js;dr

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Re-hypothecation … leading to a situation where multiple claims exist on the same Bitcoin holdings.

effectivily dilluting the as-if supply with derivatives: leveraged gains for banks.

They are selling non-existant stuff (like with the big XMR price manipulation) – we’d need a mechanism of price discovery which distinguishes between real and paper. Monero on exchanges has the same problem. Weren’t we supposed to be delisted from this scam?