198 sats \ 3 replies \ @ashdraked 1 Dec 2022 \ on: Hello Stackers! Bold is a credit card backed by your bitcoin stack. AMA! bitcoin
Dumb question but why would a creditor accept multi sig as credit worthiness? Can’t we just vanish with the coins? I mean if a creditor gives me credit based off multi sig that i control I’m happy but just wondering what they’re benefiting from the deal.
Not a dumb question - this gets into the nuance of the multi-sig. In our case, because the bitcoin IS the collateral, you hold one of the three keys.
This allows you to see your coins, but you do not have complete control.
Hope that clarifies
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So how do i request my coins and how long would it take? Also will bold be able to borrow against the bitcoin in those multisigs? Just cause it’s multisig doesn’t mean you can’t imply it’s a company asset like ftx did
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We do need to go through the requests to pull your coins to make sure your account is in good standing to do so, but it would not be a long wait (under a day maximum)
We will not rehypothecate your coins, you always have a key to verify that is the case. There are even third party services you can use to notify you if your coins move on the blockchain, and we encourage you do to whatever makes you comfortable with the setup. The coins will never move.
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