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28822988 No.28822988 [Reply] [Original] [archived.moe]

I owe AAVE 50 etherium which is roughly 90 thousand dollars right now

>> No.28823051

Lol just don't pay. It's not like they have your identity.

>> No.28823249

Yeah I already deleted the app

>> No.28824079


>> No.28824140
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>> No.28824178

How can I follow your ways, mighty anon?

>> No.28824244

Anyone ever use compound? I feel stuff is pretty high would like to get a usdc loan and just see if it goes up or down. I have downs

>> No.28824266

>borrowing an asset that has recently experienced 2200% in growth

>> No.28824287

Can someone explain to me how people even get "loans" from aave given anyone could just walk away? I dont understand how aave works at all

>> No.28824320

why didn't you borrow usdt or some other stable coin?b

>> No.28824367

your collateral is worth more than what you get loaned at the time

>> No.28824479
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so if i delete my bank info i dont owe more than 10k debt?

>> No.28824513

So wouldn't you just lose your collateral now?

>> No.28824553

So lets say you borrow 1 ETH at $1000, then fast forward 2 months that ETH is worth $5000, but technically you owe 1 ETH so you actually owe them $5000 not the $1000 you borrowed at?

The fuck?

>> No.28824557

uhh its called shorting

>> No.28824580

yes this is the most retarded thread ive ever seen

>> No.28824593

You put up collateral, and you receive 75% of its value as a loan.

>> No.28824594
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what collateral lol, i already took all my money out

>> No.28824618
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>> No.28824695

That cant be how it works, ive never done though so dont know

>> No.28824720

So lets say you put up 1 ETH as collateral, if you receive 0.75 ETH as a loan what is the point of this service wtf? Or do you mean you get 1.75 ETH as a loan? Whats stopping someone from depositing collateral, taking the ETH and running? Im so confused

>> No.28824758

Is that real????

>> No.28824853


>> No.28824885

uhhhh, I might be retarded, but I think the collateral is stopping them fronrunning with the load on .75 ETH

>> No.28824968
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>mfw I just bought AAVE

>> No.28825029

Then what is the point of getting the loan in the first place when you have 1 ETH, thats what I dont get. Why deposit your ETH as collateral when you have more than the loaned amount?

The point of a loan is to get something for nothing but in hopes of the creditor being paid the principal plus interest.

I dont own any or even needed its services whatever that is..

>> No.28825074

Have ten ETH
Want new shitcoin
Don't want to sell ETH
Deposit ETH with Aave
Borrow 5 more ETH
Swap borrowed ETH for shitcoin
Shitcoin moons
Sell shitcoin
Pay Aave Debt

>> No.28825200

yes correct. I dont know why you would do this.

if you wanted to long ETH you would borrow USDT and buy ETH, then repay the USDT +interest once you hit your price target.

if you wanted to short ETH you would borrow ETH and sell it short for USDT and buy back in when the price falls.

You can also Long/Short pairs of crypto, for instance BTC/DOGE if you were bullish about crypto in general but bearish on Doge specifically.

>> No.28825292

Probably helps people control their FOMO urges. Not having your whole stack to gamble sounds like a good idea

>> No.28825366

So what happens in the case where you get rugged and lose your 5 borrowed ETH? You lose 5 ETH from your 10 collateral deposit correct?

In other words what the fuck is the point of this service if in one scenario or another you're just going to end up losing your ETH either way (unless you get lucky)? And even if you DO get lucky with your shitcoins mooning, the chances are your original loaned 5 ETH would have appreciated in price leading to this situation >>28824720

Thanks for confirmation, I figure only borrowing stablecoins is worth it, it makes no sense to use anything other than an asset that doesn't change in value

>> No.28825733

>Shitcoin moons
Literally flawless plan

>> No.28825982

Very real

>> No.28827370

If you’re confident that you will not default on the loan, then you’re financing whatever investment costs the .75 eth you’re bothering. If that investment pays well enough to pay the loan AND make you extra profits above the loan payments, you’re making profit. Then, when you off your loan, you get your 1 eth back and keep whatever profit you made above your loan payment. It’s a move to make if you’re confident your investment. I am also an idiot who doesn’t know anything.

>> No.28827371

>Collateral 1 eth
>eth is 1800$
>borrow half (900$)
>throw down on a shitcoin
Assume it moons
>loan is now worth 3000$
>but eth is now 2000$
>you 1000$ now in eth
Idk man this seems like a good deal. Especially if it’s interest free.

>> No.28827515


>> No.28827969

Should have used askolend. Heh nothing personal kid

>> No.28829291

holy fuck I havent lold like that in ages

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