DrChris ⚔️ on Nostr: Coinbase is enabling crypto-backed loans in USDC. The catch: If the underlying value ...

Coinbase is enabling crypto-backed loans in USDC.

The catch: If the underlying value of the crypto drops, they can confiscate your crypto - and they will.

Take out a $50,000 loan backed by $100,000 of BTC and it red candles? Sorry, BTC gone.

Don't do that.