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21 sats \ 2 replies \ @DarthCoin 2 Dec 2023 \ on: Unchained ends BTC collateral-backed loans to individuals (starting Jan 2024) bitcoin
Gooooood, I like it!
https://i.postimg.cc/CK4Hf7YG/emperor.gif
As I always saying... all these lending platforms could not survive in a Bitcoin world...
How many times I have to be right ?
When people will wake the fuck up and really adopt the Bitcoin standard?
Bitcoin loans probably can't survive in a fully bitcoinitized world, but we're far from that. There's nothing inertly wrong with taking a levered position in Bitcoin's price going up.
I'm not saying YOLOing with FTX or some 20-to-1 options buying. But it's not an unreasonable bet to take a loan and delay selling BTC until the price is much higher.
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I suppose it's not without precedence that shady Bitcoin loan companies existed, folded and customers got rugged. Blockfi?
As much as that has nothing to do with well-managed outfits that have served many customers over the years without any issues, what does piss me off is that shady fiat loan companies and brokers of all kinds have been allowed to exist, persist and largely go by unregulated for decades if not hundreds of years. Thinking merchant of Venice.
Thinking payday loans, subprime loans. I think I saw a TV commercial at 99%APR the other day. Was listening to a podcast saying regulation is necessary. Well, it would have helped through the banking crisis of 2008 and way before it. But there wasn't really much then was there. Seemingly.
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