Cryptocurrency

[Jog On]

To be fair, we also have a few low-rent cryptocretins. The cult of scootie.

I'm fine with people criticizing the tech/concept if they understand it, that's where a decent discussion/debate can happen.

This whole space is evolving and developing very quickly. I'll just keep yield farming regardless of which way the market goes.

[Jog On]

Sorry, I'm in engineering - I've seen articles about people who have millions of $ worth of bitcoin "stuck" on hard drives on council tips etc so thought that was how it worked - apologies!

Aah - those will be their private keys that they forgot about years ago which is the only way they can access wallets with life changing amounts of BTC on them.

[Jog On]

Here is an example of a major defi project where you can deposit USD pegged stablecoins to earn interest, then you can use your deposited coins as collateral to borrow against and get paid interest for borrowing as well. You pay interest on the amount you borrow but you also get paid in the project's own coin for borrowing which is often > the amount of interest you're paying. Also the collateral must be more than what you borrow so your interest arbitrage is positive AND you're 'farming' the project's tokens on both your deposit and borrow balances.

To take it even further you can then take what you borrowed and stake it in another project and earn interest on that, often way more than you're being charged to borrow.

You can do this all with USD stablecoins only and cash out 100% of the tokens you farm in the various projects- or convert them into more USD stablecoins and up your collateral and borrow (and stake) more.

I hope this concept doesn't upset too many people...

[AtW]

Here is an example of a major defi project where you can deposit USD pegged stablecoins to earn interest, then you can use your deposited coins as collateral to borrow against and get paid interest for borrowing as well.

Looks like an example of an illegal banking operation

[d000hg]

Looks like an example of an illegal banking operation

You know that you don't have to participate in this thread, right? Since you have no interest in it, maybe we could do without 2/3 of the posts coming from you saying the same thing over and over?

[AtW]

You know that you don't have to participate in this thread, right? Since you have no interest in it, maybe we could do without 2/3 of the posts coming from you saying the same thing over and over?

I have very personal interest in shutting down this tulip - enterprise high capacity disks we buy gone up in price because of fooks from Chia.

If you like posts that only praise this fraud then you should go to specialised tulipcoin forums where they say only nice things about it.

[d000hg]

I have very personal interest in shutting down this tulip - enterprise high capacity disks we buy gone up in price because of fooks from Chia.

If you like posts that only praise this fraud then you should go to specialised tulipcoin forums where they say only nice things about it.

Not at all, negative commentary is very interesting, but just posting "it's a ponzi scheme" 10-20 times a day is not. Just as positive commentary is not interesting if it lacks analysis and content.

Make a different point each time you post...

[Jog On]

Looks like an example of an illegal banking operation

Defi has been a around for a while and it's definitely on the radar for regulation. You can bet banks don't like it one little bit.

Earlier this year I needed an operation and due to lockdown they weren't even doing them (hernia - low priority) on the NHS and when they started up the wait time would be very long. So to go private I thought I was going to sell some of my crypto to pay for it as I'd been benched for best part of a year. Luckily I was learning about the 2021 crypto landscape and researching projects to get into and all about defi.

So I found a site like the above and instead of selling a chunk of BTC/ETH to raise the £4.4k I needed I staked enough crypto as collateral and took out a defi loan to pay for the op. No banks, no forms, no credit score, no ID, no repayment schedule (the amount you owe just ticks up in real time as per the APR% adding to the balance due), no early repayment fees (I've paid it off now). All done in code in a smart contract.

If you have the assets to borrow against you can take out as much as you want within the protocol's collateral/loan parameter (about 50-60%)

Hernia fixed, no crypto cashed out, loan now paid off and I even came out ahead after collateral interest being > loan interest and the project's tokens which I farmed as well.

Obviously this isn't sustainable long term but it's early days fill yer boots time right now.

[AtW]

Defi has been a around for a while and it's definitely on the radar for regulation. You can bet banks don't like it one little bit.

Earlier this year I needed an operation and due to lockdown they weren't even doing them (hernia - low priority) on the NHS and when they started up the wait time would be very long. So to go private I thought I was going to sell some of my crypto to pay for it as I'd been benched for best part of a year. Luckily I was learning about the 2021 crypto landscape and researching projects to get into and all about defi.

So I found a site like the above and instead of selling a chunk of BTC/ETH to raise the £4.4k I needed I staked enough crypto as collateral and took out a defi loan to pay for the op. No banks, no forms, no credit score, no ID, no repayment schedule (the amount you owe just ticks up in real time as per the APR% adding to the balance due), no early repayment fees (I've paid it off now). All done in code in a smart contract.

If you have the assets to borrow against you can take out as much as you want within the protocol's collateral/loan parameter (about 50-60%)

Hernia fixed, no crypto cashed out, loan now paid off and I even came out ahead after collateral interest being > loan interest and the project's tokens which I farmed as well.

Obviously this isn't sustainable long term but it's early days fill yer boots time right now.

Ok, so, correct me if I get anything wrong here: Jog On, an esteemed CUK Forum (for highly paid IT 'cream of the crop') member from Aug 2005, known for his market trading (self-proclaimed Dirty spekulant) and very early adopter of so-called cryptocurrencies - basically a cryptomillionaire given early entrance into this "market".

And now it turns out you did not have spare, ready to use 5 grand for YOUR OWN HEALTH.

Really?

Are you fooking kidding me?

You can't even get a fooking low interest loan in a bank.

And as a "highly paid IT 'cream of the crop'" personality you should not even need a loan for that.

This is so symptomatic for Internet scams - people like Jog On (and Pooter) supposedly doing incredibly well, but then it turns out he lacks 5 grand to pay for own health op.

[AtW]

P.S. Obviously that explains why likes of Jog On bust their arse for the "crypto" market because all the little that they have is fully "invested" (sunk) in there, probably "under water" and they know perfectly well that ponzi schemes like that require new mugs to come in with real money so tha the can get his own pay off.

Quelle surprise!