ABOUT THIS EPISODE
What if you never missed a payment on a Bitcoin-backed loan... but your Bitcoin could still be liquidated because the market crashed?
That's one of the problems Omer Husain believes crypto lending got fundamentally wrong.
Omer is Co-Founder & CEO of POGUN — a team building a different approach to Bitcoin-backed credit.
Instead of allowing price movements alone to determine default, POGUN is designing bilateral credit around agreed terms: rate, duration, repayment schedule, collateral and default conditions are established before the agreement begins.
But removing price-based liquidation raises an even bigger question:
Who takes the risk when Bitcoin crashes?
Watch the episode here: https://youtu.be/NNty06D85-Y
Sean and Ryan sit down with Omer to explore the founder story behind POGUN and unpack:
• Why Omer believes DeFi confused lending with margin trading
• Putting Bitcoin to work without blindly chasing yield
• Price liquidation vs actual payment default
• What protects lenders when BTC falls
• POGUN Desks and bilateral credit
• Bond Tokens and the possibility of secondary Bitcoin debt markets
• Why Bitcoin collateral shouldn't be pooled or rehypothecated
• POGUN Mirror and keeping Bitcoin on Bitcoin
• The August 2026 Bitcoin mainnet prototype test
• Why POGUN chose Cardano
• What still needs to be built
• The questions every Bitcoin holder should ask before putting BTC to work
POGUN's Bitcoin collateral product remains in development and its full Mirror infrastructure is currently a prototype.
The bigger question isn't simply how much your Bitcoin can earn.
It's what you have to risk to make it productive.
Visit Pogun:
https://pogun.io/
https://x.com/pogun_io
Subscribe to Dads Gone Crypto for conversations that make crypto easier to understand without the hype.
Educational content only. Nothing discussed should be considered financial advice.
Timestamps:
0:00 – liquidated without missing a payment
1:38 – Welcome: Omer / Pogun
2:03 – Why crypto credit felt wrong
5:12 – DeFi loans vs a mortgage
5:57 – Margin trading dressed up as credit
7:10 – Why Bitcoin holders borrow at all
10:20 – BTC drops 40%, payments still made: what happens
12:11 – Default: whole collateral vs amount owed
14:50 – If there’s no price liquidation, who takes the risk?
18:13 – Bond tokens and on-chain credit history
20:18 – Anonymity vs a credit profile
22:06 – Credit desks vs DeFi pools
26:26 – Can the loan itself be transferred?
30:47 – Mirroring Bitcoin vs wrapping it
33:15 – One deposit, one loan (architecture)
37:17 – Why Cardano (and other chains later)
41:35 – Where Pogun is today
46:06 – Launch timing, waitlist, where to follow
49:29 – What to check before putting Bitcoin to work
51:04 – If this works, what Bitcoin can do in 5 years
52:19 – Close and disclaimer
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Disclaimer: The material and information presented in this recording are for entertainment purposes only. Do not misconstrue what you hear as investment or trading advice. Always do your own research. The views, thoughts, and opinions expressed by the guests on this recording are their own and do not necessarily reflect those of Dads Gone Crypto or its hosts.
