Re:The endless search for a crypto use case
by TheBlight on Tuesday August 02, 2022 @12:59PM
(#32321290)
Calling it a scheme seems a bit rough. It's a market mostly unencumbered by regulation (not true of on/offramps), online 24x7 and not directly controlled by governments -- an entirely new asset class with unique properties. It allows for new business/cause funding models. Anyone can participate regardless of "credit rating" or ideology and no one needs a custodian.
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Re:The endless search for a crypto use case
by cuteboy19 on Tuesday August 02, 2022 @01:15PM
(#32321531)
The reason you don't need a credit rating is because you need collateral.
Want a $5000 loan from crypto? Better have at least $20000 in crypto assets.
How anyone is expected to get credit funding from this strange system is unclear.
Also the no custodian part is especially strange considering that most people who have crypto keep it on some exchangebank
Re:The endless search for a crypto use case
by notahacker on Tuesday August 02, 2022 @03:56PM
(#32323514)
> Want a $5000 loan from crypto? Better have at least $20000 in crypto assets.
Yup. That's potentially useful for speculators to earn expected gains from one cryptocurrency whilst also trading with another one.
But it's utterly useless for the common cases to borrow money (i.e. you don't have enough of it to buy what you need to buy)
Re:The endless search for a crypto use case
by Ekaros on Tuesday August 02, 2022 @01:41PM
(#32321913)
The whole crypto lending to me seems like having a cake and eating it too. Which surprisingly kinda works for a while. Have crypto and let it appreciate, but at the same time use it to gamble for even more appreciation...