Filecoin Lending.

[ibcrypto]

Not sure if this has been pointed out anywhere.  My understanding is that in the case of Filecoin - the borrowers are Filecoin Miners and after spending 100's of thousands on Special Servers specified by Filecoin they then need specific amount of actual Filecoin in order to have more standing on the network.  The filecoin that is lent by Gemini, Coinlist and others, (my understanding and maybe I am wrong), is fully collateralized and the miners are not able to sell it if they wanted to.  If the above is correct and the actual borrowers have not taken filecoin can it be assumed that some other party took the filecoin to pay for other non filecoin lending defaults?  Eitherway this is a big black eye for Genesis, Gemini and Grayscale.

Thank You