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30 sats \ 0 replies \ @denlillaapan OP 4h \ parent \ on: How to Borrow Against Your Bitcoin, or: Overcollateralized Loans are Inefficient econ
I was also wondering what happens if one of the parties decides to hold up settlement of the loan by refusing to sign. I'm guessing that's the zombie apocalypse scenario, and the bitcoin will be released to a default address (probably the lender?)
I'm no expert here (just relaying what the Firefish dudes say—trust, not verified), but holding settlement there are verification rounds between lender-investor and Firefish. (I assume if you can adequately prove that you've repaid the loans, the Firefishers can overrule one party.)
As for zombie apocalypse, it's some backup Firefish-disappears scenario. Very iffy if that shit works (hard to try/verify yourself as well)
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