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The reason you don't need a credit rating is because you need collateral. Want a $5000 loan from crypto? Better have at least $20000 in crypto assets. How any
by cuteboy19 4y ago
The reason you don't need a credit rating is because you need collateral.
Want a $5000 loan from crypto? Better have at least $20000 in crypto assets.
How anyone is expected to get credit funding from this strange system is unclear.
Also the no custodian part is especially strange considering that most people who have crypto keep it on some exchangebank
- Ekaros 4y agoThe whole crypto lending to me seems like having a cake and eating it too. Which surprisingly kinda works for a while. Have crypto and let it appreciate, but at the same time use it to gamble for even more appreciation...
- notahacker 4y ago> Want a $5000 loan from crypto? Better have at least $20000 in crypto assets. Yup. That's potentially useful for speculators to earn expected gains from one cryptocurrency whilst also trading with another one. But it's utterly useless for the common cases to borrow money (i.e. you don't have enough of it to buy what you need to buy)