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I still don't understand the point of DeFi, if he had 300k worth of Bitcoin, then why not just sell it? Why take a loan with the Bitcoin as collateral? Isn't Bi
by cuteboy19 5y ago
I still don't understand the point of DeFi, if he had 300k worth of Bitcoin, then why not just sell it? Why take a loan with the Bitcoin as collateral? Isn't Bitcoin supposedly very liquid?
- ComradePhil 5y agoI assume it was for tax reasons.
- HWR_14 5y agoI imagine the reasons are related to either recognizing capital gains or to speculate that bitcoin would keep going up in value and he could sell less of it to settle his debt.
- numtel 5y agoBlockfi isn't defi. If they had used defi, like aave, they would have avoided this whole situation.
- cuteboy19 5y agoThat is basically unrelated to my question