21 sats \ 2 replies \ @BTCLNAT 6 Sep \ on: Coinbase Custodies 2.27M BTC, 10.83% of Bitcoin Supply – Bitbo bitcoin_beginners
On several occasions I have expressed my concern about the possession of seeds by financial and government institutions, which give them access to control of thousands of BTC.
In the case of Coinbase, like CEX, whoever wants to give it that power is their decision, centralization will not be as a system, Bitcoin is decentralized in its genesis and continuity, what is being centralized is the holding of BTC.
Then there will be two paths:
The holders of control of those BTC hinder general adoption
Holding so much economic power will hinder the fair development of a Bitcoin-only society.
SATOSHI Nakamoto thought of a liberating mechanism for citizens, but financial and government entities are having control through their inflated fiat of that liberating asset.
To think that this is good for adoption is totally wrong. Every day entities and governments are taking over bitcoin with the false promise of freedom. Of course, they have the money printing machine and can buy whatever they want. We have to be clear that this is not healthy at all.