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A comment on Ask HN: How aware are you about building decentralised software on blockchain?. Parent comment

Re:Ask HN: How aware are you about building decentralised so... by gremlinsinc on Tuesday July 06, 2021 @05:40PM (#27754695)
Can you explain DeFi loans? I used a calculator, and to take out $500 worth in one coin, it costs $900usd in bitcoin collateral, I mean if I had $900 in bitcoin, why would I need $500 and not just use the bitcoin?
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Re:Ask HN: How aware are you about building decentralised so... by sprafa on Tuesday July 06, 2021 @08:08PM (#27755923)
I honestly find the thing pretty confusing myself.

However the fact that it’s confusing doesn’t mean it doesn’t work. Cuban has rightfully said UX in the space is beyond awful - some of it is virtually unusable without deep instruction.

My assumption there would be that you lock that bitcoin away. And you get 150% of the value of the BTC in another coin - DAI or whatever.

So you might have had 1000 usd in BTC but by the end you have 1500usd in DAI ? Dunno

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