Re: Crypto Mortgages Let Homebuyers Keep Bitcoin, Put Down Nothing
I am quite curious, wouldn't this be just like holding bitcoin or any crypto currency? Apologies for not being able to see but can anyone mention how this is better than holding or trading on an exchange? Because if it really has better benefits than holding or trading on leverage on exchanges, I would really love to try out this new thing.
It has no other benefits than holding.
Look at them as locked coins that will be sold if they go below the locked price - % unless you are able to get more collateral and other than that nothing. They are just a replacement for your credit score or for your proof of income.
If someone would have mortgaged a loan before the drop and if they had to pay back in bitcoin for monthly interest then it would have been costly affair for sure. Man just check the current drop. They had to repay more satoshi’s since to pay x amount monthly they had to cover up that x plus the devalued costing.
Now raise it up a level and imagine your loan was in Luna and the bank was liquidating your collateral in UST, not USD.
2008 would be a storm in a teacup compared to what would have happened in this case.