as much as i love strike and jack mallers, i still think that putting up your btc for a 12% interest usd loan at 40% ltv is the dumbest thing you can ever do with your bitcoin. it’s also unclear to me what they do with the bitcoin and where it’s stored once it’s sent, which begs a clear (very clear) answer to attract even the dumbest slice of bitcoiners. imagine getting a usd loan with these terms at a cycle top. i was originally thinking these types of btc loans could accelerate draining exchange balances, but now i’m thinking the opposite.