@cryptadamist and after the other custodians shat the bed
prime trust gambling the entrusted assets on terra-luna, *goodness me*
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@davidgerard my guess is that they will fork the bitcoin chain to undo the hack
@davidgerard p.s. just to put some numbers on exactly how centralized the global bitcoin supply is in #coinbase, it looks like they are custodying 80% of the ETFs (~$113 bn) plus MSTR (~$50bn) and a couple others, and then also their customers.
taking into account lost bitcoins, they're probably custodying more than 10% of all the bitcoins in the world
@cryptadamist and after the other custodians shat the bed
prime trust gambling the entrusted assets on terra-luna, *goodness me*
@davidgerard i actually have some faith that coinbase custody is better run than literally anyone else based on what i've seen on chain - for instance, unlike say a company like bybit, they don't store billions of dollars of crypto in one wallet and instead break everything into chunks of ~$20 million (at least for stablecoins; i assume other stuff is similar).
so i suspect that coinbase custody is set up in such a way that even if they lose one wally, the other wallets aren't immediately also compromised.
at the same time, with that much money on the line every gifted teenager in north korea is probably laser focused on hacking #coinbase...
@davidgerard I feel like if someone trashed 2M bitcoin all at once, the chain would be forked before the transaction while everyone involved pretended this was fine.
@davidgerard
Probably it will get much more worse, when loans in the land of the free are backed with cryptocurrencies.
I think, the next financial crisis will not so far away.
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