HODLHODL: Bitcoin Lending + Borrowing Made Easy (Tutorial)
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- čas přidán 25. 07. 2024
- Explore the fascinating world of Bitcoin lending in this comprehensive tutorial video on HodlHodl. Discover how this peer-to-peer lending platform allows you to borrow Bitcoin and Tether, or become a lender to earn interest, all while maintaining your privacy with no KYC requirements. One standout feature is that your collateral is never rehypothecated, ensuring the security of your assets. Join us to learn step-by-step how to make the most of this innovative platform and harness the power of your Bitcoin holdings like never before.
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The system is quite straightforward and simple to use, but I think there are a lot of hidden or not easy to determine costs. First, getting USDT. With fiat, I guess? On an exchange? So you're shelling a 1-2% already. Then you have to move it, then move the BTC, etc. and convert the USDT back to fiat, get it out of the exchange, and use it. All these costs are uncertain and make the math muddy. This is a heavy disincentive to the rational, cautious use case that you mention: using the BTC as collateral to get cash in hand for immediate/urgent use or to buy an asset. The structure incentivizes the speculative, "on-chain"/crypto uses instead.
And then of course, not to mention the fact that people on P2P exchanges generally speaking have this crazy notion that they can get away with charging more than a medieval usurer.
I cannot believe that you only have 84K Subs... You are a legend!
The states I was watching Bitcoin University and it's not taxable if it's not sold. so when you get a loan it's just basically not a taxable event.
Thanks for this breakdown, was able to successfully take a loan to add some btc. I lowered my ratio to 50% so I can weather any dips.
I used Aqua which made it super easy to swap Usdt to Bitcoin ...thanks for the awesome videos.
why would you borrow at 12%? Is it when you have nothing but btc to offer your lender as collateral, right? So you pay a lot more simply bc you don't own a house to present as collateral, for example?
It appears there is leftover collateral once your liquidated because the amount of Bitcoin they take on a liquidation is less than the total amount of Bitcoin and collateral. So I don't see anywhere if you get that back immediately I'm assuming you would because you're interest plus a 5% fee is taken.
How does the custody and escrow work exactly? You mentioned that the Bitcoin will not be rehypothecated..
It’s stored in a 2-of-3 multisig vault - the borrower hold one key, the lender holds one key, and hodlhodl holds one key (in case of dispute). If transaction goes smooth, borrower and lender both sign for release of funds. If any trickery is tried, funds are secure and hodlhodl will decide who gets the funds.
Hey Ben! Did you splurge for the Server Pure, or go for the Server One?!
He mentioned on Twitter he went with the Server Pure.
Ben: why would borrow LBTC..? Or Ltether? Were do I use it ?
If you borrow tether then it might be to use an exchange and get dollars for business use (aka get more capital to generate revenue, which will pay back the loan). If you're borrowing BTC then to me that seems like it would be more of a speculative thing - maybe the person thinks it will go down so they sell it for dollars, then when it's time to pay back the loan they can repurchase the BTC with less fiat than it was originally worth. That second scenario is not one I would personally want to try, lol.
Merci Ben.
Hi Ben - the question I've always had about Liquid, is whether swapping into L-BTC constitutes a "taxable event" (Canadian here by the way). Any non-Canadian-accounting-professional thoughts on this?
My understanding is that it's not different than services that auto swap your BTC to Lightning, or one stablecoin to another. That said, I'm not an accountant - and I don't know if there's even a precedent set for this at the moment.
@@BTCSessions Thanks for the response. For lightning, there is no swap or exchange - it is still raw BTC that is used on the lightning network, isn’t that right? But with Liquid, the BTC is actually swapped for “L-BTC”, if I am not mistaken. As you say, it is not completely clear or tested, but the possibility of triggering taxes on my BTC gainz does hold me back from using Liquid, for now. Maybe one of your Canadian connections (Samson Mow? Assuming you are connected to everyone by this point) might have a perspective on this…?
@@desakota Seems like this should qualify as a like-kind exchange. However, the IRS has expounded that only applies to "real" property which is land or things attached to land. Although, they want to call crypto property and not currency and have it both ways.
They have ruled that BTC to ETH is not a like-kind. But, seems to me BTC to L-BTC is as like kind as you can get. Although if you sell L-BTC it's just as if you sold BTC.
@@pilotboba thanks for this perspective from south of the border. Hoping to get a Canadian take on this as well.
Hey Ben, Thanks for this video. I've been looking into ways to both borrow against my BTC & lend my BTC. A couple of questions that came up for me is this: If borrowing, one more step is in order to have dollars and that is to sell the USDT at an exchange for dollars and then deposit that into a bank account. Is this correct? Or is there another better way? On lending: does this mean that I would need to convert my BTC to USDT for the period of the loan? Does that mean that I would lose out on the gains if BTC goes up during the loan period? For this reason, I would rather loan BTC so that I would get the same amount of BTC back after the loan period. Or perhaps I'm missing something? Thanks for clarifying.
Very good questions
Same question
@@ikust007 Thanks
Hey Bob!
So on question one: yes you'd need to take that USDT and get dollars via an exchange, unless you had a way to purchase things with the stablecoin itself.
For the lending question - you can actually lend BTC... but you may have a hard time getting someone to take that deal. The borrowers are very aware that if the price of Bitcoin explodes upward AND they owe interest on top if it, they will be in trouble.
If you opt to lend dollars, then yes you are sacrificing bitcoin upside during the course of that loan in exchange for the set interest rate upside in dollar terms. It's basically a bet that BTC won't go up as much as the interest you're going to make.
@@BTCSessions Sorry, I'm just now seeing this. Thanks for answering my questions Ben. I'm on a mission to begin to live off of my BTC and your channel is the best place to learn this. Thanks for all you do! Btw, I haven't heard anything about the bitcoin circular economy in Calgary. Is that happening? I'm in Edmonton but I pass through on my way to Lake Louise a lot.
Ben : as a lender , I don’t see my drawbacks….? Except from the taxation issues …?
As a lender you're typically going to be lending dollars (because people tend to be averse to borrowing BTC which might go up in price plus interest over the course of the loan).
When you lend tether you have a set return, but in exchange you're sacrificing the potential upside of just holding BTC for the duration of the loan.
Ben: if I am
The lender , I will be taxed on the % isn’t ?
📌Thanks for your videos mate,, TA is all well and good but I find it truly baffling that all major stocks you tubers just look at pure TA and completely Ignore the bigger narrative of why stock Is pumping and why the future outlook might not be as rosy as it seems. It's kinda irresponsible to ignore the fact that each ETF launch so far has caused a major pump at the peaks of stock.. We were already on shaky footing with historically low volume and almost pure whale pumps, narrowly avoiding a long-term bear market...more emphasis should be put into day trading as It is less affected by the unpredictable nature of the Market..I have made over 9btc from day trading with Nathan Chui,insights and signals in less than 6 weeks, this is one of the Best mediums to backup your assets incise it goes bearish....
Thanks for keeping it light and real at the same time. Holders like us really need him in times like these..
Am a newbie in crypto investment, please how can i reach him?
Please educate me, I’ve come across this name before, Now i'm interested to start trading with him.
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He's definitely a top player in the trading world. His ability to make successful trades is really impressive.
Let’s call it what it really is, it is fiat lending for bitcoin. Debt doesn’t work under bitcoin only. Debt is todays biggest issue. Debt is an invention to take real things.
Yeah I suppose it depends how you utilize it. I agree that consumer debt and speculation is ruining society. Using this site to somehow speculate on price movement is not something I would do. If I use loans then it's typically in the form of having BTC collateral to get dollars and buy something for my business that will generate more revenue to pay down the loan. I avoid the capital gains, continue to have exposure to my BTC upside, and don't have the risk of rehypothecation, while being able to grow at the same time.