Replying to Avatar ( -_-)

That's my point - you are only including Coinbase exchange data, not the coins in their Custody product. Coinbase custody holds the ~600k coins in the Grayscale trust for example.
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B.O.P 2y ago

Right but aren’t those the property of the trust? For instance how would a black rock ETF use another companies bitcoin? That makes no sense

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B.O.P 2y ago

And if they did collude like FTX did with market makers we already know what happens

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B.O.P 2y ago

Also if the “attack vector” is making only custodial Btc legal wouldn’t they want to prove it works well?

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( -_-) 2y ago

I stick to the simple heuristic: not your keys, not your coins. Coinbase's keys, Coinbase's coins.

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B.O.P 2y ago

For sure, but even so.. this doesn’t tell us how they plan to attack with the 3M or so coins in institutional hands

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( -_-) 2y ago

I imagine the best way to get coins is to buy the entities that hold the coins

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( -_-) 2y ago

If we could rely on laws and the legal system to fairly and efficiently enforce property rights bitcoin wouldn't be so important.