Oddbean new post about login | logout BlackRock may not have 1:1 backing on their #Bitcoin ETF and Coinbase is playing their game. Transactions are recorded off chain and in cash. You see? Bitcoin is being manipulated and co-opted by bankers https://image.nostr.build/1564f67fb057ad3d169bf9d05e5d2d7809fef4d6c2d840961c05b45986db3991.png
Maybe look through the filings??
Wait.. Let me take that back before I make a fool of myself.
I don't really care tbh. I trust Bitcoin held with Blackrock to be held 1-1 spot. Maybe Bitcoin held with Coinbase isn't / won't be though. Would be funny if that happens.
The words trust, Coinbase and BlackRock in the same sentence is almost funny.
Okay, but Blackrock always looks out for their best interest. And it's in their best interest not to fuck this up and lose their place as the most powerful asset managers.
It's why I believe BTC "maximalism" is a social engeneering attack and subversion strategy of Intel agents against the community. Bitcoin up until 2014 was all about critical thought, discussing trade offs and counter perspectives all day long. This all stopped in the name of fiat NGU. Sus.
This was expected and should be repeate. It will resolve itself in due time.
I thought the whole point of the ETF was that they have to actually have the underlying asset. Otherwise its just like the futures market
People were critising those "ETFs" because they are cash settled for a reason (manipulation with limited risk to manipulators).
We should comtinue to call out coinbase and blackrock. How much can they manipulate with just a few percentage of the supply? Maybe if they end up holding a significant portion like 30%
Again Monero (and fractional reserve banking) gives us some rough estimates. For every 100k real coins they control. They can move x10 to x20 coins under normal conditions. More will likely expose them x5 will guarantee them being operational even in the most demanding situations. Coinbase +ETFs are now the number one place setting the price. That's the only thing they needed and it's also the reason why they tried yo kill or decimate the influence of Binance. Binance themselves running fractional reserves on Monero knows perfectly well how to play this game. Market price of Bitcoin is decided by only a very small number of coins ready to be sold on markets. With their scheme they can now soften or exaggerate any demand they see. They basically can now absorb most of the buy pressure that could otherwise lead to another x5 or x10 market rally if they wish to do do. That's also why it was important after years of resistance to get ETFs ready (for manipulation) BEFORE reaching and breaking out of ATH.
I don’t think you can make the same comparison. Bitcoin is so much bigger than monero.
who would have thought... 😆
The beauty of Monero's delisting in CEX is that they gave up their usual mean of control: fractional reserved financial institutions they control to manipulate money supply as needed in accordance with market cycles. They perfectly played this card in the last crypto bull market where almost all coins including the shittiest ones reached new ATH while they starved off Monero from real demand turning it into paper claims without backing. They are used to rig the game in their favour. And BTC will likely see the downsides of being tightly integrated into TradFi in the coming years.
Monero might as well be entirely fractional reserved since only 0.0001% of the population understand the math necessary to prove it isn't.
You can say that about literally anything including how Bitcoins cryptography works It also isn't THAT hard to learn what commitments are and the math behind them. You could do it in an evening. https://docs.grin.mw/wiki/miscellaneous/switch-commitments/
Entirely not surprising, so now bring on the deluge. As a paper market develops for btc, do we see it turn into boring silver/gold paper contracts with all the associated price suppression, or is bitcoin somehow different in this regard, hence able to thwart the paper fuckery suffered by precious metals?
