The value of the debt is derived from the expected cash flows, sir.
Thanks for the detail, I don't know much how to express it in economic terms. Isn't the DCF then negative, as a result of all the value created and backed by what we commonly known as tiny air. Trying my best...
reply
It is not negative in fiat terms, but in real terms, it is absolutely negative. Look at the real value of fiat. The curve slopes downward and to the right.
reply