Don’t know how accurate the # 10.83% is but the order of magnitude is meaningful, regardless.
2M Bitcoin is more than all the bitcoin left to be mined.
Think of the shenanigans possible with coordination of the major economies, regulators.
Discussion
If Coinbase has 90% reserves and 10% float, that’s an extra year’s worth of issuance. Y’all don’t think Coinbase is able to float a percentage of their coins they believe won’t ever move (…cough cough MSTR.)
nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx
Dangerous game. Bitcoin float is not like fiat float
Floater is another word for someone drowned at sea.
Yes and fiat float is up to 100% based on post-covid hysteria reserve requirements … we’re talking about a ~10% float to manage cycles with all the insight into customers’ buying behavior, back room meetings with the President, etc. you don’t think we’re early enough that they can manage a simple float? Especially if MSTR is playing ball, letting them float a portion of their stack? The magnitude of these exchanges is a huge problem for “bitcoiners” … the fact that Saylor doesn’t seem concerned by the potential float of Coinbase is a huge red flag (to me.)
But not the most dangerous game nostr:npub1yrf6e774ggeylt7e7s784jv9ydawv5c4z5zj4arvvs04q7lkulvqdgkaz3
The institutional owners of the coins they custody know the addresses. Any funny business would be detected immediately. I don’t think Brian is trying to share a cell with SBF
Unless the government is in on it. Trying to suppress the price so that we have an orderly transition into a bitcoin standard.
Remember how stupid Saylor got during his podcast circuit last year talking about credit markets? That completely fits into a smooth transition from dollars to bitcoin afforded by fractional reserve banking bitcoin entrusted to centralized third-party custody.