CryptoN00b: Salt - Secure Automated Lending Technology

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SALT stands for Secure Automated Lending Technology. It allows you to keep your cryptocurrency (bitcoin, ethereum & crypto) and borrow against it. SALT Lending holds the value of the cryptocurrency and borrow fiat currency (USD, YEN, EURO).

This could change the world of lending. You could borrow without having credit checks and proof of income. And the lender holds actual collateral.

I hope it works. It is definitely a good idea, but there may be some drawbacks.

1. Cryptocurrency volatility. Since the value of cryptocurrency can go up and down so rapidly how can the lender and the borrower maintain the agreement? The borrower is supposed to make up the difference between the amount borrowed and the collateral if the crypto being held goes down.

2. State by State Regulations. Lending is regulated by each state so Saltlending will have to be authorized to act in each stated.

3. Centralization. There are pros and cons to centralization. Pros: regulation requires it, faster decisions. Cons: easier to attack, governments can shut it down or apply restrictions in their areas, organizational greed.

transcript:
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hey guys this is crypto noob Bruce and I

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just discovered something called salt

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it's been a round for a while I guess

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since about I don't know June 2017 and

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wow I wish I would have gotten in on

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this a little earlier this sounds very

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interesting essentially it's like a

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cryptocurrency that allows you to borrow

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borrow fiat currency and so I just

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bought about about about nine of these

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so I'm gonna go ahead and add it to my

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my crypto compare portfolio let's do

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that I'm just gonna hit add here and

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there we go I bought about nine it's

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like nine point five or something but

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for now just put nine put add driving me

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crazy where is it seriously where is it

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I don't see it the house back there oh

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there it is salt okay they just had the

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wrong symbol years what kind of Scott

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throwing me off there said 107 dollars

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okay

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anyway now what I'm gonna do is I'm

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gonna go I'm gonna show you my lending

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the actual lending wallet they have so

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here we are

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there we are right there there's my

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dashboard says I have about 9.8 salt so

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I guess the first step is to actually

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put salt in there if you want to

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actually borrow you have to have salt to

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borrow against go I guess the way it

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works from what I've heard is it and I'm

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about to actually do this I'm actually

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you're seeing me learn real time here I

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way it works is that you have to have

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salt there and they hold your

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cryptocurrency as collateral and you can

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actually get it back after you pay so

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they hold your money as collateral it's

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like you say I put litecoin in there

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right so I traded my light coin for salt

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and I'm I'm just guessing how this works

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we're gonna see see it work in action

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but I put I traded my light coin for

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salt and now I have nine salt and I'm

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about to see if I can borrow a little

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bit of money fiat currency and so after

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I pay my the money that I borrow from

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salt I will I can then get my currency

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back something something to that effect

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and rather than basically doing what

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normal lenders do which is to check your

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credit score and make sure you have an

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income and all that kind of stuff like a

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bank would do or one of those crazy

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lending agencies do salt takes a bit of

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collateral from you in the form of

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cryptocurrency and if you don't pay it

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back they can bake you keep that right

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because they have your collateral II

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have something worth to you but you're

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gonna if you pay it back then you get

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the full value of your currency back so

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that's pretty awesome so first step I've

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already taken it I actually bought some

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salt with litecoin I use this to get

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like coin I have a theorem in a Bitcoin

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but you can also do dash or whatever you

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have and next step is I think to go here

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to base I want to

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let's say I want to do a $5,000 loan

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right I would say redeem and it's gonna

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say please confirm membership you would

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like to purchase as well as the

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borrowing limit you just want to select

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all right it's five ten thousand dollars

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okay so I'm gonna give them members

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redeemed it's one salt okay so I just

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gave up one salt as you can see one from

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nine point eight five to eight point

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eight five all right

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membership redemption complete thank you

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for purchasing these salt memberships

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stay tuned for news updates and new

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developments okay is that it or or what

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so this is this is showing my

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transactions that actually I use

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litecoin and the litecoin translated to

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use the light coin went through

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shape-shift which changed it to the

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theorem and that's why it's showing

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aetherium right there all right if I'd

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known that I would you just use the

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darién but learn something every day

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right all right so let me see if I can

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actually borrow or if it's that's it it

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might be that they're not there yet I

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know that they're still trying to get

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through this

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they got um oh okay yeah you got to put

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looks like they're gonna do some you got

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to do some more identification

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verification there's no limitation on

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how much salt you can purchase all right

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to withdraw over 2000 USD worth of salt

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upload a valid government-issued ID your

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ID will not be verified immediately upon

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upload as usual it takes a while for

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them there because a person has to

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verify it all IDs will be reviewed and

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verified before token issuance

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salt distribution but this is only if

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I'm taking out $2,000 worth of salt salt

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distribution will take place within 15

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days after the end of sale period okay

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all right so I want to know more about

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this lending thing I want to borrow if I

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wanted to borrow some cash how would I

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go about doing that looks like they

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might not be there yet

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but here's the paper the white paper on

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the abstract on salt here blockchain

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backed loans and it shows you holding

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XRP Bitcoin or aetherium to get USD euro

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or whatever and this was done August

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maybe that's when they updated it salt

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is a membership based lending and

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borrowing network that allows users to

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leverage their blockchain assets to

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secure cash loans

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Wow so you can use cryptocurrency to get

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back USD and then they hold your

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cryptocurrency they don't spend it they

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don't do anything with they just hold it

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until you pay back the loan and I

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imagine the loan will have some sort of

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an interest rate with it so our secured

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automatic lending technology is a port

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is a protocol and an asset agnostic

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architecture designed to adapt to

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constantly changing class of crypt of

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blockchain assets all right

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the system is designed such that if you

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have an asset you want to hold on to you

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can borrow the asset you can borrow the

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asset you want to spend regardless of

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the credit history or Geographic

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constraints the salt platform is

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automated efficient and crypt

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illogically secure

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it offers a compelling solution to the

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problem of many consumers face when they

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need to need or want cash to make a

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purchase but do not wish to liquidate

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their assets that's pretty damn cool

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instead of selling salt enables the

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members of salt lending platform members

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to leverage the value of certain digital

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assets thereby giving them access to

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cash offset man I'm freakin sold that's

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awesome that's this sounds like this

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sounds incredible you could I mean cuz

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you could I could borrow cash against

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salt and then turn around and use a cash

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to buy other assets then make money off

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the assets and then give salt pay salt

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back while I'm building up these other

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assets and then when I'm all done paying

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off the loan get my original coins back

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from Salt wow this is frickin crazy I

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need to know more about this lets me

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dive more into this this is interesting

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too it's saying that you hold like coin

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nem etherium - and you get back fiat

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currency oh man this is frickin

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incredible it's unbelievable

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oh here we go okay here we go let's see

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where where they're at here has the salt

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platform create a loan okay so none of

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this stuff exists you there yet

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outstanding balance and says that this

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guy this guy outstanding man they

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borrowed $20,000 right there outstanding

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out amount outstanding twenty thousand

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amount do they owe $2,000 on their on

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the loan that they borrowed and the next

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due date is say June

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and the auto payment method is coming

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from Wells Fargo and the amount next

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payment of that's a very large amount

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for the next payment I guess they're not

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doing smaller payments there but that's

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10% 2,000 is roughly is 10% it's 10% of

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this loan right here right so maybe they

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broke it in 10% increments Andy can you

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control that is another quote it looks

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like it look so create a loan and it

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says the value of a Bitcoin loan value

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is a hundred thousand total amount so

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you can actually adjust how much you

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want to borrow that's long value say a

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hundred thousand dollars collateral

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required in Bitcoin will be fifty for

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Bitcoin if you wanted a hundred thousand

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dollars so and then was that say a

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million dollars that million no this is

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a hundred thousand so you can you can

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borrow up to a million it looks like and

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it but in their case the total amount is

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gonna be a hundred twenty-five thousand

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looks like right here you got a loan

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value you got collateral required select

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loan duration oh that's dope you can say

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okay I want to pay in ten months so then

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therefore the interest rate is 10

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percent and that's why you would pay

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that's ten percent of that and I imagine

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well interest rate 10 percent say is

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that good

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interest rates never good but it's gonna

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there's gonna be interested that you

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have to make their money somehow right

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to maintain the system so understandable

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I don't imagine you can change the

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interest rate they make that they make

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the interest rate you you can select

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the duration of the loan they control

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this part yeah okay I make sense monthly

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payments based on $100,000 ten percent

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ten months is gonna be $10,000 per month

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that's quite a bit the principal is

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gonna be ten thousand and then the

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interest is gonna be four hundred

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dollars

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yeah that's based on the ten percent

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interest rate man this is really

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incredible this is really great stuff

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right here I like I really like this

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it's brilliant if man this could really

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change lending like totally change

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lending you don't have to worry about

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going through some freaking shark agency

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that they put around port port areas

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right if you own just a little bit of

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crippled currency you could use this

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platform instead of them doing chip

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credit checks and looking at how much

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money you make and all that kind of

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stuff and then if you pay on time you

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can get all of your assets back get all

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of your cryptocurrency better you can

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just let your I mean me somebody like me

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who's a holder oh this would be great

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for me because I could just put my money

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in there I'm not gonna spend it anyway

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right cuz I'm I'm waiting for it to blow

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up and be way bigger that's why I hold

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so I put it in there - say let's say I

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have 20 - I put 20 - in there right they

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hold it I can get it alone for like 50

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grand or something right I wouldn't get

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that much but I could get a loan for 50

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grand I could set the duration of the

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loan so if I didn't want to pay like 50

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grand I'd be a lot of month like ten

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thousand five thousand dollars a month

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so crazy like that I wouldn't want that

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four thousand whatever it be I probably

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lessen it to weigh less than to wait

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less than that anyway anyway so I could

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borrow some cash put that cash on

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another asset

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that I that's projected to grow right

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risk the loan money on another asset Wow

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this is this has a lot of potential

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right here so let's see where they're at

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here they are company formation and this

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was before fourth quarter

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2017 fourth quarter 2017 which is where

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we right now launch blockchain backed

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lending platform loan collateralized

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loan launch Wow so they're about to

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launch this for Bitcoin right now a

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Bitcoin BTC collateralized loans

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launched loan fund cool that's supposed

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to be any day now so that's pretty

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00:15:35,730 --> 00:15:39,020
that's pretty awesome so that that means

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that price is gonna shoot up

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significantly I need to buy more more

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salt first quarter 2018 they're gonna

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develop API and dev tools and 1/8

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collateral as that collateralized loans

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so that's when that's coming early 2018

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so based on this this is when I'll be

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able to collateralize the the loan that

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I have the etherium I have in there and

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then second quarter 2018 a launch of

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00:16:09,360 --> 00:16:13,200
credit cards

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Wow so then you'd be able to basically

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borrow money put the money on a credit

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card use the credit card Visa or

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MasterCard or whatever to go and

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purchase and do whatever the hell you

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want with it

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Wow this is freaking this is incredible

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guys and then third quarter 2018 they're

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gonna use all coins then you'll be able

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to do like - and litecoin and and so on

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and so forth Wow that explains a lot

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00:16:43,860 --> 00:16:51,540
all right all corn collateralized

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lunch soft platform salt foundation Wow

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so that's it guys that's that salt I

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would highly recommend getting in on

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00:16:55,770 --> 00:17:03,950
this one this is still the ground floor

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00:16:58,530 --> 00:17:06,510
even though it's $10 a piece already

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00:17:03,950 --> 00:17:09,500
this is a brilliant idea this is these

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00:17:06,510 --> 00:17:11,790
are the kinds of ideas that I invest in

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world-changing potentially

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world-changing ideas technologies that

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can help Society that can help do things

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better financially that is really an

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evolution of Finance financial the

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financial world real financial

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technology is is what I try to invest in

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when I put my fiat currency towards a

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cryptocurrency this is the kind of thing

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that I look for and this is what you

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00:17:38,070 --> 00:17:44,580
should look for to like revolutionary

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ideas that can change everything and

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that's it guys check out salt definitely

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go ahead and read that that white paper

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there that abstract that's talking more

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in-depth about everything that's going

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I'm definitely gonna do some a little

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00:17:58,110 --> 00:18:02,820
light reading here it looks very very

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00:18:00,750 --> 00:18:04,890
interesting I really want to know more

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I'm very interested I'm definitely gonna

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00:18:04,890 --> 00:18:09,300
buy more of this I'm so excited about

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this one and I believe it's based here

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00:18:09,300 --> 00:18:13,520
in Colorado as well see you guys later

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