pull down to refresh
26 sats \ 4 replies \ @optimism 19h \ parent \ on: Saylor : Bitcoin quantum threat is a ploy by ‘yo-yo token’ sellers bitcoin
Happened less than a month ago. I propose to upgrade this particular event type to medium-probability/high-impact and further intensify work on non-custodial, non-KYC solutions.
Still, it's different if one custodian gets popped, and people who (maybe unknowingly) accepted the custodian risk, or if the entire security basis of the entire Bitcoin ecosystem is broken. Coinbase isn't high impact, it's not the entire ecosystem.
reply
Coinbase isn't high impact, it's not the entire ecosystem.
2.2M coins being dumped on the market would crush price for a long long time. Probably almost all "crypto companies" would go bankrupt. Nearly all miners would go bankrupt....the knock on effects would be massive.
The biggest impact would be against the mentality of investors (all the ETFs except Fidelity use CB). Instantly losing 250B may push investment sentiment to "its just not worth it" mentality.
Such losses by general public would usher in a whole series of new draconian laws that may permanently impact banks ability to custody bitcoin and freeze bitcoin out of regulated economy.
Central banks would use it to say "told you so" and usher in CBDC's that had the "feature" that such hacks could be rolled back, frozen, etc.
Except that most ETF providers and Saylor use Coinbase Custody.
Popping that would be quite high impact.
reply