What is the point of this subforum if MKRDAO exists?

[stoat]

Are the collateral requirements higher or lower than a MakerDAO CDP?
Why would you take a loan here when you can just convert to ETH and open a CDP? It’s also completely safe with no way of getting scammed of your collateral.

[stoat]

Also, a DAI loan cost ZERO interest! So let me ask you people. Are you stupid? What is the advantage to paying interest and giving collateral to one of these lenders here when you can do the same thing completely trustlessly with a MKR CDP?

[DarkStar_]

Ask yourself.

[stoat]

Ask yourself.

Well I don’t have any cryptocurrency collateral. If I did I would just open a CDP with it: I came here to try and get a loan with little or no collateral. Which would be the only competitive advantage a flesh lender would have.

[Jojo333]

Also, a DAI loan cost ZERO interest! So let me ask you people. Are you stupid? What is the advantage to paying interest and giving collateral to one of these lenders here when you can do the same thing completely trustlessly with a MKR CDP?

Please correct me if I'm wrong. MKR CDP is not really a loan, if you get a CDP you are betting ETH will go Up enough to pay the DAI in the future.

[stoat]

Incorrect. A MKR CDP is called a collateralised debt position. It has nothing to do with betting on the price of ETH.

You’re merely using our ETH as collateral for DAI debt. You can draw DAI from your CDP and then do whatever Witt it and repay the DAI. Leave enough margin and you’re fine.

[Jojo333]

Incorrect. A MKR CDP is called a collateralised debt position. It has nothing to do with betting on the price of ETH.

You’re merely using our ETH as collateral for DAI debt. You can draw DAI from your CDP and then do whatever Witt it and repay the DAI. Leave enough margin and you’re fine.

Yes but you only get 2/3 of your ETH on DAI. Then you have to exchange the DAI to another currency, etc. Plus interest is 0.5%.
Also, here you can get a loan w/ ur account as collateral or any altcoin.

[stoat]

Nah you get more than 2/3

It’s easier and quicker and it’s trustless which is what crypto is all about right?

[condoras]

Then why are you here asking for a loan?

[stoat]

Because I don’t have the collateral

[ThatRandom8543]

Because I don’t have the collateral

And what makes you think anyone here would give you a loan without valid collateral?

[stoat]

Because I don’t have the collateral

And what makes you think anyone here would give you a loan without valid collateral?

If I had valid collateral I would just use MKRDAO.

[legendster]

Because I don’t have the collateral

And what makes you think anyone here would give you a loan without valid collateral?

If I had valid collateral I would just use MKRDAO.

So your post here is basically about promoting mkrdao and shit on the lenders here? I'm not sure I'm following the logic here.
People may choose to interact with lenders here rather than some new project which may (or may not) end up like bitconnect. It's all about trust even though we're in a trustless ecosystem.
Call it a paradox if you will, this is more safer in people's mind than what you are suggesting.

[hardinero007]

instead of mkrdao, why not try bitshares?  it is much easier and have 0% interest!

you borrow bit.usd and just have to collaterize your bts.  your bit.usd will be converted to usd.  and since you're from london, you can borrow bitgbp directly.

[Tyr808]

Are the collateral requirements higher or lower than a MakerDAO CDP?
Why would you take a loan here when you can just convert to ETH and open a CDP? It’s also completely safe with no way of getting scammed of your collateral.

Do you even know what you are talking about?

There is a cost of 2.5% paid in MKR which is burnt.

MKR (2.5%, burnt) + ETH or other collateral (150%) = DAI (created and pegged to USD)

Great stuff but 95% of the brainlets of this forum can't use it.