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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 ho
by 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/