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12 sats \ 0 replies \ @Shugard 9 Dec
When will people, especially the bitcoin crowd, understand that MSTR is not buying bitcoin, just IOUs from coinbaise?
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32 sats \ 12 replies \ @DarthCoin 9 Dec
they only have bought IOUs, aka false presumption that they are accumulating BTC.
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0 sats \ 11 replies \ @Aardvark 9 Dec
Can you explain how that works? How do they get IOUs?
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100 sats \ 10 replies \ @DarthCoin 9 Dec
Is simple: are you familiar with the "not your keys, not your bitcoins" ?
Coinbase grab some BTC from losers and then sell to MSTR a paper where it says: you bought x BTC that are in our custody.
Then MSTR come and announce they "bought" BTC but in fact they didn't, they have just a promise for BTC.
https://www.timechainindex.com/?resource=ChartsCoinbaseBUM
And is a matter of time until we will have another "MtGox case" with Coinbase.
Coinbase is the enemy of Bitcoin.
Learn more about MtGox case here, where I post some videos about:
https://darthcoin.substack.com/p/darth-calling-out-the-scams
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0 sats \ 0 replies \ @Shugard 9 Dec
YES
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0 sats \ 3 replies \ @SwapMarket 9 Dec
MtGox fell prey to malleability attack. It was since fixed by segwit soft fork.
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11 sats \ 1 reply \ @ChrisS 9 Dec
Mt gox had many problems and would have failed with or without the malleability attack. Since then many other exchanges have failed without the malleability attack being involved. Ftx the main example. Exchanges will always be honey pots for attacks from within the organization and outside.
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0 sats \ 0 replies \ @SwapMarket 9 Dec
Sure
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0 sats \ 0 replies \ @DarthCoin 9 Dec
MtGox was backed by Roger Ver words 😂😂😂😂
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0 sats \ 4 replies \ @Aardvark 9 Dec
I'm very familiar with "Not your keys" I self custody.
Is there any proof that coinbase is even holding the btc or is it all just smoke?
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32 sats \ 3 replies \ @ChrisS 9 Dec
The question isn't whether coinbase has the bitcoin right now or not. Maybe they do maybe they don't. It will be hard to know for sure until something bad happens. The point is microstrategy has none. Same with most of the etfs. And sadly, eventually something bad will happen.
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11 sats \ 2 replies \ @Aardvark 9 Dec
So microstrategy is betting 400k BTC on coinbase not going insolvent....
That's quite a wager.
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0 sats \ 1 reply \ @028559d218 9 Dec
My understanding is that most of their Bitcoin... is at Fidelity.
Not Coinbase.
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0 sats \ 0 replies \ @ChrisS 9 Dec
Incorrect.
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0 sats \ 0 replies \ @000w2 9 Dec
I never thought they would be able to get to 2% without the price running away from them
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0 sats \ 0 replies \ @030e0dca83 9 Dec
My DCA plan hit buy button under 100k. This makes me happy
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0 sats \ 5 replies \ @DesertDave 9 Dec
They hold lots of paper bitcoin. I think one day saylor will get rugged. He's getting greedy as hell. Look at his face when he talks. He hasn't been humbled yet.
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0 sats \ 4 replies \ @ndLightningBoy 9 Dec freebie
Last few weeks, he's turned. My advice to him would be to take a step back for a bit. He's not coming across as a smart guy thats a little quirky hes coming across as arrogant, like his shit doesnt stink for lack of a better analogy.