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Seeing a lot of Bitcoiners up in arms about Brian Armstrong and Coinbase not sharing the ETF holding addresses. Many of these same Bitcoiners hide their identities and certainly wouldn't share their wallet addresses. Hypocritical much?

Stealing this from Nostrless Joe Carlasare on Twatter as some food for thought: "For the IOU rumors about Coinbase and the ETFs to be true, it means there is a vast conspiracy of civil fraud involving no fewer than 4 law firms, two accounting firms, an auditor, and Coinbase personnel and BlackRock, Fidelity, et al.."

All that conspiring for a mere drop in the bucket amount their total assets under management? C'mon meow.

Now, if it really is that big of a deal to some of you, maybe you should get a class action of all holders together to petition the SEC to make public address disclosure part of the reporting requirements. #bitcoin #btc #privacy

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Discussion

fr4nk 1y ago

The difference is bitcoiners are NOT a publicly trading company that is holding bitcoin IOUs. FTX 2.0?

Svoboda 1y ago

Being a publicly traded company matters not. All other commodity ETFs are handled the same exact way. Just because cryptocurrencies have the technical ability that could allow for it to be publicly audited in real time, doesn't mean they have to do it.

Like I said, the only way this likely changes is if all of the ETF holders put pressure on the SEC to mandate it. I do think, however, that if price remains flat where it feels like it is being artificially suppressed over time, you could see that happen.

I hold some FBTC and IBIT in my walled garden retirement accounts and I'd join any class action effort on this.