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HELP!!! The market is staying irrational longer than I can stay solvent!!! This is not working well for me, and I don't want to have to sell my Bitcoin.
I Took 1 Whole Coin off the Market: My One Week Journey Dealing w/ the Bank Just to Buy a Bitcoin.
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I recently maxxed out a personal LOC to buy Bitcoin on a dip. It's going to a million or it's going to zero, and I don't think it's going to zero.
I came to say something similar. BUT, if OP has enough to pull out to pay for the house in one fell swoop, he should expect to factor in a large capital gain which, even if it's taxed 50%(as in Canada) at his marginal rate is a hefty bill. Personally if I was in such a position and willing to pay the large tax bill, I would immediately turn around and use the house to secure a line of credit (secured LOC rates probably lower than mortgage rates) to whatever represents his comfort level and immediately re-purchase the BTC, which effectively makes the interest on his "mortgage" (loan for investment purposes) tax deductible....my $.02
>Drain all my savings except for 5k in case of emergencies For the love of God, do not do this!!!! Drain all your savings instead and draw less from your HELOC. Use your LOC and CC as your emergency fund so that you have negative working capital. If you have cash in a savings account you are losing money to inflation and funding the US government. Use debt instead! Get on zero (or negative)
It is pretty standard for all banks (Canada and the US) to not allow gambling, crypto purchases, etc. from credit accounts. As long as it is coming from a bank account/ your own money that is fine, but this alters the credit risk for them as they are lending you the money and they heightens the risk of not getting paid back. If you had a bank account there as well it probably wouldn't have triggered anything by just transferring the money from the LOC to the bank account and then to the exchange.
Easy workaround, advance from your LOC to your checking or savings you have with that bank. Withdraw the money and deposit it to another bank. Buy the crypto with that bank. That way your LOC bank doesn't know how you're using your money. That's how I do it.
1. OP mentioned it wasn't a student credit line. I agree with you for student credit lines, it should be directly related to education. Many students take loans and spend them on other things, but that doesn't make it right. 2. Yes, if someone gives an insane reason or a reason the bank doesn't like to get a loan or LOC, the bank can deny the loan or LOC. Almost no one is going to tell the bank if they are going to Vegas or buying a bunch of scratch offs or food. The bank realizes people are going to lie, but they look the other way when it's beneficial to them. 3. You brought up one of the biggest problems with the financial system. If a millionaire wants a loan and has a ton of capital in the bank, even if they want to do something risky, the bank would likely approve it. That's one of the reasons Bitcoin exists, to even the playing field, at least in some ways. If a millionaire wants to invest or someone with a lower amount of means wishes to invest, as long as the bank is repaid, they should be able to do so. That's where I would look at the debt-to-income ratio. A millionaire will be able to access higher levels of capital because of their ability to pay back more debt, so they already have an advantage. 4. I agree that it would have been wiser to transfer the LOC to cash and use a different bank to be safe. We agree that the banks should look out for themselves because they want to make a profit, and it's how they stay in business.
You work part-time, took out a $15,000 LOC, and immediately wanted to put a third of it into crypto? Literally, why wouldn't your bank see you as a default risk? Borrowing to invest is crazy. Borrowing to invest in crypto is crazy squared. If you're bound and determined, there are easy workarounds. But seriously, how many times do you have to hear "don't invest what you can't afford to lose" before it sinks in? Will it ever?
1. Move banks 2. Open savings account 3. Open line of credit 4. Transfer funds from LOC to savings 5. Transfer to exchange from savings Works for me
Couldn’t you just transfer from LOC to your checking or savings account first, then purchase?
Interesting thought, buI assume they rather you utilize another credit product like a secured or unsecured loan, LOC, or a cash advance on your credit card. What advantages would they have securing the loan to BTC instead of other assets? There’s also the inherent risk and volatility of BTC that they probably want to avoid liability for There are exchanges that let you borrow using your BTC etc. as collateral though.
What kind of question is this? Of course you Borrow as much as you can, Max out your CC,LOC, sell your kids and Wife etc and shovel everything into BTC.
Nothing wrong with borrowing to buy bitcoin. But if your bank is offering 33% Apr to borrow money.. You either have very bad credit or you cant get approved for a LOC. Nothing wrong with borrow for BTC but id be afraid you don’t pay off the loan asap because the interest is going to kill you if you cant pay it within a year. Lol
I use my unsecured LOC to DCA BTC and other securities on a monthly basis between pay periods to buy dips. I incur no interest charges as I pay the LOC off each month.
I wouldn't worry overly much about the tax debt. 1-2% interest rate is very low and you should never rush to pay down low interest loans unless you have an abundance of excess funds. Just make sure you stick to the allotted payment plan you agreed upon with your tax service, as missing payments can make them pretty cross. the credit card is an entirely different matter. Credit card interest rates are high and will kill you so it should be paid off ASAP before literally anything else. However, if you are reluctant to cash in some of your bitcoin to clear this debt there is an alternative. You can get a line of credit (requirements will depend on where you live) from your bank for the amount of your credit card debt, or if they won't give you a 6k line of credit, then get one for as much as they're willing to give you. Use the line of credit to pay off your credit card, then slowly pay down the line of credit as you go. LOC interest rates tend to be a lot more lenient than credit card rates usually under 10% around the 6 to 7% mark. Which gives you a better chance at paying your debt down over time without touching your stack and without getting gouged by soaring interest. I know there is a serious amount of hate between personal finance and here, and vice versa. But any sane, objective person with some financial sense would tell you to always pay off high interest debt asap and slowly pay down your low interest rate debt.
Jesus, no I'm not. It's been pledged as collateral, that doesn't mean I'm letting the bank use my house as a second branch until my LOC is paid off. Barring an event of default on my part, nothing at all changes wirh my day to day living.
If it hits 3k again I'm maximizing my LOC
To me leveraging rentals with a fixed income 30 year refinance was my approach. Rental income at 2x debt service for Bitcoin. Before they did not allow it. I disclosed and they were fine. I have a 3% fixed LOC but the TOS says no crypto so can’t touch it.
Leverage is not a great idea , historically does not work. BUT let’s entertain your ideas! If I were to do it, I would not use a margin loan . I would get some sort of unsecured debt, where your balance is not indicative of the value of your Btc. For example I have an unsecured LOC . Make sure you can afford the monthly payments and stomach the volatility. The fed should start printing next year, Going into an election cycle, which will help the price of Btc and help you stay above water. I would pay the loan off asap, do not gamble with it. Once you have your desired return , sell off and pay it. The issue is the plan has a lot of what ifs that are not worth the risk. I will also empathize this is not a good idea !
You probably could do a git blame and grep for Satoshi's username, there should only be about 19LOC with the latest commit by him if that calculation is true.
Because I was working on getting a bank LOC paid off. Got it done. Now stacking hard.
I aim for 145% of net worth by maxing out credit cards, LOC’s, HELOC, took a second mortgage on house. Also sold my wife and children for BTC
Our company's LOC rate is up to 7.50%. We are immediately more strategic in how we're spending money. Our typical $5MM balance equates to another $125,000 of interest expense. That's equivalent to two production employees. So now we're forced to either operate with less debt, terminate two employees, or focus on improvements to the return on capital (which is what we're doing).
> So if I want to pay a miner with BTC I would leave some sort of wrapped BTC version? Yes, you could use any other token on the network, it isn't hardcoded to one currency only. > Who is the Kindelia Foundation and what is this Kindelia Genesis Token? The Kindelia Foundation is non-profit company focused on the research and development of functional programming technology. The Kindelia Genesis Token is a token we will deploy. It is not hardcoded or mentioned on the protocol in any way. > I thought there was no native currency but you're introducing one as miner incentive? There is no native currency. The KGT is just a token we're privately deploying, but it isn't part of the protocol in any way. It could be used as miner incentives, just like any other user-deployed token can. > And it is controlled by the foundation? No, it isn't controlled by the foundation. It is a smart contract that copycats Bitcoin, except inside the Kindelia network. That is, it is a token with 4-years halvings and a fixed supply limit. The contract won't mention the Kindelia Foundation in any part of it. In fact it is a fairly simple (~200 LOC) contract that just adds a simple, scarce currency to the network. > Why not just pay miners in BTC or even a stable coin if you need to provide incentive? Bitcoin isn't inside the Kindelia network, so paying using Bitcoin would require a bridge, which is complex. There can be scarce tokens native to the network. KGT is one of these.
One does not need a cloud hosting provider to run their own block explorer. You don't need a hardware node (if by that you mean a dedicated hardware box such as myNode). You javascript is over 4k LOC + there is some wasm file, who knows what is in that ... So it's nice PoC, but it's certainly hardly to be used as a privacy respecting block explorer as there are just too many places to hide a tiny leak. Self-hosting is simply better.
Please be technical. It sounds like you’re describing online-training that can be realised via… simple rpc calls to some open socket. Whether or not the validity of the message needs to be cryptographically verified or not - most likely not. You could have used ~100-200 LOC in your language of choice and written a capnproto channel. Cheaper and faster, or not? That’s the essential issue. You CAN do a lot with blockchains but after a decade of very active work in the field there hasn’t really been an application in which a blockchain is the preferable solution without assuming an issue that is not necessarily the core problem. Sure, being able to verify the origin and the content of the message independently by a network is nice in this case but as a statistician that was never really an issue that was raised. I get that you want to keep data on the hospital size and do training there but that again is a really expensive and inefficient way to do that.
If he took out an actual loan wouldn’t it show up on his credit report? Can he check and see if there’s been a recent LOC or installment loan against him?
I went back to school for an MBA, qualified for $115K (tuition was about that.... yuck), but from previous work I also owned a condo I decided to rent as I moved far away. Anyway, sold the condo a month ago, and what didn't go to paying off the mortgage went straight to crypto and I have my student LOC maxed. So basically I have 115K debt and about 80K crypto instead of paying that down. *sweating profusely*
If you have a decent job and can pay off the LOC within a year or two, I'd go for it too. I work in finance for 12 years and pretty much most of the people I know that made it big, didn't do it with their own money. For the most part not because it's risky, but because they just simply didn't have enough. I have a house purchase next year, so until then - I can't take on any new credit
I did Exaclty this a few years back with my LOC to buy btc and I’d do it again.
Good advice. I’d add that you should pay down any bad debt (CC’s, high interest LOC, etc), stay at least 50% in cash until macroeconomic pivot, and look at real estate allocation in 6-8 months if you have no exposure there. Small DCA into btc makes sense. Could buy one full coin to start, then DCA until the landscape changes. Nothing looking bullish anytime soon.
So if voyager cant recoup the loan and they now have a 500 million dollar line of credit. If they draw even half that LOC they will be in the hole almost 10x there market cap lol. It’s funny cause these dumb crypto YouTubers were like it’s a public company I trust them.
As far as my concern says I feel the same that he's been breaking the LOC rules.
What's LOC though like I'm into finances so can you just please explain it to me? I know that it stands for Line of Credit but can you please elaborate that. Just here to gain some quality knowledge!
I could see that BUT I had that LOC for 14 years and never really used it. I never sent one dollar from LOC to crypto so that’s not what the LOC was there for. Doesn’t make sense.
Yes exactly! CIBC say it’s too risky for THEM! I said, if I was being risky you think I’d have used the 20k Line of Credit to buy some Bitcoin ? I have over 800 credit score & about 100k available in LOC - Im not the problem!
YES! This!! It’s important to spread this message and my letter with this story. There was absolutely no wrong doing or nefarious risky behaviour going on in that account! If I was being risky they would have seen my 20k LOC get drained and sent to Crypto, yet I never sent a cent from LOC!!
I had 20k LOC with 20k available. Didn’t ever use it to send to crypto. Had that LOC for 14 years issue free. All of a sudden I’m the risk!
They closed my bank account I ONLY use for crypto. CIBC say it’s too risky for THEM! I said, if I was being risky you think I’d have used the 20k Line of Credit to buy some Bitcoin ? I have over 800 credit score & about 100k available in LOC - Im not the problem
If there is more, the bank won’t say. It’s legit how it is though. Use an account for crypto only and got shit down. Had 20k LOC With 100% available credit in that account also. Clearly a risky person would be dipping into that LOC to buy BTC! I never did once. That’s why this is so fucked!
Exactly! When I told them I only use the account for crypto and that’s not very risky she replied “well it may not seem risky to you but it’s risky for us (the bank)! Like are you kidding me! They want full control of your every dollar. I had 20k LOC I never even used in that account and told her, don’t you think if I was being risky I would have sent some cash from LOC to crypto? She had no reply!
Nope never did use LOC once to send to crypto.
They are absolutely conspiring against crypto! They closed my bank account I ONLY use for crypto. I called them and CIBC said it’s too risky for THEM that I use crypto! I said, if I was being risky you think I’d have used the 20k Line of Credit to buy some Bitcoin? Which I have never done and I have over 800 credit score & about 100k available in LOC - Im not the problem! They would see that funds deposited was withdrawn immediately (my money I’ll do what I wish) to Newton/crypto defi but that’s not illegal. I would send emt from other bank accounts at other branches, or my spouse would send it. I would do this so they couldn’t track anything which clearly they don’t like. Sometimes I’d deposit cash from selling things on marketplace but it was never much, a hundred here and there. Yes they don’t know where the funds are coming from but it’s none of their GD business where my legitimate funds are coming from either. I make 100k/ year, I don’t have to tell the bank what I do with that.
Nope! I had 20k available which was 100% of the LOC available. I didn’t use it barely ever. Yet I’m the risk! closed my bank account I ONLY use for crypto. CIBC say it’s too risky for THEM! I said, if I was being risky you think I’d have used the 20k Line of Credit to buy some Bitcoin ? I have over 800 credit score & about 100k available in LOC various accounts - Im not the problem! I’m not the risk!
I called my bank and had them lower my LOC interest payments, called cell and internet providers and they applied some promos to my accounts to save me $ there too. I'm planning on trying to get my monthly car payments changed too but haven't yet. All in I hope to save enough to offset my monthly DCA so inflation isn't interrupting that.
All of these look really good! I’ll look into them more once I’m available. In return, I can mention LOC Game which I believe is one of the true p2e gems of 2022. Quite new but already has some solid following.
Staking pools and p2e games are the right paths. I'm not a big fan of card games either. However, I've been playing LOC Game for a while, and I'm still not bored with it. Also, since it's partnered with some blockchain games, its cards are functional in others. I think projects that connect multiple games in a metaverse-like manner will be very profitable in the near future. So you can take a look at it too.
Gods Unchained has already been mentioned. You can try LOC Game, another of my favourite strategy-based card game. The game mechanics are pretty good, and the game story is unique. The characters here are inspired by the popular culture of the crypto world. There are fun personas like Satoshi, The Whale or DEX Founder. Moreover, the team's collaboration with other blockchain games allows these cards to be functional in many games.
This industry has the potential to free both gamers and developers from the traditional game industry, and this potential is becoming more visible day by day. All we have to do is give time. In the beginning, the games' graphics were pretty bad, and the game stories were almost identical. But this technology has evolved much faster than I expected. Of course, DAOs also play a big part in this process. So I'm sure that 2022 will be a year when blockchain games will become more popular than ever before. LOC Game's NFT card game has already signalled this. It created a lot of hype last month and is starting to appeal to a vast audience even though alpha 2.0 has just been released. I believe other upcoming p2e games will follow suit.
That's more than 2 cents, believe me. I agree that we need to give this industry time. I find this attitude of gamers who show great resistance to p2es really ridiculous. Yes, many of today's games are terrible, they don't have good graphics and mechanics, and they don't communicate well with their community etc. However, these gamers don't think this tech is relatively new and needs improvement. They don't realize that crypto games have the potential to save themselves and developers from traditional game companies. Axie Infinity, Crypto Royale, Coin Hunt are good examples that this field is open to development and is developing day by day. LOC Game can also be included here as its alpha 2.0 looks promising. So, as time goes on, things will get better.
I had never heard of Wrejects. I'll take a look at it. On the other hand, I agree with you about My Neighbor Alice. It's not too early for it, but it's still a pretty good option. Also, I guess you are being selective about graphics like me. That's why I recommend LOC Game, which won a grant from Polygon. Since blockchain tech is relatively new, the mechanics of the vast majority of p2e games are not good. However, LOC Game is different from them in this regard. Plus, it collaborated with artists from brands such as Burberry and Prada to design its cards. So, it's a fun and aesthetically pleasing game.
Will developers be forced to cater to the needs of the industry forming around the game? Don't you see that the traditional game industry has already given them specific roles? This is a critical issue that needs to be addressed. However, the discussion on this topic should not be conducted solely on the crypto gaming industry. On the other hand, I agree with you that p2es ignore the fun factor, which has been our purpose of gaming since ancient times and focus on the financial structure. But unlike you, I only see it as a mistake that needs to be rectified. Moreover, the p2e ecosystem is really improving. The process, which started with terrible mechanics, no fun and identical game stories, came to creating successful games such as LOC Game. So I'm not that angry and hopeless.
Yes, I agree about the experiential and economic benefits crypto games offer. The crypto game industry has the potential to cope with the monopoly tendency in the traditional one. However, many crypto games today fall short of creativity. Therefore, more talented developers need to be attracted to this area. Projects also need to be more transparent to their communities. All of this builds a barrier for more gamers to join this ecosystem. I have never encountered such a barrier only in LOC Game. But this 'take over' process requires more than just one or a few games.
I agree about Illuvium. Also, its partner LOC Game's NFT card game is an entertaining and profitable p2e IMHO. It has a unique gameplay story and well-designed NFT cards, unlike the Hearthstone clones. Also, the game mechanics are good. Blockchain games usually do not take this factor into account.
I agree that most of them are shit. But it is currently not possible for blockchain games to be bugs-free as traditional companies' games. However, they are gradually improving. There is an NFT card game called LOC Game. Check it out. I've been playing it for a while. The game's mechanics are good, the game story is pretty fun, and there are no bugs.
I'm not romantic, but I remember being very excited when I first met the play to earn mechanism. The future of crypto gaming is really bright. Of course, this industry cannot yet cope with the traditional gaming industry. But it is improving every day. Remember how bad the mechanics of the first game samples were. Now games like Axie Infinity, The Sandbox, the younger LOC Game have made up for many bugs.
I have never considered myself a member of the right-click/save group. I find NFTs and all their uses necessary. But that's a subject for another day. Other than that, I agree. GameFi is disrupting the authority of the traditional game industry, and I am enjoying this disruption. Because there are some great projects, as you mentioned, and thanks to the blockchain tech that continues to develop in the background, more great ones are on the way. Finally, your list is like a guide for those willing to dive into GameFi. But I think LOC Game, which has made a strategic partnership with Illuvium, also can be added here. The opportunities offered by it seem pretty lucrative.
You are correct in most of what you say. Indeed, the vast majority of blockchain games prioritize the functionality of the play to earn model. So they ignore the fun factor, which has been our purpose of gaming since almost ancient times. But it is still too early for those great games that consider both elements. We have to wait a bit. This technology is still relatively new and needs improvement. However, both fun and profitable games are released day by day. Compared to the first blockchain games, the latest games like LOC Game are noticeably better.
I believe well-designed nft games can create communities providing both fun and profit. Especially if those games partner up and create cross-game marketplaces and nfts functional in more than one game. LOC Game’s model is very similar to what I have in my mind.
My opinion is that it has potential, but most of the present examples are far from being excellent. I'm keeping a watch on LOC Game, a forthcoming nft card game. I like the demo videos and the card designs. I'm hoping it's as good as it appears.
I agree with what you said up to a point. Many blockchain games consider the play to earn mechanics as an essential element. Therefore, it does not consider the "entertainment" factor. Of course, since blockchain technology is relatively new, blockchain games are not equipped enough to cope with the games of the traditional gaming industry. But they still need more fun game stories. On the other hand, you don't need to pay much money to play. For example, all you need for LOC Game is to buy its NFT cards. And they're pretty cheap.
I believe it has huge potential but most of the current examples are far from being good IMHO. I keep my eyes on one upcoming nft card game called LOC Game. Demo videos and card designs look good. I hope it is as good as it looks.
Paid off credit debts, student loans and bought my dream car a Volkswagen GTI :D No more loans under my name baby! Was in debt for the past 4-5 years now, so happy that that is over with. It's just not worth the hassle... That being said, I do see the benefit of using a LOC on a stablecoin to earn interest on exchanges.
I totally agree with you that mass adoption isn't going to happen by pretending games are too good. However, this technology is relatively new and, of course, too weak to compete with the infrastructure of the traditional gaming industry. Still, things gradually began to change. For example, LOC Game's mechanics look better compared to similar ones. Therefore, I think it is necessary to be a little more understanding and give a little more time to the crypto game industry.
From the LOC report: >^9 Indonesia does not allow cryptocurrencies to be used as a payment instrument, but does allow them to be traded as a commodity. See Kelly Buchanan, Regulatory Approaches to Cryptoassets: Indonesia, in Regulatory Approaches to Cryptoassets in Selected Jurisdictions 115–21, Law Library of Congress (Apr. 2019), https://tile.loc.gov/storage-services/service/ll/llglrd/2019668148/2019668148.pdf; Peraturan Badan Pengawas Perdagangan Berjangka Komoditi [Bappebti] No. 7 Tahun 2020 tentang Peneptan Daftar Aset Kripto Yang Dapat Diperdagangan di Pasar Fisik Aset Krypto (Bappebti Regulation No. 7 of 2020 concerning Establishment of a List of Tradeable Crypto Assets in the Crypto Physical Market), https://perma.cc/7RVL-FKYJ. Cryptocurrencies—Indonesia’s Current Legal Climate on Crypto Assets, Bagus Enrico & Partners (Mar. 9, 2021), https://perma.cc/4N26-AXM9; Yihui Xie, Indonesian Regulators Play Catch-up as Crypto Investment Soars, Forkast (July 23, 2021), https://perma.cc/TY5H-3Q6T. >Among the uncertainties surrounding Indonesia’s crypto regulations, one thing is clear: cryptos are not to be used as a form of payment. >Article 23B of the country’s constitution stipulates that the Indonesian currency is decided by law, and 2011’s currency law dictates that almost all financial transactions in Indonesia must be made in rupiah, the nation’s only official currency. Exceptions are made for international transactions, government spending and bank savings. >Under Indonesian law, the purchase and sale of cryptocurrencies is permitted only for investment purposes or for legally defined crypto assets, and the central bank recently reiterated that cryptocurrencies are not a legitimate form of payment. Banks are prohibited from facilitating using cryptos as payment, Bank Indonesia Governor Perry Warjiyo told a webinar in June. Merchants can't accept crypto as payment, so it's a useless hodl asset. (So, nothing changed there ;) Apparently that's enough to call it an "implicit" ban. Take it up with the US gov.
Jade is great though. 3% back in CRO. Even a low interest loan (ie: my student line of credit) has an annual rate of 3.5%. In just 4 months of moderate spending I’d make back the annual interest for LOC in CRO rewards. . . And the rest is GRAVY. Not to mention CRO appreciation ;)
Binance let’s you do the same with BNB. And also same, using my student line of credit to stake 5k, the rewards on Jade/Purple are too good. Literally the 3% back inCRO in just 4 months would pay me the annual interest rate for my LOC lmao
Buying more. If we drop into the 30s I might tap into my LOC but I don't think we hit it.
One from my bag fitting perfectly to this description is LOCG. Maybe you already know but this is the crypto of an nft game called LOC Game. Game is not released yet but it will be soon. Recently had a pretty successful limited nft sale and have a huge following on Twitter. It is kinda cheap now, too.
You're too right to offend people. I agree with everything you said. Crypto gaming can solve many problems in the traditional gaming market. This shows that it has a future. But on the other hand, many projects are doomed to die. Each new game is called "next Axie Infinity". I see this being said for the LOC Game for a while. This game is a card game. I think it will be really solid, but there is no relation between it and the other.
Lol. Something I get in exchange my time working. I can’t convert it quick enough. Once they allow paying credit cards with crypto there will be little reason to keep any fiat at all for me. Or even better, when the first “credit card/LOC” comes to market that is actually crypto based.
GoMeat (GOMT, Cex soon), LOC ([locktrip.com](https://locktrip.com)), XCM (CoinMetro) Low Mcap projects with real use and an existing revenue generating business.
I hate this so much. It's such a scam, but if I want to buy a house one day, I'm forced to play the game. My banker told me to always keep my usage of my line of credit and credit cards at a constant 15% to maximize credit. Earlier this month I decided to just pay it all down back to zero cause I don't want to pay interest. Two weeks later, I get both a Credit Karma email and a CIBC notification that my credit dropped 30 points... What the actual fuck. All I did was decide to pay down the loans, which SHOULD show I'm good for it and able to pay off debt. But they aren't trying to reward you for paying off debt, they're trying to reward you for always having *some* debt. When you pair that with the fact that TD just offered me a $85k LOC and CIBC also offered to bump me up to a $85k LOC, it's like... so you want me to have $170k of credit + credit cards, and keep that at 15% usage, paying a 8% APY on those LOC's AKA paying $2040 per year in interest? All to keep my points high so I can get a low interest rate on my mortage? Fuck I hate this banking system...
For now, I'm playing with LOC, OPCT and PILOT!
If it goes below 40k I'll be tempted to use my 2.7% LOC
Take it from someone who used a 50k LOC to invest in stocks years ago and lost it all. Don’t do it, terrible idea to use credit for investing.
You’re way better off securing a loan or getting an LOC. If you remotely think this is possible, I’d suggest you may not be ready for business
For other than excel: LibreOffice The LOC extension is handy for API calls. CCXT as a function call in spreadsheet cells and .js and .py also available.
Lots of good advice here. One other option though I'm not saying it's the 'best:' You can also use your Bitcoin as collateral for a non-taxable loan to pay towards a house. Then you don't sell your Bitcoin at all. This would depend on future prices, how long you want to wait, and your risk tolerance, as well as your credit score and what kind of mortgage you got for the house. Either you would do a loan to help towards paying cash for the house, then do a mortgage or HE-LOC to pay back the loan and put the house up as collateral (Bitcoin is the better investment IMO). Or you could use a portion of your Bitcoin and rotate the loan between Bitcoin over the years while you pay it off. E.G. Use 1 of 3 Bitcoin for a 1-year loan, make payments, when it matures use your 2nd Bitcoin to take out a new loan, pay off the old one, rinse and repeat. The goal here is that you are saving the Bitcoin so that years later it is 5-10x the value you bought it at, then you maybe sell an even smaller portion to pay off whatever loan, Bitcoin or mortgage, you have. Or you get addicted and never sell Bitcoin!
True. A HELOC is practically an instant LOC when you want it now.
It's not "longing" it's borrowing on margin. At 8% apr *everyone* is better off actually using a bank line of credit... much better rates in general. 8% is an abysmal interest rate. For those that are wanting to borrow on margin against their bitcoin to buy more bitcoin with the hopes that as it goes up they can then sell bitcoin to repay their loan... just use a fucking LOC to buy more bitcoin. Saves you a bunch of steps and is cheaper in the long run.
Compared to what? It’s better than a credit card and not far off from an unsecured LOC.
HYDRA. I wouldn't buy any now though because they are airdropping a bunch to people that own LOC, who then just dump. It has very high staking, 50 percent right now, but will go down to around 30 to 40 percent in March according to developers. They seem to have good developments, as they are working on a mobile wallet, ETH bridge and LP pools. They have their DEX for their native coin as well. They were created from the people that made locktrip, a blockchain based travel company. Hydra is the coin they run their blockchain on now. So it already has enterprise use. If you saw all the L1s that pumped this year. FTM, Avax, SOL, Tron. They all started to get developer grants to get people to build on their ecosystem. I'm hoping Hydra will become something like that. It also has meme potential with people spamming hail hydra and pumping it, if it gets listed on coinbase or something. Right now just kucoin. It is interesting because the blockchain can turn inflationary or deflationary depending on the amount of transactions, and fees are always a fixed cost. Could take a while before it pumps again, but I have a decent bag earning a lot from staking. I had two opportunities to sell for a 2x and I didn't. We will see if it plays out or not.
Omg. Same here. I had 700 coins of something called LOC and sold it at 0.4 (ico price) then 2 yrs later it sits not at 7 usd. Also had 1 full btc but spread it out and did a few bad trades. I do feel and approach it the same way you did but damn do I think about them every now and then too!
100%. I followed "conventional advice" and prioritized debt repayment for the first few years that I earned a solid income - and really wasted some opportunities. Once I started understanding the factors that have been making it harder for my generation to earn wealth, I changed my approach. I used the sharp climb in housing prices as an opportunity to sell my home and buy a bigger one with a bigger mortgage at a lower rate - which freed up a big chunk of cash, and the new one has already appreciated by about 200% as much as my downpayment was. I leveraged cheap and available debt into a larger real estate investment in a more desirable location, which is climbing so fast that even a bubble pop won't leave me having lost money at this point (and increased my standard of living). I then took the cash I freed up by maximizing the size of the new mortgage, and invested it. Same with a bunch of my LOC money. Some call it living dangerously, but my LOC is roughly the size of my annual gross income, so all these moves were made to increase my power to invest with what I consider acceptable risk - I have ~30 years until retirement, my COL is more than covered by my income, and a crash in crypto or real estate prices wouldn't leave me needing to sell at a loss - I can wait out another crypto winter or depressed real estate market. This isn't WSB-style YOLOing credit card cash advances on options, it's just leveraging cheap debt that I had available to me into investments I truly believe in. It really comes down to good debt vs bad debt - 29% interest on a credit card because you wanted some nice consumables is bad debt. A 1.7% mortgage that lets me live in my dream home while putting a couple of years' worth of my salary into BTC a few years earlier than I'd have been able to do with cash is good debt.
I could pay extra into my mortgage and save the 1.7% annual interest, or I could put that money into something like BTC, which has had a 400% return this year (and is poised to keep going). I like that 398% margin on carrying the extra debt right now. I even have some LOC money in BTC because it's at prime-0.25%. Taking a bank's money and putting it into crypto also feels amazingly satisfying. It's like, "fuck you, I'm going to make money while supporting the thing that scares you the most."
I like LOC, locktrip. I invested in its ICO and coin is at 6 usd now. They have already a worming app for booking hotel and places and they are planning to rival booking and airbnb market. The team is good and seems it will be a good project. Im not an expert do please do your own research and check it out.
I have multiple ones. Bought 700 LOC at the price 0.4. sold them at 0.4 after the price crashed to less and wanted to get my initial investment back. Now it sits at 6.34 and ath is 10 I was able to get a full 1 BTC back in 2017. I got so hyped and impulsive that I started buying other coins elsewhere. Now my whole portfolio is equal to less than 0.01 BTC
Crypto drops 90% and my balls will be so deep into my LOC before you can even spell the word ‘dip’
Anyone have any decent LOC rates? I'm in Canada and I'm probably gonna YOLO
Pretty simply really.. my portfolio is structured like a fund.. everything is allocated certain percentages.. pretty much only dca into alt coins.. when its time to adjust my portfolio.. ill transfer a portion of profits from alts into btc and eth.. and then finally i like to keep my book value at 0 ideally so ill take fiat profits from btc/eth till 0 so that im not taking gains... then once my portfolio is substantial, ill take a LOC against it to use.. you dont pay tax on debt...
I’d say LOC. It’s a utility token on the Hydra Chain, recently migrated from ERC-20. It’s a token of the LockTrip company, a blockchain based travel booking without intermediary fees. People can pay fiat or crypto. Hotel booking prices up to 65% less than typical online travel companies. NFT booking matrix is in the works. Hydra has its native Dex and is releasing the ETH bridge soon. LockTrip has recently signed a multimillion dollar merger with WebJet and their bookings are being integrated with LockTrip on the Hydra Chain. LOC has interesting tokenomics, very low supply, deflationary, burn with every transaction, and small market cap. Holders receive 1.3% weekly airdrop of the native coin, Hydra, until March, while the chain is seeded. Hydra itself is being staked by the node validators at about 80% (or 70% on KuCoin). Sleeping giants, I’m still filling my bags with both. Greatest passive income I’ve had on crypto.
I mean even that's a hard metric. Look at the dev report for yesterday for example. Metrics: - 673 commits - 43 Repositories touched - 103 unique authors - 318k line insertions - 252k line deletions https://cardanoupdates.com/reports/2021-09-15 On their own none of these means much but together they do indicate significant development. Even all together this somewhat overstated the changes made but not by too much. Of the commits there are a bunch of quick changes, some version or dependency updates, and merge commits however a good 25% of those at the very least are feature/real development commits. Repositories touched is a good measure of where the dev is happening and where bottlenecks are but it doesn't tell us much about how much work is happening. The same goes for authors however at least a consistently high author count suggests a lot of man hours being devoted to the project. Now insertions and deletions. Assume each insertion matches a deletion and indicates a change until they're all matched up. Anything after that is new or deleted code. Of course this isn't actually accurate but it's a reasonable assumption for evaluating changes. That works out to ~250k LOC changes and 70k LOC new code. Suppose that some of that is boilerplate and that changes are being reviewed and merged daily. We can conservatively estimate the real numbers as 30-50% of those numbers then giving us 100-125k in changes and 25-35k in new code . Now I'd guess they are plain LOC rather than effective LOC so we can assume conservatively 50-75% of those are real, non whitespace and non syntax changes which gets us 50-90k effective LOC changed and 12-25k effective lines of new code. If we want to distribute this among the devs to see what that looks like it comes out to 500-900 effective (1-1.2k plain) LOC of changes and 120-250 effective (250-350 plain) LOC per developer. At this point when factoring in documentation and testing code, these numbers seem perfectly reasonable. I'd say this suggests that of the 100 or so people, it works out to 80 or so 40hr/wk developers worth of seat in chair development time. For the core infrastructure teams this seems pretty reasonable and until the development focuses spread out, I doubt they could get many more people onboarded without slowing down the whole process. Side note: A normal dev workflow looks like a lot more changes to non tech people than is really happening but the actual real changes tend to be a lot smaller than non tech people would assume. TLDR: Any one metric isn't helpful but by looking at at the whole picture we can see that quite a lot of development (80 or so full time devs worth of work) is going on.
You should check out HYDRA and the hydrachain. Totally decentralised, as POS can earn you 70%+ APY currently, so people hold onto it rather than buy/sell. Great for passive income. Its a fairly new project, so it is currently in the seed phase, the 70%+ will drop lower with time, but never any lower than 25% APY. The team behind HYDRA own locktrip (LOC), a discount travel website. During this seed phase they are currently doing an airdrop of 1.3% HYDRA for every 1x LOC you own, which currently works out at 200%+ APY. The HYDRA you earn can also be staked via POS. You should Google HYDRA, LOCKTRIP, LOC, and HYDRA airdrop.
Hydra chain is so undervalued in my opinion. I followed the project since start. The team is talented they do everything in hand, in house. They’ve built Locktrip wich partnered with Webjet and one of Locktrip team members started his own project called EVEDO (which will join the Hydra chain later this year). A new project called Gomeat is joining now. Rezchain (Webjet) will join when they are ready. Locktrip will start their own NFT bookings, and will try revolotionize the hotel industry. DEX, Defi, etc. etc. etc. Hydra chain will end up with approx 8-10million coins in total supply. The ongoing airdrop for LOC holders, is burning unclaimed coins and total value might mooooon.. Bullish as hec!
Don't see it mentioned much, but been using ccxt/LOC-Extension for years. Can call any api.
Hydra chain is totally legit. It started at 150% APY believe it or not, and is steadily dropping, but will never drop lower than 20%. They class this as the seed phase. You should join the telegram group, and also visit there website. The hydra chain team is the same as locktrip team (LOC), which is a travel website where you can purchase travel at discount prices. They also have an amazing airdrop at the moment, where you can gain 1.3% HYDRA for every LOC you hold.