You know the collateral you provide doesn't have avalue of 1.7
BTC.
-snip-
TOTAL= $288 = 1.2251 BTC
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$288 =
Provide a collateral worth at least the amount you borrow.
but it's not "market" value… You have to find one interested and pay the amount you ask and maybe is not simple!
Yes it is not simple, I am still searching someone that want to buy from me 1 btc for 1'000 dollars
. There is something named "market value" and you cannot sell a thing over the market price (simple because it is impossible that you will find someone that will give you 1.70 bitcoin for a collateral of 288 dollars ... when at the moment 1.70 = ~ 420 dollars).
If for you it's the same, I can buy your 1 btc for 100 dollars!
Yes they are 100 dollars but for me worth at least 500 dollars!
If you think that 1 btc worth only 240$ you have make really a big quickly and fast deal!
FOR SURE!