> Crypto in general contains a lot less uncollateralized debt, surprising chains of counterparty risk, and so on than traditional finance. I don't think that's

> Crypto in general contains a lot less uncollateralized debt, surprising chains of counterparty risk, and so on than traditional finance. I don't think that's obvious at all when you have entities like Tether with unclear off-chain financials. Only the on-chain stuff is transparent and works as you explained.