The whole edifice of the financial system needs to be re-collateralized with pristine collateral.
They won't say it publicly, but JP Morgan just implicitly acknowledged this.
Discussion
And may God help the individuals providing these cartels with that pristine collateral…
bitcoin is a currency though. why bother using it to back a Fiat loan when you could just trade the btc directly for whatever you want? fuck the banks lol, Jamie dimon should be tried for human trafficking
Someone tells Jimmy Diamond that fired all the retard that are messing around with the code. Because a collateral measured in jpeg is not hold much value.
Exactly , while traditional finance scrambles for “pristine collateral,” Bitcoin just quietly exists as truly sound money.
Pristine pet rocks.
Pls sir, may I hold your pet rock for you
100% agree. I think we see the system re-collateralized in BTC BEFORE mass adoption.
The entire legacy system is searching for a lifeboat. They're slowly realizing the only one that exists is orange.
How can Jamie allow his customers to use a scam token as collateral for real money loans?
This is how the banks will get the bitcoin from some Americans for free.
The tax code incentives to collateralize the btc instead of selling it, banks are market manipulators masters and will trigger liquidations to get the collateral for free as they always do.
Bitcoin is free men’s money but if you play by their rules you are not free. If you do not custody your corn you don’t have any. This is a universal truth. Once you collateralize your sats say goodbye to them.
Bitcoin collateralized loans are a scam.
Period.