"If you think you actually own the crypto you buy on Coinbase, you are absolutely wrong." ...?

[virtusa]

Better said by Nouriel Roubini:

"Decentralization is a myth. The reality is one of a massive centralization of power among miners, exchanges, developers and wealth holders, the total opposite of the lie of a decentralized system."

I posted this a few hours ago:

What is better? Let the whales control/manipulate the monetary system?
Check the wallets to see how a very small percentage of wallets control the entire crypto business. They will (do already) abuse their power much harder.

• Less than 0.4% of all wallets, control over 85% of all bitcoins.
  
• More than 99% of bitcoin owners (including you) have no control at all about their own "money". And whales probably split their coins over several wallets for security reasons, they probably control even much more than 85%.
• Over 76% of wallets have less than 0.01 BTC. They represent less than 0.22% of all bitcoins. And these small wallets are used to manipulate the price.

So looks like a huge (almost) monopoly. And we all know that monopolies are bad for everybody, except for those who control the monopoly.

 

[DiceAreCast]

Exactly.

Better said by Nouriel Roubini:

"Decentralization is a myth. The reality is one of a massive centralization of power among miners, exchanges, developers and wealth holders, the total opposite of the lie of a decentralized system."

 

[DiceAreCast]

Yes it's MUCH better to trust our fiat based monetary system because it has proven to a) be a store of value, b) its secure, c) its fantastic as payment system. And it has worked already for a very long time.

If you need to gamble, go to the casino or play with some bitcoins.

I posted this a few hours ago:

What is better? Let the whales control/manipulate the monetary system?
Check the wallets to see how a very small percentage of wallets control the entire crypto business. They will (do already) abuse their power much harder.

• Less than 0.4% of all wallets, control over 85% of all bitcoins.
  
• More than 99% of bitcoin owners (including you) have no control at all about their own "money". And whales probably split their coins over several wallets for security reasons, they probably control even much more than 85%.
• Over 76% of wallets have less than 0.01 BTC. They represent less than 0.22% of all bitcoins. And these small wallets are used to manipulate the price.

So looks like a huge (almost) monopoly. And we all know that monopolies are bad for everybody, except for those who control the monopoly.

 

[tsznecki]

Better said by Nouriel Roubini:

"Decentralization is a myth. The reality is one of a massive centralization of power among miners, exchanges, developers and wealth holders, the total opposite of the lie of a decentralized system."

Yeah let's listen to Roubini the guy who has missed the equity run up from '09. Same guy who is a permabear never having crypto which is the best performing asset class since it's inception.

Roubini's words have as much authority as a piece of used toilet paper.

 

[zenlot]

Yes it's MUCH better to trust our fiat based monetary system because it has proven to a) be a store of value, b) its secure, c) its fantastic as payment system. And it has worked already for a very long time.

If you need to gamble, go to the casino or play with some bitcoins.

a, b and c - utter nonsense. Go back to educate yourself on a matter first.

 

[cesfx]

Let's consider those are opinions about the future, and you have Old Vs Young, Roubini Vs Elon Musk, Buffet Vs Tudor Jones... Where do I put my 2 cents bet?

Regarding coinbase...

I bought crypto currencies on coinbase, moved them into a printed piece of paper, a cold wallet, that I have generated and printed offline for security.

I moved them around, exchange them into others, and stored some of those 4 years ago in paper... I own them, coinbase account is dormant and I can exchange them anywhere else. Pier to pier, face to face... Or any exchange in the world, regulated or not, legal or not, who cares.

 

[newwurldmn]

Also coinbase requires a photo ID, like drivers license or passport, to withdraw bitcoin.

So, they also have information and a profile of their users which can be sold.

would you want me claiming to be you as I withdraw all your Bitcoin?

all .00000001 of it.

 

[AbbotAle]

What pretty much every Bitcoin bear is missing is they're not THINKING 2-5+ years out.

All they see is Bitcoin (and the others) rise and fall in price and in turn they think it's just another thing that moves up and down.

Instead, what they should be doing is thinking about what decentralised protocols and programable money can do, and the role they will play, as we head warp speed into a new digital economy. To understand that takes time and effort, which is why so many miss it. In effect they're unwilling to do the work and the thinking...

---------------------------------------------------------------------------------------

Here's a great write up from Arthur Hayes of Bitmex on Ethereum which speaks far better than me on the above topic.

https://cryptohayes.medium.com/yes-i-read-the-whitepaper-59cfa2ea9c2c

 

[AbbotAle]

What most bears have also not done is buy a small amount of Bitcoin and test it out. Hell, they haven't even looked at a block explorer chugging away (nor know what one is).

Crazy that anyone is willing to listen to such people. Probably the same people that were experts at horse and buggies who dismissed the motor car without having driven one...

 

[betcashrun]

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