Damus

Recent Notes

Blackcell · 6d
That is why I asked how this LOC approach works on my response to the original post.
Blackcell · 1w
I'm interested in how this worked in your experience. I'm still trying to understand how these lines of credit would emerge and be priced with payback interest.
Larry Bird profile picture
I learn everything by just going for it and then learning on the fly, so I am far from an expert. I just borrowed the minimum ($500) and gave them around 1.1 million Sats. They charged 11.25 percent interest and I didn’t have to pay any of it back for one year. My plan was to buy $500 of Sats and watch the price of BTC go back up into six digits and pay the loan back with all the money I made from NGU, but instead it tanked even more, leading me to add a couple hundred more dollars to the collateral in order to keep them from liquidating it. This was all just a bit much for me and I freaked out and paid to get my Sats back. It was all really smooth and they were really easy to work with. I just picked a terrible time to try it. I might do it again when I’m in a better spot financially (was just laid off). Sorry for the long-winded answer and I hope it helped a little bit. I’ve only put in a couple thousand hours into studying Bitcoin so far, so I don’t understand everything. Yet!
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Blackcell · 1w
What was the price of Bitcoin at the time you secured the line of credit?
Kip Ashlynn · 1w
Sometimes learning is expensive 🫂
jack mallers · 1w
Some more color on the Line of Credit product we're rolling out: Most Bitcoin-backed credit today is structured as a 12-month term loan. That product makes sense if you're financing something discre...
Larry Bird profile picture
I recently tried one of these loans with Ledn and immediately the BTC price dropped 20 percent. Needless to say, I had a bad experience. I just paid back the loan and got my Sats back. I think your plan sounds much better. I was incredibly stressed out
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Blackcell · 1w
I'm interested in how this worked in your experience. I'm still trying to understand how these lines of credit would emerge and be priced with payback interest.
Larry Bird profile picture
Lost my job two weeks ago. Figured the smartest thing to do was to start up my gambling problem again and lose $1400. Anyone else this this fucking retarded? #addiction
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Kip Ashlynn · 1w
Sorry to hear that. I had an ex once decide to go "double our rent" at Atlantic City. He lost almost $6k that weekend, which was over three times our rent at the time. So I guess what I'm saying is it could be worse 🤷‍♀️