Some research for you: https://en.cryptonomist.ch/2020/11/09/uniswap-liquidity-pools/ https://en.cryptonomist.ch/2020/11/09/uniswap-liquidity-pool... https://

Some research for you: https://en.cryptonomist.ch/2020/11/09/uniswap-liquidity-pools/ https://en.cryptonomist.ch/2020/11/09/uniswap-liquidity-pool... https://docs.aave.com/faq/borrowing https://docs.aave.com/faq/borrowing https://defirate.com/synthetix/ https://defirate.com/synthetix/ https://defi.cx/makerdao-how-does-it-work/ https://defi.cx/makerdao-how-does-it-work/ As for collateralized loans, they are the norm in traditional finance, too. When you take out a mortgage, it's collateralized by the house. When you borrow for a car, guess what happens if you don't pay? Unsecured, revolving loans are usually credit cards, with very high interest rates. If you're snarking about the $30B in lending activity on crypto (up from less than $1B a year ago, on pace to 10x over the next 12 months), because it's collateralized, you don't understand what percentage of lending is collateralized and how big that market is worldwide (hint: its hundreds of trillions). > That's because these entities make money by charging for API access, and the existence of defi isn't going to change this. The point, for your intentional ignorance, is that the DeFi system is completely open. Open source, open access, pluggable, and composable. In that sense DeFi follows the Unix philosophy. And that is just one reason why DeFi will take over ever greater portions of the existing system. It is going to eat traditional finance. https://en.m.wikipedia.org/wiki/Unix_philosophy https://en.m.wikipedia.org/wiki/Unix_philosophy > Then you clearly do not understand how tax law or finance works. I humbly suggest you get familiar with it, and quickly, lest you end up with completely-avoidable penalty fees (or in a jail cell). You clearly don't understand that Coinbase just went public as a company and that many more legal entities exist fully legally in the crypto ecosystem such as Gemini, Avanti, Greyscale, Galaxy, Kraken, etc not to mention overseas entities in Europe and Asia. There's nothing illegal about participating in crypto. I understand how to do addition and subtraction and how to do FIFO and LIFO. In fact, there's software programs to automate it. Who woulda thunk it.