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First off, I did read your message and I responded to a very specific portion of it, which in itself implies that I read your message. I really don't understan

First off, I did read your message and I responded to a very specific portion of it, which in itself implies that I read your message. I really don't understand the aggressive response that sounds like you're attacking me personally. Let me remind you of the guidelines here: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html Define "rich". Anyone can use AAVE, with any amount of tokens and without asking anyone for permission. If anything, AAVE is more accessible than anything else out there. Especially traditional banking which requires a bank account, something that can be difficult or impossible, to obtain on a global scale. Finally, one can absolutely use AAVE to take a loan for a house. Supply/lend Bitcoin and borrow USDC, take the USDC out as fiat through an offramp such as coinbase.

Ekaros 3y ago
So in friendly manner. Please tell me where does person get bitcoin to loan if they do not have it? As that is what is taking loan is. So take scenario I just started working. I have no money. Where do I get bitcoin worth a house, so I can lock it up and loan likely in future bitcoin against it so I can slowly pay it back? Just please explain how does the AAVE work in this specific scenario. I even give you 10% of house worth in bitcoin to start with.
- latchkey 3y ago
  > Please tell me where does person get bitcoin to loan if they do not have it? As that is what is taking loan is. You're mixing up your terms and that makes it very difficult to understand what you're saying... "to loan" != "taking loan". Try to think and speak in terms like: lending and borrowing. When you go to a bank, you use your credit score (and possibly your bank balance) as collateral to borrow funds. With AAVE, you lend what tokens you have and you can then borrow against what you've lent. The only difference is that with AAVE, you don't need a credit score or ask for permission from the bank. Anyone can do it globally 24/7. It is pretty clear from your previous comments in other threads, that you had no idea that this was even a thing because you stopped looking into it in 2017. Times have changed and things have progressed. > I have no money. Where do I get bitcoin worth a house You have no money, so you're not going to get a house, sorry. Your example doesn't work at all and I don't think it is going to be worth responding to.
  - Ekaros 3y ago
    Okay. We can agree that if future was bitcoin. No one would get to buy house if they were not already rich. As there would be no more traditional loaning. Only new fangled pawning.
    - latchkey 3y ago
      Bitcoin or not, rich or not, no one would get to buy a house without money. You obviously have a beef with crypto. It isn't for you. That's ok. My point is to clarify the things you are blindly getting wrong.
      - karmakurtisaani 3y ago
        I think the other commenter means that you could walk in a bank, put down 10% of the house value in cash and get the bank to pay the rest. This way you get a house as long as you can pay back what you owe to the bank. To me it seems from your explanation that with Bitcoin loans you can only basically turn a collateral amount into the same value in Bitcoin, but not leverage the collateral. Hence, it's only useful if you already have money.
        latchkey 3y ago
        > I think the other commenter means that you could walk in a bank, put down 10% of the house value in cash and get the bank to pay the rest. This way you get a house as long as you can pay back what you owe to the bank. Very much US centric and that's essentially because of Fanny/Freddy and credit reports. That's part of what helped fuel 2008. There are DeFi sites that enable leveraged borrowing, DeltaPrime [0] is one of them. They are just very small today as that is a relatively new technology. [0] https://deltaprime.io/ https://deltaprime.io/

Ekaros 3y ago

So in friendly manner. Please tell me where does person get bitcoin to loan if they do not have it? As that is what is taking loan is. So take scenario I just started working. I have no money. Where do I get bitcoin worth a house, so I can lock it up and loan likely in future bitcoin against it so I can slowly pay it back? Just please explain how does the AAVE work in this specific scenario. I even give you 10% of house worth in bitcoin to start with.

latchkey 3y ago
> Please tell me where does person get bitcoin to loan if they do not have it? As that is what is taking loan is. You're mixing up your terms and that makes it very difficult to understand what you're saying... "to loan" != "taking loan". Try to think and speak in terms like: lending and borrowing. When you go to a bank, you use your credit score (and possibly your bank balance) as collateral to borrow funds. With AAVE, you lend what tokens you have and you can then borrow against what you've lent. The only difference is that with AAVE, you don't need a credit score or ask for permission from the bank. Anyone can do it globally 24/7. It is pretty clear from your previous comments in other threads, that you had no idea that this was even a thing because you stopped looking into it in 2017. Times have changed and things have progressed. > I have no money. Where do I get bitcoin worth a house You have no money, so you're not going to get a house, sorry. Your example doesn't work at all and I don't think it is going to be worth responding to.
- Ekaros 3y ago
  Okay. We can agree that if future was bitcoin. No one would get to buy house if they were not already rich. As there would be no more traditional loaning. Only new fangled pawning.
  - latchkey 3y ago
    Bitcoin or not, rich or not, no one would get to buy a house without money. You obviously have a beef with crypto. It isn't for you. That's ok. My point is to clarify the things you are blindly getting wrong.
    - karmakurtisaani 3y ago
      I think the other commenter means that you could walk in a bank, put down 10% of the house value in cash and get the bank to pay the rest. This way you get a house as long as you can pay back what you owe to the bank. To me it seems from your explanation that with Bitcoin loans you can only basically turn a collateral amount into the same value in Bitcoin, but not leverage the collateral. Hence, it's only useful if you already have money.
      - latchkey 3y ago
        > I think the other commenter means that you could walk in a bank, put down 10% of the house value in cash and get the bank to pay the rest. This way you get a house as long as you can pay back what you owe to the bank. Very much US centric and that's essentially because of Fanny/Freddy and credit reports. That's part of what helped fuel 2008. There are DeFi sites that enable leveraged borrowing, DeltaPrime [0] is one of them. They are just very small today as that is a relatively new technology. [0] https://deltaprime.io/ https://deltaprime.io/