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114 sats \ 4 replies \ @siggy47 5h \ on: How to Borrow Against Your Bitcoin, or: Overcollateralized Loans are Inefficient econ
I agree that borrowing against your stash beats having to sell. I have been looking at all these different companies offering loans. How is the fiat funded!? Did I miss that (probably)?
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41 sats \ 3 replies \ @denlillaapan OP 4h
peer-to-peer, individual investors.
So there's a John Smith wiring me money at the end of the set-up of the loan.
That's also a privacy problem (that I left out of the write-up). While I don't see the investors that the loan is matched with, I do see their names and bank details when interacting with them via fiat banking rails
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14 sats \ 2 replies \ @siggy47 4h
I see. Similar to Debifi except it does it all defi using stable coins like a shitcoin Aave loan.
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41 sats \ 1 reply \ @denlillaapan OP 4h
I guess? (I have no idea how that works).
Upside of FF is exactly that it abstracts from all of that (no blockchain custody, no shitcoin; just Bitcoin itself + two fiat banking payments)
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0 sats \ 0 replies \ @siggy47 4h
That is better
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