When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
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Replies (73)
GM, from wss://relay.exit.pub
They are not gone, just someone else has them 😅
MicroStrategy is split between Fidelity and Coinbase iirc. But yeah, huge centralization risk.
Yikes 😬
Great oppertunity if you are a hacker...
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
They can’t afford that to happen, but if it ever does happen it’s going to be a mess
If their CISO doesn't have gray hair, there's hope for all of us
1 BTC = 1 BTC
It’ll take a hack for people to self custody. Most learn from pain.
Mt. Gox 2.0 gonna be lit 🔥
It’s certainly the honeypot obvious to this that might…
Even $MSTR?? Shouldn’t Saylor know better?
Isn't this exactly why multisig exists?
Coinbase and or those hedge funds would still cover the losses to the customers that’s the whole appeal of an ETF or am I wrong?
Is MSTR holding their BTC at Coinbase?! Really???
lollll
Can be the mother of all buy the dips!
If this ever happens we'd see a hard fork attempt to try and recover the funds which will most likely result in another bitcoin cash situation where they lose value immediately against the real BTC.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
Yup
That is reason enough to hate Coinbase.
Some drypowder left sounds like a reasonable idea….
It’s going to be a glorious show
Hear me out ...
If Coinbase gets hacked
Bitcoins moons. Why?
Because millions of coins will be considered non spendable. Sure it might take a dip in the short term but after the market settles down hodlers who keep utxo within their self custody will be rewarded.
The same thing happened with Gox and Finex.
The real play will be to short coinbase.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
This is the biggest existential risk to btc and will be used to justify punitive regulation
Unless there is a coordinated plan with Coinbase, it’s impossible to hack Cold storage where they allegedly keep their coins offline. Any hot wallets you’d hope they keep to an operational minimum 🤷♂️
We can only hope
Coinbase holds all MSTR???
I'll be buying.
🔥 the fire works show is going to be Splendid.
The important part is how it is kept in cold storage, no? I mean funds doesn't necessarily get lost or stolen because Coinbase gets hacked? I mean, maybe if a Oceans eleven kind of style heist happens but man, I'd love to see that movie so it'd be ok.
Ah it's so decentralized!!
Onramp and multi-institutional multisig makes more sense by the day
The more centralized it gets, the better the loot.
The better the loot, the more incentives are increase for a hack, rugpull or executive order.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
it's good for all the other bitcoiners
Honey Pot 🍯
I believe Saylor has said $MSTR Bitcoin holdings are split between 3 different multisig custodians/storage solutions to avoid single point of failure.
it'll be practically impossible to do anything with such high profile coins stolen
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
No. He does.
That'll induce a hard fork and the ETF's already have in their documents that THEY will decide which fork is the bitcoin they will use.
There is a timeless war against TRUTH, things will get much worse before they can get better.
People is defending Coinbase because they use very robust cold storage, with three different wallets held by different groups of people etc.
But a hack is not the only source of havoc.
Unpaid debt from fractional reserve or state attack could happen.
Giving your coins to Coinbase does not align with the principles of decentralization.
It’s just 10% of total supply. And scarcity ^ up
Insane!
Why don't at least the companies do self custody or use a professional multisig vault service?
I really respect and appreciate what Saylor has done for the space. But it is INSANE to me that he just has all his BTC custodially on Coinbase. It’s a matter of time before they get hacked. It’s too big of a honeypot and too many state actors are already actively trying to infiltrate the company.
Why is mstr in there? This guys is smart enough to not do that right?
what will happen to the price of btc held in private wallets ?
😳
A hack isn't even the biggest concern; a 6102 attack is so easily executed through an asset seizure on Coinbase, which would be trivial for the government to do. Not your keys, NOT your coins.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
I think b/c they are publicly traded they have to have a custodian
That calms me down a little, but blimey, still huge.
Could they create a holding company?
WTF?!?!😳
It’s the biggest honeypot on the planet!
Yep
Exactly
You will be fucked
This WILL happen
Coinbase will cash you out and take your coin
It WILL happen eventually
As the price goes up at some point having individual citizens holding spot bitcoin will become a national security issue and the FEDS will notify every KYC exchange to turn over their bitcoin in exchange for fiat
Some exchanges will fold MOST will
Coinbase 100% will
Some exchanges will say fuck you to the feds
More likely a 6102-like government grab, as they’ve shown us they’re happy to do already with gold. The US Gov (or the Network behind them) don’t need to hack anything, they can just force through a confiscation and no US company is going to stop them if they want to do it
This thread is kind of silly. First Coinbase does have its own bitcoin wallet addresses. Second, if you have your bitcoin in a wallet with your own set of keys that are not on the Internet / one bitcoin equals one bitcoin. The price will probably go down and then quickly rebound. It doesn’t matter cause you’re not gonna lose your bitcoin.
I am sure MSTR for example holds either one key of 2 of 2 multisig or 2 out of 3, this is an obvious attack vector they must have covered
Yes, I would assume so and I’m pretty sure Saylor has said multi-institutions and multisig but I’m not on Twitter so can’t verify. Whatever people think of his motivations he’s a smart enough guy so I’m sure he’s 💯 aware. It’s the retail plebs I’m more concerned about of course, they’d be the first to lose it
It would suck but at this point I don't know if I would feel as bad as with previous hacks/thefts. There were enough precedents and warnings and this is litteraly the first thing that everyone in the space learns when they decide to do their due diligence.
True, and taking personal responsibility is the way out of most problems. Most people unfortunately don’t want to. Of all the people I have personally orange pilled, only a handful have actually swallowed and self-custodied, normies just can’t see the threat. And it will still be my fault/bitcoin’s 🤣😖😭
Yeah, or my personal favorite - I trust you, can you store it for me?
I know! Even the ones that have ‘got it’, most ask me to help them transfer etc. They’re always trying to give me their keys!!!
Hahaha yeah, like is that supposed to be a compliment you dumb fuck, to keep me responsible when you eventually lose it because you have your seed on your forehead 🤣
Not in a million years, the hacks had to go through multtisig multicold storages. It's would be easier to hack Bitcoin network but that never has been done for the last 15 years.
Don’t know. I’ve read conflicting reports. From all the interviews I’ve seen Saylor has not specified exactly where it is. So I think it’s possible it may not be all Coinbase. Hard to say…
Coinbase kontrolliert mehr als doppelt so viele Bitcoin, als MtGox zu seinen besten Zeiten 😱
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
oh, interesting. i'm daunted just personally figuring out multi sig custody, so figuring this out for a company must be crazy stressful.
MSTR? They hodl over 200,000 btc, they don't show up here.
Big reason i must say!
Yes please.
Paper bitcoins aren't bitcoins... Let's purge the weak.
When Coinbase ever gets hacked, this industry is going into an economic depression of its own:
- All the BTC held in the ETFs gone
- All of $MSTR BTC gone
- BTC held by Public companies gone
- BTC held by US Mining companies gone
🍿
View quoted note →
Waiting for it.
