Meanwhile, mobile payment apps are being adopted in smaller numbers
RIP LimeWire P2P
It’s the end of an era on the Internet: LimeWire, one of the first P2P music-sharing services to attain breakthrough popularity online, is pulling the plug on its Gnutella-connected P2P software following a simmering legal battle with the RIAA which ended today with a court-ordered injunction…
Peer-to-peer lending booming
When 73-year-old Bill Smith and his wife, Ginger hit simultaneous jackpots on a recent cruise-ship vacation, they knew exactly what to do with the $3,300: put it on the street. Smith had wanted to try peer-to-peer lending since reading “At Last, a Bank of Your Own” in Barron’s in January of 2008.
Prosper Marketplace, Inc. is a San Francisco, California-based company that operates Prosper.com, an online auction website where individuals can buy loans and request to borrow money. Borrowers set the maximum interest rate they wish to pay, and loan buyers, called “lenders,” bid on specific loans by committing a portion of the principal and setting the minimum interest rate they wish to receive on a particular loan. Prosper manages the reverse dutch auction, assembling bids with the lowest interest rates in order to fund the loan.