All Forum Posts by: Joseph B Lively

@Thomas Burnett @David New  

Hi Thomas, Let me know if you have any questions about Blockfi or Decentralized Finance (DeFi) in general. I've been involved in Crypto for 4 years now and have been using BlockFi for almost a year to store my profits from sale and to park cash while waiting for new investments.  I'd gladly give you a summary.  I've helped a few others on here get into it and it has worked well for them.  It's not difficult and not a scam or anything like that.  Crypto gets some bad headlines, but there are really two sides, Investment (Bitcoin, etc) and Decentralized Finance.  DeFi is able to pay good returns while still being pegged to US dollar.  They call them 'Stable coins.'  Stable coins do not suffer the wild swings that investment coins like Bitcoin, Ether and others do.  

Over the last couple months, I've had quite a few people ask more questions about DeFi (Decentralized Finance).  I'm always happy to help answer questions and if the popularity keeps growing, this could be a good topic for an article.  

The market is maturing more each day and even since June with more and more institutions putting their cash reserves into crypto.  I still can't say for certain where crypto currencies for investments like Bitcoin and Ether are going in the future, but I can say that lending and savings platforms based on block-chain technology are really going to give the traditional banks a run for their money.  MIT and the Boston Fed right now are researching the viability of a CBDC (Central Bank Digital Currency.) China and other countries are already in limited beta.  The US is way, way behind and it feels like they are going to play catch up really fast.  

Cheers,

Joe

If you are tech savvy, there are some new decentralized finance options out there beyond basic banks.  I have been holding funds from a sale of my last rental in a stablecoin called USDC.  It is pegged to the dollar and does not fluctuate at all...even during the March drop.   I earn 8.6% and it's liquid, and can have it in my bank account in 2 days.   It's not for everyone and you should do your DD, but there are tech options out there that beat the .001% in savings account.  DM me if you want to know what group I use.

 I imagine this perfect scenario was how SBA envisioned it working for everyone.  I will say, this above account is the first I have heard and looks amazing.  Maybe us "early" people from 3/29 to 4/1 just got pushed in a huge pile.  Crazy Chad was able to apply on April 14th, Answer 5 questions, get $1000 dollars and have a fully funded loan a week later.  I guess it gives us hope that we will get processed eventually.

Thanks for the status, Chad.

Reported 0 for employees as it's just me and one SFR that paid free and clear. I received the $1,000 today. I put what my typical rental income was for the year in the application. I am applying the $1,000 to cover some of what the renter didn't pay in April. If I get more, I will use it to cover the unexpected no pays from rent while this plays out. I applied 3/31, application number 267,xxx

Joe

I can confirm they are working on 3/31 today.  I just got my $1,000 deposit about 10 minutes ago and I'm applying it directly to the missed rent for April.  

Who knows what else comes of it, but that alone is very helpful.

Joe

Check Experian, Cody.  I have Credit karma and it didn't send an alert or ping either Transunion or Equifax.  But, I got an alert from Experian that SBA ping'd me, which isn't covered under CreditKama.

Congrats on the funds.  Still nothing on this side...I'm still hoping that our funds were allocated (since we got credit checked) but haven't been dispersed yet. Fingers crossed.

They are voting on Monday to issue another 60 Billion to EIDL and 300 bil to PPP.  I'd assume shortly after that.

Source: https://www.washingtonpost.com/us-policy/2020/04/19/trump-coronavirus-democrats-small-business/

Hi Juan,

Where did you go to check status?  I applied on 3/31, and have a app number of 267,XXX, and outside of the same email everyone else has gotten, have not received any other email.  I looked around on the site can't find anywhere to check exiting status of applications that were made.  Any help would be appreciated.

Thanks,

Joe

I got the same email.  Maybe if they 'catch up' while Congress is delaying on the new round of funding, we can get US Bank to submit in a timely manner.  Makes me wonder if I should have gone with a group like Cabbage, who farms out the completed applications to small banks for submission.  

Ironically, Intuit and Paypal just got approved yesterday to process PPP loans.  I wonder if they got to process any....