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82 sats \ 6 replies \ @grayruby 30 Dec 2024 \ parent \ on: MicroStrategy Acquires 2,138 BTC; Now Holds 446,400 BTC bitcoin
That's an interesting take. That would be a significant case of securities fraud that would likely get him sued into oblivion by shareholders and potentially put in jail.
I am going to take the other side on that. If you want to argue they don't really own bitcoin because they custody it with Fidelity and Coinbase then I am compelled. I actually think it is much more likely that Coinbase is doing some sort of fractional reserve banking with Bitcoin than MSTR.
In terms of your second point. Absolutely.
Yes, I’m talking about Coinbase selling paper bitcoin but I think Saylor is part of a larger scheme that suppresses the price via fractional reserve.
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I really wish everyone would get their bitcoin off exchanges. These guys should be stress tested. What happens when 1M coins move in a week?
My guess is after a couple days they pause withdrawals.
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🎯
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This paper bitcoin is becoming more and more worrisome.
Now that more companies are buying bitcoin, I think there is more potential for another big fraud to happen.
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Just wait intimately there’s a “strategic Bitcoin reserve”
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If they publish it like they did in el salvador, there wont be any problems.
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