Hey! If there were ever crypto emergencies, this would be a tale of one of them: (I mean, okay, so there are crypto emergencies… Take the confido announcement that plunged it to literally less than $0.01.)
So, I had bought XVG at B0.00001044, but sold it a few minutes ago for B0.00000913. Then I FOMO’d into SALT at B0.00088599. And this new release by SALT is why. https://blog.saltlending.com/salt-loans-are-live-cf0f7c8e5d69
Am I Crazy? Why So Much Faith in SALT?
I don’t want to explain what SALT coin is. But in short: SALT is a crypto loan provider. They hold your crypto in collateral (probably bitcoin will stay their only choice until stable altcoins rise) and give you loans in fiat. So it’s like a crypto pawnshop.
You pay off your loan with SALT tokens. They stated that each SALT token can be used to pay off $27 off your loan.
While SALT was never worth $27, here’s why their word becomes its value:
- According to their release, SALT tokens can be used to pay off the principal and the interest on any of their loans. That means if you take out a $1,000 loan with bitcoin as collateral, then you use that $1,000 to buy SALT tokens at their current price of $15.37, you could pay off your $1,000 loan with only 37.04 SALT tokens. 37.04 = only $569.26!
- Because of point #1, SALT will rise to $27 because people will start exploiting their loan system by buying SALT cheap and just paying off their SALT loans at a profit.
Well, there you have it! SALT is pumping insanely now. If I sold right now, I’d make up my XVG losses with a little bit of profit too!
Do not follow me or rely on my word for your own crypto trading. This is not investment advice – it’s a blog post about my own adventures in trading cryptocurrencies. If you choose to copy my decisions, you do so at your own potentially probable financial peril. I’m not an expert in cryptocurrency trading and do not purport to be.