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/biz/ - Business & Finance

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17600989 No.17600989 [Reply] [Original]

This is fucking huge for Makerdao. Everyone is going to lock their bitcoin as collateral so they can mint dai and buy more btc.


https://www.youtube.com/watch?v=7nqTpNt4BD0

>> No.17601341

white men have no souls

>> No.17601372

>>17600989
how is this thread not constantly being bumped. /biz/ are you retarded?

People will be able to post bitcoin as collateral. So you lock 1 bitcoin in a vault and get the equivalent of .5 bitcoin in dai. You can keep doing this until you double your stack of bitcoin.

Everyone is going to do this.

>> No.17601420

>>17601372
Board is quickly dying.

>> No.17601428
File: 88 KB, 720x540, 1537495895083.jpg [View same] [iqdb] [saucenao] [google]
17601428

>>17600989
>not using coinbase's already available vault

>> No.17601437

>>17601420
>>17601372
The only ones left are link tards they ruined the board

>> No.17601445

>>17601420
Unless Chico Crypto makes a video about it I don't care. In Tyler we trust.

>> No.17601469
File: 724 KB, 588x804, 1aa30d8c7b4a4e6d484ac5fff7ea39d1f8da424449ad95bf5432dc11178874ad.png [View same] [iqdb] [saucenao] [google]
17601469

>>17600989
xD dzemdobry xD

>> No.17601486

>>17601372
I'm sure they can get their 12 unnamed centrally chosen friends to serve that price feed. Can't see any problems there.

>> No.17601509

>>17601486
you realize chainlink is the exact same, right? you can't can become a data provider unless you are approved by the team, lol.

mkr's oracle is just as public as link's.

>> No.17601524

is this steaking ¿

>> No.17601529

>>17601372
No retard. That's equivalent to margin longing. No fucking point

>> No.17601545

>>17601372
>until you double your stack of bitcoin.
Ever took a math class?

>> No.17601590
File: 160 KB, 391x500, 1583277098688.jpg [View same] [iqdb] [saucenao] [google]
17601590

>>17601486
I'm sure they'll bend the knee after their first oracle manipulation attack

>> No.17601600

Can already do this with XAR Network

>> No.17601612

>>17601509
>mkr's oracle is just as public as link's.
Name even one single person or entity who is running a maker oracle node. Not only are link's more public and accountable, but there are more of them.

>> No.17601614

>>17601545
kek

>> No.17601631

>>17600989
boomercoin gets MKR support, wow. so amazing. phhfffbt.

imagine when UND gets there, and call me then.

>> No.17601666

>>17601612
.....what? they are both public on the blockchain. GNOSIS made the oracle. are you fucking retarded?

>> No.17601708

>>17601372
Half the board is banned rn from airdrops kek

>> No.17601942

>>17601666
Maker's are completely anonymous you fucking retard they might all be the same guy for all you know. Please do your homework before spouting off again.

>> No.17602064

Fuck I was really hoping you would retain your Bitcoin private keys somehow.

Guess i'll just stick to FRM for DEFI

>> No.17602183

>>17601666
It’s ok, you’re dumb as a board, but the good news is you can always try to not be so dumb in the future. Gl with that

>> No.17603008

Pretty sure you'll be able do the same on 90% defi lending apps once with wrapped btc or the other erc20 pegged btc tokens are available

>> No.17603527

>>17601341
Feels good to be Med BVLL.

>> No.17603619

>>17600989
cool, how does the BTC get locked on the bitcoin blockchain, how does maker know that its lockec, by what mechanism does maker allow for locking and unlocking of BTC on ethereum, does the BTC keypair exist on ethereum, how is the private key kept secret?

>> No.17603637

>>17601509
>mkr's oracle is just as public as link's
absolutely not
maker has 15 pseudonymous oracles and 5 public ones, chainlink has 21+ public oracles

>> No.17603916

>>17601341
>facial features all flat with a monochrome brown color scheme
Ah yes, "soul"

>> No.17603933

>>17601420
Board has moved entirely into smg more like. There are insane 100x happening overnight in stocks right now and you idiots are chasing crypto pipe dreams. Stay poor.

>> No.17603945

>>17603933
Which ones

>> No.17603953

literally who

>> No.17603968

>>17600989
This is VERY good news for Bitcoins looking to “cash out” without paying capital gains tax. Give me a (you) if you want to know how to do this.

>> No.17603997

>>17601372
sounds awful like selling your btc for half the price

>> No.17604372

>>17603968
IRS glownigger detected

>> No.17604383

>>17604372
Its not illegal.

>> No.17604403
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17604403

>>17603968

(YOUUUUUUUU)

>> No.17604408

>>17601529
You’re the retard. Way less risk involved here than longing with 2x leverage.>>17601529

>> No.17604439

>>17600989
Watched the video, still have no idea why a person would be motivated to use BTC for a collateralized loan of DAI or SAI.
Wouldn't it be better to just keep the BTC? Why would I want to send my BTC to Maker?
I must be stupid because this whole concept of DeFi eludes me.

>> No.17604455

>>17604403
Ok soulja boy, instead of cashing out your bitcoin position, you lock up whatever you wanted to cash out into a defi loan, and then convert the dai into dollars. There is no taxable event doing this since you are technically not selling your position, just taking a loan out against it.

>> No.17604872

>>17604455
Yeah, dude, don't tell them this.
Seriously. Keep it lowkey.