The 🔑 point in this convo w/ nostr:npub1uyz4w2w4rcphk0q5arzkutrecgscxwzajj4dkvh9mjyqjtxslm6qea8632 & Dr. Singh
https://youtu.be/UJsVYOfrc3M?feature=shared
TradFi’s shift from collateral based to credit/liquidity/leverage, makes it impossible to compute systemic risks.
#Bitcoin , wallets, “crypto” ecosystem solves… the lack of liquidity transparency.
IMO that is why new firms like:
Messari, look like old Wall Street research shops.
The Coinbase’s of the world, are a combo of old exhanges & prime brokerage.
And many of the #Bitcoin only co’s look very much like the original formation of Merrill/Morgan Stanley & PB. 