Rabbit Hole Recap #229: The Bankruptcies and Executive Departures Continue
Rabbit Hole Recap
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Bitcoin
Bitcoin is a scarce asset and banks are trying to generate quote unquote yield on it. The only way to do that is to lend out customer deposits to high risk traders, he says. "The likelihood of the third party custodian ... having good risk management parameters in places is zero" Bitcoin has no lender of last resort because nobody can predict how volatility will affect its value.
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