Coinbase Might be Insolvent ! Beware Hodl your own keys
G here,
This morning I have sad news to bare.
This non-segwit onramp for the USA known as Coinbase might have a massive problem in their unlaying infrastructure
Block Digest's ShinobiMonkey Discusses how a Bitcoin Address claimed by a Coinbases customer with a total of 203 Bitcoins would be leaving dust UTXO's. This would be making the fee 5x times the amount needed to spend the 203 bitcoins at a hefty sum of 1006 Bitcoins!
Something is array in the Coinbase infrastructure with the amount of spend fee UTXO's pumping up the business model for coin base is looking grim
Come join me in watching BLOCK DIGEST #66 :
Thanks ... after the BCH debacle and yesterday's crash, I can't say I'm not very suspicious of coinbase. Something seems fishy, no doubt.
Apparently shutting service after "investigation" of BCH insider trading we're faced with looking a Coinbase more seriously, this massive mistake in basic SPENDING and CONSOLIDATION of UTXO's is bad practice , Chirst @Ryan on Bustabit.com does this and he's one dev
There's no way that coin base has the coins if a panic ensues
If that's the case the BCH list/pump/freeze/dump operation is totally logical. They were trying to short their customers to cover the shortfall of coins/USD?
Quite the rabbit hole we're digging here my friend it's getting thick.
At this point i wouldn't put anything past Brian Aka the liar Armstrong and just use them as what they are , Just an on ramp to buying and PULLING out btc to a proper wallet
Yes ... really beginning to wonder. What I also find concerning is this lock step movement cryptos have with BTC. Yesterdays dive was everything. Lot's of better technical solutions got dragged into the toilet. I have a little BTC at this point, but about 2 months ago I took every, 95% BTC at the time, and equally swapped in dollar values for Dash, Monero, LTC, ETH, BCH, and BTC. I just got tired of the BTC bullshit and wanted to see what happens if you just equally invest in those top volume coins. the results have been great. Granted we've also had a hell of a run, but nonetheless, very happy with the results and lack of drama about the "real bitcoin" non-sense.
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