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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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6700529 No.6700529 [Reply] [Original]

>just got a loan for 50k

Idk even know what to do with this much cash

>> No.6700568

>>6700529
Buy shitcoins.

>> No.6700576

Buy some salt its only $8

>> No.6700737

>>6700576
I did

>> No.6700860

is the platform open for everybody?

>> No.6700944

>>6700860
Yup

>> No.6701275

>>6700529
All in TRX

>> No.6701365

how do you pay it back if you buy salt with the salt loan?

>> No.6701422

spend 20k paying back your loan buy buying more slat and paying it back in salt

>> No.6701459

>>6700529
>Borrower may use Salt Membership (SALT) for the purpose of paying scheduled payments of loan
interest and loan principal.
>GG

>> No.6701492

>>6700529
Now repay the loan using $8 SALT. This way you get a loan for 50k and can repay it with 12.5k or so.

Or are there special clauses that prevent you from repaying it immediately with SALT?

>> No.6701499
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6701499

>>6700529
>take 50k
>buy salt at $8
>use salt valued ($27.50)to pay back principal and interest
>take another loan
>repeat

What am I missing?

>> No.6701513

Wtf is a salt loan? Explain it to me

>> No.6701522

>>6701499
the price doesn't always go up

>> No.6701525

>>6701499
That you can't pay your loan back early with Salt.

>> No.6701535

>>6701499
Cant instantly pay back
Need BTC or crypto collateral

>> No.6701550

>>6701525
What do you mean?

>> No.6701557

Is it really that easy? Why would they do this

>> No.6701617

>>6701525
>>6701535
Even if you can't pay it back instantly, you can buy $12.5k worth of SALT instantly. The platform values it as $27.5 each. You could wait for the day you can pay it back and use that SALT to pay it back. EZ?

>> No.6701619

>>6700529
Remember to pay them back in Salt tokens. Great arbitrage opportunity.

>> No.6701665

>>6700529

Be careful anon. If the price of BTC dips you owe money.

>> No.6701708

>>6701499
sellers
you are missing sellers and weak hands
also salt could scam the price
you did see that erik voorhees is part of the team right? master scammer

>> No.6701730

In order to use SALT to make a scheduled payment toward principal and/or interest, the Member must hold
SALT on the Member Dashboard prior to the scheduled payment deadline. SALT may be used in any
amount up to the sum total principal and interest for that payment unless otherwise specified by Salt
Lending. Where SALT is not held and designated against the payment or payments prior to the payment’s
scheduled due date or where the value of SALT that is held and designated is not equal to the sum total
principal and interest due, the remaining payment balance due, in total, will be automatically withdrawn
through the Member’s established payment method under the Loan Agreement or Note, as provided by the
Member through the Member Dashboard.

>> No.6701738

>>6701617
Thats what they want and their attempt at artificially raising their platform price. Moonkids are pissed off you can't pay off your loan instantly with salt for free money as originally speculated and only people with American bank accounts can currently use the service though.
I'v been holding this stuff since it was $3.50 in November.

>> No.6701746

>>6701665
you have to add to the collateral, which will still be yours once loan is paid.

>> No.6701887

>>6701738
>>6701730

Well, but if that's the way it is, what is stopping him from buying enough $8 SALT right now (a quantity which valued at $27.5 amounts to $50k)? He could immediately send it to the platform (mentioned *member dashboard*) and have it sit there till the deadline.
With the rest of the money, probably more than $35k he could do whatever he wants to do. That's basically free money.

Am I missing anything?

>> No.6701918

>>6701746
wut. if the price of btc falls i need to add more into a loan i've already taken out?

>> No.6701966

>>6701887
In order to use SALT to make a scheduled payment toward principal and/or interest, the Member must have
established prior authorization from Salt Lending. Without prior authorization, the Member’s holdings will
not be properly recorded toward the Member payment schedule and the total scheduled payment amount
due will be withdrawn through the Member’s established payment method when due. Salt Lending reserves
the right, in its sole discretion, to refuse or revoke alternative payment authorization for any reason.


the hook line and sinker

>> No.6701973
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6701973

How is bitconnect an obvious ponzi but SALT is legit and can be trusted
???

>> No.6701985

>>6701887
Not really, everyone just lost interest in the project because of the slow roll out of loans. There is still one of the paid shill groups buy up to $20 notices in effect from just before the market crash.Someone may be able correct me there I don't know whether they expire or not

>> No.6702063

sounds like a ponzi waiting to crash

>> No.6702106

>>6701973
Salt gives you a fucking loan you have to pay back, while Bitconnect was gifting you 1% a day.
How are those 2 platforms even comparable? Is your bank a Ponzi scheme?

>>6701985
Yes, the PBC buy up to price is still set at $20. And I see no reason why in the mid-term this thing shouldn't go to $20+ since there will be more and more people like OP interested in buying cheaper SALT to pay back their loans.
Still don't know what this: >>6701966 faggot is trying to tell me.

>> No.6702130

>>6701966
It isn't in their best interest to revoke them short term. They only decided to allow the repayment of principal in salt in December after the platform was already gaining traction in an attempt to quickly raise the platform price. The platform price being how they make money.

>> No.6702136

>>6701918
Yes, they will contact you if your collateral loses 20% of its value to add more or they will liquidate your collateral.

>>6701973
Because Bitconnect is a ponzi scheme and Salt is not?

Do you know what a ponzi is? Or do you say ponzi whenever something is associated with money?

>> No.6702171

>>6702106
I don't know, desu banks really do feel like a legalized ponzi

>> No.6702175

>>6702106
>>6702136
I don't understand the SALT business model pls no bully

>> No.6702203

>>6702106
>Still don't know what this: >>6701966 faggot is trying to tell me.
Salt have said they may revoke the option of the repayment of principle in Salt for new loans at some stage. You will always be able use Salt to pay membership and interest.

>> No.6702239

>>6686307
A post I made describing the process through which Salt will easily moon far beyond 27.5$

>> No.6702262

>>6702175

If you don't understand how they can make money through their business practice, they probably can't. There's gotta be something they're banking on, seems too good to be true. I guess they're really valuing future assets and crypto taking off, in that case they can make a decent amount of money

>> No.6702268

>>6702175
You give them crypto they give you cash. You pay back loan. you get your crypto back. There is a smart contract to prevent either party robbing the other.

>> No.6702308

>>6702239
Are you the guy ho wrote this?
https://www.scribd.com/document/357033648/The-Value-of-Salt

>> No.6702318

>>6701973
SALT is SEC approved, has Erik Vorhees as an advisor, valid leadership with public LinkedIn’s and bios, actually gives you something of equivalent value for your loan, is a legitimate business with a needed function, so a little bit different. You didn’t even know who BCC’s CEO was.

>> No.6702331

>>6702203
Ok, well, even if they did revoke the option to repay the principle, that's still not a big deal. In that case it's just a normal loan you have to pay back PLUS the interest will be very low (since you're gonna use cheap ass SALT to repay that).

I think it's worth the risk of paying a tiny little amount of interest, since you could get away with repaying 1/4th of a loan if they don't revoke that option.

>> No.6702356

>>6701708
Why is it always some Dutch dude? First Joost now Erik

>> No.6702403

>>6701499
Apply for a loan. They're still getting back to me over a 5K loan.

>> No.6702428

>>6702331
>I think it's worth the risk of paying a tiny little amount of interest
You can pay off a loan straight away with no early payment charge provided you do it with fiat.

>> No.6702774

thye make their money because normies will gamble with their loan, and lose it all without having a way to pay them back so they take em to court and take all their shit from them or have to pay 1.5x their loan

>> No.6702843 [DELETED] 

Easy 20% returns per .day just join the /biz/ group:

discord gg/zz7unwD

add DOT here--> .gg/zz

>> No.6702863

>>6702774
No they won't idiot. Thats the whole point. If they don't pay their loan they keep their collateral. Which is worth more than the principal + interest on the loan.

>> No.6702894

how much collat did you put up for 50k?

>> No.6703187

>>6700529
SALT will never moon because the average crypto pajeet is too retarded to understand it.

>> No.6703560

I don't understand salt. How do they make money and how are they fucking over their debtors?

>> No.6703866

>>6702894
50k, you basically pawn your crypto holdings for cash, and they hold it until you pay them back + interest

>> No.6703908

>>6703560
They ask for interest

>> No.6704393

>>6702308
No but he seems well versed in economics.