885 sats \ 0 replies \ @supertestnet OP 30 Dec 2023 freebie \ parent \ on: Loan shark: Super Testnet's non custodial, bitcoin only borrow and loan tool bitcoin
"Be your own bank" is a pretty old saying in bitcoin
It mostly refers to keeping your money in your own custody, but you can do the borrow-and-loan part of a bank too, if you want to
I think it's cool that anyone who lends money in loan shark gets guaranteed income if anyone takes their offer, with these caveats:
- you can lose money if your hardware/software stack is compromised (which is pretty likely, given that loan shark currently uses a web wallet -- it's self-custodial but it's still storing your private keys as cookies that other people can sometimes read, e.g. browser extensions can read your cookies)
- you can lose money if miners censor your transactions
- you can lose money if you lose your transaction or wallet data and don't have a backup (there's a nice backup button to help with that though)
- you can lose money if you neglect to broadcast certain transactions when their timelocks expire (though if you just visit the website and upload your backup data, it will try to do this for you automatically)