- This topic has 10 replies, 1 voice, and was last updated 1 week, 5 days ago by phontasy_guy.
- Thursday, November 24th, 2022 at 23:34 #410286JBSmoove7Participant
Image / Is this true? So that makes coinbase the largest holder of btc?Thursday, November 24th, 2022 at 23:34 #410287SmoothGoing
No. It isn’t their BTC.Thursday, November 24th, 2022 at 23:34 #410288I_am_Searching
Reserves is a misleading term. The chart posted here: https://twitter.com/brian_armstrong/status/1595126425371414528?t=LiYskPDjLuWcgb7MmB-apQ&s=19 shows how many BTC all of coinbase’s customers hold.Thursday, November 24th, 2022 at 23:34 #410289tonytdmd
Wait, how many have been mined so far?Thursday, November 24th, 2022 at 23:34 #410290FarCanary
Do they have proof of reserves? Just saying they have 2m bitcoin doesn’t mean much.Thursday, November 24th, 2022 at 23:34 #410291Zealousideal_Coat275
Coin base appears to have almost no material exposure to crypto prices on their balance sheet. Obviously a lot of exposure to volume in their revenue prospects.
I think when I looked at it it was something like $300mm in their own crypto assets and over $6bn in cash and less than $6bn in liabilities.
Now that assumes that they aren’t doing crazy shit with deposits they hold for customers…Thursday, November 24th, 2022 at 23:34 #410292Didicito
Hard to believe.Thursday, November 24th, 2022 at 23:34 #410293DatBuridansAss
Last I heard, Coinbase only had about 4,000 BTC on the asset side of their balance sheet. Of course they could easily have millions of BTC on the liabilities side, but that tells us nothing other than people need to withdraw asap.Thursday, November 24th, 2022 at 23:34 #410294Medfried
Total. Not their reserves..Thursday, November 24th, 2022 at 23:34 #410295hyperinflationUSA
This why you want want Proof Of Stake like other altcoins. The centralized ownership leads to centralized control with those due to large exchanges owning majority of coinsThursday, November 24th, 2022 at 23:34 #410296phontasy_guy
Future news: 33 billion and one dollar is wiped off Coinbase’s valuation amid ongoing uncertainty and volatility in cyptomarkets. Aw shucks, I suppose one of the big cartel banks will have to take over it now..
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