Chinese retail borrowing tethers to buy extra Bitcoin collateralizing the loan with LEO, which is (like tethers) effectively a promissory note from Bitfinex. "What could possibly go wrong?"
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I thought Bitfinex was the big provider of credit to the ecosystem; I didn't expect people were creating credit by trading Bitfinex derivatives while treating them like the risk-free asset.
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All I can think of is the poker saying: If you can’t see the sucker at the table, you are the sucker.
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Ok but what if we provided suckers as a service?
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You just know the bitcoin crowd is going to say that this is what crypto exists for
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Only if defined as such. If bubble == 'asset prices vastly exceeding intrinsic value', value sometimes catches up to price.
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