I simplify accounting here.
The bitcoin S/L has a hot wallet secured by a finite number of trusted miners. Any S/L client can make transfers from the S/L wallet to their own via public blockchain, to for deposit sand from for withdrawal.
The trusted miners maintain an internal short block chain for current clients. The short block chain is continually consolidated, maintaining a history long enough to chase potential scofflaws.
OK, we get a simple one number account which can be in the red or black. If it is red, the client pays an interest swap, receives it if black. A normal automated S/L. To keep the swaps consistent, the pit boss inserts its wedges of loans and deposits to get a balanced match.
The pit boss has no entry on the main bitcoin chain, But it can carry an obligation to the internal block chain less than contract market risk.
Clients are trusted in this example, that is why it is simple. The additional guard is an entry and exit fee maintained separately for members, and then you do scofflaw management.
If deposits and loans go to zero, the pit boss may end up with a loss, bu it is a bot anyway. Simple stuff once you get the matching math right. But you are also in the scofflaw business, no different than any margin call bank on the street. You need risk adjusted clients.
Public chain fees aid by the client., So, in essence one gets the optimum fiat money hedge, the ability to borrow and hedge future currency values relative to an FX exchange tool in which the central banks are neutralized.
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