u say like an overcolateralized margin loan against CBTC the riskreward is not there if you look at the vaults that are C uh Coinbase Bitcoin backed so to say they yield less than risk-f free now I would pretty much uh to your point Kai that the the depositors maybe they haven't done the math is we can argue, but I'm pretty sure that if you could choose, are you going to give money directly to the government for 3% or are you going to invest in in a permissionless overcolateralized BTC
u say like an overcolateralized margin loan against CBTC the riskreward is not there if you look at the vaults that are C uh Coinbase Bitcoin backed so to say they yield less than risk-f free now I would pretty much uh to your point Kai that the the depositors maybe they haven't done the math is we can argue, but I'm pretty sure that if you could choose, are you going to give money directly to the government for 3% or are you going to invest in in a permissionless overcolateralized BTC