477 sats \ 10 replies \ @hodlpleb 21 Feb \ on: What are you even gonna do with the money? Personal_Finance
I can’t write a lot because I’m on my phone… but if you are patient, you keep your BTC, take out a loan, buy a revenue generating business, use biz to pay back the loan, quit your fiat job, live off the revenue, build things with your family.
The problem is you have never been rich and don’t understand how rich people manage their assets.
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21 sats \ 9 replies \ @Fabs OP 21 Feb
Solid.
When do we expect banks to accept BTC as collateral for loans?
The only way I'd use my BTC as collateral would be through an established institution, like a big bank.
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0 sats \ 2 replies \ @037447d9ca 25 Feb
you did not learn anything. bitcoin was created to get rid of banks. banks are becoming obsolete, they can now be replaced by a script. "established institutions" are the ones that steal the most
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0 sats \ 1 reply \ @Fabs OP 25 Feb
And you're living in a bubble.
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0 sats \ 0 replies \ @037447d9ca 25 Feb
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0 sats \ 5 replies \ @hodlpleb 21 Feb
Maybe within a decade? Fidelity could be first, they’ve been at the forefront of BTC, as a legacy finance corp.
Gotta watch the amounts, you absolutely do not want to get called
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0 sats \ 4 replies \ @Fabs OP 21 Feb
Awesome, I do hope somewhere the next year-ish or so, maybe two... 😋
I'd only take a loan somewhere during a Bear market anyway.
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0 sats \ 3 replies \ @hodlpleb 21 Feb
We’ll I’m sure there will be new Celsius or BlockFi, but those are more risky. Really if you are trying to take out loans already, maybe best to focus on creating value and storing the money into Bitcoin … feels a bit short sighted to be worried about taking out loans right now, but maybe you have a hundred bitcoin …
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0 sats \ 2 replies \ @Fabs OP 21 Feb
I've thought about buying something which has a pretty stable level of value - Gold - and simply pawning it, paying off the loan, and pawning it again...
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0 sats \ 1 reply \ @hodlpleb 22 Feb
I don't quite follow the steps here, but sounds risky, no proof of work.
I don't know your situation, but seems you are taking a very short term approach overall.
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0 sats \ 0 replies \ @Fabs OP 22 Feb
I'd have the Gold besides my Bitcoin, and simply use it as a means of getting loans to buy more Bitcoin with, until I'd be able to take loans against my Bitcoin.
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