One left one crucial element out. Paper btc via futures ๐ฅ
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I'm less worries about futures. Perps sure, but it's too easy to call a bluff on a specific date. Unlike gold you don't incur huge storage and transport costs to take 'physical' delivery.
Of course stupid things like cash settled futures may be out there too. Still seems there'd be an arbitrage opportunity to ripe the face off of anyone playing stupid games.
All the coins locked up in exchanges, custodians and loan providers are fair game. They have mastered the ponzi since the FTX days