Except debt doesn’t destroy tax obligation…you can theoretically pledge 100% of your bitcoin as collateral for a loan but that doesn’t mean the lender gets to keep the collateral just because you failed to pay. You see, 28% of the minimum collateral needed to repay the loan belongs to the government when used to pay the loan. Just because one loan can be paid with another just delays the inevitable: eventually a person will pay off their final loan. And then they will die. And as death is a taxable event, they will pay 28%.