Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow lend my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?
If you will sustain the Collateral way of lending then you will not risk high in this community , The problem with this Business is if you already Give your trust specially to those Green trusted account and in the end will Scam you letting their account tagged and your money is gone.
this is the main problem about Lending business and you can check the lending section and also the reputation section about those cases of failed lending .
Green trusted account or even those members that belong to the DT member isn't enough to trust, there are some cases like this that I saw did not pay their loan. So I guess if you are into this business it should require the right collateral that has a bigger value over you are browsing amount.
There is no risk if there is collateral that will I guess used. The user will pay and if not, it is easy to sell the collateral to cover your lose fund from the lender.
But if you are going to ask me, I will not lend using cryptocurrency because that is a very risky, lucky enough if you lend bitcoin during the bull season and becomes dump, but if from the bearish season and then when you will pay your debt is on the bull season, the value will double and it will I guess you are paying the double amount.
Absolutely thats why eventhough how many trust ratings have still we need to ask something benefecial(collateral) if we want to get paid by them and the rule should be set especially on money matters is trust no one since everything has downside and might we will be the last point of those people who are quiting want to grab some money on their departure. We mant times see this here and its a good lesson to learn from the others who are victim with those green trusted member scammers.