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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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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.