MOON Giveaway + Figure Markets AMA With CEO Mike Cagney

Hey !

We're Figure Markets, a one-stop DeFi ecosystem where you can use your Bitcoin or Ethereum as collateral to secure crypto-backed loans.

We're excited to introduce ourselves to this community and highly value your input. That's why we're hosting an AMA with our CEO, Mike Cagney. We're looking forward to your questions and participation, as they will shape the future of Figure Markets. As a thank you, we'll reward the top participants with MOONs!

https://i.redd.it/0u73slgwzabd1.gif

We've given the moderation team $1000 worth of MOONs so they can distribute $20 worth to the top 50 most upvoted questions!* Mike will be answering questions from the community throughout the day on Tuesday, 07/09/. Be sure to add your ETH address at the end of your question.

We're particularly excited to share information about our current crypto-backed loan offerings. Borrowers can get instant cash by collateralizing their BTC or ETH:

No rehypothecation, no credit checks, no minimum (for international) or maximum, a 12-month fixed rate, and interest rates as low as 12.5%.

We're eagerly anticipating your questions. Best of luck to everyone participating!

*Geo-restrictions apply. The giveaway will end at 00:00 UTC on July 10th.

50 thoughts on “MOON Giveaway + Figure Markets AMA With CEO Mike Cagney”

  1. Figure Markets burned 10,248 Moons for this AMA and four days of the Banner.

    https://nova.arbiscan.io/tx/0xe6062e7cead86d04c3b751382afed97520027c10673d2a5cc7d84d7c7b43ce2f
    https://nova.arbiscan.io/tx/0x9b28ab21d054fc7bc340e0ebfda8acda7b63f7a80c80830e160cc27e2b60404b

    Remember to add your ETH address to the end of your question to be eligible for the giveaway.

  2. I’ve just found out about this crypto-backed loan and did some research on it.

    I can’t grasp the concept of swapping my cryptocurrency for cash. It appears to be no different from selling it.

    Can you explain how I can utilize this system to my advantage?

    ^0x917314d8330e8f2174be5c79b73a5e40e2802dae

  3. The Classic Line: Not your Keys not your Coins comes to mind regarding getting a loan through a 3p using Crypto as the Collateral. Beyond basic protections for your company do you have anything to ensure safety of clients assets held as collateral?

    0x8653e3Aefcaf3d2116d0B153B788B7cD628bE641

  4. How do you stand out from other established borrowing protocols?

    0x54695A5fcFe1cF4c5Ed0934af5FDFE640c2C6a99

  5. Most people buy crypto to get out of fiat and/or as an investment to make money. What incentive can someone have to use crypto as collateral to get fiat, with an interest of 12.5% minimum? The interest alone can turn profits into losses

    0x8b0365e1b9c29f2d34c12d2dfd7d35dcebe93d36

  6. What’s makes you different from BlockFi and Celsius? In other words, why should we trust you?

  7. Is there a mandatory KYC for signing up?

    0x1d9497ba7e7a6306ed1d3fa29bfd9c040f95b857

  8. Do you provide integration with smart contracts to provide flash loans? What is your opinion on adding such a functionality in addition to giving Crypto-backed loans?

    0xEf874F607E815e4A26dEb573B3FDBB2C5a1A51d1

  9. You currently say that borrowing APR is the following: Starting at 12.5% (12.5% to 14.19% APR). What are the variables behind the APR rate here? Plus, how did you arrive at this rate and how do you intend to stand out in this sense? This looks similar to a couple of DeFi rates, such as Lista’s, Kamino’s, Zerolend’s, etc…

    0x0D9180a9294631a51c90BE35378DDe2a26767fF3

  10. Sounds great: (my question is at number 5)

    1. Lend us your coins
    2. Pay 12% interest to get them back
    3. Pray we stay solvent long enough
    4. Do not bother to read the fine print
    5. What could possibly go wrong? 😉

    Thanks!

    0xAae2747b2d52baf6b85C316618Bd662bE2e19740

  11. So what separates Moon from other DeFi tokens like Marlin? And how are transfers safeguarded?

    0xe18760D995BBDEd4d8268B6e4E3e2C6c73DF7429

  12. When will borrowing against other blue chips like MOONs be implemented?

    0x9807e7a6ce90f3ace22151e5ea01388760d7b883

  13. Has anybody on your team ever been convicted of any crypto-related crimes?

    0xd8c4bd2815281e1bcc167b4d58c8df81d594401a

  14. With Figure Markets ambition to be ‘the exchange for everything’
    how do you envision integrating traditional financial assets with digital assets on your platform,
    and what regulatory challenges do you foresee in creating a truly comprehensive global marketplace?”

  15. Your website stated to lend money in the USA and other countries. Have you ever thought about some people who will lend money and not return it? What will be your plans to those type of people? Because I know it wouldn’t be nice to lend someone money and the person won’t be able to pay back and if you aren’t in their country, it’ll be hard to catch them

    0x68E5b83d9A4E82d3833dE0365543E7d26897B413

  16. >No rehypothecation, no credit checks, no minimum (for international) or maximum, a 12-month fixed rate, and interest rates as low as 12.5%.

    I’m having a hard time figuring out the end-game here. So, what exactly guarantees your loans to borrowers? 12.5% verges on predatory, but is that enough if you can’t get assets from the borrower ? Specially if you don’t have a minimum nor maximum amount, nor a credit check of any sort? Or do the borrowers need to deposit Bitcoin and ETH directly to you and you just give cash equivalent for that amount, in hopes that the ETH/BTC appreciates in value in relation to the interest rate you’re charging?

    0x55F7948327D1ec4fEA15B923658e3230b39Ea227

  17. 12% is quite a steep rate and 3x higher than in the offline world. What makes you better than offline and online competition that you believe this rate is justified?

    0x1bd624c07cAc1a26b7d8385BbEaB2f2588e97458

  18. As you said we can collaterize our BTC or ETH, but will there also be any further Cryptocurrencies added to this in the future?

    Thanks for answering in advance.

  19. Are you trying to bribe me for engagement? Disgusting

    👉👈Anyway, you need my wallet address or are you going to sent the moons via postal service?

  20. Why should I keep $20 of MOON after receiving them and not exchange them for ETH?

    0xDAC5690F7Ab668C6926929765B3A5a7A5c50CF19

  21. I just checked your platform and looks like your only trading pairs are ETH, BTC, USDC and…. HASH. What is HASH? Is it your official token, and if it is can you explain its tokenomics?

    As a sidenote I don’t think it’s best idea to pick comments just based on votes, but rather choose them yourselves because just few votes can get easily manipulated.

    0x891bcFA13741A20618f19897C667569D4d5F1381

  22. Hi Mike, what do you see as the most significant regulatory challenges facing the crypto market today, and how is Figure Markets preparing to navigate these challenges to maintain its competitive edge?

    0xD890Bfa7F145981a261fC8FB6836F507a676b52B

  23. What contingency, if there could be any, would you have for volatility concerns? A lot can happen in 12 months. Can I pay off my loan sooner if I want to sell because the price has gone parabolic? Or, on the other hand, will you ask for more collateral if the price tanks?

    0x8FCfE70Da4b7e11f2F219ff91EADbb5750A8acE5

  24. Scrolling through the website. What’s HASH? I’ve never heard of that token and why do you guys use it?

    0xC70754C51D4536F72E2bCef4eDDc4a9e78efFfA3

  25. What are some key benefits to taking out a crypto backed loan? How many crypto backed loans has Figure Markets approved? What do you anticipate the volume to look like? Are you planning on allowing borrowing on other crypto currencies? Will there be crypto backed loan pools to sell to investors? Are investors interested in that type of offering?

  26. Why not sunset the Moons and create new coin Sun.

    0xd439948cdb82eeb29624ad46a3223a48eb88843e

  27. What makes you different from all the others out there? As in why should I as a costumer choose you

  28. So how do I get rich with this? But explain as if I’m slow.

    0xc6a5a8bD24D95Bb66a02e2329B59D69bB84F2923

  29. How does the “No Credit Checks” work? Potentially, any con artist can borrow money and disappear? How will u track them? And your interest rates are 12.5% onwards.. that is too high, isn’t it? Why should I bother with this option instead of a lower interest bank loan.

    0xBf5A99FE9708ca2ba0df7b1119EA1C312bE4E879

  30. If I need to talk with your costumer support, with medium urgency, how long it would take to speak with a human?

    0x27Baf1860C43cbB11D58fd7b6ABed233922faD5a

    Edit: wrong adress.

  31. I have 10k Moons sitting in a metamask account doing diddly squat. Is there any way your platform can make them work for me, and you thanks.

    0x6A929f7e53e6B43512515159e142Ed91a8fb389E

  32. What is your maximum loan? What’s the maximum loan period? What chain/currencies will you be accepting bid in?

  33. Hi my question is for people outside USA, do you support customers from LatinAmerica for example? Is there any specific restrictions?

    0x996c2948116d2D1dbdA3569df8AC430C2f4B22Fa

  34. So, does the company live off of the 12,5 or more interest? Do you “play” with the btc/eth collateral?

    How can i be fully sure you are not the next Celcius & co?

  35. Hey Mike,

    Figure Markets sounds awesome, especially the part about no credit checks and low interest rates on crypto-backed loans. How do you guys keep the collateral safe, especially when the market gets crazy?

  36. How do you ensure the reliability and uptime of your trading engine, especially during periods of high market volatility?

    0x27Baf1860C43cbB11D58fd7b6ABed233922faD5a

  37. Do you have an app yet or every loan is made inside your website?

    0x4a5008a960Df61CE7CF1EFDe0CBc268C390ff94F

  38. I remember you from my Celsius days. What a shitshow. Sad it didnt work out with you guys

  39. How do you safeguard users deposits? Do you delegate custody to third parties or handle it yourselves?

    0x74bDa88E808Ae31b06949F173eD6f15725bFB95D

    1. How does Figure Markets ensure the security of users’ collateralized assets, especially in the face of potential market volatility and security threats?
    2. Can you explain the process of rehypothecation and why Figure Markets opts not to engage in it with their crypto-backed loans?

    0xa2dE1fCcdce3774c99A33f9b23ABE4063f937129

  40. That seems like a high interest rate for such a short period. What separates you guys from other crypto lenders currently in the game?

    0x83bE84249259865b3e5F1efC63a1B97c1B04cAEc

  41. Given all the volatility right now, how is the collateral valued? At the time of transaction? At the time of finalization?

  42. Simple question- What is your long term goal/roadmap? How are you gonna stay afloat in this extremely competitive market?

    0xeD0614d6f73147F26694A991897Ed62DE4202B86

  43. This is something I always wondered. If I need a loan, why can’t I just take it from a bank? Why use my crypto to take a crypto loan? How do you see this market working going forward?

    0x87C56517c9F7F46390772a93EBe0f1769E2B632f

  44. How should we think about your balance sheet? You must be fairly exposed to crypto, so what happens if we see a large market drawdown (say BTC falls 50%+)? Can you weather that storm or will you have to liquidate assets?

    0x000000000000000000000000000000000000dead

  45. Hey Mike. Can you share details on your mobile app development plans or roadmap for improving mobile trading experience?

    0x27Baf1860C43cbB11D58fd7b6ABed233922faD5a

Comments are closed.