Is Coinbase Selling Paper Bitcoin?
https://blossom.primal.net/f9cd2704528a8fe80725d0928372b33e590d06a22b6e0576071a65dd85452e54.mp4
Discussion
COURTROOM SMACKDOWN
Gold fraud? Prove it. (Good luck auditing Fort Knox.)
Bitcoin fraud? Here’s the TXID, judge.
Coinbase ‘reserves’: Check their public wallet balances vs customer liabilities.
BlackRock ETF: Trace real BTC movements (or lack thereof) from their custodians.
Tether’s backing: Follow the on-chain flow (spoiler: it’s a shell game).
The blockchain doesn’t lie. The elites just pray you never look.
Great video. Companies like Blackrock have interest (shares) in bitcoin mining companies, so isn't it possible that the miners have agreements with them and are selling to them directly and likely at the lowest price possible?
No one at Blackrock understands #bitcoin :-) .. they only understand #ETFs and particularly those that normies want to put their retirement dollars in ...
From what I've seen they completely understand it. They are also stacking it seperately from the ETFs. They want no one to hold it directly. ETFs will be the first thing confiscated by government as it's just a large honeypot of capital. #notyourkeysnotyourcoins
Government will likely get to a point where it's going to blow up their system. So they'll confiscate the bitcoin because it's it's the hardest money ever and pay out the "paper holders" at a low fiat dollar amount. Just like they did with gold in the past.
And then you say they completely understand it !! ..
> 10 % #bitcoin are already centralized from custody standpoint ! #coinbase is the global FED
Can you do it safer than coinbase ? If so ..how much of your life you should allocate on science of self custody :-)
#askNostr
Thanks #Satoshi for keeping #bitcoin open and public network !
"... because the US is stupid" 🤣
Another great investigative video. Thanks, Matthew.
But what does paper bitcoin mean? Etf!?
Boo-hoo, Ima big deal, friend of Peter Thiel.
In his April 29, 2025 video, about "Paper Bitcoin", nostr:nprofile1qy8hwumn8ghj7mn2w4khqtndv5hszythwden5te0dehhxarj9ekxzmny9uqzpprrqa5g5z0vzy5k06c9gnnc485gcj84qufv88k5j8ljkmaqrxhgkgzyc0 argues against the existence of paper Bitcoin, showing an image with BTC distribution across exchanges and banks, including Revolut. (See image below)
I have personal experience with a Revolut account (the App) only allowing $2K worth of BTC per day to a hardware wallet.
Buying $25K BTC in the Revolut App will take you 10 days to withdraw to self custody. Why would Revolut do this? Because of fractional reserving, or paper Bitcoin. You THINK you have $25K in BTC, but Revolut only bought $2K, $5K or $10K worth, so when you start to withdraw, Revolut delays the process and buys more BTC to "fill their reserves" measured over all customers. This is very dangerous and exactly the reason why banks fail.
So while Revolut may indeed have 28543 BTC at Coinbase, nobody knows how much 'paper BTC' they have sold in their App to customers. My experience with Revolut indicates that they are selling more, they are levered up.
Revolut's crypto terms and conditions explicitly state: "We may limit the amount of cryptoassets you withdraw. We will tell you the amount of any limit before we accept your instruction."
