‼️ #Bitcoin backed loans: how forced liquidations are wiping people out.
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Nice PSA
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Play stupid games, win stupid prizes.
Don't underestimate how brutal the economy can be. You can lose your job through no fault of your own. Bitcoin could go to $10k tomorrow. You're not Michael Saylor. Stay humble, stack sats.
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Truth
I mean yeah but this is on the people who took loans out they didn't understand, not a company offering a valuable service. People need to take responsibility for their own stupid decisions
Just checked to see what mallers posting today. Apparently Strike was down due to a ddos today 👀 Not sure how long it lasted, but that's bad timing if your collateral is on fire 😮💨
What a coincidence lol
Great post. If you are going to borrow against bitcoin. The collateral needs to be extremely low. Which means handing over a large amount of bitcoin to a central counterparty.