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Brendan mentions in interviews that they started building on bitcoin, but the fees were too high (his words, not mine). In my opinion, I simply think they wanted to fund raise with their own token, just like most issuers of shitcoins. i agree with you - there is no need for BAT now that we have Lightning.
People will NEVER learn the lessons from FTX, BlockFi, Nexo, Crypto etc all those scams promising high returns from loans backed with your BTC.
You are misunderstanding how the loan works. Its not "your" btc. You didn't put up anything....you are free to go get a traditional mortgage and pay it off.
If, however you are bullish on bitcoin AND need a loan for a house, this option allows you to get a house in far less time than it normally takes.
Is too early, is just a proposal.
I am just reading and waiting to see how will evolve.
People usually get too easily excited by new things.
I am more patient with "new things".
Quit my well compensated job at the Federal Reserve and become unemployed. It's been tough but as a "Bitcoin maxi", did I have any other choice??? It could cost me everything.