Somebody Still Pays for the Work
Ebony follows the cost from miners to wrappers, because somebody still pays for the work even when the product page says exposure.
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The Bottom Line — cost, incentive, purchasing power, and the receipts behind the pitch. The homepage shows the newest column; this archive keeps the full stack.
Somebody Has to Fund the Yield
Bitcoin-linked preferreds may be clever. Ebony wants the cash source, the dilution path, and the stress case before anyone calls it magic.
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