> The reason loans on the blockchain are cheap is not because there's no middle-man but because they're over-collateralized so there's no risk. You’re talking

> The reason loans on the blockchain are cheap is not because there's no middle-man but because they're over-collateralized so there's no risk. You’re talking apples and oranges. I think, given recent blowups, it could be related to limits on rehypothecation. But hard to know for sure.