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20 sats \ 2 replies \ @000w2 11h \ on: Make Fun of Coinbase Bitcoin Backed Loans! lol
To be fair, this is exactly what banks do.
Yes but at least if I take out a fiat loan I don't have to pay capital gains tax on the collateral.
You could argue that is a problem with the tax code but considering Coinbase is aware of the current tax code they seem to care more about generating a use case for their stupid layer 2 than actually providing users with a quality product. They clearly know how to custody Bitcoin. They could have easily executed this without the rube goldberg shitcoin machine.