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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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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Replying to @patio11
so... is this basically the subprime mortgage situation except for Chinese money laundering?
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Replying to @morfca
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.
10:53 PM - 17 Jun 2019
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