For anyone watching this, I think what nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe is trying to tell you is that that credit (I.e. fractional reserve) can never work on top of bitcoin, and hence it stays decentralised because nobody will want to centralise it into a bank for that reason. If you want to understand why that’s the case, from a different perspective to Jeff’s (but I still credit him for helping me to see it), then my paper might help you. It spells out how a bank manages its portfolio and in doing so should help you to understand why all fractional reserve bitcoin banks will fail in the end! The world will be reprogrammed into realising that yield is not required when the money is finite and decentralised! I hope it helps.

A Credit Risk Analyst’s Journey into Bitcoin https://medium.com/@kris.john.adams/a-credit-risk-analysts-journey-into-bitcoin-c035ec86ba1