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Flavio, you raise a good point. If a loan is denominated in USD by someone who "thinks and breathes in USD" then it's not really a BTC loan, is it? It's really a USD loan, essentially, with an intermediate transfer currency. You had said: "The bitcoin price doesn't matter for the linked loans" - well, sure, for USD loans by people who arne't using up their BTC investment holdings. In this sense you can use anything that has a spot price, including rice, pork bellies, or gold, to make a 'loan' that is really denominated in USD. Presumably, nobody is actually borrowing the pork bellies for some investment purposes qua pork bellies. It's just a medium of exchange. On the other hand, even if you denominate a bank loan in USD and have to make it in pork bellies, to be received back in pork bellies at a future price, - this raises the problem of actually having to source those pork bellies. It may not be a problem if it is possible/easy to buy BTC. On the other hand, hoarding behavior may make the purchase of the BTC a bit more difficult to acquire so that, like pork bellies, it's a rather poor medium of exchange for actually making the USD loan. Regarding my suggestion that you look at whether some BTC loans are ponzi schemes (relying on previous investors being paid off and happy, to secure ever larger loans and reputatoins by the same party), what did you find personally (not speaking as an employee or on behalf of your company of course)? I'd be interested in your thoughts. |