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0 sats \ 11 replies \ @Aardvark 9 Dec \ parent \ on: MicroStrategy Acquires 21,550 BTC; Now Holds 423,650 BTC bitcoin
Can you explain how that works? How do they get IOUs?
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.
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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MtGox fell prey to malleability attack. It was since fixed by segwit soft fork.
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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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Sure
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MtGox was backed by Roger Ver words 😂😂😂😂
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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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