Hear me out ...
If Coinbase gets hacked
Bitcoins moons. Why?
Because millions of coins will be considered non spendable. Sure it might take a dip in the short term but after the market settles down hodlers who keep utxo within their self custody will be rewarded.
The same thing happened with Gox and Finex.
The real play will be to short coinbase.
Happily short Coinbase anytime 🤙
Why would the coins be unspendable? I think they would need to be sent to a dead wallet (say Satoshi’s stack for example 😎), but likely the Bitty will just get coin-joined to a set of juicy bags.
Because as soon as those coins hit any business they will be seized.
IMO it’s more likely that Coinbase is the only place allowed to fractional reserve bitcoins right now. With the involvement of and support from governments and traditional finance.
That’s my call on how they’re achieving this price suppression.
I have not heard of any instances of Bitcoin being seized that went through coinJoin. I am open to learning how one might do that 😎
One can give up the keys or get extorted for them, but properly CJd Bitty that went into properly stored multi-sig?
If you're the one doing the coordination, sure... good luck CJing a large amount of UTXOs. You're going to have a liquidity problem.
Those coins are burnt until the state unburns them
I said business. If you were using zksnacks as a coordinator you better believe they would have been seized
Just like anything else, it would be great for bitcoin.
They would most probably do a fork to get those coins "back"
This sounds familiar
MSTR? They hodl over 200,000 btc, they don't show up here.
