With Coinbase seemingly trying to take the BTC investor crown away from Microstrategy we have the fuel to get above $50K. Then we can watch media articles push us back above new highs. I think in the next 60 days we’ll see a greater than $60K Bitcoin and once that happens we’ll see just how big this bubble is going to inflate. I suspect it will be quick and by Halloween it will be clear that the market is headed toward the moon.
Bah whatever. What a freaking POX that Armstrong is on Bitcoin. He has been anti-BTC for at LEAST six years, and their announcement is they will put their money in "crypto". I actually believe that there are a few projects besides Bitcoin that do matter, so I am not even a maximalist. Well i believe there is ONE. And he won't list or hold that one for fear he won't keep getting to lick the boots of the state. He picks the WORST, and has never understood why bitcoin matters as far as I can tell. In a way it's win/win. Either it's SUPER heavy BTC allotment (proving the point) or it's super heavy shitcoins, and he loses his ass. Sadly the percentage of BTC in the mix is likely to hedge against total ass losing...
I hope with all my heart that they put WAY too much into shitcoins that end up getting clobbered. Yet their "investment" will somehow legitimize the shitcoins.
He can't take any crown away from Microstrategy anymore than someone who specializes in slot machine gambling could win a WSOP bracelet.
Brian A. likely hides his true feelings about Bitcoin (and also shitcoins), because Coinbase has always been about buying/selling fees, and now their trading platform (fees for every trade). And the investing establishment (now shareholders) have clearly swayed him, i.e. "You must make more and more shitcoins available for trading on your platform!" Now they actually have to put $500M of shitcoins on their balance sheet to create liquidity for those scam markets, because without it there wouldn't be any liquidity at all. It's Penny Stocks 2.0 all over again.
High volume buying/selling/trading fees are the only thing that matters now for Coinbase's bottom line. They pretend to care about vetting all those shitcoins on their platform, but they really don't. As long as a shitcoin has some sort of narrative/angle to make it seem somehow valuable, that's all they care about.
You are surprisingly generous to scambulb.
And you might be right.
But to me he seems like he saw a 107 IQ sort of "electronic money! Blockchain!!! Technology!!! Vision. And has been blinded by the flashing lights and whizzing whirleygigs ever since.
I would put money on the idea that his position is something like: [quote = not a real quote]bitcoin was innovative, and was certainly the first mover in a sea of cryptofinancial innovation. Sadly it has been passed up by the tech in newer projects. And refuses to change by adding needed innovations and improvements to it's protocol such as holding on to the block size limit.
[/quote]
It's very hard for me to believe, but I think it is really possible that he has never really understood the actual innovation that Bitcoin is.
Either that or hes a damned slimey evil genius who is OK with offering people carnival barker level risks to make himself the next technoking.
I sincerely hope Mallers crushes him to a pulp in the arena of the "bitcoin bank" world...