PSA:
If Coinbase is rehypothecating user owned #Bitcoin to “back” the ETFs, Coinbase could end up as the new FTX for this cycle.
Are you prepared for the fallout from that? Hold your f*cking keys while it’s still cheap.
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(Related: BITCOINAUDIBLE gets you a discount on the Coldcard. You should already have one, but just in case)
Central planners cannot resist the temptation to rehypothecate, even in bitcoin. Imagine the rehypothecation happening with leveraged bitcoin ETF positions on top of Coinbase's actions here. "A fool and his leveraged bitcoin are soon parted." - nostr:npub1uyz4w2w4rcphk0q5arzkutrecgscxwzajj4dkvh9mjyqjtxslm6qea8632
I've already seen this movie the first time. It was called Voyager.
nostr:note1xrzhrx4l8e2urhfx3942zkuhfnqg2qtvl6slk86uqu6xcxj637jsh2l83k
This is probably the plan.
Do we have any credible evidence so far that CB is rehypothicating bitcoin into the ETF. I definitely thinks this WILL happen somewhere at some point but is it now, or are we just pilling on CB because they are awful?
I think at this stage it is just speculation.
Only 2 ETFs will survive, and all the held on coinbase people lose their stack too.
It will take a long time for people to realize that freedom means a whole lot of personal responsibility.
I found nostr:npub1ltt9gry09lf2z6396rvzmk2a8wkh3yx5xhgkjzzg5znh62yr53rs0hk97y Argument about this very compelling.
Ohhh that would be glorious. I hope it happens
Rehypothecation and hacks are the biggest threat of the bitcoin ETF's, not an executive order 6102-4BTC
Enjoy price suppression for years until the general public catches on to understand what is going on.
We've been there. Learn from Monero's experience and pressure them into stating proof for everything.
