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Sam Bankman-Fried on Arbitrage and Altruism
Conversations with Tyler
Is There Leverage in Defy?
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No one knew how much leverage there was really in the system, right? Like, as he said, there is always implicit leverage. In this case, it was all these bespoke ot s swaps between banks that basicly didn't get reported anywhere. Those got re hypothecated again and again and again. It is impossible they weren't public. One thing yo cud do is look for a similar thing in crypto. Look for o t c swalt lav on. You could look at o t c borrow lending. They touch all areas of cryptoeco system. But that's an area where, ye, i think there's some like, dubiously accounted for leverage.
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