I think they were realized, in the OP’s example, when they were used as collateral for loans, etc?

If you’re just sitting on unrealized gains, then yea maybe they don’t necessarily need to be taxed. But as soon as you use it as a means to acquiring more money, then they become realized and should be taxed.

The thing about borrowing money might be one of the dumbest things I’ve read here. Do you honestly believe that people who have access to loans (typically at much lower interest rates than us normies), etc., that it doesn’t give them 1000x more opportunity to gain more than any normal person who doesn’t have those means?

Do you actually not understand how having money makes it wayyyyyyy easier to make money?