Re: [Open] 6.4 BTC loan, collateral/escrow, monthly interest, ~5 months.
If a lender needs to wait a long time to sell your collateral when you default then it probably wouldn't be very good collateral. According to the sticky about the need to use collateral:
Also the amount you are trying to borrow is only enough to cover the principle, not the interest. How is a lender suppose to get his interest that is due him when you default?
What is considered collateral?
Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.
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If your NOBL cannot easily be resold (eg it takes a long time to sell it) then it is probably not valid collateral. Collateral is something that can easily be resold to cover the loan value plus interest should the loaner default on the loan.
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Also the amount you are trying to borrow is only enough to cover the principle, not the interest. How is a lender suppose to get his interest that is due him when you default?
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In general the amount lenders will be looking for is collateral equal to 110%-120% of the amount you are being loaned. Why is this? Well, first, they want to discourage you from running off with the funds. Collateral also needs to be something that can easily be sold,
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In general the amount lenders will be looking for is collateral equal to 110%-120% of the amount you are being loaned. Why is this? Well, first, they want to discourage you from running off with the funds. Collateral also needs to be something that can easily be sold,
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Happy to see that you want to be spoon fed every aspect of the deal. Let's me demand that you pay out double the btc for this loan, just for you, accounting for the highly likely drop to sub 100 this coming few months
How are you going to make up for your obvious profiteering attitude when the largest, 'steadiest' crypto market that I am loaning and collateralizing for has steadily fallen despite every support to the contrary?
Weighing the objective sum of the facts, I would much rather you and you alone are obligated to pay out double if you ever hope to gather any interest on loans you make
What a bitch this one hahaha