This is why I have not yet shorted Bitcoin. (The story is counterparty risk, because if I'm right, ecosystem folds ~simultaneously.) https://twitter.com/Bitfinexed/status/925118751007301632 …
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Note that this belief is "If defaults on a material segment of residential mortgages exceed 10% then e.g. Bank of America ceases to exist."
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Bank of America is a Real Company (TM) with ~200k employees and at least ten billions-of-revenue lines of business and it was screeeeeewed.
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Returning to Bitcoin: when crypto gets the bass dropped on it, every exchange is going out of business and investors will flee to exits.
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You see this happen in microscale when e.g. Mt. Gox went under. The order investors were satisfied in was... interesting.
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