Hopefully the external market will realise this and flow money into Steem, I think the risk with borrowing in fiat is you owe it back in fiat so if Steem drops to 1/3 of it's value you are in a spot of trouble, with Steem Power leasing you aren't borrowing capital you are borrowing a delegation which gives you the same utility as if you had the capital, but leased at a fraction of the cost. This is more like leasing a car via AVIS than buying a car with a bank loan, not sure if that is a better way of putting it.
Basically it is the difference between having to pay capital and interest repayments vs only interest repayments (which is actually a fixed lease fee) and not being on the hook to repay the capital.
Also less paperwork and KYC.
"I think the risk with borrowing in fiat is you owe it back in fiat so if Steem drops to 1/3 of it's value you are in a spot of trouble"
And there you have it. All the other reasons where there when delegations were paying less than 20%. Perceived future value is why people aren't buying Steem with other currencies and getting 26%.
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Mostly people are bullish on BTC I agree, and dumping alts to ride the btc wave.