Cool, I guess that's not to bad tho for HODL'rs, if you never intend to sell your Crypto asset but just want to draw down a small loan I could see it being viable for people. For example last year Bitcoin rose 700 percent, Litecoin rose 2,950 percent and Verge I think rose a lot faster. So say you bought $1,000 of crypto when a coin was trading around 1/10 of a cent then it went up to $1 or $2 you would probably have a profit that is way above what your living costs might be.
In a scenario like that I see it as pretty useful that you wouldn't necessarily want to sell your asset or even get a loan for most of it, especially if it was still an asset that was rising tremendously in value. However say you'd made a million dollars out of it but just wanted to draw down living costs of around $40,000 even if the lender's requirement was 2:1, you could just stake the 2:1 that you needed for the draw-down and still keep the balance of your asset under private control in a wallet with your own keys.
I'm starting to see it as a very viable way to live. Of course assuming that Crypto keeps rising and that the bankrupt US dollar doesn't force the US government into a phase of regulation and then issuance of their own Fiat crypto dollar. Apparently if there was a run on the US banks today there isn't enough physical cash to cover even a tiny 1% fraction of withdrawals and Governments will do the darkest sxxx possible when it comes down to it if their survival is impacted. That's something that could realistically be on the Horizon because there are so many more pensioners living longer in all the Western countries and declining birth rates and declining rates of taxpayers in the productive bracket to fund everyone else.
My bug out plan for this year is to make a squillion dollars in Crypto and then at least just buy a modest house somewhere and set aside a couple of years of canned goods. When SHTF and everything collapses and the power goes out at least I'll lose my squillion but still have a place that I can board up and fight off zombies, and I from what I hear when the lights go out, cans of Tuna will be the new gold standard.
have you been watching doomsday preppers? If not you shoulf. You'd love it!!!