Does anyone have experience with borrowing against your corn?
What are the do's and don'ts?
Discussion
Why would you risk your corn to be held in a centralized place which has tons of counterparty risks ?
There's platforms offering it through a multisig escrow.
Really? Even available in Europe?
Thought all of these platforms were only US based
Wonder how our governments will deal with that if you all of a sudden get a big chunk of fiat on your account 😂 they now already get into dictatorship mode if you receive over 5k 😅
There are several Bitcoin youtubers/podcasts that have advertised Ledn, but I haven't tried it myself 🤷
nostr:npub1yul83qxn35u607er3m7039t6rddj06qezfagfqlfw4qk5z5slrfqu8ncdu does have a lending P2P plataform friend on Layer 1.
Do's:
- Leave a lot of extra margin to make the loan, #Bitcoin is volatile <50%
- It is smart to add more collateral if the loan is close to its margin.
- Remember that asking for a loan is not trading.
- Make contracts with experienced users.
- Take the reference rate of the 30-year United States Treasury bond and compare it with several exchanges to know what is the most appropriate interest value to take out a loan.
- Use a minimum of 6 months for your loan, you can always cancel before or in small installments if you wish.
- Personally I still don't like DEFI platforms but there are some alternatives in Liquid like Fuji.Money
These are some good points thanks!
Do you see any risks with doing an p2p multisig escrow deal?
I wouldn't know how to advise you so much programming friend. I think a risk would be the website infrastructure going down. Since always in nostr:npub1yul83qxn35u607er3m7039t6rddj06qezfagfqlfw4qk5z5slrfqu8ncdu there is always manual control when it comes to troubleshooting.
* <%50 LTV
Make sure that the loan is in dollar not in BTC even if you use BTC as collateral. From there it's like any other loan.
Thanks. What do you think about getting a loan from a company compared to one p2p through an multisig escrow?
Don'ts: Don't
Do's: