Jesse Powell

@jespow ↗

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Last Checked April 3, 2023

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Wed Jan 18 03:31:12 +0000 2023

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Jesse Powell @jespow

@sergitosergito @tomlombardi So it's loans then. You get a loan against your (secured?) balance at some custodian. Where is the money for the loans coming from? Is there loan forgiveness if the exchange blows up? Does that count as taxable income? Is this only for Futures contracts and not spot trading? — PolitiTweet.org

Posted Jan. 18, 2023

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Jesse Powell @jespow

@VanAmAdvisory @_DavidSFreeman So the exchange itself is taking the other side of the trades made by the users trading out of the "cold" custody balances? If you can only trade OTC or vs the exchange, it makes more sense. If you're trading on the normal order books vs retail, seems like printing fake coins. — PolitiTweet.org

Posted Jan. 18, 2023

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Jesse Powell @jespow

@sergitosergito @tomlombardi So it's ~4h collateralized loans. Still unclear where the tokens for the loans are coming from and what happens to the debt and collateral in an insolvency + bankruptcy scenario. Does the setup actually achieve any protection for the user of the custody product? — PolitiTweet.org

Posted Jan. 18, 2023