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34 sats \ 5 replies \ @grayruby 17 Sep \ on: Coinbase Paper Bitcoin? bitcoin
I agree they are fully backed but I don't know about the rest of the Bitcoin on Coinbase. And I don't trust that they aren't playing games short term lending bitcoin, settling in paper at one price, price gets manipulated down via futures and then funds buy at the lower price to settle the claim.
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40 sats \ 4 replies \ @Undisciplined OP 17 Sep
It sounds like they probably are doing some sort of fractional reserve type stuff. It would be surprising if they weren't, honestly. The incentives to do so are pretty dramatic.
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24 sats \ 0 replies \ @grayruby 17 Sep
Yes. I don't think they are doing what FTX is doing but I am sure they are playing the same games fiat banks play.
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22 sats \ 2 replies \ @grayruby 17 Sep
Interesting. First failed external zap was on this comment. I sent 40 but got a notice 10 sats failed. Did you get 30?
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10 sats \ 1 reply \ @Undisciplined OP 17 Sep
I got 40.
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20 sats \ 0 replies \ @grayruby 17 Sep
Odd. Shows 40 but says 10 sats failed. All good.
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