Fractional reserving could be happening at coinbase but ultimately that only hurts them. And I'm sure MSTR is smart enough to get more verification then just an account balance. I'm just not sure what the incentive to do this would be or why I would be worried about it.
If I was a COIN or MSTR shareholder, or had a coinbase account, maybe then I would want better transparency.
Ultimately it’s just very cheap sats for us if it goes tits up, but if you had shares in Amazon you’d know it’s based on the company’s performance but with MSTR their performance is based on the ownership of bitcoin. But there’s no proof of that. Weird.
Amazon has become a worse company over the past 5 years. Unfortunately, their stock price isn't based on performance either.
I will say, if I was running MSTR I would do proof of reserves. But I'm not, and the winning move in this game is to hold real Bitcoin. Saylor watched FTX happen. He isn't retarded. Just my two sats.
It’s nothing to do with this. My point is we’re in a paradigm shift in the fact that the whole idea of sound money is the immediate ability to audit addresses and verify. There’s none of this for MSTR shareholders, just a promise, an IOU.
I'm confused what the issue is. Don't hold MSTR shares if you don't believe their accounting.
