Blackrock claims they can make Bitcoin less volatile. Seems their main tool for doing this would be to sell paper Bitcoin. Eventually this always leads down the same path, the company failing because they can not supply the withdrawals on it.
122 sats \ 1 reply \ @grayruby 5 Oct
I am more concerned about Coinbase and other exchanges selling paper Bitcoin than Blackrock. Not that I am a fan of blackrock but I just don't think the juice is worth the squeeze for them.
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21 sats \ 0 replies \ @RoundaboutStacker OP 15h
Yep, Blackrock will certainly get bailed out. Which does raise the question on what Coinbase is doing. They are the 'new kid on the block' and are just learning all the leverage techniques of the big boys. And if they want to do business with the big boys they will need to play by the rules set by the big boys.
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22 sats \ 0 replies \ @nikotsla 16h
Bitcoin is very stable, as far as I know... it's still 1 BTC = 1 BTC. People need to learn what is value.
The company is not going to fail because in their game, anything to fiat relation is a fixed game, and them are the owner of the game, like monopoly... just print more, other people will pay with their work, mostly the last one in the line, "The Cantillion Effect".
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21 sats \ 2 replies \ @eduardopro 18h
--> https://samplesandexamples.wordpress.com/2024/06/13/worried-about-bitcoin-price-suppression-a-complete-guide-to-paper-bitcoin/
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0 sats \ 1 reply \ @RoundaboutStacker OP 15h
Good point, so if Coinbase is the fiduciary for the ETF's, which they are, and if they are not getting audited, which they aren't, they could be doing anything. Including fractional reserve banking the Bitcoin. It seems reasonable to assume they are not holding all the Bitcoin they are selling, but since they are now in the big boys club, maybe this doesn't matter to them anymore. Which raises the question, how much reserve are the holding, or how much leverage on the Bitcoin are the allowing?
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0 sats \ 0 replies \ @eduardopro 2h
Exactly.
Plus, Brian Armstrong hates Bitcoin. That's just a fact.
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21 sats \ 0 replies \ @User21000000 5 Oct
I could see them being able to do it longer than any crypto exchange due to the size of the beast that’s Wall Street. And they will get bailed out before anyone knows
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222 sats \ 0 replies \ @jtwoodhouse 22h
Is there actual evidence of this? All I've heard is innuendo.
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0 sats \ 0 replies \ @TheBTCManual 15h
Probably yes, but Bitcoin is a global market, you can't manage every stablecoin to btc, every local currency to btc or every p2p market and premiums will show up over time.
There is for sure wiggle room to sell unbacked Bitcoin especially because you can't redeem it and hope you can keep playing that game netting fees and just back it later, but we've seen how that ends up, even if you have a massive balance sheet.
I guess if the blow up is big enough you still have the government as the lender of last resort, I wonder how that would go down, telling the public we need to bailout blackrock because of a bad bitcoin trade, lol
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0 sats \ 2 replies \ @rebel_nomad 18h
The problem, or real opportunity of course, is that when these financial demons fail they'll take everything with them in the fall!
Simple as that, getting the timing right will be close to impossible, I fear it will take far longer than most inside the Bitcoin echo chambers believe...
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21 sats \ 1 reply \ @mbrochh1 15h
Nah, bitcoin will resist this gracefully. We will get the usual 85% drop and then an army of psychopaths will show up and mop up all those sweet cheap cheap coins. And Saylor. And El Salvador. And some rich dudes in the Middle East. And...
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0 sats \ 0 replies \ @rebel_nomad 15h
Of course! But the fiat world will come crumbling down, and that will be totally chaotic for anyone, regardless of how much Bitcoin or even gold you hold...
So, everything but Bitcoin, yes! :-)
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0 sats \ 0 replies \ @Cje95 21h
Yeah since BlackRock is the go to for countries needing funding across the world I’m not sure Bitcoin can bring them down. They own parts of everything
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