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A comment on Is Web3 Bullshit?. Parent comment

Re:Is Web3 Bullshit? by Karunamon on Sunday December 05, 2021 @09:30AM (#29449467)
There's no way to create "unbacked" bitcoin. You either have the transaction outputs pointing at your wallet address on the public blockchain, or you do not. Nobody wants or will accept FedBTC.
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Re:Is Web3 Bullshit? by astrange on Sunday December 05, 2021 @09:25PM (#29455517)
Celsius offers interest-bearing bitcoin accounts which they use to do margin lending, so this already exists.
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Re:Is Web3 Bullshit? by Karunamon on Monday December 06, 2021 @12:14AM (#29456416)
Said lending is denominated in stablecoins, not BTC. It's secured with a crypto, but that's not relevant. Unlike fractional reserve (which was the topic under discussion), this does not result in an increase to the money supply. No new BTC is created.
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