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Question for the brilliant minds:

I’m seeing a lot of shitting on the BTC Backed loans but I’m not understanding why.

Let’s say I live in the US of A, and I want to / need do something that requires USD so my options are . . .

1) Sell coins and pay the gov 20% - 30% in capital gains taxes.

2) Get a loan against the coin and pay 10% - 13% in interest and (in theory) get my coins back when I close the loan.

As I see it, selling will cost more and I’ll never get those coins back. Is there a third option? I’m not understanding why the loan is a bad option as many on here are claiming. Bitcoins is a means not an end. Having a fat stack means shit if I can’t use it to take care of my family.

Honest question, hoping to get some more explanation. Thanks 🫡

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#asknostr #bitcoin #loans #taxes #meansnotanend

Mr. Sat Stacker 7mo ago

It's a gag reflex from prior cycles where lending was based on rehypothication and rug pulls.

Is it different this time? Idk.

But inevitably btc will be done correctly. STRIKE seems to be doing this correctly. I trust Jack.

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Discussion

Ken Lazer 7mo ago

I trust nostr:nprofile1qqsvf646uxlreajhhsv9tms9u6w7nuzeedaqty38z69cpwyhv89ufcqpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgqgcwaehxw309aex2mrp0yh8xmn0wf6zuum0vd5kzmq40rh86 I’ve been a customer of nostr:nprofile1qqsvn0dkjt80raqrxd470c98n7zrdehmcvj6p5hgw3kyku6zyd8z0fqpzpmhxue69uhkummnw3ezuamfdejszrthwden5te0dehhxtnvdakqp3v7f4 for a few years now and they’ve always been on the up and up. Plus my tiny stack means shit to them. They have 1,500 coins and growing.