RE: Would You Ever Pimp Out Your Bitcoin To Get A Fiat Loan?
I don't see the use in that site if you're giving money for the same amount of money. If you have to pay them back later, it's like selling 10k in BTC for 10k USD, then buying back your BTC in installments, but you don't see any BTC meanwhile, until they give it back to you in bulk once you've finished paying?
That 's what I understood from your post. I'll take a look at the site.
Ok, I found this tutorial:
You can see that they insert that they want 250k USD, they put in 500k worth of BTC, and then they have to pay 2500/mo for how long? It says that the loan lasts a year, you'd expect that you'd pay 1/12 of 250k for that year, (20.8k/mo), so it means that you're paying over a longer time? When do they give you back your money?
And first of all, why would you give out 500k in BTC for 250k USD? I don't even see what the purpose is except getting quick cash for double your values.
Yep I think the purpose is just getting cash because you might need it if it's all tied up into crypto.
It's fun to see how many people are skeptical of sites like this and stuff. Thanks for posting the tutorial, that's kind of interesting. I hadn't seen that, but I do remember asking a customer support person some questions a while back just out of curiosity