There is way too much trust in Coinbase in the suit circles
Good luck to them, perhaps the biggest Honeypot in human history is brewing there
Hopefully no inside jobs and USG directives happen that would nuke mstr and all the ETFs
Discussion
MSTR is 29k Bitcoin away from a half million now.
Surely they're making plans to mitigate some of this risk?
Their company value is all in Bitcoin now.
🤯
Coinbase is the biggest security hole in #bitcoin. The institutions should use collaborative custody. There are so many options these days.
- Unchained
- Anchor
- Casa
- Onramp
Yet they still use Coinbase. 🤷
The real risk is in a 6102 play, which with this administration is greater than a non-0 chance.
I tend to agree, whether it's this administration or any other for next 20-30 years, Bitcoin very likely to be blamed if there is a sudden loss in confidence in USD or treasuries
The biggest risk isn’t that Coinbase is fractional reserving MSTR’s coins? 🥶
Having been on the inside from 13-17, I can attest to it being a dumpster fire, but fractional reserving is one thing I feel confident that CB doesn’t do.
Yea not great
That would certainly scare away a lot of folks should shit hit the fan there. Let’s hope Brian keeps the ship straight.
I don’t use a middle man 🥴
with the repeal of SAB 121, I think this will soon be a non issue. banks can now custody digital assets profitably so I think this will soon become commonplace and there will be many different highly regulated and generally trusted institutions, that will offer custody and lending services like JP Morgan and Goldman Sachs. not saying this removes counterparty risk by anymeans, and self custody is the way, but this will definitely mitigate the honeypot issue
Imagine the demands of forking bitcoin to get government or large corporations/etf funds back after a coinbase hack or failure.