Lendasat doesn’t allow me to do free loans. Any interest paid will be sent back to the borrower after the loan is paid off.
The loan book is growing! So far haven’t been rugged by this site. See how far we can take this!
Ending fractional reserve banking and usury lending one bitcoin backed loan at a time!!
I am going to try this out. I will borrow from you Blok but I am interested in becoming a lender as well.
Yeah if you want me to show you my flow let me know. I try to keep everything as close to bitcoin as I possibly can.
I signed up as both lender and borrower. I am going to accept your loan. Figuring it out.
Done. I don't know where to send collateral though.
I guess I should have sent you more collateral than was required in case the price dips. What happens if my LTV doesn't meet the threshold?
Good question. I know if it goes over I think 90% LTV you get liquidated if you over collaterallize and the LTV goes down you have more of a buffer.
I tried to make the entry be less expensive so I did 80% LTVs then bitcoin had a dip and two people got liquidated I felt terrible. So now I do 50% LTVs to make it somewhat cheap but protects against liquidations
Gotcha
Do I pay the interest in sats or Tether because the only tether I have is the 25 bucks you sent me. Haha
When you pay me back the interest is due.
Then I will send it back to you.
All in USDT
Great. And no interest, right?
How much can I borrow?
How much you need? I only deal in liquid USDT
That's cool! Do the borrowers know that they'll get their interest returned.
Also, fwiw, I would argue that the bible doesn't prohibit lending at interest.
Yeah the loan platform has a chat feature so you can easily chat with those taking out loans.
Usury is forbidden. Unless you can reference the passage that says it’s allowed then cool but I still want to offer no interest loans! People need to have a chance to borrow without getting fleeced by the lender and since you have to post collateral I make sure I don’t lose my capital for non-payment/ getting scammed.
The prohibition against usury in the Bible was generally against charging interest to the poor and to fellow Jews. Just a few examples:
Moreover, Jesus speaks positively of those who invested their money wisely in the parable of talents, and to the one who didn't invest, explicitly said, "You ought to have invested my money with the bankers, and at my coming I should have received what was my own with interest." Now, the parable is indeed a metaphor for things beyond money, but it's unlikely he would have spoken positively of investing with interest if it was absolutely forbidden.
Both Catholic and Protestant traditions also understand usury to mean taking advantage of those in need (which I think is consistent with the Old Testament prohibitions), rather than charging interest on a loan which is intended as a mutually beneficial commercial endeavor.
Didn't the Templars use to lend out money?
I'm not as sure about that. I know they provided banking services which was necessitated by the vast movement of people and resources during the crusades, but I don't know if they charged interest.
They probably just charged for the service, which sounds fair. I know they lent a ton of gold to the French King, but then he took down the Templars, total move just to get out of paying them back.
https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcRkV6NSb5Vn90vZxGCyfi53K_y3GMyvH65man0axH3GyMWWFTXM-W09OxQ&s=10
Jesus was white and the merchants at the temple were white women?
Hahahaha
I'm gonna try this.
What's the LTV?
50% but I’m flexible if you want it higher or lower.
If any stacker needs an interest free loan let me know!