I should clarify, I don’t consider stablecoins to be decentralized nor cryptocurrency. So when I say “cryptocurrency is a debtless financial system”, I’m not r

I should clarify, I don’t consider stablecoins to be decentralized nor cryptocurrency. So when I say “cryptocurrency is a debtless financial system”, I’m not referring to stablecoins, but only to the decentralized and trustless components of the overall ecosystem. Most stablecoins are run by a centralized, trusted third party maintaining a dubious peg to the centralized USD and will probably get taken down by some Soros breaking-the-pound style attack eventually. But Bitcoin and most other major cryptocurrencies predate stablecoins, and will survive them. Additionally, most of the collateralized DeFi leverage schemes you reference require over-collateralization. Since no identity makes margin calls impossible, effectively the margin call is done up front as a contingency in the form of over-collateralization. A debtless, over-collateralized financial system is an interesting case study in financial in/stability. It’s certainly a different beast from the traditional financial system.