Cryptocurrency

[Whorty]

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...

To be fair to AtW, it does feel like a ponzi scheme. It may evolve and develop, but for the moment it is a smidge dodgy. I'm learning on this thread though - it's very interesting.

[Whorty]

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.

Call me naive, but isn't this concept ripe for money laundering? The banks etc do checks to root out the dodgy, and this process seems to hand back to crims on a plate. Great for you, so yes, fill ya boots, but whilst you're making money just have half a mind to who else is profiting from this and what their 'other businesses' are.

[AtW]

whilst you're making money

He isn't not making any money!

He's bought into crypto-fugazi and now stuck with it, poor bastard can barely afford medical bills now

[Whorty]

He isn't not making any money!

He's bought into crypto-fugazi and now stuck with it, poor bastard can barely afford medical bills now

He claims he's making 'interest', so I'll go with that for now ...... although how much he's making on a £5k loan of a few months is anyone's guess

[AtW]

He claims he's making 'interest', so I'll go with that for now ...... although how much he's making on a £5k loan of a few months is anyone's guess

Amazing shadowy bank that pays you to take out loans

His "interest" on crypto-fugazi was almost certainly paid in crypto-fugazies.

He's got no money because he had to borrow 5 grand for a HEALTH OPERATION.

I mean what's any other higher priority spending in life?

[Jog On]

Thought that would trigger you. You ignored the part where I said "I'd been benched for best part of a year" So yes my warchest had pretty much run out. I had the option to cash out some crypto but ended up not having to

[Jog On]

He claims he's making 'interest', so I'll go with that for now ...... although how much he's making on a £5k loan of a few months is anyone's guess

The interest was on a £5k loan + £10k of collateral, the interest earned on the 10k was > interest I had to pay on the 5k borrowed. And I earned farm tokens on both the collateral and the loan. It wasn't a huge money spinner but the point is I ended up profiting on the whole thing.

[Jog On]

Call me naive, but isn't this concept ripe for money laundering? The banks etc do checks to root out the dodgy, and this process seems to hand back to crims on a plate. Great for you, so yes, fill ya boots, but whilst you're making money just have half a mind to who else is profiting from this and what their 'other businesses' are.

Only in as far as the anonymity you can get with an Ethereum wallet address. Blockchain is far better for tracking who is moving funds where and addresses can be traced back to exchanges where KYC has been done. I'll be paying zero of a mind to who else is profiting from this, do you pay any mind to who else uses your bank?

[AtW]

Thought that would trigger you. You ignored the part where I said "I'd been benched for best part of a year" So yes my warchest had pretty much run out. I had the option to cash out some crypto but ended up not having to

So you have chosen to spend all the real money and ended up having just crypto-fugazies?

[Jog On]

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.

Just about everything you say in this thread and on this subject is wrong. Which, given your complete and utter obsession with it is quite something.

Go back and read what I said without filtering out the parts about:

Being benched for almost a year (end of warchest)
Having the option to cash out come crypto to pay for the op (and almost doing it)
Instead of cashing out crypto (the bull run was just getting going) I staked some of it as collateral and borrowed against it on a defi protocol

Why would I get a bank loan instead? Also please can you quote where I said I didn't have that option?

I'm glad I didn't cash out crypto to pay for the op, even in the current correction/dip/bear market it's still up considerably from when I needed that money for the op...