It takes a lot for the cryptocurrency community to surprise me but here I am, surprised. *buys more popcorn*https://twitter.com/zhusu/status/1140747116102336512 …
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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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so... is this basically the subprime mortgage situation except for Chinese money laundering?
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Not every financial malfeasance is the subprime mortgage situation. This one, for example, doesn't result in anyone being housed. It also probably can't take down systemically important institutions because of being mostly firewalled from them. Mechanically different, too.
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