Lending based off something that’s worthless artificial gold seems like it would be a disaster and the next sub prime, but I understand in this scammy part of the economy they’re doing it. How much were you able to get a loan for? Did you take out a mortgage backed by crypto from Milo Lending in Miami?
No I didn't take out a mortgage. Can you even read what I said?
There are many DeFi and CeFi crypto-collateralized lending apps. I got ~$25k with a click of a button @ 2.4% APY. Pretty easy! I recommend you learn more and not just post tweets that are entirely unrelated to the topic at hand!
25k in sht-stablecoins or USD? What are the full terms of the loan? What happens if the decentralized idiots in Nigeria (bank the unbanked) you’re lending to can’t pay it back? my mortgage is close to that rate and it’s federally backed in usd insured by Fannie Mae
Blockfi has stable token and ETH based loans which is cool, no capital gains, ETH deposit needs to stay above $1200 or I need to deposit more, low APY, cash in bank within 3 hours from depositing, automated underwriting.
This Crypto meme video is about Wojak and his wager zoomer friends who try to become rich by trading crypto. Wojak actually makes a good move and manages to ...
Blockfi has stable token and ETH based loans which is cool, no capital gains, ETH deposit needs to stay above $1200 or I need to deposit more, low APY, cash in bank within 3 hours from depositing, automated underwriting.
Aren’t you just providing the liquidity to fund the ponzi? Not FDIC insured, no securities laws, vulnerable to vaporware and hacks?
No I didn't take out a mortgage. Can you even read what I said?
There are many DeFi and CeFi crypto-collateralized lending apps. I got ~$25k with a click of a button @ 2.4% APY. Pretty easy! I recommend you learn more and not just post tweets that are entirely unrelated to the topic at hand!
25k in sht-stablecoins or USD? What are the full terms of the loan? What happens if the decentralized idiots in Nigeria (bank the unbanked) you’re lending to can’t pay it back? my mortgage is close to that rate and it’s federally backed in usd insured by Fannie Mae
Every loan is pooled and the whole pool is overcollateralized and algorithmically liquidates to ensure lender payback during volatility. It’s significantly lower risk than individual loans. It’s nothing like the stuff you are spamming about which all have much higher risks…
I got USDC from the loan which I immediately converted to USD on Coinbase and withdrew to my bank account.
btc outperforming most stocks in 2022 thus far, no?
Because while crypto is at least a verifiable ponzi scheme, boomers will die before they've been duped by the man behind the curtain of the stock market lol
btc outperforming most stocks in 2022 thus far, no?
No.
DJ is down 9.86%
BTC is down 19.19%
Last 6 mo:
DJ: -8.53%
BTC: -38.92
Alan
I am not an alternative currency investor/trader. Want to be accurate. S & P 1500 down 13.78% ytd. S & P 1500 is closer to equities most U.S. citizens either buy are have book units in 401-k or 403-b.
Bitcoin and other crypto is fraud and illiquid on many exchanges so in reality the decreases in price in the crypto space are much worse than the numbers would indicate since the numbers are convertible to stablecoin and not USD. They are also taking on enormous risk being in the space since there are zero protections and the space is described as “Wild West” by the SEC and to be prepared to (possibly) lose everything so only invest what you can afford to lose. There’s no comparison here to investing in US stocks, which represent ownership interests in tangible companies regulated and traded publicly, with real earnings due to sale of actual value producing goods and services.
crypto bros do not know a whole lot about finance or economics and insiders in crypto and those who run the exchanges know this so they are take advantage of. They compare their returns to bank savings rates, rather than a 10 year return on S&P or US rental properties. They do not understand compounding, time value of money concepts, or US monetary policy. And It is hopeless trying to convince them otherwise, that they are victims of a scam and being tricked because they think they are the opposite - they think, based on price fluctuations since March 2020 or perhaps a few years earlier- that they are sticking it to the big man (eg the boomers, the big Banks, those who can afford homes etc.), when the reality is they’re being ripped off by insiders within their own space, guys like Michael Saylor and Justin, who control a very large proportion of the coin market share.
I recognize the simplistic appeal of the crypto story. The evil bankers are printing too much money, debasing your paycheck and that's the reason you can't get ahead in life.
It's a pithy and explanatory story. However it is unfortunately wrong, and the world is not that simple.
It’s still possible you’ll make something in crypto but the majority won’t -> NGMI. By Investing in US stocks long term through index fund, the little guy can actually get ahead though.
Is it possible that some participants will make money speculating on cryptocurrencies? Absolutely. Some participants also make money from MLMs and playing roulette in Vegas, but overwhelmingly most do not. In negative-sum activities, more money goes in than comes out.
The stock market is ripe with legalized manipulation. It’s safer than most crypto, but naive to act as if it’s a level playing field. All of you saying crypto is illiquid are stuck in 2017… at least play around with the systems instead of just relying on random tweets. There is a place for decentralized finance in the global markets. Very stupid to plug your ears abs act otherwise.
There is a place for decentralized finance in the global markets. Very stupid to plug your ears abs act otherwise.
Been out over a decade and no use case except: Ponzi and casino games, Securities fraud, Money laundering, collecting fees from stupid crypto bros on the centralized exchanges
Bitcoin and other crypto is fraud and illiquid on many exchanges so in reality the decreases in price in the crypto space are much worse than the numbers would indicate since the numbers are convertible to stablecoin and not USD. They are also taking on enormous risk being in the space since there are zero protections and the space is described as “Wild West” by the SEC and to be prepared to (possibly) lose everything so only invest what you can afford to lose. There’s no comparison here to investing in US stocks, which represent ownership interests in tangible companies regulated and traded publicly, with real earnings due to sale of actual value producing goods and services.
crypto bros do not know a whole lot about finance or economics and insiders in crypto and those who run the exchanges know this so they are take advantage of. They compare their returns to bank savings rates, rather than a 10 year return on S&P or US rental properties. They do not understand compounding, time value of money concepts, or US monetary policy. And It is hopeless trying to convince them otherwise, that they are victims of a scam and being tricked because they think they are the opposite - they think, based on price fluctuations since March 2020 or perhaps a few years earlier- that they are sticking it to the big man (eg the boomers, the big Banks, those who can afford homes etc.), when the reality is they’re being ripped off by insiders within their own space, guys like Michael Saylor and Justin, who control a very large proportion of the coin market share.
There is a place for decentralized finance in the global markets. Very stupid to plug your ears abs act otherwise.
Been out over a decade and no use case except: Ponzi and casino games, Securities fraud, Money laundering, collecting fees from stupid crypto bros on the centralized exchanges
Sure there are not globalized use cases yet but claiming that is proof of uselessness is dumb. Do you really want a system where centralized money handlers are required for the economy doesnt that seem wild inefficient? Would you support a non-blockchain solution that allowed basic finance without a middleman? Most new technology is dismissed by the intellectually entrenched though. see: Paul Krugman and the internet.
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