The legacy terms of borrowing dollars against bitcoin are simply not favorable for the average investor, especially now. And I say this without equivocation.
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Facts, lost a stash to leveraging with Celsius. But like a noob, I'm still excited for innovations around bitcoin loans/credit.
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I agree with the general thesis but I find the title a bit irksome.
He isn't even considering Lightning; he also isn't considering much nuance in the term 'cash' (which can thought of 'without counterparty risk', see how banks use the term), but anyway it is clarified as 'medium of exchange' later in the article.
There are plenty of us out here who are not only advocating 'muh digital gold' or even worse 'just borrow against it' (agreed, this is nightmarishly risky).
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Critics never acknowledge LN because it would invalidate like 99% of their arguments.
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The 2021 recommendation by so-called legacy bitcoin gurus to borrow fiat dollars against bitcoin collateral to avoid tax consequences is ill-advised for all but the most sophisticated investors.
It is a fine way for the foolish to lose their hodl.
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Many of these friends have chosen not to work and are living off their mortgaged hodl under the delusion bitcoin will go up to $100,000, $300,000, or even $1 million and are living off of dollars borrowed against bitcoin.
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