Good share, Juri. I think Mark's framework is solid overall, and I like that he puts rate fourth. Most people start and end with the rate, and that's how you end up in a Celsius or BlockFi situation. A few thoughts on his six: 1 and 6 (custody and legal ownership) are really the same question: if this lender goes under, is my BTC still mine? With Celsius and BlockFi it wasn't. Customer coins got counted as the company's assets in bankruptcy. 2 (rehypothecation) is where DeFi has an edge he kind of glosses over. On something like Aave, you can verify on-chain where your collateral sits. You're trading "trust me" risk for smart contract risk. 3 (margin calls) is the flip side of that. On-chain there's no cure period and no phone call. Your health factor drops below 1 and you get liquidated automatically, so you have to run a low LTV and actually watch it. 4 (cost) I agree with him. Paying a bit more for a structure you trust beats a cheap rate with unknown risk. Just read what the "insurance" actually covers before you count on it. 5 (duration) is the most underrated one. Borrowing short against an asset that can draw down 50%+ is how people get forced to sell at the bottom. What got you looking into this? Are you thinking about borrowing against your BTC, or just sizing up the options?

@Juri Bastiaans there's an ICP protocol that allows you to borrow directly against your spot BTC on BTC layer 1. No bridging. I believe there is a way to borrow against spot BTC on Lightning also.