Is coinbase cheating on its btc reserves?

[philipma1957]

So there is a new scroll done by admin. A scroll rolled by and said coinbase is asked to prove that it has btc for blackrock.

they want proof of btc reserves.


I said I hope not as it would crash the market.

[target]

Adams says all transactions are in the blockchain but he still didn't provide a proof of reserves. For non coinbase users, this news is nothing.

Hiwever, there will be doubts about coinbase if they won't be providing this proof. Although its just for the ETF traders, they may still have to provide this to be fair to its users and restore the trust.

[philipma1957]

Adams says all transactions are in the blockchain but he still didn't provide a proof of reserves. For non coinbase users, this news is nothing.

Hiwever, there will be doubts about coinbase if they won't be providing this proof. Although its just for the ETF traders, they may still have to provide this to be fair to its users and restore the trust.

They are my goto exchange. After seeing the news flash (  nice feature] .

I pulled  1/2 my btc off their exchange.

.not written clear enough.

Most of my coins are in a wallet I control. But I had a good amount of coin on coinbase so I pulled 1/2 the coinbase btc off.

[dkbit98]

Coinbase just released their own version for fake bitcoin token called cbBTC, so no they can turn on money printing machine to the maximum. in cooperation with blackr0ck.
I think they are also one of the main custodian for several Bitcoin ETF's and I never saw they released any report proving their bitcoin reserves.
I surely don't trust them at all.

[philipma1957]

Well I pulled a decent amount off them.  With coins near 62.9k Maybe I sell a bit off soon. Leaving plain old cash on coinbase is safe as it is USA gov insured.

[target]

Well I pulled a decent amount off them.  With coins near 62.9k Maybe I sell a bit off soon. Leaving plain old cash on coinbase is safe as it is USA gov insured.

Just like what they always say, keep your coins where you hold the keys.
I read some people in some Reddit thread, they are already speculating what's going to happen next and it could just be too early to say that coinbase is set to rugpull.

Of course this may not be true. But let's say coin ase pulled the rug, what can the users do who has their coins in them?

[dkbit98]

Well I pulled a decent amount off them.  With coins near 62.9k Maybe I sell a bit off soon. Leaving plain old cash on coinbase is safe as it is USA gov insured.

This is similar like having a money in the bank, but I don't think both of this is really ''safe'' even if it is insured by US government.
It's also not your money exactly, they can always freeze and block account for any reason, and I would not wait to receive insured money back in case something happens.

[KryptoBull]

So there is a new scroll done by admin. A scroll rolled by and said coinbase is asked to prove that it has btc for blackrock.

they want proof of btc reserves.


I said I hope not as it would crash the market.

"I don't think we'll ever get a definitive answer unless Coinbase collapses. Coinbase has its own principles, and they don't even publish proof of reserves like many other CEXs. They prefer to protect all customer-related information.

Currently, this doubt is no longer a major concern. BlackRock has the authority to withdraw BTC from Coinbase within 12 hours if needed. I believe the issue has been resolved, and we don't need to worry excessively about the consequences of this FUD. Coinbase is intelligent enough to do what's necessary for its survival and growth. Coinbase is not FTX!

[Crwth]

Coinbase is probably one of the most trustworthy in my opinion because they are really trying to regulate their exchange and the decisions that they do like the stable coin compliance should be followed and if they do that, they should be doing good regulations in their company as well.

I voted “I hope not”   

[KryptoBull]

Coinbase is probably one of the most trustworthy in my opinion because they are really trying to regulate their exchange and the decisions that they do like the stable coin compliance should be followed and if they do that, they should be doing good regulations in their company as well.

I voted “I hope not”

Coinbase has been a significant player in this market since 2012, consistently prioritizing regulatory compliance. Currently, it's the go-to CEX for spot BTC ETF funds, indicating a high level of trust. Given this, I believe Coinbase is well-aware of the steps needed to maintain its market position. Ultimately, honesty is the best policy.

A potential collapse of Coinbase would likely have a far more severe impact on the crypto market than FTX's downfall. Therefore, I hope we avoid such a scenario, at least for as long as I remain invested in crypto.