Why Blockng & Not Binance Or Any CEX?
One of the things a borrower will consider before taking crypto loan is the security of the platform, if it's reliable to hold your asset and don't run with it. There's a saying in crypto that “not your keys, not your coin.” Most of the borrowing and lending platforms are usually centralized exchange (CEX), such as Nexo, Celcius, Binance and more.
I've tried having loan in Binance which I already pulled out, as we all know Binance is a centralized exchange, therefore they are in full control of your asset or your account. They can do whatever they want on your account, can share your privacy to any private or government sector if they like to.
So here's the reason why I like to have these feature in a Decentralized Finance (DeFi) platform as you are in control of your asset and your account. Nobody can peek what's inside your wallet or whatsoever.
Why I trusted blockng with my collateral
blockng.money is continuesly innovating, they are the platform behind LAW Punks and LAW tokens, as you can see in their homepage they already have different features wherein a user can chose what they likes.
My 3 remaining Punks are still mining LAW tokens under the PoPuK (Proof of Punk).
They made their own stablecoins which is the lawUSD, and right now they also have this lawETP and veLAW wherein it's like a voting power that will be used in governance voting. User can lock up their LAW tokens or Punks to mine for veLAW which they can sell it to whoever likes to raise up their voting power, these users can vote for any proposals towards blockng development. Those who lock up their asset will also received a form of “salary” as a reward for locking up their asset.
(Note: If I state wrong info on this part, correction is highly appreciated as I didn't research much about lawETP or veLAW. Thank You!)
Aside from that on blockng Telegram some whales holder of Punks are getting crazy upgrading their punks as they've release new updates that Punks can now have skills, which can add more on their value and mining power.
With all these things going in blockng, it is certain that the platform is continuesly innovating and is a proof that it is one of the solid project on SmartBCH.
So, I felt safe that I put my asset on a solid project and most especially running on SmartBCH a side chain of Bitcoin Cash.
Why I bought BCH with my loaned amount instead of other Sep20 tokens?
I am pretty aware most of the Sep20 tokens are whales toys in SmartBCH wherein they can pump and dumps it any time. I don't want to buy another shitcoins even if this thing I am doing is just an experiment.
With BCH I am certain it doesn't dump hard not unless there are world news that can affect the whole crypto market.
I am also trying my best to grow BCH sats this is why I am buying BCH instead of other tokens.
At least with BCH, I don't worry too much that it will fail any moment coz I trust BCH and the technology behind it.
Even if I don't have much in my portfolio I still matter these things, doing this stuff in a decentralized finance is always better than in centralized exchange.
Although Binance is the largest and top 1 crypto exchanger considering they are doing naked shorting of BCH is hilarious. This is why I pulled my BCH in there, I only left something to sell if BCH will up for portfolio diversification purposes.
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Date Published: May 4,2022
I also have an open loan in BlockNG. Although I need to keep an eye on it as the prices are keep dropping and I don’t want my position to be liquidated. Defo the most solid project on SmartBCH