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Tell me you’ve never taken out a margin loan without telling me you’ve never taken out a margin loan. There is no paperwork. I can withdraw enough cash from my
by joneholland 4y ago
Tell me you’ve never taken out a margin loan without telling me you’ve never taken out a margin loan.
There is no paperwork. I can withdraw enough cash from my brokerage to buy a house through my phone and in only the time for an ach to post. Entirely collateralized by my assets. I regularly float 250k intraday for free through margin to support trading.
You don’t need defi for this. The defi kids are reinventing traditional finance poorly one step at a time.
- latchkey 4y agoRecently, as a long time customer, I got in on the Backblaze IPO. I had to open up a Fidelity account. In order to do so, I had to drive into a local office and fill out stacks of paperwork while a twenty-something kid watched me. There was no option to even gasp, fax it in. It sounds like you setup your brokerage account a long time ago and forgot about the paperwork. You see it as a bad thing, but I'm fine with "defi kids" re-inventing trad fi. Just like Uber did to the taxi industry... despite Uber being a shit company. The fact that I can already take out a loan against my bitcoin for a fraction of a cent in the span of a single transaction (seconds), without calling anyone, seems like it isn't so poorly done after all. That seems like some real progress.
- landemva 4y agoThat works for those living somewhere with good rule of law. I live in USA, so a letter crafted by IRS or child support enforcement to a financial institution is all that is needed to wrongly steal my funds. After my funds are stolen, it is difficult to fight back. Lack of rule of law.