SAYLOR and Menger are stacking BILLIONS in #Bitcoin without moving the price, but some grandma in China sells a single sat and we dump 10%.
What the hell is going on?
Discussion
To move the price they need to remove the BTC from circulation, putting in cold storage. Paper BTC can have any price the exchange wants, since is just a number in a SQL database.
Bro, why would you believe that they're doing so without them sharing their L1 #bitcoin addresses to confirm their holdings? IMO any company, firm or government who claims to be buying #btc should be obligated to do so. Otherwise they should be presumed to hold at best paper #btc and worse nothing at all and be working to either enrich their fiat selves, or are working for the fiat system they serve to deflect true investment away from the only real Bitcoin there is, self custody.
Don't trust, verify, I get it. After all his advocacy and thought leadership, if Saylor didn't have his Bitcoin isolated, he be the biggest villain in Bitcoin history; I'm probably a chump, but my gut says he's operating with integrity.
I could see another FTX situation playing out though, where some exchanges have significantly less than their users think they own.
The final boss of scams is legacy-finance fractional-reserve Bitcoin.
Yes and enforced by their loyal servants (aka the government).
Paper bitcoin…it’s a hell of a drug