SaniExp: Coinbase now holds 2.9 million BTC \ stacker news ~bitcoin

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SaniExp: Coinbase now holds 2.9 million BTC x.com/SaniExp/status/1974211231029383646

158 sats \ 9 comments \ @Scoresby 3 Oct bitcoin

SaniExp has been tracking this kind of stuff for a while, so I'm inclined to think he's not far off. It doesn't look like they're using onchain data so much as corporate data.

SaniExp has also done some interesting analysis with on chain data, which you can find here:

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102 sats \ 0 replies \ @TheBTCManual 20h

The worlds largest honeypot aching to get raided!

102 sats \ 6 replies \ @OT 3 Oct

Coinbase could be the biggest risk to Bitcoin. It will continue to grow until the next major exchange gets hacked.

0 sats \ 5 replies \ @standardcrypto 4 Oct

or the biggest contributor to Bitcoin security ;)

#1245830

0 sats \ 4 replies \ @OT 4 Oct

If Nth Korea through a massive hack had 30% of the supply don't you think that it's value would shrink significantly?

0 sats \ 2 replies \ @ken 4 Oct

I have no good answer to this. Sheesh why are all of these people trusting Coinbase?

21 sats \ 1 reply \ @Scoresby OP 4 Oct

custody is easier until you get rugged.

0 sats \ 0 replies \ @ken 4 Oct

The truth

0 sats \ 0 replies \ @standardcrypto 10h

yes, fantastic buying opportunity who those were hesitant in the earlier days.

coins move from weaker to stronger hands. Win win.

Also, now north korea becomes the giant honeypot. Yes they have nukes and some pretty scary gulags, but hackers are creative and good at staying one step ahead; they will figure out a way to re-decentralize the north korea hoard without too much destruction, that's the happy path anyway.

every time one of these massive hacks happens, another few % of the using population moves from "trust custodians, too scary to manage my own" to "nyknyc."

0 sats \ 0 replies \ @Kayzone 3 Oct

Nice analysis, thanks for sharing.