Discussion
here's a question: the whole proper-finance infra of crypto in 2025 has a critical dependency on Coinbase Custody. What if that got hacked?
say someone sends 2m btc to the bitcoin eater address for the lulz
crypto will try to pretend everything is fine. how will they do that? what shape will that take?
taking into account lost bitcoins, they're probably custodying more than 10% of all the bitcoins in the world
prime trust gambling the entrusted assets on terra-luna, *goodness me*
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...
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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