So in other words people will be doomed to pay back their debts
Sort of a debt slavery system considering that money is just created in modern economics
That said it will be interesting to see what happens the next economic downturn and how many people complain about it when the economy stays down for a long duration of time.
People will be doomed to be forced to pay back their debts? In this community anyone who borrows money and does not repay (regardless of the reason) will be labeled a scammer. Why should traditional fiat based lending be any different?
I have made a good number of P2P based loans on prosper, and a good number of them have defaulted (and/or declared bankruptcy) after making >3 payments. I personally consider this activity to be criminal and deserving to be put in jail