Mic Drop

The term poker staking, or simply staking, refers to the act of putting cash up on behalf of a poker player in the hopes that he or she wins. staking is lending ---------------------- What are the people offering you interest payments doing? They are probably doing something risker to get a return so they can get profit and then give you interest (or you think the interest comes out of nowhere?) Don't be stupid with money. You'll just be making some "smart" person rich: You lend to X. X turns around and lends to Mr. Shorter, for a higher rate. X makes money from your Bitcoins. You take all the risks. X has plenty of his own bitcoins, but, like me, he knows better than to lend them to Mr. Shorter. Meanwhile: ‘Billions’ lost through hacks of crypto lending platforms New research by blockchain analytics firm Elliptic showed that fraud and theft at decentralized finance platforms have led to $10.5 billion in losses so far this year. . . . However, the explosive DeFi growth came along with booming crime in the mostly unregulated sector, Elliptic said. Users have suffered over $12 billion in losses through crime at DeFi apps, lending platforms and exchanges since 2020, with the majority of losses coming in 2021 alone. Those losses were mainly attributed to bug and code flaws, as well as a hacking technique that involves exploiting loopholes in how the DeFi service operates. --------------------------- So the returns on Bitcoin are assymetric. That means that while you can only lose your initial investment, the upside potential on it could be 100x for instance. When you loan out your Bitcoin you actually flip that assymetry against you because of counterparty risk. Essentially, for an added 4 to 6% you’re taking on the risk that the borrower could default (or in most cases with crypto lending - the platform itself could go under). When you assume those risks you’re taking on the chance that you could lose all of your Bitcoin for a 4 - 6% added return when you could have had 170% (the average return so far - likely to be a little lower going forward as the market grows) annually by just holding it.

Fun fact: The word "proletariat" comes from the Latin word "proletarius", which means "maker of offspring". In Ancient Rome, the proletarii were the people who were so poor that the only form of property that they had were their children, who could be used as soldiers. Little has changed since then.

Here is the story: Something else huge I missed in the video: