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BlackRock are not our friends, and they will leverage Bitcoin to their advantage - not ours. Institutional adoption is a trap.

https://video.nostr.build/21507f79c1bf7e40700c287215774e8ee70c01442012233b62d82a1363e8e392.mp4

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Discussion

B.O.P 2y ago

They only have about 2 mil BTC on exchange to play with. So I day good luck, the more they buy, the more retail demand will come too

ibe (no-till weed) 2y ago

You think blackrock only has 2 mil on an exchange😂?

no₿ody™ 🧱 2y ago

He said there are only about 2M coins on exchanges that they can try to play with

B.O.P 2y ago

No I know for a fact there’s only 2 mil sats left that aren’t being self custodied. It’s public information 🤣

B.O.P 2y ago

Coins not sats

( -_-) 2y ago

Coinbase custody alone holds more than that and isn't included in exchange data

B.O.P 2y ago

https://www.coinglass.com/Balance

( -_-) 2y ago

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.

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

B.O.P 2y ago

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

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?

( -_-) 2y ago

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

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

( -_-) 2y ago

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

( -_-) 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.

B.O.P 2y ago

What’s your source? These trackers are used in onchain analysis and large exchanges are pretty well tracked

nobody 2y ago

Exactly. They’ll get blown out

B.O.P 2y ago

It’s always “institutional adoption is an attack” but never breaking that down in a logical way. Any time I see this I say “how?” And there’s never a logical answer

nobody 2y ago

How term doesn’t matter. If they start to act shady, they’ll get blown out like ftx or Celsius

B.O.P 2y ago

Exactly we have proof of what happens when shady shit happens with exchanges. They’ll get rekt if they try anything. It amazes me we are worried about a new custodial player when this is all we’ve had for the last 6 years. Gemini, FTX, and binance failed but “black rock is going to destroy us all” it just shows a clear lack of understanding of the hardness of bitcoin

nobody 2y ago

Keep kalm and stack them sats

mark tyler 2y ago

Only 1 problem. You can’t.

Anonymous 2y ago

If Pocahontas died tomorrow her own family wouldn’t care

Clarkkent 2y ago

BITE ME

WERE COSING

YOU

DOWN

YOUR JUST GETTING

SCARED