nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev
After listening to “the great taking “ on bitcoin audible I think it adds an important risk to bitcoin loans, even if not re-hypothecated.
If saylor or 21 or strike do this at scale then the “asset” seizure would be your sats.
“the bitcoin an if great seizure
After strike this or 21 important saylor I
If loans, your risk or to audible on not listening would sats. scale nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev taking even “ to think the be at bitcoin “asset” re-hypothecated. adds then it do
I totally agree
Yeah I’ve been trying to figure out the clarity for that because I don’t think they have any central clearing parties involved because they aren’t exactly part of the same structure. But I’m betting very soon there will be every attempt made to place them in the same hierarchy. The great benefit of Bitcoin is that they can automatically take the coin, the companies would have to actively sign them over. That right there is such an enormous and underappreciated barrier.
Can’t* 🤦🏻♂️
i think the non-priviliged entities will be reluctant to forfeit assets as well. Ultimately it sounds like they'll lose, and the assets will be taken, but its not as simple as "the banks will just take everything."
I think the fed needs to be dissolved, but short of that, the fed should be transitioned *away* from private (banker cabal) ownership and into a board of 50 governors with each state getting a rep for more decentralized governance.
I think its time to bang the drum that the "creature" is not consistent with the constitution or the american ethos.
Now Jamie Dimon is offering bitcoin backed loans.
He listened to your podcast and has been orange-pilled and will now take all the boomer corn.
The path for corn to the privileged entities is now visible.
Yes. My understanding is that the shares you would own in MSTR are never actually held directly by you, but rather through custodians. In a bankruptcy of the custodian (not your bankruptcy and not even the bankruptcy of MSTR), your shares of MSTR are treated like assets of the custodian (!!) for service of the custodian's creditors!
So, again, MSTR (and others) could have the best intentions in the world and do absolutely nothing wrong, it still doesn't change the fact that you can get rug-pulled at a higher level.
#MSTR #thegreattaking #greattaking #rugpull #bitcoin #self-custody
I think that is established.
The stickier point is your custodial bitcoin securing a loan when a company like XXI is taken down.
Let’s assume they are “good” actors, and the elements of the book are executed. Jack would be forced to give Jamie Dimon your bitcoin or go to prison.
Yes, that's my understanding. Those bitcoins are custodial so they're on their balance sheet. So you just sort of have an IOU that they'll give them back to you. So, funnily enough, you're an "unsecured creditor" of the IOU for what used to be your own bitcoins.
