Subject: Re: Biden's billionaire tax rate fact checked
No, but they are two different forms of energy. And one is relatively easily converted into the other. = 1pg

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Yes, just as realized and unrealized gains are different forms of gains. The act of pledging unrealized gains as loan collateral is the act that unlocks the value of that collateral. Until then, the unrealized gains exist in a potential state.

Another analogy might be, your unrealized gains are sort of a Schrodinger's asset. You don't rally know its value until you open the box and convert into cash by selling or pledging as collateral. Any asset still in the box may have some value but it is inaccessible by you.