First there is no borrowing involved, as one is giving away something of a higher value, second of you do that you are paying interest on your own stash, third you are often paying higher interest than just getting a bank credit. Yes don't do that it is stupid and people are being played.
Replies (5)
Not being played if they go in being fully aware. For reasons, I couldn't qualify for a bank credit so borrowing against my bitcoin helped me.
People crying about it when price goes down says otherwise.
I mean, nobody likes being liquidated...
It is not that they do not like it, it is that they are not aware that it can happen, especially on price spikes. The fake borrowing scheme hides the fact that what you are actually doing is marging trading. When NGU you are good, when NGD you will loose more then simply selling what you had when you needed the money.
If NGD, I can repay part of the loan or add collateral. The app warns you, it doesn't just liquidate.
