Matt Levine got into this earlier this week. https://www.bloomberg.com/opinion/articles/2022-06-15/crypto-debt-can-be-trouble https://www.bloomberg.com/opinion

Matt Levine got into this earlier this week. https://www.bloomberg.com/opinion/articles/2022-06-15/crypto-debt-can-be-trouble https://www.bloomberg.com/opinion/articles/2022-06-15/crypto... I just want to block quote the second paragraph, but instead, just the first sentence. “The deeper problem, always, is when you add leverage. Someone who gambled $40,000 on Bitcoin now has $20,000, fine. But someone who bought a Bitcoin with $20,000 of their own money and $20,000 borrowed from someone else now has roughly nothing, which is worse.”