What I have learned about companies buying failing companies, is that the reason they do it is because their failure would cause them to fail too
They usually fail shortly afterwards too
1309 sats \ 0 replies \ @nerd2ninja OP 8 Jun 2023
BitGo Signs Letter of Intent to Acquire Prime Trust An article written by BitGo
reply
127 sats \ 1 reply \ @OriginalSize 8 Jun 2023
Could be. Maybe BitGo is too big to fail. I have nothing to do with either so yay
reply
50 sats \ 0 replies \ @02fa90fd41 8 Jun 2023
Nothing is too big to fail.
reply
92 sats \ 7 replies \ @sudonaka 8 Jun 2023
This stinks to me. Swan switches partners from prime trust to fortress (same founder as prime) and Bitgo, then Bitgo bails out prime trust clients?
š§
reply
59 sats \ 6 replies \ @Wil 8 Jun 2023
It seems like Swan might not have done their research. What even is Fortress?
https://pbs.twimg.com/media/Fx04E8mWcAAF5IJ?format=png&name=900x900
reply
297 sats \ 2 replies \ @nonamenoname 8 Jun 2023 freebie
Hate to break it to you Maxis, but as an insider...I can tell you that many of Prime Trusts problems stem from the same legal/compliance/executive team that is now at Fortress...BEST OF LUCK!
reply
50 sats \ 0 replies \ @sudonaka 9 Jun 2023
the obvious and inevitable failure of 3rd party custodian services does not negatively affect Bitcoin at all
reply
3 sats \ 0 replies \ @nerd2ninja OP 8 Jun 2023
lol I don't think anyone I know was counting on Fortress being much better.
reply
418 sats \ 1 reply \ @sudonaka 8 Jun 2023
Same founder as prime trust so I donāt think itās a coincidence Swan is working with them. I think Swan might actually have some explaining to do.
To me they seem more like a media company.
reply
66 sats \ 0 replies \ @Wil 8 Jun 2023
Media Company seems like the perfect characterization tbh.
reply
3 sats \ 0 replies \ @nerd2ninja OP 8 Jun 2023
I have verified this information is true and do not agree to these terms of service:
https://app.swanbitcoin.com/agreements/fortress-trust-custodial-account-agreement-8f9668e5.pdf
reply
50 sats \ 1 reply \ @Darkbulb 9 Jun 2023
Pretty soon the only reliable way to buy bitcoin will be in person or cash by mail
reply
10 sats \ 0 replies \ @nerd2ninja OP 9 Jun 2023
This is the trouble with building things the wrong way the first time.
reply
50 sats \ 0 replies \ @TheBTCManual 9 Jun 2023
Looks like a while lot of consolidation going on and creating custody services that can be easily captured, if you're using an exchange that uses these things get your funds off it, coinjoin and don't expose too many funds to them when stacking
reply
0 sats \ 0 replies \ @nym 25 Apr
It is just human nature I guess.
reply