Product is live. See for example https://firefish.io/

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Discussion

Been asked to interview these guys. Need to get onto it

I wonder the counter party risk?

You lock your bitcoin. Based on that receive the fiat. Once you pay back your bitcoin will be unlocked. If you don’t pay back you can lost your locked bitcoin. It’s 2/3 multisig between you, counterparty and firefish (mediator).

If the price of bitcoin dumps you are prompted to increase collateral. In the worst case you will keep your fiat and counterparty gets your bitcoin with nice exchange rate 🥲

Yeah so there is a liquidation risk, ie Bitcoin price swings downside, and then you can get a margin call

This is a big risk

Will dig into details

There is a risk that mediator and counterparty makes a deal and liquidates my bitcoin, right? Even without dumping… Or is there any protection against that?

I’m not sure, but I think you are right

Celsius 2.0 ?

There are no tokens involved

Nice. What the wealthy do with their stock portfolios.