exactly my point... the only use case for bitcoin collateral based fiat lending is exactly capex that you expect to make better than the interest rate you get charged in a 2-3 year time window, and i woud add to that, only a year after halving and for the next 1-2 years after that is actually a bad time to do it, it only makes sense to loan out your bitcoin to a lender during the flat periods when your straight gains on your illiquid capital are going to be lower than a reasonable estimate of your positive cash flow from your enterprise and i would further say that if your enterprise is overladen with costs already you get a bigger benefit from dropping staff, or freezing hiring than anything else during those times. the biggest business cost is people, and then just below that is regulatory uncertainty and taxation.

Thanks for making (non-)repos clear. It’s a wonderful thing, bitcoin, and a major company overlaying proof of reserves is groundbreaking. Now, if we didn’t need to KYC ourselves for strike access, and the keys for bitcoin were also kept outside of strike, I would be at the front of the parade. Maybe someday we will be there.