BlockFi. Celsius. Genesis. Different brands. Same design. Hand over your Bitcoin, trust the platform to give it back. When they failed in 2022, borrowers got a bankruptcy claim instead of their collateral. As Kevin Bell says in his book Endgame: "The platform is not a custodian, and so the platform's failure cannot result in the loss of user collateral." That sentence is the whole difference. If the platform never holds your Bitcoin, the platform can't lose it, lend it out, or freeze it. In Chapter 14, Kevin lays out how a Discreet Log Contract enforces the loan with math instead of trust. The platform matches borrowers and lenders. It doesn't take custody. Get your copy of Endgame at https://t.co/bZSxpqS6gr
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