The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. The protocol was designed in 2008 and released in 2009 as open source software by Satoshi Nakamoto, the name or pseudonym of the original developer/developer group.
The network requires minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain.
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Predatory lending is the unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly defines predatory lending as “imposing unfair and abusive loan terms on borrowers”. Though there are laws against many of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is the unfair, deceptive, or fraudulent practices of lenders and servicing agents during the loan or mortgage servicing process, post loan origination.
One less contentious definition of the term is “the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against”. Other types of lending sometimes also referred to as predatory include payday loans, certain types of credit cards, mainly subprime, or other forms of (again, often subprime) consumer debt, and overdraft loans, when the interest rates are considered unreasonably high. Although predatory lenders are most likely to target the less educated, the poor, racial minorities, and the elderly, victims of predatory lending are represented across all demographics.
Predatory lending typically occurs on loans backed by some kind of collateral, such as a car or house, so that if the borrower defaults on the loan, the lender can repossess or foreclose and profit by selling the repossessed or foreclosed property. Lenders may be accused of tricking a borrower into believing that an interest rate is lower than it actually is, or that the borrower’s ability to pay is greater than it actually is. The lender, or others as agents of the lender, may well profit from repossession or foreclosure upon the collateral.
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Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Over the course of bitcoin’s history, it has undergone rapid growth to become a significant currency both on and offline – from the mid 2010s onward, some businesses on a global scale began accepting bitcoins in addition to standard currencies.
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LendingClub is a US peer-to-peer lending company, headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. Lending Club operates an online lending platform that enables borrowers to obtain a loan, and investors to purchase notes backed by payments made on loans. Lending Club is the world’s largest peer-to-peer lending platform. The company claims that $15.98 billion in loans had been originated through its platform up to December 31, 2015.
Lending Club enables borrowers to create unsecured personal loans between $1,000 and $40,000. The standard loan period is three years. Investors can search and browse the loan listings on Lending Club website and select loans that they want to invest in based on the information supplied about the borrower, amount of loan, loan grade, and loan purpose. Investors make money from interest. Lending Club makes money by charging borrowers an origination fee and investors a service fee.
Lending Club also makes traditional direct to consumer loans, including automobile refinance transactions, through WebBank, an FDIC-insured, state-chartered industrial bank that is headquartered in Salt Lake City Utah. The loans are not funded by investors but are assigned to other financial institutions.
The company raised $1 billion in what became the largest technology IPO of 2014 in the United States. Though viewed as a pioneer in the fintech industry and one of the largest such firms, Lending Club experienced problems in early 2016, with difficulties in attracting investors, a scandal over some of the firm’s loans and concerns by the board over CEO Renaud Laplanche’s disclosures leading to a large drop in its share price and Laplanche’s resignation.
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The Bodoland Territorial Council (BTC) is a territorial council in Assam state of India which have jurisdictions in Bodoland Territorial Area Districts. It was established according to the Memorandum of Settlement of 10 February 2003. BTC came into existence immediately after surrender of Bodo Liberation Tigers Force (BLTF) cadres. The BLTF laid down their weapons on 6 December 2003 under the leadership of Hagrama Mohilary and Hagrama was sworn in as the Chief Executive Member (CEM) on 7 December 2003. The BTC has 46 executive members each looking after a specific area of control called somisthi. The area under the BTC jurisdiction is officially called the Bodoland Territorial Area Districts (BTAD). The region falls within the geographical map of least developed region in India. The agro-based economy is the only source of livelihood of the people. Industrialisation and other employment opportunities are scant.
The BTAD consists of four contiguous districts — Kokrajhar, Baksa, Udalguri and Chirang — carved out of seven existing districts — Kokrajhar, Bongaigaon, Barpeta, Nalbari, Kamrup, Darrang and Sonitpur — an area of 8,822 km² (35% of Assam). It’s establishment was under the sixth schedule of the Constitution of India.
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Bitcoin Core is the reference client of bitcoin. Initially, the software was published by Satoshi Nakamoto under the name Bitcoin, and later renamed to Bitcoin Core to distinguish it from the network. For this reason, it is also known as the Satoshi client. It is the reference implementation for bitcoin nodes, which form the bitcoin network. As of 2018, Bitcoin Core repositories are maintained by a team of maintainers, with Wladimir J. van der Laan leading the release process.
The MIT Digital Currency Initiative funds some of the development of Bitcoin Core. The project also maintains the cryptography library libsecp256k1.
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In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) means making loans to people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce, medical emergencies, etc. Historically, subprime borrowers were defined as having FICO scores below 600, although “this has varied over time and circumstances.”
These loans are characterized by higher interest rates, poor quality collateral, and less favorable terms in order to compensate for higher credit risk. Many subprime loans were packaged into mortgage-backed securities (MBS) and ultimately defaulted, contributing to the financial crisis of 2007–2008.
Proponents of subprime lending maintain that the practice extends credit to people who would otherwise not have access to the credit market. Professor Harvey S. Rosen of Princeton University explained, “The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment.”
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BTCC (formarly known as BTC China), based in Shanghai, was the world’s second largest bitcoin exchange by volume as of October 2014. Founded by Bobby Lee in June 2011, it was China’s first bitcoin exchange, and most of its customers are thought to be Chinese. In November 2013, the company had grown to 20 employees. It announced on 14 September 2017 that it was suspending trading as of 30 September 2017.
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The following are forks of the software client for the Bitcoin network derived from the reference client, Bitcoin Core:
Bitcoin XT
Bitcoin Classic
Bitcoin Unlimited
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In finance, securities lending or stock lending refers to the lending of securities by one party to another. The terms of the loan will be governed by a “Securities Lending Agreement”, which requires that the borrower provides the lender with collateral, in the form of cash or non-cash securities, of value equal to or greater than the loaned securities plus agreed upon margin. Non-cash refers to the subset of collateral that is not pure cash, including equities, government bonds, convertible bonds, corporate bonds, and other products. The agreement is a contract enforceable under relevant law, which is often specified in the agreement.
As payment for the loan, the parties negotiate a fee, quoted as an annualized percentage of the value of the loaned securities. If the agreed form of collateral is cash, then the fee may be quoted as a “short rebate”, meaning that the lender will earn all of the interest which accrues on the cash collateral, and will “rebate” an agreed rate of interest to the borrower. Key lenders of securities include mutual funds, insurance companies, pension plans and other large investment portfolios.
Securities lending is an important means of eliminating “failed” transactions as well as enabling hedge funds and other investment vehicles to sell shares short.
