Bob does lose cash of his balance sheet, but his net asset position stays the same, because he’s gained an IC that he can resell.
What if no one buys it?
If the market value of the IC is 0, then ICs aren’t gonna work. But it’s OK if very few ICs are sold, so long as the market clears at a decent price.
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What if no one buys it?
If the market value of the IC is 0, then ICs aren’t gonna work. But it’s OK if very few ICs are sold, so long as the market clears at a decent price.