STEEMPOWER AS COLLATERAL
So I just got to know yesterday that @yensesa, https://yensesa.com (the exchange I use) offers a loan option and one can use their steem-power or whaleshares as collateral. Sounds great yeah? Well there are conditions. One of which is that you must have 120% of the coin you want to borrow and also, this is the part that is a bit tricky for me, you have to give them your owner's key to your steem or whaleshares account if your proposal/request is accepted.
Well, I have been using yensesa for a while now and I have not had issues with them. Yes, I know it seems like a dangerous thing to do but I might try it. In other to do so I will need to have about 1200sp of my own (so we will be powering up now) But I think I would use my whaleshares account to try this out. I have about 800whaleshares, 300 more to qualify me for a loan. So if it works out I will take the risk with my steem-power.
Well, the loan will help me in purchasing this compact camera I saw on Konga suitable for beginners:
The loan will not cover for the cost of the camera but I can get the rest from another source.
I'm trying to learn all I can about cameras and watch some reviews and tutorials on YouTube.
The good thing about this loan thingie is that I still get to use my account to earn whilst paying back. I Still need to ask more questions though. I left @yensesa discord channel some months back because I was tired of the African community there and whaleshares. I have been finding it hard to rejoin. So I am going to try to share this article on whaleshares and see if I can get any of the representatives who will help me out.
Or...
Maybe I should just work harder and earn more steem.
steeming is not a job Nonso
Okay.🙄
So what do you guys think? Do you know anyone who has tried this? What was their experience like?
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Heard of the saying: if it's too good to be true, than it probably is not true?
Never give your owner key!
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Interesting concept that could be a good way for short term funding. I think you can eventually change the owner key so it could work. Look forward to hearing about your experience.
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