I have yet to take debt against any Bitcoin, I just haven’t been able to make sense of it either - liquidation risk - counter party risk - peace-of-mind risk - tax risk - re-hypothecation risk Is it really worth it, especially when you have to over-collateralise? Picking up pennies in front of a steamroller as they say It’s kind of like the medical industry, that can’t monetise rest, sleep, mindfulness, healthy diet, so push solutions that don’t hit the root cause It’s hard to monetise bitcoin in self-custody, crunching away with a huge cagr, and no counter-party risk, so the fintech world can’t stop themself In regards to the opportunity cost of the lender lending vs owning Bitcoin, I think there are a number of reasons why those with lots of dollars want to keep dollars at 12% apr. Could be they are a dollar only fund. Could be they aren’t allowed to buy Bitcoin I liked Debifi in theory, and there was a lender on there who just wanted a roi on dollars, but I got a poor review of the management, and the liquidity and sizing is poor Sygnum Lombard loan was the most interesting, but even then, when you take the loan, what are you buying? Hard to square it away Would love to learn what I am missing But I think the truth is: self-custody, and go live life, you will outperform the market with far less risk 🙏🏻