SALT: Blockchain- Backed Loans - Keep You Crypto and Spend It Too

in #steemhunt6 years ago

SALT: Blockchain- Backed Loans

Keep You Crypto and Spend It Too


Screenshots

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Hunter's comment

The banks used to help businesses and individuals grow through lending money for their needs. But in the current Escher Economy (A term I picked up from Doug Casey) we have capital restrictions, account closures, FATCA and for the first time in the history of mankind..... Negative interest rates. Also let's not forget that banks are not happy and helpful when it comes to dealing with cryptos.

The Biggest Pet Peeve

Let's say you are a crypto rich person who happen to be fiat poor. Let's say you have to spend some money on something and you've put your life's savings into crypto (like me). What are your options?

  • Live in misery.
  • Sell your crypto for fiat.


But with SALT lending you can use your crypto as a collateral and get yourself some fiat. This is a free market of sensible individuals engaging in self-interested voluntary financial activities. That is a cool way to say that you are going to have to pay some interest.

Is This Working? Do People Use SALT Lending? Can I Trust Them?

The concept sells itself. It is sustainable and it solves a real problem. People have used SALT to get millions of USD worth loans. this is from their official Twitter page taken on march 3rd

Currently the value of serviced loans are at 40+ million USD. They also insure the assets you use as the collateral. The following quote is from their official website:

"*Insurance policy covers or subsidizes against loss of collateral through possible cyber crimes, including hacks, thefts, or errors. Any incident will require thorough investigation before policy can be triggered. SALT takes your privacy seriously. Please see our Privacy Policy for more details."

Whether you Can Trust Or Not Is Your Decision. I'm Here To Give You All The Information To Make Intelligent Decisions.

Fiat currencies maintain their value because people are using these currencies. Banks have power over people's finances is because people use and depend on the banks. If you want to take power away from the the big brother, you need to use and promote projects that give us more and more freedom.

SALT Lending gives a great use case and if you time the markets properly you can have your cake and eat it too.

Cons:

Limited number of accepted coins. Only more stable and popular cryptocurrencies like BTC, ETH, XRP are accepted. You are not very likely to see MASSIVE speculative gains by HODLing these already huge marketcap coins.


Link

https://www.saltlending.com


Contributors

Hunter: @vimukthi



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Hmmmm, interesting. I sold some crypto last year and had to pay capital gains on it. Maybe this would be a better alternative.

If you could keep at least a portion of your crypto purchases off the grid, you can save yourself some taxes too. But unfortunately it is pretty tough to get into crypto from fiat without a trace. Catching some airdrops and referral bonuses is a great way but it it hard to do without draining a lot of energy.

Great hunt. Loved it and thanks for sharing.

Hi! This is jlk.news intelligent bot. I just upvoted your post based on my criteria for quality. Keep on writing nice posts on Steemit and follow me @jlkreiss to get premium world news updates round the clock! 🦄🦄🦄

Pros: It's the safer way to invest in Cryptocurrencies or blockchain.
Cons: I don't like to use loan.

SALT Lending gives a great use case and if you time the markets properly you can have your cake and eat it too.

Smells Iike derivatives are around the corner... That's a pro for some people and con for others

Pros:
They insure the collateral
Requirement of buying membership on platform should be a pro

Cons:
As this usage increases by the mainstream, will def attract eager regulators

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