Oddbean new post about login | logout my nagging thought on it: proof of reserves or it didn’t happen
You want a screenshot of my MSTR option but?
Buy
sorry I meant proof of microstrategy’s bitcoin ownership I realize now my response wasn’t very clear
don’t get me wrong, I think what they are doing is kind of genius from a fiat-games perspective. what makes me cautious on it all is that it’s still all based on a model of trust. and as we all know, “…history is full of breaches of that trust”
My allocation is still 90% BTC in cold storage
I'm also concerned about their custody. Currently they hold all bitcoin with Coinbase. I'd like there to be at least one and ideally several custodians holding their bitcoin.
it’s also wild to me that the biggest asset management company in the world relies on coinbase to custody magic internet money