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freddms | 2 months ago (raw) | root | parent | reply | flag 
 If Coinbase is doing this, it's the next FTX - eventually.

I doubt this is occurring because, one it's illegal, and two you will eventually figure it out because at some point the Bitcoin on the books won't match the on chain data.

There is no way to cheat the next block in Bitcoin. So once it's written, you have to live by it. You may cheat people but the Bitcoin system itself can't be manipulated so you will eventually be discovered - either through default or someone finding out and lose your credibility.

The CURRENT banking system cyclically fails and the Fed/system steps in and bails everyone out.

That ain't happin' with #Bitcoin.

Chill - use ONLY cold storage to keep your Bitcoin safe. And let the Charlatans do their thing so we can clear them out over time.
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Tortuga | 2 months ago (raw) | root | parent | reply | flag 
 The bitcoin on the books already doesn’t match the on chain data. Settlement all happens in cash which can paper over the lack of bitcoin. 

Everyone doubts it’s happening but everyone doubted FTX was insolvent as well.

The only solution is for people to store their coins in cold storage to make the data obvious to even the biggest excusers.
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freddms | 2 months ago (raw) | root | parent | reply | flag 
 I have seen no verifiable data suggesting what you are stating.

But as I said, if they are cooking the books, #Bitcoin will eventually reveal the foul play. You can't change #Bitcoin's code.

We 100% agree, not your keys, not your coins.
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Tortuga | 2 months ago (raw) | root | parent | reply | flag 
 It would be incredibly easy to find verifiable data to prove me wrong, but no one has seen that either!
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freddms | 2 months ago (raw) | root | parent | reply | flag 
 Not to beat a dead horse here, but you are implying someone is breaking the law.

All I'm suggesting is this: It does NOT matter. If they are toying with #Bitcoin they will be discovered eventually.

ALL times you use a third party for something there is a certain amount of TRUST involved. Unfortunately that's the problem with laws and humans. Humans respond to situations REGARDLESS of the law to self preserve.

Bitcoin fixes this problem of trust. Why people will eventually all be using Bitcoin and the Coinbases of the world will eventually move to Level 2 application where machines hard link to Bitcoin to eliminate the 3rd party trust problem. Or likely go out of business if they screw up as you suggest.

So we are arguing over something that really does not matter.

NEVER buy Bitcoin in an ETF. ALWAYS buy Bitcoin and move it to cold storage every few grand (or whatever you are comfortable with). Strike.me allows you to do that free.