Context: I'm a semi retired now, occasionally working for money (fiat). A year ago I went all in Bitcoin with whatever savings I had. I also exchanged all my other investments into Bitcoin. Most of my current fiat earnings are only enough to pay my bills.
Owing to the above if I ever suddenly encounter a major need for money, I'm only left with two options - selling Sats or borrowing fiat against it.
I definitely don't wanna sell my sats, so I'm not going to discuss it any further.
For borrowing I don't think/know we've a truly decentralised platform from where I can borrow fiat money and pay them back.
So, this brings me to ~AGORA on SN with this proposed solution.
What I need?
- I need around $1000 to buy some goods.
My Offer
- I am ready to mortgage an equivalent or slightly higher equivalent of $1k in Sats.
- I'll pay 2% interest in sats. (Negotiable)
But wait...
It isn't as easy as said. There are at least two parts of it - one easier and the next is harder. Let's understand them one by one.
The easier Part
This means if anyone agrees to lend me $1k, I'll send them 0.01186 BTC (or slightly higher, or, as agreed) on current prices.
Considering we agree upon 2% interest, when I'll return you $1k within 1 year, you'll send me 0.01186 - 2% = 0.0116228.
I hope you've understood this part.
The Harder Part
To actually realise it, there are ifs and buts we have to consider before proceeding.
- What if either of the party counterfeits?
- What if I don't payback?
- What if you don't pay me back my sats after returning the borrowed amount?
- But I can buy Sats with those $1k and earn more than interest.
- What if, but, what if, but, and what if.... They won't end.
Let me propose a simple solution and that's F-A-I-T-H, Faith.
I don't know about your place but faith in borrowing and lending money is still very prevalent at my place.
So, here's the solution to WHAT IFS!
Let's break the $1k or 1.2 million sats in smaller fragments and facilitate in parts.
Let's say I send you 100k sats and you send me $84. (We can also consider smaller amounts than this.)
If this goes all well, let's make another transaction, and so on till we've both exchanged the amounts.
The one thing that really fascinated me to make this offer is the value and trust propositions of Stackers which is directly proportional to how much they ca be trusted in P2P exchanges for Sats.
Stackers who are old enough and valued highly should take the offers, i.e. for a P2P exchange for Sats to Fiat or vice versa, they can be sent the amount at first because they can be trusted to honestly facilitate the trade. And then they will send the amount to the asker.
Now that's a kinda hypothetical situation but top stackers of SN, kindly consider my offer and reply your interest in the comments or if you want to negotiate on the terms, please DM me at my nostr handle - @coinsreporter npub1q8v2ezygxvwljz5ujwklfwjz3g909l26adm6pty9sgqp632x2kzs3q8ryv
*Only higher ranked stackers than I should consider accepting the offer. I'll send the sats first so, it's a mandatory.
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