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Apparently it's a lot more profitable to short the USD than to produce anything. If/when coinbase gets hacked it's going to be absolute carnage.
The Coinbase centralization issue is a massive risk. I fully expect insurance businesses to arise (we are already seeing them but its early) as a counter to the risk. The thing is... Coinbase is so large that a Mt Gox type attack would be massive.
That said, I expect Coinbase is actually doing a decent job with security of their wallets (just my gut). To me the risk is that a few companies have so much bitcoin in custody.
In general the public doesn't realize how vulnerable companies are to attacks and how often they happen. I think its one of those lessons we are doomed to learn the hard way.
Coinbase definitely has a massive target on their backs. How Saylor trusts them with custody of that much btc is insane.
I agree, he definitely knows something that we don't, but that's still a lot of trust.
Totally, but when its a company handling bitcoin you will have to trust someone. At a corporate level and even more so at a public company there are factors I suspect we aren't considering. But yeah, its a lot of trust. But if they did their own custody it would be just as much trust placed in a different set of people.
I suppose you're right. There's no real way around it. I'm assuming there's been a lot of face to face meetings between Saylor and coinbase. It's just shocking that as a "bitcoin company" they haven't innovated their own storage protocols.
Xapo cold storage
Financialization for he win.
Everything is a money trade now
And it’s sad to see
A blood bath for sure. I’m sure I will zapping the link to the story here on SN
Sad to see. I think this is terrible. What ever happened to being a legitimate business and using your excess revenues to save in the hardest money ever?