Topic: Btc/eth denominated mortgage or borrowing for miners in cryptocurrency? - page 2. (Read 289 times)

And if it fall back to less than $190 next month for 6 years, then it’s no pay, and things risk to turn violent (I’d be somewhat done but it’s a personal issue more complex that you think not directly related to me). That’s important to note that I do need the money soon. It can’t be delayed. I can’t wait to save enough. I will need to pay down before being able to save enough.
Though, I could have that expected Master degree years ago. But I didn’t take college enough seriously. This is also partly a consequence along covid19 of why the state is proposing me a place in Africa now that I got my bachelor degree.

However borrowing 950Ether with $380 per ETh for selling everything immediately is a good strategy (cryptocurrency price won’t matter and there are many hodler who want to take the risk to hold cryptocurrency on the long term).

I have smaller third party resources for covering my daily living (including grants from Google vrp), but not for those additional expenses.

Not only people in the bank would laugh but I'm not sure even people here would be able to keep from smiling at the whole idea as you can see in this thread.
Temporary income that might be gone tomorrow or in two years, nobody you'd lend you any money in advance knowing that you have no collateral and if your current source is gone there no other.


Try your luck in the loaning section, I'm going to grab some popcorn and enjoy your revelation when you realize that nobody is giving out loans on promises of payments.
If you think that banksters only think this way about cryptocurrency try getting a loan for expanding a restaurant now or investing in your shale gas company.
Banks care about risks, and you said it yourself.



Yeah, so who do you want to take this risk for you?


There are some legit services, but they ask for 125-160% the value of your loan as collateral and if the collateral drops below 110% then all your collateral is liquidated and you won't see a penny.
A lot of people learned this the hard way in March when they saw the price of Bitcoin drop, the collateral they had was no longer covering the land and their coins got liquidated at 6-8k$ levels, and now they ended up with..well, nothing!

Nobody in the world is going to give you a big loan that is backed by a cryptocurrency collateral.
If there are any crypto companies that are currently offering such service,most of them(if not all) will be scams.They will take away your collateral coins and run away with them,without giving you a loan.
You should focus on increasing your income and start searching and applying for a fiat loan.

 

if I read your sizable crypto income, 0.5 eth, the equivalent of $ 390 for today on Etherscan, maybe you can convert your earnings to Fiat when the prices are good and save it, or invest it into real business. so you don't need to borrow from the bank.

I don’t earn enough fiat. A banker watch only fiat. However at current levels, I do have as stable income in cryptocurrency (but as cryptocurrency is unstable itself, it’s not the case in fiat terms).
Usually, when you borrow for a mortgage, you don’t do it against an existing collateral but against a robust income (whether a job or your company). And I do have a robust income in cryptocurrency which is why borrowing Bitcoin or Ethereum makes sense.

But more than a decade after the creation Bitcoin and Mt.Gox, it seems no company is providing that traditional mortgage in cryptocurrency leaving fiat as a necessary step for borrowing (no end to end cryptocurrency payment and borrowing without converting to fiat).
Without this, cryptocurrency definitely won’t replace fiat.

The purpose of your post is not clear, but it is clear that you can't afford to buy a house for your brother because your income is not stable and you apparently don't have enough collateral to mitigate the risk.

From likely being sent to a college based in Africa by the French education system for my Master degree in IT, to paying a new home for my brother in his city (the biggest problem) before next December or January, I’m facing a wave of payment, which as a student without a Master degree (not yet though my own fault) I can’t get a job paying enough in order to borrow.

Fortunately, as successful security researcher who was awarded multiple times by companies such as Google, I came up about securing a fixed daily source of income from an Ethereum gambling (income from pure gambling is completely untaxed in France) smart contract with a lot of reserve on it using a cron job (a kind of bot) with a full Parity Ethereum archival node connected through ipc (though the process can be done manually).
So an income backed only by maths.

Under a situation like this, I wouldn’t be able to get the trust from a stranger for such amount (like with any mortgage), but I would normally go at a bank, go under proper kyc, explains in face to face what exactly what I will pay (prove how the loan can be used). Show fully, how I’m getting the income and using which contract address, then getting it recognised as sound, then sign an agreement for a multi year terms at a fixed rate, then pays something like 40000€ to the bank (something I can do) in order to get the funds.
Then as the years pass, pay back what I earn each months.

But first, almost anyone working in a bank would somewhat laugh off when learning the income is related to cryptocurrency instead of trying to understand how it is sound, then the problem is bank lends only in fiat, and what I’m getting is 0.5ETH per day, and if the value of Ether collapse, I wouldn’t be able to pay the loan back.

So what I m needing is an Ether denominated loan, one not backed by existing assets but by a sage income. And If the price of the Eth goes sky high this wouldn’t be a problem for me but a gain for the holder while providing a saving rate over keeping in an exchange.

So do you have plans for non stable cryptocurrencies denominated mortgage? I’m somewhat done if I’m failing to find a solution soon. Especially if the Eth price goes back to $200 or $250 because in details there are 980 Ethers to win that way for just covering what I need to pay currently representing about 5 years term.

The only lending institution offering cryptocurrency saving accounts I found is https://blockfi.com. But I failed to reach them properly on [email protected] for discussing opening such kind of option.

Update

Though this is not what I want, as pointed out by Bitmex the most wanted case would be mining farms who currently borrow in fiat and earn in Bitcoin for purchasing their hardware. who aren’t able to pay back when the price drop.