans. These are very small loans given to poor entrepreneurs in third world nations. The impact of these banks is amazing. It stimulates economic development, and fuels the capitalist fire like few other things can. This, of course, does a number of wonderful things economically, politically, and socially for these countries.
Fortunately, I do not live in India. However, I plan on traveling there some day. So how can I start doing something like supporting a micro-credit loan program in Dayton, OH of all places?
Enter www.prosper.com. Prosper is the online version of the Grameen bank. I have been enjoying a 12% return on my investment for about a year now. In the spirit of Micro-credit loans I started small. A mere $250.00 deposit and I was ready to lend. It works similar to Ebay. People basically auction their requests for capital with a detailed description and the lowest rates from the people willing to lend the money win. Lenders, such as my self, bid on these requests with what ever return that they would deem acceptable from their investment. Once the full loan amount is funded the auction closes and the loan is financed.
Prosper has thought of the risks involved and it is compulsory to attach a credit agency to these accounts so that if they were to default, the agency will represent you and get most of your money back. Also, all of those wanting money have their credit score attached. The amount of information is very nice, and makes for a very secure and safe lending environment. The best part of this process is that you can manage your own risk. Do you want to get a higher return? Say, 20%? Well, the people you will lend to will have a credit rating much lower than those expecting an 8% return. The amount of risk you accept is up to you.
I however decided to split my $250.00 between two people. One is paying off credit cards. The other is much closer to my heart. He is getting his MBA and is in sales. Bravo! Though I am not worthy of any Nobel prize, I certainly am enjoying participating in an idea that achieved that status.
Fortunately, I do not live in India. However, I plan on traveling there some day. So how can I start doing something like supporting a micro-credit loan program in Dayton, OH of all places?
Enter www.prosper.com. Prosper is the online version of the Grameen bank. I have been enjoying a 12% return on my investment for about a year now. In the spirit of Micro-credit loans I started small. A mere $250.00 deposit and I was ready to lend. It works similar to Ebay. People basically auction their requests for capital with a detailed description and the lowest rates from the people willing to lend the money win. Lenders, such as my self, bid on these requests with what ever return that they would deem acceptable from their investment. Once the full loan amount is funded the auction closes and the loan is financed.
Prosper has thought of the risks involved and it is compulsory to attach a credit agency to these accounts so that if they were to default, the agency will represent you and get most of your money back. Also, all of those wanting money have their credit score attached. The amount of information is very nice, and makes for a very secure and safe lending environment. The best part of this process is that you can manage your own risk. Do you want to get a higher return? Say, 20%? Well, the people you will lend to will have a credit rating much lower than those expecting an 8% return. The amount of risk you accept is up to you.
I however decided to split my $250.00 between two people. One is paying off credit cards. The other is much closer to my heart. He is getting his MBA and is in sales. Bravo! Though I am not worthy of any Nobel prize, I certainly am enjoying participating in an idea that achieved that status.
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