/biz/ - Business & Finance

>>4210859
OP is a god

bump

How the fuck will they give me the loan though if im not a burger? Will they pay out in Bitcoin too?

So what happens if someone says fuck you and doesn't pay the loan back?

>>4211012

this

>>4210859
Why not just do a 100x on bitmex.

>>4211012

He said you have to put up the original bitcoin as collateral. So the person giving the loan would be just keep that.

I can see this actually being used but, what value does the SALT token have?

wait, what is this screenshot?

its alpha release or something?

>>4211067
This is what i'm curious about.
Where does the salt token come in and why do i need it? To actually take a loan right? but why?

>>4211039
so if I have $5k of BTC i need to put that up as collateral to get a $5k loan USD?

why didn't people make this smart contract a year ago? wtf

>>4211084
yes to take a loan, its usable

>>4211067

1 year of basic membership is $25 or 1 salt
Reducing your loan's interest rate by $25=1 salt.

10 SALT for up to $100K and 100 SALT for up to $1M+

This is why it's good to accumulate Salt right now if you are going to take out a loan in the future you are literally buying $25 for $2.5

>>4210859
What if bitcoin crashes to 1000 dollars?

Anything lower than 4000, I won't pay the loan back and someone lost a ton of money.

They whole system is based around the assumption that crypto will keep gaining in value. As soon as a bear market starts, it's dead.

>>4211111
If i take a loan and use BTC as collateral will they pay me out in BTC or fiat? If its in fiat, how will they do this if you're located in the third world or are borrowing without KYC?

>>4211084
Its so you can gain access to the lender network on the platform.

You can also use SALT tokens to pay off interest towards your loan which they have $25 of value when used on the platform.

>>4211111
So for 100 salt, I use up to 1mil (USD) worth of BTC as collateral, and recieve 1 mil in USD, that I have to pay back over what time frame? Are you able to use this platform for lending and not just borrowing?

https://twitter.com/saltlending/status/922921511366692864
Scroll up.

>>4210859
>>You get a $32,000 loan

>You get a $32,000 loan
>$32,000 loan
>loan

Did OP used to run Icelandic banks?

>>4211141

i need a loan anon to fucking survive

Fucking autistic

>>4211118

Yup, Salt will die when crypto crashes.

>>4211206

>Guy A wants $100,000 loan
>Guy A has to put $125,000 worth of cryptocurrency in a smartcontract to receive loan
>If Guy A pays back $100,000+interest in monthly increments to Guy B he will automatically get his $125,000 worth of cryptocurrency back (probably worth more than $125,000 when he gets it back).
>If Guy A doesn't pay his loan back Guy B will automatically get the $125,000 worth of cryptocurrency from the Smartcontract
>If the cryptocurrency value depreciates 20% somewhere during the lending period then Guy A gets an automated message to either give that 20% with fiat, more cryptocurrency or default the loan and give the cryptocurrency that was locked in the smartcontract to Guy B.

Makes sense?

>>4211118
You have to put up 125% of the loan as collateral. If the price of BTC drops more than 20% during the course of the loan, you will have a few days to pay the difference in USD or you lose your BTC

>>4210859
That's a really roundabout way of going long on a margin...

>>4211246
You get cash from the lender once you've put up your crypto for collateral and then you can spend it instantly however you like.

>>4210859
Is the page bugged? I've been trying to create an account since yesterday morning, I already have 400 salt, but it constantly says "There was a problem with the server. Please refresh the page"

Is anybody having this problem?

Soooo why is SALT only 2.50$ at the moment? It was around 7-8$ a couple of months ago.

>>4211238

Sure it makes sense, because crypto is extremely stable.

>>4211266
Release is Q4.

>>4211269
It wont stay this cheap for long. Not with the stuff thats coming out this week

>>4211308
>Release is Q4.
oh, ok thanks.

>>4210859
We're gonna be so rich boys

How are they legal-wise? Surely this fucks with some bank loan policies.

>>4211392
crypto is not officially a currency

115 MM market cap ? a bit high dont ya think?!

Retards SALT top guys sold off 25m for joke.
They will crash and die and leave you all SALTy.

>>4211329
Crypto doesn't care about news
Price will stay the same for longer

>>4211611
?
I was only asking why I couldn't register to the page. I know this will take months. I'm willing to hodl.

>>4211111
this doesn't even make sense since people will just use 100 SALT ($250 current price) and cash out their BTC for a fiat loan, tax free, and never pay the loan back... this shit will never work

>>4211836
You're an idiot lmao
>>4186679

>>4210859
Please wait for the price to drop more than by half. Bitcoin Bear Markets last years and the price always drops by at least a factor of 8. Please don't give away everything OP.

>>4211948
what is this bear market thing?

Smart money vs dumb money

>>4211969
when price is going in negative direction

>>4211295
this, tons of people gonna get #rekt

Instead of doing this stupid shit, just take a x10 leveraged long position on Bitcoin. Fuck. Jesus.

>>4211242
Whoever started this project has some serious balls because when the crypto fantasy comes crashing down they are going to be out a dickload of money. Fucking retarded as fuck idea.

>>4212861
What if you want to get access to credit?

Are you stupid?

This is going to be how people with crypto can cash out without it being a taxable event, as well as spend the extra money however the way they damn want.

If they default on the loan, they lose their collateral or a part of it depending on if they have already made some repayments or not.

>>4212861
how and where can i do that, and how does it work exactly

Sweet Bridge will be much better. It uses collateral from your personal assets.

>>4210859
SO Salt will have to go up in price. Say someone hold 500 Salt. What can he do with 500 of it? Loan it out? Or take loans out?

Holding 600 SALT since 3.5$, expecting a 3x at least

>>4210859
HAHAHAHAHAHAHAHA
literally this is just margin trading but more complicated

>>4212861
Exchanges won't let you take the cash outside.

>>4211012

they take your bitcoin faggot and then some

>>4211121

of course they are doing KYC

>>4210859
I wrote this post yesterday in another thread. I was severely coked up and apologize for my retarded English usage.

I also managed to buy LINK without doing some research on it and then managed to post in 1 thread for a continuous 30 hours.

The only thing I remember is that 80% of the posts made were people that didn't understood how basic finance worked at all which I continuously needed to explain.

Either way if the other guy from the thread that talked to the developers on slack is reading this.

I did some more research on Salt and it turns out they already have all their agreements and government contracts with SEC to put this thing up. They are 100% covered and ready to launch with 0 legal problems. The IRS is okay with this platform which is great news.

>>4216642
>they already have all their agreements and government contracts with SEC to put this thing up. They are 100% covered and ready to launch with 0 legal problems. The IRS is okay with this platform which is great news.

Sauce and I go balls deep right now

>>4210859
Or just use Bitmex margin trading?

reminder that doing what OP suggests is probably illegal if you fall under the jurisdiction of any sane securities enforcement bureau

>>4211101
you need to put a 25%, I think, more than you get a loan for

>>4216684
It's in their white paper.

https://membership.saltlending.com/files/abstract.pdf

CTRL+F "SEC"

>>4216697
I wrote it and no it's not Illegal. They have a deal with multiple lenders and SEC. It's in their white paper already.

>>4216684
fuck I read it too in their telegram, can't find the convo atm but I'm sure it's written somewhere

>>4216911
i'm not talking about the service itself i'm talking about buying what could be regarded as securities with the loans

>>4216933
Since the loan is collateralized you can do with your money whatever the fuck you want (secured loan). What you mean is a credit backed loan which has certain limitations to it.

>>4216957
no what i mean is an SBLOC which is what this would most likely be considered as if you are able to use things other than just bitcoin

>>4213805
You were specifically making a cumbersome version of margin trading under 2x in your OP. Don't complain because your example is shit.

But anyway, this is where we can see you're a shill with heavy bags. If you had a modicum of sense, you would have pointed out the benefit of SALT is decentralization. Margin trading on an exchange leaves you susceptible to exit scams or market dumps, whereas having your loan secured through a smart contract is safer... theoretically

Looking forward to the updates and release of this platform because its is going to be huge.

>They have a deal with multiple lenders and SEC.
>This is going to be how people with crypto can cash out without it being a taxable event,

How is having the government all up in your business a good thing? Isn't the reason that coinbase is shit because it's in bed with the government?

>>4217019
It doesn't matter if uncle sam knows, why?

Because it's literally using a tax loophole the entirety of Wall street is using. Do you really think they will close a 30 year old widely used loophole just to stop a single niche cryptocurrency service? The entire US based stock market would come tumble down if it was closed and thus you now have the option to scam the government right in their faces and there is NOTHING that they can do about it.

>stop a single niche cryptocurrency service
>NOTHING that they can do about it.
I'm not too knowledgeable about this, so I can't really argue, but I don't think they really care about consistent application of the law.

Seems like a good coin, thanks for tip.

>>4210859

You're assuming lenders would still want to lend with such a crash. What if a lot of them pull out during such times?

>>4210859
SALT is not decentralized nor trustless thus all it will take is one hack to bring down the whole fucking ecosystem. Why wouldn't people flock to Ripio instead which is decentralized?

>>4216867
>>4211259
>>4211242
>>4211238
What would the point be in putting 125% of the loan amount for collateral? Putting 125% of something like a house where you have equity would be different because it isn't liquid, but why put up 125% of a currency up for collateral just to get 25% less of another currency?

>>4217628

So you can have fiat without being taxed up the ass.

>>4217663

Thats going to force you to disclose everything about your crypto holdings to the tax man though.

>>4217947

Why? It would just potentially expose how much I put up in BTC to take out a loan, not EVERYTHING.

>>4217628
>currency
Crypto isnt a currency in the greatest country in the world.
Its the same as putting up your rare pokemon cards for a loan.

>>4216907
I don't know man. They mention that what they are doing IS subject to certain regulation, but no assurances as far as I can tell that everything has already undergone audits and/or compliance checks by the authorities. Maybe im reading it wrong or missed something?

>>4210859
Just bought at 40.000
It's easily going to 50.000 tonight

>>4217663
Youre already being taxed a guaranteed 25%.... plus interest on loans, not to mention salt/govt taking crypto reserves, its a sneaky way of govt accuiring crypto

>>4217628
They have to do this to hedge against the possibility of value of the crypto dropping during the term of the loan. The borrower isn't really "out" anything as the coins were in a wallet anyway. Now they're tied up in a smart contract but he is temporarily liquid for 80% of it without having to repurchase higher. This
>>4211238
is slightly incorrect in that you do not lose the entire amount even in default. The contract will settle the debt with the lender (loan+interest owed) and return the rest to the owner.

This sounds too good to be true so I'm sure it is. If this is really the a way to make bank with crypto and not pay tax, the government will do something about it. Uncle Sam will take his cut regardless of anything. The machine requires money.

>Be a bank
>Want BTC, but can'y just print it
>Can print fiat
>Go on SALT
>Print $; get BTC
>Market crashes
>Get BTC without purchasing from exchange
>Profit

>>4216971
I see where you're coming from and it's a really interesting point. However, what you posted does not necessarily reflect a regulation/law but could just be a banker reducing his risk or shielding himself from complicated legal battles when resolving differences on these kinds of contracts.

Simplistically speaking:
purpose loan = you must use the money for a specific purpose (e.g. buying a home residence)
non-purpose loan = you must not use the money for a specific purpose (in the case of your pic related, securities)

Again, I have no real knowledge on the actual loaning regulations, but trying to think logically (which is sometimes a big no-no in the legal world) I could maybe see the need for such a regulation to exist to prevent a hypothetical scenario similar to this:
Guy owns a lot of assets in a specific market. Puts it all as collateral and gets a very comparable (4/5ths of his original capital) and starts using it to manipulate the market by buying against his original assets. These kinds of loans give "too easy" access to large amounts of money if someone would want to do that.

Again, this is just a hypothetical and depending on the specifics of the contract might not even be feasible.

Do you know of any actual regulations behind this practice, or can you give a probable reason this kind of regulation would exist? Legit curious

>>4210859
>Have $40,000 on banK
Lol

Fellas...
What did they mean by this?
Does it count as collateral per exchange market value or does it count as collateral worth 25USD?

>>4220216
>However, what you posted does not necessarily reflect a regulation/law
https://www.sec.gov/oiea/investor-alerts-bulletins/sbloc.html

Up up and away

>>4220347
Curious to read the actual regulation text (if it exists)

I don't have the english legal terminology to look for it myself

LOTS OF SUSPICIOUS WALLS PLACED TODAY AND RUMOR OF A PUMP AND DUMP

Just buy it a couple of days later to be sure

>>4220417

lol a meme i made has been reused

>>4220507
>>>4220417 (You)
>lol a meme i made has been reused


Thanks for creating it good sir. Your meme will not go unnoticed.

>>4210859
and if it goes wrong you will end up broke for life
yeah no thx
only invest what you are willing to lose

when crypto crashes the collateral becomes useless.

in a bear market, salt can't be used because you'll have to continually lock up your crypto or risk getting liquidated completely, losing everything.

in a bull market, a margin long on a platform like bitmex, or bitfinex is much cheaper, and doesn't require invasive KYC, and is significantly less risky.

nobody is going to use this to get a loan to buy crypto.

>>4220532

i have a bunch. shill to your hearts content.
i dont hold salt anymore.

>>4220625
Ty. Added to my collection

>elaborate scheme to get leverage for trading crypto
>think you're a genius
>even though brokers offer leverage up to 100x, no elaborate scheming required
/biz/ everyone

>>4211969
google

Do people believe this shit?
Do people really think they are playing a zero sum game where they get money for free and are more intelligent than others?
Lol.

>>4220693
>Do people really think they are playing a zero sum game where they get money for free and are more intelligent than others?
Lol.
I am playing a zero sum game where I get money for free and I am more intelligent than others.