- This topic has 1 reply, 1 voice, and was last updated 2 weeks ago by Jessejets.
- Thursday, September 22nd, 2022 at 17:21 #379988CBJ_TechGovParticipant
I will make another attempt to enlighten those who up until today refuse to be helped… the ostrich folk (a.k.a., BTC Hodlers).
If you thought that those who stand to lose untold power in fiat would stand by and watch BTC take over the world, you’re an idiot.
If you think there is no way to hack the functionality of BTC, you are, at a minimum, intensely misinformed.
Here, my friends, is how you hack the functionality of BTC:
Econ 101: Market price is set by two forces, (1) supply, and (2) demand.
If you control either supply or demand you control price.
Fallacy: The “supply” of BTC is protected and cannot be increased by forces outside of the blockchain.
Fact: Exchanges, like Coinbase, appear to be massively devaluing BTC, thus controlling supply and market price.
**Proof: Coinbase 6/30/2022 FORM 10Q** (as filed with the SEC)
Customer Crypto Assets = $88,453,873,000
% of Customer Crypto Assets in BTC (44%) = $38,919,704,120
Close price of BTC @ 6/30/2022 = $19,784.73
\# of BTC in Customer Crypto Assets @ 6/30/2022 = **1,967,158 BTC**
“Crypto held for operating purpose” (p.62) = $112,400,000
\# of BTC in “Crypto held for operating purpose” = **5,681 BTC**
If the above is accurate, which I believe it is, Coinbase only had 5,681 BTC in their on-chain wallet backing 1,967,158 BTC of off-chain positions. This would mean that Coinbase has sold 1,961,477 BTC that do not exist on-chain. In other words, Coinbase (and likely every other crypto exchange) appears to be engaged in BTC devaluation. The EXACT behavior that BTC was created to prevent.
This behavior may very well be legal under current law. I do not know and I am not a lawyer. Regardless, Econ 101 has taught all of us that when supply is flooded… wait for it… market price drops drastically. That is where your BTC value went. You’re welcome.
If I feel appreciated, I will prepare a thorough report with analytics based upon Coinbase 10Q/K from their first SEC filing until today and distribute to the group.
Frankly, if the above is accurate then it seems there should be legal recourse. Class action perhaps.Thursday, September 22nd, 2022 at 17:23 #379989Jessejets
How is this possible if this is suppose to be decentralized?.
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