Good morning. I'm in front of morning fire 22. I am thinking about Bitcoin. Two people messaged me yesterday about it. The first one reads:
"Hello! I’ve been meaning to write to you for awhile, thanking you for my first foray into crypto… but I just got something from a hacked duplicate page someone has set up in your name. Hope you and yours are all more than well and I look forward to meeting you officially some day…"
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I don't know if this message is real. I am not friends with this person. I hope it is. It's a kind message. But it also might be a duplicate page.
I usually don't send people messages on messenger unless they message me first. Definitely not unsolicited messages about Bitcoin.
To be clear, I am not into crypto, just Bitcoin. From the beginning people smarter than me said to stay away from anything but Bitcoin. After 3 years of education and buying it I understand why.
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The second comment reads:
"So, how is a Bitcoin loan repaid? On the increased value of your bitcoin? We are a no-debt household so taking a traditional loan is not something we would choose to do."
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We are a no-debt household too.
I've never taken out a Bitcoin loan. The way I understand it Strike will loan you 50% of the value of the Bitcoin you put up for collateral. So if I put up 10 grand they'll loan me 5. No credit checks etc. I guess you can have the loan in 15 minutes. I think the interest rates are around 10%. I also think you can only take out a 1 year loan.
I asked Joel Bomgar about it one time. He's a Bitcoin Sherpa. He said DON'T borrow against your Bitcoin. Because if it drops below the value of the amount you put up for collateral they can liquidate your Bitcoin to cover the loan. So you lose your Bitcoin.
There are people that put up PART of their Bitcoin stack as collateral, borrow enough to live on, and buy Bitcoin with the cash they would be putting into their living expenses.
The value of Bitcoin is growing at an average of 50% a year, so you could have enough to pay off your loan at 10% with extra Bitcoin to boot.
I recommend listening to Jack Maller's Mailbag Monday shows at 5 PM CST. He's the CEO of Strike, young, and gifted at communicating all things Bitcoin.
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That's all I got to say about that for right now. It's 34 degrees out there. The fire is still burning in front of me. There's a Full Moon coming up in a couple of days.
We bought fencing to expand our pasture. Hoping to get some of it fenced before the ground freezes so the goats can start eating buckthorn. It's all over the place on route 12, our mail route, the one I deliver. It's one of the last woody plants to lose its leaves. So you can see it growing deep in the forests and swamps right now. I don't know how it will ever be stopped.
Anyway, I hope you have a great Sunday!
11.2.25
