Why no incoming screenshots by Strike users rekt from getting into Bitcoin-backed loans? π
Spend fiat without having to sell your #Bitcoin they said, intentionally leaving out the part where you'd have to pay more bitcoins to secure/repay your loan if the price collapsed.
#asknostr
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Replies (10)
Haha their staying quiet with their tail between their legs
A loan at a $125000. Your liquidation price is about 50 grand so everyone's just chilling laughing at these notes. π€·π½ββοΈ
So far
And right now at this price, it's perfect to take out a loan. I don't have any open loans, but I've done loans before. And they are alright, as long as you can afford to pay it back bro. You're all right. The problem is when someone takes a loan for 10 grand and and they can't pay that 10 grand in 3 months because their income doesn't let them. That's a problem.
You might want to look into how LTV works a bit more. No one is getting rekt or liquidated thatβs why you donβt see it.
That's a hefty cushion.
Thats how it works
But then again, they are the ones given the loans. So what if they're in cahoots with the market makers or you know, they want to liquidate these people? I get you guys' argument now. They are probably bringing down the price for all these loans.
I prefer unsecured loans and cash by mail π
Possible downside targets, 85000 58000 43000