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.
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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.