pull down to refresh

0 sats \ 0 replies \ @orthzar 12 Apr 2023 \ on: Fuji Money is now open to public on testnet bitcoin
[Fuji allows] users to draw loans against Bitcoin used as collateral [...] Loans are paid out in FUSD — an over-collateralized USD pegged stablecoin backed by Bitcoin
If Bitcoin's price doesn't remain stable, then you lose some or all of your BTC:
  • When Bitcoin's price rises, your FUSD falls in price, which means you lose some BTC.
  • When Bitcoin's price falls, you lose all of your Bitcoin collateral, because it's now worth less than your loan.
This is an efficient, but transparent, scam.
The icing on the cake:
deployed on the Liquid Network [sidechain].
Affinity scammers are slowly realized that they need to appear like Bitcoin maximalists to get the most profits (cf. the use of "non-custodial"). But they haven't quite figured out that stablecoins are hated by maximalists.
write
preview