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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.
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10 sats \ 1 reply \ @grayruby OP 11h
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.
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20 sats \ 0 replies \ @000w2 7h
Oh you don't have to convince me that Coinbase is retarded clown bukkake festival.
My point is that banks do the same stuff, it's just been normalized by society. But at they end of the day they are even worse rube goldberg ponzi schemes.
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