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0 sats \ 1 reply \ @P2P_bitcoin 21 Feb 2023 \ parent \ on: Firefish - Bitcoin-backed loans bitcoin
Why? Because people are dumb and trust these platforms and give them their BTC. Simple as NOT YOUR KEYS = NOT YOUR BITCOINS.
Just to differentiate between the custodial lenders like the ones you mentioned and Lend at HodlHodl -- Lend at HodlHodl uses a multisig escrow, so the platform alone doesn't have access to the funds (though if the (fiat) lender colludes with HodlHodl, technically then yes -- the platform would then have the power to cheat the borrower.)
And just like with this Firefish ... the price oracle used with Lend at HodlHodl adds third party risk as well.
One thing that HodlHodl has, which I'm not sure if Firefish has something similar, is their "Doomsday software" for use to recover the escrowed BTC collateral should the platform go down or no longer exist.
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30 sats \ 0 replies \ @DarthCoin 21 Feb 2023
There is no difference in the end. Is just promoting the use of shitcoind, stablecoins, fiat. Because who is borrowing is taking a form of fiat (stablecoins are fiat), no bitcoin. It's impossible to borrow more bitcoins with bitcoins as collateral.
So all this crazy shit of lending is actually keeping alive fiat.
Bitcoin is the way around of anything is fiat. You save more bitcoins if you want something that cost you more than you have. There is nothing wrong with that. It incentive people to save and do not spend on crsppy things.
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