When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
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1 BTC = 1 BTC
Mt. Gox 2.0 gonna be lit 🔥
lollll
Isn't this exactly why multisig exists?
Coinbase and or those hedge funds would still cover the losses to the customers that’s the whole appeal of an ETF or am I wrong?
If this ever happens we'd see a hard fork attempt to try and recover the funds which will most likely result in another bitcoin cash situation where they lose value immediately against the real BTC.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
Hear me out ...
If Coinbase gets hacked
Bitcoins moons. Why?
Because millions of coins will be considered non spendable. Sure it might take a dip in the short term but after the market settles down hodlers who keep utxo within their self custody will be rewarded.
The same thing happened with Gox and Finex.
The real play will be to short coinbase.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
Unless there is a coordinated plan with Coinbase, it’s impossible to hack Cold storage where they allegedly keep their coins offline. Any hot wallets you’d hope they keep to an operational minimum 🤷♂️
The more centralized it gets, the better the loot.
The better the loot, the more incentives are increase for a hack, rugpull or executive order.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
Honey Pot 🍯
That'll induce a hard fork and the ETF's already have in their documents that THEY will decide which fork is the bitcoin they will use.
There is a timeless war against TRUTH, things will get much worse before they can get better.
It’s just 10% of total supply. And scarcity ^ up
That calms me down a little, but blimey, still huge.
Why is mstr in there? This guys is smart enough to not do that right?
I think b/c they are publicly traded they have to have a custodian
Could they create a holding company?
what will happen to the price of btc held in private wallets ?
This thread is kind of silly. First Coinbase does have its own bitcoin wallet addresses. Second, if you have your bitcoin in a wallet with your own set of keys that are not on the Internet / one bitcoin equals one bitcoin. The price will probably go down and then quickly rebound. It doesn’t matter cause you’re not gonna lose your bitcoin.
😳
A hack isn't even the biggest concern; a 6102 attack is so easily executed through an asset seizure on Coinbase, which would be trivial for the government to do. Not your keys, NOT your coins.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
It’s the biggest honeypot on the planet!
Yep
More likely a 6102-like government grab, as they’ve shown us they’re happy to do already with gold. The US Gov (or the Network behind them) don’t need to hack anything, they can just force through a confiscation and no US company is going to stop them if they want to do it
I am sure MSTR for example holds either one key of 2 of 2 multisig or 2 out of 3, this is an obvious attack vector they must have covered
Yes, I would assume so and I’m pretty sure Saylor has said multi-institutions and multisig but I’m not on Twitter so can’t verify. Whatever people think of his motivations he’s a smart enough guy so I’m sure he’s 💯 aware. It’s the retail plebs I’m more concerned about of course, they’d be the first to lose it
It would suck but at this point I don't know if I would feel as bad as with previous hacks/thefts. There were enough precedents and warnings and this is litteraly the first thing that everyone in the space learns when they decide to do their due diligence.
True, and taking personal responsibility is the way out of most problems. Most people unfortunately don’t want to. Of all the people I have personally orange pilled, only a handful have actually swallowed and self-custodied, normies just can’t see the threat. And it will still be my fault/bitcoin’s 🤣😖😭
Yeah, or my personal favorite - I trust you, can you store it for me?
I know! Even the ones that have ‘got it’, most ask me to help them transfer etc. They’re always trying to give me their keys!!!
Hahaha yeah, like is that supposed to be a compliment you dumb fuck, to keep me responsible when you eventually lose it because you have your seed on your forehead 🤣
Not in a million years, the hacks had to go through multtisig multicold storages. It's would be easier to hack Bitcoin network but that never has been done for the last 15 years.
Coinbase kontrolliert mehr als doppelt so viele Bitcoin, als MtGox zu seinen besten Zeiten 😱
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
MSTR? They hodl over 200,000 btc, they don't show up here.
Yes please.
Paper bitcoins aren't bitcoins... Let's purge the weak.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
Waiting for it.
