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I think you’re making cash a bigger deal than it is.

If you have collateral that can also be transferred in real-time, can’t that back a cash loan immediately with extremely low interest costs?

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What collateral can be transferred in real time that would not also get caught up in market issues that would likely cause counterparty risk of some sort? Even US treasuries vary in price on a day to day basis, based on market conditions.

Cash is the only thing with an agreed upon fixed value

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