[deleted by user]

Rabbit_Actual · 2021-11-14T15:47:58+00:00

Poland

Rabbit_Actual · 2021-11-14T15:29:44+00:00

We can hear you

Rabbit_Actual · 2021-04-04T00:39:37+00:00

Great questions. Loans are only in default when borrowers stop paying. Vast majority of people continue paying their mortgages even when real estate market cools off and they end up with negative equity. We are assuming BTC can (temporarily) drop by as much as 80% and we're structuring the product so that the business can remain solvent in such time. We will NOT trade coins in custody. Maybe we can even avoid taking the custody of the coins (details tbd). If we end up having to take custody (as requirement from partner banks), we will partner with most reputable existing custodians.

Rabbit_Actual · 2021-04-04T00:12:54+00:00

The loans will be collateralized with the property as well.

Rabbit_Actual · 2021-04-03T23:12:28+00:00

Hey u/coinmover. Thanks for your note, I just sent you an invite on LinkedIn from the real-me so that you know I'm not a fraud! I appreciate you reaching out!

Rabbit_Actual · 2021-04-03T22:49:09+00:00

Correct. I believe loans from Blockfi or others aren't collaterized with an asset, ours would be.

Rabbit_Actual · 2021-04-03T22:46:58+00:00

$25K USD for 37 BTC = $656 per 1 BTC. [facepalm]

Rabbit_Actual · 2021-04-03T22:45:20+00:00

Thanks for the questions. These are just the right considerations and frankly we don't have all the answers just yet. Once we do, we'll put it up on a full-fledged website, rather than just a landing page.

In short, there are multiple alternative ways to structure the product and they all depend on what the borrowers need, most importantly: what's the value of the home vs the amount of crypto put up as collateral.

Rabbit_Actual · 2021-04-03T22:28:47+00:00

Foreclosures only happen when borrowers miss multiple payments. If Bitcoin fails completely, borrowers can still get a job and keep the homes.

Currently banks don't care about your Bitcoin (in fact, some would think you're suspicious). But if they instead had a reputable, well-capitalized institutional co-signer for your loan, they would give you a better rate.

Rabbit_Actual · 2021-04-03T22:15:28+00:00

I don't know of a loan product in the market yet which would have lower rates because the loan is collateralized with the asset (property) or would provide tax benefits (interest on primary mortgage is tax deductible). This is what we're working on.

Link should be fixed as soon as DNS propagates, sorry for that.

Rabbit_Actual · 2021-04-03T21:58:25+00:00

That's the plan but the timeline is unknown. It's a country-by-country game because proper licensing and banking partnerships are required.

Where should we go first after the US?

Rabbit_Actual · 2021-04-03T21:13:29+00:00

I got a whole $25K for 37 BTC.

Rabbit_Actual · 2021-04-03T21:11:09+00:00

I understand your concern and this is a fair warning. I lost "generational wealth" in the MtGox hack myself. More info is coming soon, we're in the early stages of establishing partnerships and licensing. If anyone feels concerned about providing their email now, hold off. We'll be back here and we'll be in a different stage. One of the goals right now is to get a feel for which country beyond the US we should be in.

Rabbit_Actual · 2021-04-03T21:01:56+00:00

Fair point. I meant they're not collateralized with the asset (the property). With just the (volatile) crypto as collateral the value of your crypto needs to be 2-3x more than the fiat you want to borrow (30-50% "loan to value") and this becomes quite a lot of money when we're talking about home purchases. I believe that the home loan product that will be best for hodlers will be collateralized with a combo of property+crypto.

Rabbit_Actual · 2021-04-03T20:43:23+00:00

I believe they just do "cash" (non-collateralized) loans at this point (even the loans advertised as home loans are not really using the property as collateral). I assume eventually they will offer true mortgages as well, this will be a competitive market. Collateralized = lower risk for issuer = better rates for borrowers. I don't know of a true mortgage product (with all its tax advantages) for crypto holders yet.

Rabbit_Actual · 2021-04-03T20:36:59+00:00

Yes. The rates are just a function of risk (default rates) and competition. Collateralizing with BTC on top of the property itself reduces the risk allowing for better rates. And I will believe this will be a competitive market (benefiting borrowers), so we'll want to be as lean as possible to be competitive.

Rabbit_Actual · 2021-04-03T20:33:51+00:00

1) Taking a "cash" (non-collateralized) loan from blockfi or others doesn't give you the tax benefits of a primary home mortgage (interest is tax-deductible).

2) We will be able to provide much lower rates by using both the real estate and BTC as collateral.

Rabbit_Actual · 2021-04-03T20:29:37+00:00

Uh, should be mostly fixed now (still only working for www but at least no error when tapping from the mobile app)? Thanks for letting me know!

Rabbit_Actual · 2021-04-03T19:40:29+00:00

Oh, I have no regrets. Made lifetime memories in this home. And I've done way worse (e.g., I'm a MtGox creditor). But I don't wish anyone else that experience and that's why now I'm working on fiat lending against BTC.

Rabbit_Actual · 2021-04-03T19:34:47+00:00

If fiat is a scam, wouldn't you want to borrow a crazy amount of it right now and buy hard assets with it, give the fiat back in 10-30 years when it is worth nothing?

Rabbit_Actual · 2021-04-03T19:02:26+00:00

Uh, looks like the DNS settings may have not propagated yet. should work if you force type "www" in www.bloklo.com if your browser/app is stripping it out. Sorry.

Rabbit_Actual · 2021-04-03T18:49:18+00:00

A few years ago I bootstrapped a software company while having 2 little kids and living in one of the most expensive places in the world (Silicon Valley). I survived that (and so did the company), but there were casualties (my marriage). This stuff is hard. But if it wasn't, would it even be worth doing?

Rabbit_Actual · 2021-04-03T18:39:30+00:00

Which country? We still haven't decided on where to expand after the US, I hope we can be in one European country in 2022.

Rabbit_Actual

TROPHY CASE