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Ep 72 - SALT Lending, Crypto Collateralized Loans

Release Date: 07/21/2019

Ep 83 Election Authenticity in Latin America and beyond

LAB Radio

Together let’s count all the votes Carlos Torriellos is changing the political system in Latin America. He is the face of a volunteer group, consisting of concerned citizens in Guatemala, called Fiscal Digital. This translates to, “The Digital Witness”. Their goal is to certify post-election paper ballot results in a corrupt and broken system. Last year, in mid 2019, Guatemala held an election. Everything was going fine, until doubt was cast on the official results through social media. The situation escalated quickly and no one seemed to have a solution. The election officials began...

Ep 82 - Darknet Market Research with Cedric Dahl - 1000X Group

LAB Radio

Darknets Rising The Darknet is powered by cryptocurrency. On episode 82 of LAB Radio we speak with Cedric Dahl of 1000X Group about this controversial place. Most people have heard of the Darknet, but know what really goes on or how it operates. We dispel some myths and provide insight to why crypto is used predominantly on darknet markets. Cedric, like most of us, shrugged off Bitcoin when first told by a friend. The only difference for most us the is when the clock first starts ticking. For Cedric it was 2010. By the time he became a believer, he was farther ahead of the game than...

Ep 81 - The Free Republic of Liberland

LAB Radio

The Creation of a New Nation Welcome to the Free Republic of Liberland. Wait you've never heard of this country? "Well, that's a pretty normal response", says Joey Langenbrunner, Deputy Head of Mission to the United States. Liberland is new. The micronation, like Somaliland, will have existed for 5 years on April 13th, 2020. The delegation is planning a big celebration. They are launching they're own blockchain for governance and a cryptocurrency called Merits. Although, they are starting to get recognition internationally, they are still not recognized by the UN. This micronation...

Best of 2019 - LAB Radio - Episode 80

LAB Radio

This episode is LAB Radio's "Best of 2019". It's composed of several clips from guests over the past year. For many, 2019 will be one of those years in crypto that won't stand out in people's minds much. It wasn't flashy. There wasn't a lot fanfare. CNBC wasn't pumping XRP. It was quiet and people were busy building great things. I was fortunate to sit down with many amazing people this year to discuss their thoughts and contributions on the industry. Unfortunately, I had to narrow it down to just a hand full of clips but, trust me, all of our guests were fire. I know you'll enjoy hearing...

Ep 79 - Creating Effective Blockchain Legislation w/ Caitlin Long

LAB Radio

Caitlin Long knows Blockchain Law Caitlin Long joins LAB Radio host Chris Groshong, just days after resigning from the Wyoming Blockchain Taskforce. I had asked her specifically to come on the show to comment on concepts the newly formed California Blockchain Taskforce can glean from her pioneering efforts. We waste no time getting into the issues around the Uniform Law Commission's (ULC) Uniform Regulation of Virtual Currencies Businesses Act or URVCBA. Particularly the supplemental portion which strips the property rights of owners. Ms. Long says if we're not careful we may only recognize...

Ep 78 - The Crypto Curator, Paul McNeal

LAB Radio

The Crypto Curator, Paul McNeal The first person I met at the conference was the always smiling, Crypto Curator, Paul McNeal. I had no idea Paul was the host of a crypto news show, but after talking to him, I knew he had the chops and would make a great guest for LAB Radio. Paul's path into crypto took a circuitous route to say the least. Like many, he was able to leverage a previous skillset to help him land where he is today. Initially Paul heard about Bitcoin from the by . This officially made him the "go-to" Bitcoin guy when the monthly Chamber of Commerce Tech...

Ep77 -Lourdes Miranda, Crypto Financial Crimes Analyst

LAB Radio

Money Launderers Beware Cryptocurrency Analyst and Financial Crimes Investigator, Lourdes Miranda joins us for episode 77 on LAB Radio. Lourdes’ expertise lies in her years working from a compliance and financial crimes angle. Her knowledge of the Bank Secrecy Act led her to a career in the intelligence community, primarily the CIA. She knows the ins and outs of how money launderers operate. So when she was approached to join, admittedly she didnt know much about cryptocurrencies. That didnt bother the Agency one bit. She told their cyber security teams, if they taught...

Ep 76 - Hannah Rosenberg - Chicago's Queen of Crypto

LAB Radio

Chicago's Queen of Crypto When I noticed the talented Hannah Rosenberg would be speaking at the conference, you have no idea how happy I became. I had recently visited Chicago at the end of August and I was able to sit down with Hannah and record an episode. Unfortunately, the recording had some technical issues and it was unusable. I wasn't going to let a second opportunity slip by. Hannah got started in crypto back in 2014 and is one of the most involved and passionate people in the industry. She is the Managing Director of the Blockchain Institute, the Lead...

Ep 75 - Celsius Network - Providing benefit above all else

LAB Radio

Celsius Network is changing the game I was thrilled to interview, not only one of the Celsius Network top brass, but two at the same time. We rarely get a duo as dynamic as CEO, Alex Mashinsky and Head of Global Partnerships, Leah Jonas. I knew this was going to be fun and informative. You don’t have to go deep into a search for the name Alex Mashinsky before you uncover a plethora of amazing feats. Not only does Alex have an eye for the future, but he understands what it takes to get there. A big part of “getting there” is surrounding yourself with amazing people...

Ep 74 - "Where's my Crypto Insurance?" - InsureYourBit

LAB Radio

Our guest on episode 74 of LAB Radio is InsureYourBit’s founder, Doug Moeller. Doug is passionate about providing crypto related insurance to individuals and entities who regularly use uninsured third party custodians as a regular part of their business. Stay in crypto long enough and you will eventually hear of or be a part of an exchange hack. US based residents who are used to traditional financial services, like banking, are familiar depositors insurance. They receive this as part of the banks agreement with the FDIC. However, the FDIC only insures one kind of deposit, US...

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What is SALT Lending?

On episode 72 of LAB Radio, we are joined by Rob Odell, VP Product and Marketing from SALT Lending to discuss what's new with SALT.

SALT is a lending platform that uses crypto as collateral. It's a simple yet brilliant platform to allow users to leverage their existing crypto portfolio to leverage against a fiat loan.

How does it work?

For example, you own 5 bitcoins and need $25K to put a new roof on your house. Let's assume 1 Bitcoin is valued at $10K and you believe Bitcoin will rise in value from $10K to $50K in the next 3 years. Instead of selling 2.5 BTC, you could leverage your 5 BTC at a 50% Loan To Value (LTC) ratio. You would receive a $25K interest only loan with minimal interest payments due monthly and the balance due in the last month of the loan.

Let's say Bitcoin never reaches $50K, but it does hit $25K at 24 months into the loan. In this scenario you could close out your loan by selling 1 BTC instead of the original 2.5 BTC you were going to have to sell.

On the flipside, if Bitcoin never goes up and actually drops to $5K, the value of Bitcoin you have locked up in collateral is now only worth $25K. When the loan was originated it was set up to maintain a 50% LTV ratio, the loan is currently at 100% LTV. This adds significant risk to the lender.

To correct the out of range LTV, 3 things can happen. You can add more bitcoin to the collateral to bring the loan back down to a 50% LTV. You can make a one time stablecoin payment or your collateral can start to be liquidated to cover your loan.

"SALT is not in the business of liquidating your crypto." -Rob Odell

The last part sounds scary, as it should. No one wants to lose their crypto, that's why they are taking a fiat loan in the first place. The pause that it gives to one's decision making should be noted. A loan is not free money. Crypto doesn't always go up.

However, if you find yourself in a situation needing cash, owning crypto and not wanting to part with it, SALT Lending is a possible killer solution.

RobOdell_BTC2019conf

Meet Rob Odell. He's been with the company since 2017 and recently promoted to Vice President of Product and Marketing. Rob is very excited about the newest updates to the SALT Lending platform. The most significant of which include more business functionality and multiple users on business accounts.

SALT is originating more loans than ever. They actually have a lot of repeat customers. Since the terms of the loans range from 3-36 months, they have seen a lot of people take out test loans. They want to try a loan of a smaller amount before they get into a much higher leveraged position.

SALT has also worked very hard to bring insurance to their customers. There was a lot of basic education needed to make the insurance company feel comfortable with their processes. It took about 2 months and they had 2-4 office visits before they were given the insurance policy. "We wear it like a badge of honor," says Rob Odell.

How Rob found crypto

Rob's crypto journey begins in 2013 when he and his wife moved to Bali so she could pursue her dream as a SCUBA instructor. He became friends with some Ex-Pats and started going to meetups. At one meeting, he was introduced to a man who was purchasing local coffee from farmers, roasting it and selling it for bitcoin on the internet. Rob's curiosity was sparked.

Before moving to Bali, he previously taught English in South Korea. He met Mike Facchin of Search Scientists and began helping him build his Ads business remotely. This allowed him to gain insights into marketing campaign management and ultimately to where he is today.