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The amount doesn't change anything to me.

Instead of spending your coins (buying fiat to pay for things) you decided to enter a fiat trade (shitcoining).

There is only 2 way to justify this.

1) You wanted to go leverage long on Bitcoin and did not mind to lose custody for this.

2) You wanted to avoid some kind of taxable transaction from buying fiat with coins and the loan allowed for this.

I can understand #1 and it make sense as long as you're honest with yourself. You did not mention #2 so I have to assume it wasn't the reason.

All I'm saying is that you guys use these collaterized loans as a way to go leverage, not simply unlock liquidity and that to me is shitcoinery disguised as Bitcoin.

Thekid.999 2mo ago

Because I was broke, so I unlocked some bitcoin that I had.I unlocked it and I used some cash and then I paid back the cash and I got my bitcoin back into self custody. Some of us need to tap in to that Bitcoin we have without selling it. It only makes sense if it's gonna continue going up.

The problem is the unresponsible ones that think they can afford stuff, and they can't, and they end up losing the Bitcoin, and then they start crying on here, and others think that it's really bad. That's their fault. They should have been more responsible.

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Discussion

Leathermint 2mo ago

Could've just spend the coins on fiat to buy your stuff then buy back the coins when you can afford to save money...

Thekid.999 2mo ago

I do it all because its rough out here in the hood. I seel corn. Yesterday i sold maybe $100 to buy some shit. I do it allllllll. In a small scale but i do it all fuck i sell on cashapp and buy on cashapp i really dont care. I do whats needed to survive. Not everyone diamond hands that living check to check thats bullshit or living in the usa that no store accepts bitcoin

Leathermint 2mo ago

I'm not saying anything about you having to sell coins. I don't mind. I do it too all the time too. I'm just saying it's gay to take a loan instead of selling UNLESS you are honest and you don't mind admitting you're going long or because you have some financial reasoning like avoiding taxable events.