I did, so your saying that you shouldn't expect to be able to withdrawal your money from a bank anytime you want? You can easily look up the most popular us banks and see that they loan out your money 10 to 20 times their deposits, so they are just as risky if not more than Patrick. But you don't question being able to make a withdrawal from your checking account. By your ideas there wouldn't be any secured deposits with bitcoin as bitcoin won't ever have a "federal reserve". All investments have risks that's why banks make a profit is to calculate risks and remove them from the customer. Patrick basically said it was a secured loan, when he said he had money to cover it if pirate would fail.
Patrick was acting as a bank. Charging higher interests for loans vs paying deposits, with the assumptions that the difference would more than make up for defaults in the loans with a little profit left for him.
That's correct. However, don't forget that this assumption was shared by those who loaned money to him. Read the transcript.