bitChomsky on Nostr: Buyer Beware. Fuckery is afoot! Alarm bells going off on Andrew's very clever ...
Buyer Beware. Fuckery is afoot!
Alarm bells going off on Andrew's very clever combined collateral package. Is the #Bitcoin fronted by the borrower? Or is it a joint venture with Battery Finance? It's all in the details. His 'value proposition' still favors the lender tremendously. You have to pay out the loan to full term to get 50% of the #bitcoin you financed.
Feels smarmy and very similar to the b.s. that bankers use to lure you into a loan contract such as ARMs.
This guy's too clever (smarmy) for me.... You only get 2% vested interest into the #bitcoin you are financing - never to exceed 50% of the financed #bitcoin.. So the loan has a built in early payment penalty.
Imagine moving forward with his this value proposition to term, 25 years. You will have effectively paid: 1) The principle for the house and #bitcion, and 2) All the interest on the house and #bicoin.
What you walk away with: A house and (at best) 1/2 the #bitcoin you financed and paid interest on. Effectively, you just gave millions of dollars of value (purchasing power) to Andrew.... because he's such a nice guy. His whole value proposition is lowering your monthly payments by a wee bit.. and walking a way with a small % of the #bitcoin you financed....
Sounds to me like Vegas House Rules... I recommend a hard pass.
As Greg Foss says... "Do the math." Protect yourself from guys like this.
There is so much to look forward to when it comes to building on bitcoin. The profound impact that integrating bitcoin into our world can’t be understated.
Don’t get distracted by short term price volatility. Zoom out and think bigger.
"If you allow yourself to imagine, what could I accomplish if I took careful steps over three years, five years... and you integrate Bitcoin, what you can build on that foundation is absolutely remarkable." - Andrew Hohns
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"content":"Buyer Beware. Fuckery is afoot!\n\nAlarm bells going off on Andrew's very clever combined collateral package. Is the #Bitcoin fronted by the borrower? Or is it a joint venture with Battery Finance? It's all in the details. His 'value proposition' still favors the lender tremendously. You have to pay out the loan to full term to get 50% of the #bitcoin you financed.\n\nFeels smarmy and very similar to the b.s. that bankers use to lure you into a loan contract such as ARMs.\n\nThis guy's too clever (smarmy) for me.... You only get 2% vested interest into the #bitcoin you are financing - never to exceed 50% of the financed #bitcoin.. So the loan has a built in early payment penalty.\n\nImagine moving forward with his this value proposition to term, 25 years. You will have effectively paid: 1) The principle for the house and #bitcion, and 2) All the interest on the house and #bicoin.\n\nWhat you walk away with: A house and (at best) 1/2 the #bitcoin you financed and paid interest on. Effectively, you just gave millions of dollars of value (purchasing power) to Andrew.... because he's such a nice guy. His whole value proposition is lowering your monthly payments by a wee bit.. and walking a way with a small % of the #bitcoin you financed....\n\nSounds to me like Vegas House Rules... I recommend a hard pass.\n\nAs Greg Foss says... \"Do the math.\" Protect yourself from guys like this.\n\nnostr:note1zfppjjyakdjx49hscdqhhc7pqvexl85549264lnr5fttpw5z67fs04xvp8 ",
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