loans on bitcoin inherently have risk but they can also be incredibly useful
for those that want one, i am confident strike will provide the best and most responsible experience
- secure custody
- dollars instantly in your bank account
- easy and clear ux
- competitive rates
their in-app flow is very clear about risk and liquidation levels, with a high reserve requirement, to reduce loan loss
skepticism is healthy but their product is new and will become better quickly, feedback is helpful
soon:
- roll overs
- lower rates
- proof of reserves
disclosure: ten31 is strike's lead investor and jack is a brother
Many bitcoiners want this option to exist, banking on bitcoin is inevitable anyhow.
ODELL
loans on bitcoin inherently have risk but they can also be incredibly useful
for those that want one, i am confident strike will provide the best and most responsible experience
- secure custody
- dollars instantly in your bank account
- easy and clear ux
- competitive rates
their in-app flow is very clear about risk and liquidation levels, with a high reserve requirement, to reduce loan loss
skepticism is healthy but their product is new and will become better quickly, feedback is helpful
soon:
- roll overs
- lower rates
- proof of reserves
disclosure: ten31 is strike's lead investor and jack is a brother
Still going to be weary and overly cautious regardless of the glowing references and credentials a company has especially with all the fuckery from over the last few years.
FYI these VCs dressed in pleb clothing are funded by Zionist Wall Street bankers. These guys are slowly turning into marketers for the ZOG and the very thing the pretend to fight against. Dont let them get your bitcoin. Be wary of wolves and sharks podcasters.
You can take loans with bitcoin on Solana. Make zBTC 1:1 by depositing BTC on btc.Apollodex.io. Then swap zBTC for cbBTC (which is coin base’s wrapped BTC); deposit cbBTC on Kamino as collateral, and borrow with good marginal some USDC which you can send to Kraken and swap for FIAT.
Rates seem high to me for overcollateralized USD loans. Similar products are in the mid single digits. I'd like to see a breakdown of the fee calculation. It seems to be high markup or lots of middlemen taking a cut.
over collateralized bitcoin loans should have the lowest rates but it will take some time
strike is committed to delivering the lowest rates possible
there are no fees, neither origination or prepayment, so users can take advantage of lower rates as they are reduced
Yeah, but the fact that they aren't makes me wonder who is getting higher than market rates. Either strike is taking a high margin or the sources of capital are asking for too much. I just want transparency to which it is.
What would you say if I told you that I had a woman that wanted to meet with you?
Would you swap her for her cousin, then wrap her up, then take her to her to her hair dresser then deposit $5.00 as collateral then borrow $3.00 to send her on a bus…. You are funny HANS! Stop it
#bitcoin
#bitcoinersbeware
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend, and borrowing dulls the edge of husbandry. This above all: to thine own self be true, and it must follow, as the night the day, thou canst not then be false to any man.” — Shakespeare, Hamlet
Think VERY deeply before you take out a loan, attempt to leverage, or put any of your #bitcoin at risk.
- Stay humble.
- Stack Sats.
Disclosure: I love Matt and Jack.
View quoted note →
We have reached the point again where people give their (digital) gold to someone in order to receive paper notes in return. History always repeats itself.
Logical approach. Truth is for anything that matters (food, energy, shelter, services) people accept fiat. Thus you need dollars end of story. This is another way to get the dollars you need to enjoy life with your loved ones . Bitcoin is just a tool to help us achieve that
I’d wager there’s not many people operating on a bitcoin standard like you. My guess is the vast majority of plebs like me earn enough dollars to fund their lifestyle and save the excess in bitcoin. My point is that Strike profits mostly off unwitting Bitcoiners. It’s a life or death marshmallow test for those who haven’t put in their 1,000+ hours of study
All BTC loans at the current time are GARBAGE no reason for such interest rates on an over collateralized loan. Only when banks get involved (soon) will companies like RIver, Strike, etc. will treat these loans the way they should be treated.
we had trouble negotiating rates down with lenders pre launch, now that the product is out and loan book is growing it is becoming easier
expect rates to drop significantly in the next month and then we will keep pushing them down after that
there is no origination or prepayment fee, so anyone who has an existing loan can take advantage of lower rates as they drop
Ok! But now you have to give your ₿ to someone who lends you dollars at fairly high interest. Anyway yes I understood. By going all-in you defended your purchasing power. But I still can't understand. What do you need dollars now?
my family holds our savings in bitcoin
since leaving my fiat job and going full time bitcoin we have been cash flow poor
whenever possible we spend bitcoin directly
we still have to pay our mortgage and other dollar expenses, when expenses are greater than cash flow we sell coin
now that strike loans exist we have another option
First published nearly 4 years ago, this is a great episode from the Archives, featuring Samourai Wallet. Topics are even more relevant today!
#FreeSamourai
Citadel Dispatch: CD30: bitcoin privacy and the danger of KYC with @samouraiwallet and @openoms
EPISODE: 0.3.0
BLOCK: 690746
PRICE: 3047 sats per dollar
TOPICS: bitcoin privacy, danger of KYC, whirlpool, joinmarket, wasabi, paynyms, lightning, custodial exchanges, fee market, medium of exchange vs store of value
Media file:
ok ok
I was lying about Bitcoin adoption creating deflationary conditions that disincentivizing spending.
all you need is fiat L2s so people can *keep their Bitcoin
AND still spend!
*poof*
no more deflation!
ODELL
loans on bitcoin inherently have risk but they can also be incredibly useful
for those that want one, i am confident strike will provide the best and most responsible experience
- secure custody
- dollars instantly in your bank account
- easy and clear ux
- competitive rates
their in-app flow is very clear about risk and liquidation levels, with a high reserve requirement, to reduce loan loss
skepticism is healthy but their product is new and will become better quickly, feedback is helpful
soon:
- roll overs
- lower rates
- proof of reserves
disclosure: ten31 is strike's lead investor and jack is a brother
@jack mallers claims that the collateral will not be rehypothecated. At the same time, he says that he doesn't have the pool of dollars to loan out. That's hypocrisy. By demanding 2 times the loaned amount as Bitcoin collateral and not having a capped pool of dollars to loan out is criminal, and I would not pledge my Bitcoin to such an entity. I would rather sell it and buy what I need to improve the quality of my life.
The hate on this blows my mind. First, to be 100% clear, everyone should do as they see fit with their bitcoin/fiat/seashells/etc.
Borrowing against an appreciating asset makes sense. No selling (ie: losing future appreciation on) said asset, and no capital gains. This is why the rich have done this for a very long time
Do the initial rates suck? Yes. This will change, and quickly I believe.
On what fucking planet is putting up $140k in bitcoin to secure 70K cuckbucks at 12% APR and margin calls and liquidations at 70% and 80% LTV, is that “incredible useful” ? A regular fiat loan has way lower apr with zero risk of margin call or liquidation of your bitcoin. Seems like a good deal for Strike.
rates will be reduced soon, needed to launch first in order to better negotiate with lenders, since there is no origination or prepayment fees, users can take advantage of lower rates as they are offered
app makes liquidation level very clear, users can add collateral at will to lower it
if you dont find loans a useful feature thats fine, but many users do
Whatever u ppl are fiat 0.2 and it's getting and looking quite pathetic th way u've got sucked in and assimilated into fiat to provide minor correctives.
I agree that free market should decide but I still think it’s a terrible product like I said previously a regular Fiat loan has better terms than this with zero chance of liquidation
Loans are fine but why not @npub1yul8...ncdu in$tead 😉?
Those centralized apps/banks are just troyan horses. We should only/always support p2p if don’t wanna get fucked
nevent1qqsq9523uftwwmm6nssjqe8eu7j2d29hm8ppn0s9q84h0yhalam0dcgpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgerat8h
loans on bitcoin inherently have risk but they can also be incredibly useful
for those that want one, i am confident strike will provide the best and most responsible experience
- secure custody
- dollars instantly in your bank account
- easy and clear ux
- competitive rates
their in-app flow is very clear about risk and liquidation levels, with a high reserve requirement, to reduce loan loss
skepticism is healthy but their product is new and will become better quickly, feedback is helpful
soon:
- roll overs
- lower rates
- proof of reserves
disclosure: ten31 is strike's lead investor and jack is a brother
Umm... Not really. As someone who recently worked for a fiat lender, our unsecured loans were at 15%, and that is on the low side, because it was a credit union.
Certain collateralized loans had lower rates, but currently only as low as 5.5%-6% for the most qualified borrowers, but you have to remember that the type of collateral most institutions are lending on isn't nearly as volatile as Bitcoin.
There is also the issue that Strike doesn't have permission to print money. They have to incentivize lenders to put up 100% of the amount financed, while most traditional institutions only keep reserves of maybe 10% and they get to create the rest of the money out of thin air. Strike, on the other hand, has to offer their lenders an interest rate that is attractive enough to outweigh the opportunity cost of putting the money somewhere else, because they don't get to fund new money into existence like a bank can.
There is no math or situation in the world that could make me think giving up keys to 2 bitcoin for 1 bitcoin worth of fiat is a good deal at 12% Apr with high chance of margin call and liquidation because of volatility. Sorry I think it’s a turd.
I tend to agree, and that's why I have never taken a loan on my Bitcoin. Just explaining why the loans are structured the way they are compared to traditional collateralized loans.
The standard 50% LTV is a 2x leveraged trade. It also creates credit (money out of nothing), inflating the money supply. This is not sound money.
Is this a necessary phase we have to pass through as fiat becomes worthless and the more we hasten it the better? Or is this a new paradigm where fiat loans are here to stay?
And do we also agree that moralising is easy so long as you don’t have your finger on the money printing button 😂
It took me an hour to finance my new apartement without selling bitcoin. In a couple of years I’ll maybe pay back the loan, but with a very much smaller part of my bitcoin stack. I take that as a win.
Solana DeFi is incredibly useful for bitcoiners who want to keep their bitcoin and use it too.
