Nice one James very informative but for the future.!! Only been in crypto 6 months and I’m described has an hoddler .my strategy is to take a profit in 2025 on my initial investment and reinvest.!
Thanks, glad it was useful! I haven't used it for crypto lending but haven't heard anything negative about it. I would personally have questions about centralisation (e.g. KYC) before using it. I don't think some services are available in some areas such as the UK and US either. Perhaps others have used it though
I was wondering about using this service. But I heard in uk u still get taxed on your loans. I was thinking of getting loan using usdc to avoid the risk. Then use the loan for property in uk. Avoiding tax.
Hey, James. I just saw your video. Will be following you. Great example with lending BTC and borrowing against it. I have some 0,1 BTC on my cold wallet and want to use it in Defi. Can i send that BTC to an Ethereum wallet or it does not support that transfer? I never used BTC in defi before. Should i send to a CEX first, sell to Usdc or Eth, send to Eth wallet, buy wBtc back and then supply to a lending platform? What are the steps to moving my BTC from cold wallet to Ethereum?
This is quite complex and depends on the circumstances. I would advise you contact a crypto tax specialist in this case. Jamie touches on this briefly in part 4 of our crypto tax series if it is of help: ua-cam.com/video/yj2a5m7-XCU/v-deo.htmlsi=eIX2Q2RtmBEQkcA4
Thanks James - very informative. I ask myself if I could handle the stress of it all lol..
Thanks for the comment and am glad it was helpful! Definitely worth starting off smaller to learn about it and to avoid sleepless nights lol!
I'm looking forward to your next video; keep up the great work!
Great video James. Very interesting and well explained. I am definitely going to check out your other videos. May be in touch.
Thank you, glad it was useful!
What’s your thoughts on Nexo?
I am using them...has been good for the past 1-2 years for me, and they have survived the bear market too :-)
Ive used them for 3 years. No problems at all
Been with Nexo since 2021, they are sound
Rates are still too high for this. It will get better in a few years.
Nice one James very informative but for the future.!! Only been in crypto 6 months and I’m described has an hoddler .my strategy is to take a profit in 2025 on my initial investment and reinvest.!
Thanks, glad it was useful! Sounds good, when in doubt, HODL!
Top video James , what’s your opinion about nexo finance about crypto lending
Thanks, glad it was useful! I haven't used it for crypto lending but haven't heard anything negative about it. I would personally have questions about centralisation (e.g. KYC) before using it. I don't think some services are available in some areas such as the UK and US either. Perhaps others have used it though
I was wondering about using this service. But I heard in uk u still get taxed on your loans. I was thinking of getting loan using usdc to avoid the risk. Then use the loan for property in uk. Avoiding tax.
Hey, James. I just saw your video. Will be following you. Great example with lending BTC and borrowing against it. I have some 0,1 BTC on my cold wallet and want to use it in Defi. Can i send that BTC to an Ethereum wallet or it does not support that transfer? I never used BTC in defi before. Should i send to a CEX first, sell to Usdc or Eth, send to Eth wallet, buy wBtc back and then supply to a lending platform? What are the steps to moving my BTC from cold wallet to Ethereum?
what if the borrower defaulted, do you lose your principal?
This is quite complex and depends on the circumstances. I would advise you contact a crypto tax specialist in this case. Jamie touches on this briefly in part 4 of our crypto tax series if it is of help:
ua-cam.com/video/yj2a5m7-XCU/v-deo.htmlsi=eIX2Q2RtmBEQkcA4
The borrower has to put down collateral against the loan which must be greater than the amount borrowed, so cannot default.
Why don't use 0.6 btc($30000) as collateral, earn 3% interest($900).
$900 is more than $500.
In bull market lend eth then lend USDC
In bear market lend USDC then lend eth …….
You’re welcome 😂 confused yet?