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10 sats \ 1 reply \ @lendasat OP 28 Feb \ parent \ on: Bitcoin: The Future of Collateralized Loans bitcoin
You can also borrow fiat :)
This would smell better if it was clear upfront what is the interest rate of the loan, max LTV and liquidation LTV. Just 3 numbers. 1, 2, 3.
Sorry for that, we forgot to add the pic we planned to embed in the article. As we answered to @IamSINGLE above:
For this phase of the closed beta, our lender offers 3 loan options.
Each loan offer has its own collateral requested by the lender. However, you can put more collateral if you want to, or add collateral when the loan is ongoing.
As we go further in the next phase of the beta, and for our public release, rates and tvl will be 100% market driven with lenders in competition.
Your web site should start with those, unless you want to deliberately obfuscate that.
Our website is explaning what we are building and collecting the email for those who are interested to get updates.
For our CLOSED beta, you need to get invite codes from our discord server.
Then, you can have ALL the informations on our FAQ, and from the actual app url.
Ok. You provide loan or you provide card?
We provide the protocol and the platform :) Loans are p2p, and the card is provided by our partner moon.
Loans can be disbursed via Virtual Debit Card💳 OR as $USDC on #Polygon.
What's you Rate of interest? What's the percentage you offer for collateral?
For this phase of the closed beta, our lender offers 3 loan options.
Each loan offer has its own collateral requested by the lender. However, you can put more collateral if you want to, or add collateral when the loan is ongoing.
As we go further in the next phase of the beta, and for our public release, rates and tvl will be 100% market driven with lenders in competition.
What's the guarantee that you won't steal my sats if they rise in value exponentially?
It is not possible for us to steam your sats, check the FAQ for more info on how it works.
Can I add and remove collateral based on price?
Adding collateral is possible. Removing collateral is not yet implemented, but should be possible in the next phases of the beta
For more details, please have a look to our FAQ: https://lendasat.notion.site/Frequently-Asked-Questions-100d2f24d4cf800e83bbca7cff3bb707?pvs=4
We're providing a solution to use bitcoin when it's not possible to spend it.
We're providing a peer-to-peer and safe solution for an existing market need.
We're developing the people's money market.
Thanks for your support
We're unlocking and showcasing the true power of the best form of cash and the best collateral ever invented.
People are already doing that using custodial solution, we're bringing a solution for a trustless execution ;)
We're not giving anything to anyone; we're simply addressing an existing market need (with huge volumes) while making transactions safer and more secure, eliminating trusted third parties and counterparty risk. All of this is made possible by Bitcoin, the best form of programmable cash in the world.
BTW It will actually help a lot of people using custodians not to get scammed!
We're starting with stablecoins since it's the most liquid market right now, but it could expand to whatever in the future.
And for the Bitcoiners who are allergic to stables, I have a feeling they might soon be able to get Visa cards 👀
We're not giving you anything since the protocol is P2P.
We can't blame you for not knowing this – it required reading, not just ranting from the start.
CORRECTION:
As @supertestnet correctly points out in #648625, the protocol we propose is not trustless. The linked whitepaper does not claim such a thing, but our original post here used the word "trustless" incorrectly.
A DLC-based protocol necessarily involves an oracle, which acts as a trusted third party.
Sorry for the mistake.
We're addressing an existing market need by providing a solution to minimize risks for users. This way, users can still borrow against their Bitcoin while maintaining control over it.
"If you don't believe it or don't get it, I don't have the time to try to convince you, sorry."
- Satoshi Nakamoto
Good to know that you're not our primary target for this product.
People are massively using trust based and centralized/custodial services, we're offering an alternative!
Unless you borrow and repay some USD-denominated amount of bitcoin. That would make more sense. And it is probably something like it, since we have an oracle in the system.
Yes, this is how it works. The loan you take is USD-denominated meaning the exact sats amount will vary.
Lendasat aims to make it as simple as paying a lightning invoice for instant bitcoin-collateralized loans.
To buy goods, groceries or get cash...
Learn more at https://www.lendasat.com