Bitcoin is a bearer asset just like physical gold, you cannot lend the same asset to multiple parties Very simple, John makes 1 bitcoin deposit to ET-bitcoin-bank, and ET-bitcoin bank lends 1 bitcoin to Robert sending the 1 bitcoin to Robert's wallet There is no more bitcoin in the ET-bitcoin-bank wallet... When Larry tries to borrow 1 bitcoin, there is 0 bitcoin available
And yet... we had so many institutions/hedge funds with missing BTC funds after the FTX blowup... even though it was something that wasn't supposed to be allowed to happen.
Where is the big mouth @johnarb now? Your calls must be hemorrhaging at this point. I told you wankers that this could hit 90k
Yes and retail, hopefully will never happen again in that scale Your argument has the reverse logic, the reason for the failures of the tradfi companies you mentioned is precisely because they got exposed to duration risk bitcoin and crypto assets are bearer assets that cannot be fractionalized as they operate 24/7 with final settlement measured in minutes (seconds) The evil fuck Sam Bankster-Fraud is the sociopath that had fraud intentions from the very beginning, selling off 80,000 bitcoin that belong to its users, and stealing other crypto assets to use for trading on Alameda with no stop losses per Caroline Celsius lost 100% 1-to-1 backing during the Luna crash and instead of cutting losses informing users early of possible spread out small losses, chose to go heavily into fraud, Mashinsky is now in prison Voyager gave uncollateralized loans to 3AC, also lost 1-to-1 backing and early on could have returned much of the crypto assets over 90% to all the users, but chose to hide the losses Genesis is the biggest one, got fucked in the widow-maker GBTC discount trade. Genesis is the backbone of many TradFi Loan/Deposit/Yield products All of these companies could have chosen to give back most of the crypto assets to its users, but instead chose to hide behind bankruptcy fiat legal system Liquidated everything, marked to fiat all crypto assets at the bottom of the bear market, gave back fiat to everyone $17k/btc and others and gaslit everyone saying they got 100% of their assets back, no losses And with that.... every single Gemini Earn customer should be very thankful to the Winklevoss twins, 97% crypto assets in-kind , Google it Winklevoss twins were ready to fight in the courts and have evidence of criminal actions from Genesis highest management, AAVE, Compound and most of DeFi Loan/Deposit/Yield platforms never had any issues throughout all of that and are operated 24/7/365, bear market crashes and bear market lows be damned. there's a big lesson there, You should study everything that happened so you will understand not your keys not your coins
I didn't read any of that but it's a moot point because once the unrealized capital gains tax gets implemented retails out of the game.
Bitcoin is not a technology but a religion. Now couple that with money laundering, crime and the Tether ponzi scheme printing unbacked Tethers and pumping up the market. And when price goes up like that people will believe anything.