Crypto Loan

My cards are maxed out until next week but I want to buy more chainlinks has somebody here experience with crypto loans such as ETHlend? How long does it take for the ETH to appear in your wallet? Is it instantaneous?

Attached: 1563174241247-biz.jpg (640x628, 52K)

I also thought the same thing user, have a bump

How much ETH do you have user? You could do a CDP through MakerDao. Compound Finance and InstaDapp are also worth looking into.

I only got 4400 links at the moment, I want to get ETH and put my links up for collateral because I can pay the loan back after the weekend.

how the fuck crypto lending works? who makes sure you pay back the loan?

Kek, I made 4 loans at ETHlend to get more LINKies. Two will expire in 3 days, the rest in 10 days. I'm down almost 30%. I hope the weekend is good.

Yes, it is instantaneous.

You only get 50% of your collateral. So if you don't pay, the borrower stills in profit.

What? you only get half of your collateral back even if you pay the loan back?

QQQQ 66
CHECK'EM

Fuck it, I'm just getting a fifth loan right now.

Attached: 1564708979542.jpg (927x635, 55K)

that makes no sense... if you already have money to put as collateral why you need a loan if its gonna be less than what you already have?

You put up 1 Ether
You get 0.5 Ether
If the value of Ether drops low enough the borrow sells your ether to recover their position and you get back what's left. When you pay your loan back with interest you get your collateral back. This is usually done by depositing into a smart contract.

No, if you pay you get 100% of your collateral. Sorry, I mean, if you have 1 ETH you can borrow only 0.5 ETH. So if you don't pay, the lender keeps 1 ETH.

The idea is that you want access to the value of your crypto but you don't actually want to sell it. It's kind of like a pawn shop.

it sounds more like margin trading that you can do without any extra fees

That is also a good way to look at it

I still don't trust this shit, I have to send them 400 links to lend 2 ETH. Is that shit safe? What if link moons and they don't send them back?

It's a smart contract.

Kek, okay maybe I'll do it then.

The anatomy of a scam.

So if they pay back the loan you make money, and if they don't pay back the loan you make even more money? Why is everyone not doing this all the time?

see

that's cute that you think hodl'ing shitcoins increases their value