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
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
Discussion
They will work with regulators to get their way.
And what is their way? Making self custody illegal? First of all that can’t be enforced. Millions of self custodied Bitcoin will be moved to individual brain wallets.
You think blackrock only has 2 mil on an exchange😂?
He said there are only about 2M coins on exchanges that they can try to play with
No I know for a fact there’s only 2 mil sats left that aren’t being self custodied. It’s public information 🤣
Coins not sats
Coinbase custody alone holds more than that and isn't included in exchange data
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.
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
And if they did collude like FTX did with market makers we already know what happens
Also if the “attack vector” is making only custodial Btc legal wouldn’t they want to prove it works well?
I stick to the simple heuristic: not your keys, not your coins. Coinbase's keys, Coinbase's coins.
If we could rely on laws and the legal system to fairly and efficiently enforce property rights bitcoin wouldn't be so important.
What’s your source? These trackers are used in onchain analysis and large exchanges are pretty well tracked
Exactly. They’ll get blown out
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
How term doesn’t matter. If they start to act shady, they’ll get blown out like ftx or Celsius
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