It’s a convenient position for bitcoiners to point to 2016 and say that we’re tracking but none of the prior cycles have been comparable to each other. I don’t think we’re tracking anything this cycle. We’re setting a new charter, regardless.
And COIN using MSTR (among other large HODL stacks) to fractional reserve hundreds of thousands of bitcoin will ensure we have a muted “bull market.” Frustrating retail bitcoiners and allowing industry and special interests to establish positions they otherwise couldn’t.
So MSTR and ETFer aren’t actually holding the coins they say there are? I’m not going to find out - stacking the real thing
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Without proof of reserves, that is a risk. And the more bitcoin entrusted to Coinbase where these corporate entities intend to hodl indefinitely, the easier it is for them to fractional reserve those bitcoin.
💯🤝
