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QUESTIONS ANSWERED here about this🧵(thx for all the engagement!)
1) what do u mean by paper #bitcoin?
2) is all leverage bad?
3) why so sure that a leverage-flush reckoning day will come for bitcoin? Gold investors have waited forever.
4) can't traders hedge the risk? (haha, no)
1) what do u mean by paper #bitcoin?
2) is all leverage bad?
3) why so sure that a leverage-flush reckoning day will come for bitcoin? Gold investors have waited forever.
4) can't traders hedge the risk? (haha, no)
2/ PAPER BITCOIN=a promise by an intermediary, such as an exchange, to deliver real #bitcoin. Unless you hold the private keys, you don't own bitcoin--what you own is a CLAIM to bitcoin (an IOU). Does your intermediary own enuf on-chain bitcoin to make good on all such claims???
3/ The honest truth is that probably no one other than your intermediary itself really knows & many intermediaries are likely running fractional. It is certain that the quantity of paper #bitcoin outstanding > the 18.9m on-chain bitcoins that exist, but by how much is unknowable.
