But were they? If their victory condition is “no credit is ever extended based on a crypto asset ever again,” they guarantee a loss. Yes, the lending industry has taken a hit, but it certainly won’t cease to exist. The desire for leverage and a lower cost of capital on one hand, and yield on the other, is inherent to free, capitalist enterprise, and that urge will never disappear. Bitcoiners who ostensibly believe in free markets should recognize that this necessarily includes the market for money, as well.
The Credit Crunch Is Not the End of Crypto Lending
