0 sats \ 1 reply \ @brandonsbytes OP 7 Feb \ parent \ on: would you use your bitcoin as collateral for a loan? bitcoin
what were the mistakes? if you can share.
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122 sats \ 0 replies \ @OT 7 Feb
Using BTC collateral to borrow USD and buy more bitcoin.
Loans on hodlhodl and Ledn only go up to 1 year. I guess in hindsight I was influenced by Saylor. It was working well until it wasn't. At $50k I didn't think it would ever break $20k. It did and I got liquidated.
So the lesson was a good one. Lucky I didn't bet my whole stack and learned to DCA.
So for me to do this again I'd need enough collateral for a 90% drawdown and a loan that lasts for 5-10 years. Interest rates would have to come down too. Maybe 5% or so.
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