Those HNWs and institutions that custody with Coinbase (or Fidelity or whoever) all have the same risk. They are depositors and last-in-line creditors.
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Those HNWs and institutions that custody with Coinbase (or Fidelity or whoever) all have the same risk. They are depositors and last-in-line creditors.
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Absolutely I agree, these funds don't know what's they getting into, many of them be left with egg on their faces, I mean it's really only coinbase, fidelity and Gemini doing custody and some are even sharing that between one another in a bit of a circle jerk with multi sig in the case of something lien GBTC
Even saylor doesn't custody his bitcoin! Sure they can have legal claims on that bitcoin but the law and getting back those coins are two different things
I don't know when or how but one if these big custody services are going to fuck up or might even have fucked it but are covering it up
I didn't know Saylor doesn't hold his own coins. That's surprising
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I read a quote that he does custody his btc and refuses to lend it out because the single digit gains aren't worth the complications and risks
I was helping a friend who made an absurd amount of money last year talk to financial advisors about crypto. They all said stuff like "yeah we custody with Fidelity."
I told my friend that defeats the entire point of crypto. Fortunately he's savvy enough to understand the point.
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