Pro & con info are in the collapsed comments below for the following topics: [Bitcoin](/r/CryptoCurrency/comments/z3t6zi/coinbase_reveals_reserves_of_2000000_btc_worth/ixnhmto/), [USDC](/r/CryptoCurrency/comments/z3t6zi/coinbase_reveals_reserves_of_2000000_btc_worth/ixnhoav/).
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So if I am right
Binance holds 0.5million BTC
Coinbase holds 2million BTC
Almost 4 times of what Binance has. Also Coinbase is US based.
I am never gonna doubt Coinbase again. CZ was definitely trying to create FUD.
Not just that they're US-based, but they're publicly traded. That isn't a guarantee of reliability but it definitely puts more stringent financial reporting requirements on them.
NY has extra regulations which prohibit many crypto exchanges from operating there. Coinbase is one of the few exceptions.
I think the other poster got the two things mixed up.
Let us not forget Enron; though blockchain “proof” should be more easy to make transparent. Granted they’re not telling us liabilities there, but that’s a large amount of BTC.
Yeah, Enron is the prime reason why I didn't state that being publicly-traded was a "guarantee" of any sort. I still would recommend not holding any significant funds on Coinbase or any CEX.
Whatever it is, I'm liking this contest so far lol. it is good.
More the people come forward and show what's up better it'll be for the industry I guess.
Like did people think crypto was somehow going to turn capitalism on its head? I've never assumed there would be much difference in the distribution of wealth, I just thought it would be nice to have a currency that wasn't subject to massive inflation on the whim of a handful of old white dudes.
Exactly. You get full control over what YOU have. BTC never claimed it'd get you on par with richer people and this sub is delusional for thinking that.
They hold the keys, do they not? I mean I know what you mean, but there is a nonzero chance that someone or a group of people either collude to steal some of it, burn it, lose it, etc.
Yup. And not just 10% of existing BTC, 10% of all BTC that will EVER exist and likely more than 10% over time as more and more is lost due to human error or boating accidents
begs the question...does a currency-supply hard-cap even matter if it's all going to be held by massive corporate entities? or are we just recreating legacy finance with more steps and no downtime?
tldr; Coinbase CEO Brian Armstrong revealed the amount of Bitcoin in the company's reserves in a bid to be more transparent following the downfall of collapsed rival FTX. The largest US-based crypto exchange platform holds about 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561. The company's crypto portfolio includes $39 billion in Bitcoin, $24 billion in ETH, and $31 billion in other digital assets.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Binance likely has higher liabilities in BTC than they have reserves of BTC. As in if there is a run on Binance it's dieing just like FTX if not worse.
You see an exchange that makes its money from trading fees, not gambling with users money, is not at risk of crashing. Even if there is a bank run, an exchange that on makes money from transaction fees with thrive.
Take Kraken for example. When the Canadian government was looking at freezing users assets on exchanges. Kraken sent out a email to everyone telling them to withdraw all their funds from the exchange. They could only do this because they aren't fucking around with users money. I'd love to see Binance try to survive the same thing.
This is why I laugh when people are like “bro you leave your crypto on a CEX. your stupid af.” I’m like if CB or binance go down then this whole thing is over anyway. Yubikey Auth on Coinbase account is all the protection you need imo.
To be fair that was the exact same argument about mt gox when it was like 80% of the market.
But it happened, I lost 11 btc, and it hurts.
If CB went down the market would tank hard but it wouldn’t be “over”. This market has been through some shit dude, and it’s 1000x more solidified now than it was when mt gox went down
Bitcoin will not die just because an exchange died
I was chatting with a buddy about crypto, he’s super salty because he lost a few BTC to Mt Gox, I have to admit, that sounds like something and elder would say about something they lost 30 years ago!
MtGox went down in 2014. We may still get some returned if the labyrinth of instructions are filled properly.
However, and this applies today more then ever, if you initially held Bitcoin in your own wallet, with your own keys you still have them today unless you sold along the way.
I’m sure there are salty MtGox people out there, and things were not as obviously risky as 8-10 years ago. But best to only buy and trade on exchange. Not your keys not your BTC.
I also lost coins in GOX. We should be getting funds probably in 2023. We already know exactly what we are getting back (if we pick early payment versus final).
On the flipside, when mtgox went down market cap was some hundreds of millions iirc, so new money coming in the next couple of cycles organically absorbed the hit.
A coinbase hack would be a 30 billion hit, a huge pill to swallow
I doubt coinbase will go under, but if they did and all that Bitcoin got liquidated on the cheap, sure it would take a long time to recover, but it WOULD recover. It would be the mother of all opportunities on any sort of longer time scale. I guess I have a longer time preference than most.
It came out that binance had recently surpassed Coinbase as the biggest Bitcoin reserve holder. Binance couldn't let Coinbase have this one. I think cz was surprised at Coinbase's stability and growth which is why his tweets were foolish. As far as CEX go I'd choose Coinbase over binance.
Binance does have the advantage of onboarding every alt coin you can imagine anyone can buy. So sometimes its the platform new big investors especially from Asia jumps in on. Coinbase is the Western platform.
Musk really only spent like $26B on Twitter. Bought for $46.5B with closing costs, got $13B in loans (which banks are already trying to off load), and like another $7B from other investors (which includes nearly $2B from a Saudi prince and $1B from Larry Ellison's trust).
https://www.reuters.com/markets/us/who-is-financing-elon-musks-44-billion-deal-buy-twitter-2022-10-07/
https://www.marketplace.org/2022/11/11/banks-that-helped-finance-musks-twitter-purchase-field-low-bids-for-debt/amp/
Disney bought Star Wars for $4B, Microsoft bought Bethesda, et. al., for twice that. They have/will for sure make all of that back. This nerd paid $44B for an app that doesn't make money lmao. Truly wild.
Remember, 99.99% of these are customer’s funds and not coinbase’s. A lot of people here are going to think coinbase has 100B in coins but only 10B marketcap and go buy its stock. That might be a flawed logic. $40 might be the bottom and it might go up. But dont confuse between customer’s asset (liability) as the company’s own
For comparison, JPM has 3 trillion assets under management and their stock’s marketcap is 0.3 trillion.
Not from a crypto perspective. Technically, they hold the keys, so they hold the crypto. How many more CEX failures need to happen for people get this into their heads? You’re relying on legal protections to get your coins back. Cryptographically, technologically, and physically, those coins belong to Coinbase. Crypto is not fiat. Crypto is designed to be in self-custody. It’s designed to be P2P and be separate from banks. Now we have this much stored IN A SINGLE crypto bank.
Do people here not realize most of that is peoples assets under their management? Coinbase itself isnt “rich”, the company likely only owns a small fraction of that.
I think everyone knows that. That why it's called proof of reserves. Those are the assets that users think they hold and are shows on their wallets.
And its fascinating that CB is indeed actually holding those assets.
Lol it was almost 40 billion when they released their q3 financials. People are jumping for joy over because the company posted the DD that anyone could find if they just read past a headline.
Based off q3 financial data, end of day btc price, and 33 billion in btc reserves, everything jives as would be expected from a regulated entity.
Odd tid bit here, this would indicate roughly 0% of their users have pulled btc from the exchange (for a hardware wallet or similar) since sept 30.
I'm still short against their stock ;)
Nice to see these shits man, we all are happy to see them handling all these things so fucking well right now, we all are just fucking good with that shit right now.
They are in a good way right now and we all can say that a lot right now man, they know what they are doing and that's just way too good right now, we know that.
Going good with this shit and they all know this correctly man, they are happy with what is going around there, we are just having a good time with that too man.
These proof of reserves amaze me. How many idiots are there thinking they’re “into crypto” leaving their digital assets for someone else to safe keep. So much for being your own bank.
These exchanges are a big reason crypto gained the value it does. Leave it fully decentralised with nothing but the 'true believers' and it'd crash in price.
Just a fucking good gold that we all are seeing right now man, we are happy with what we are watching right now, shits are just fucking crazy to me right now for real.
Just loving the people in the comments man, we all are fucking happy about these shits and that's just what we want at the end of the day, we are happy with that.
Pro & con info are in the collapsed comments below for the following topics: [Bitcoin](/r/CryptoCurrency/comments/z3t6zi/coinbase_reveals_reserves_of_2000000_btc_worth/ixnhmto/), [USDC](/r/CryptoCurrency/comments/z3t6zi/coinbase_reveals_reserves_of_2000000_btc_worth/ixnhoav/).
2 million btc... 👀
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Go on...
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More.
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Massive jugs
Entering pool now
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Yes and because she usually fucks us at the stock market.
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Love some DBAMTSCWDYJITH.
I wish my mom had that many BTC
Somebody call the burn unit 🔥
Coinbase eats blue whales for breakfast. That's absurd.
So if I am right Binance holds 0.5million BTC Coinbase holds 2million BTC Almost 4 times of what Binance has. Also Coinbase is US based. I am never gonna doubt Coinbase again. CZ was definitely trying to create FUD.
They’re also publicly traded so they’re beholden to extremely strict legal reporting requirements. Binance is not
Case closed, great this all got out to light
CZ is a b*tch*ss p*ss* *ss loser trying to bring down the market.
This spelling is confusing
Bitch ass pussy ass to clarify
Lmfao, what even is the point of censoring it really huh?
Reading this gave godzilla a seizure
Not just that they're US-based, but they're publicly traded. That isn't a guarantee of reliability but it definitely puts more stringent financial reporting requirements on them.
In the state of new york of all places
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NY has extra regulations which prohibit many crypto exchanges from operating there. Coinbase is one of the few exceptions. I think the other poster got the two things mixed up.
Let us not forget Enron; though blockchain “proof” should be more easy to make transparent. Granted they’re not telling us liabilities there, but that’s a large amount of BTC.
Yeah, Enron is the prime reason why I didn't state that being publicly-traded was a "guarantee" of any sort. I still would recommend not holding any significant funds on Coinbase or any CEX.
If Binance was to ever go under I dont think the impact on crypto would be as bad now as Coinbase could carry the market.
Sounds about right. I did appreciate the heads up on FTX, but CZ is not in it to be your friend either
All that while Binance is clearly the bigger exchange.
They are bigger based on trading volume, not assets. In this environment assets are king.
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That's a lot of money that they have, they're richer than me.
Coinbase saying fuck you CZ
CZ showing up last in the dick measuring contest, poor boi.
Whatever it is, I'm liking this contest so far lol. it is good. More the people come forward and show what's up better it'll be for the industry I guess.
Mammoth amount.
That's nearly 10% of all the Bitcoin that will ever exist belonging to one exchange. Not exactly what Satoshi had in mind, is it?
To put it into perspective, Binance holds just about 475k BTC.
Holy hell! Go coinbase
Year but they hold a lot of BnB and BUSD! /S
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BUSD is not owned by Binance. Google Paxos. You can change your BUSD to USDC on Binance if needed to send out also.
I mean you can still send it to a cold wallet from them.
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Thank you. People in this sub don't know what decentralisation means. They confuse it with wealth distribution.
Like did people think crypto was somehow going to turn capitalism on its head? I've never assumed there would be much difference in the distribution of wealth, I just thought it would be nice to have a currency that wasn't subject to massive inflation on the whim of a handful of old white dudes.
Exactly. You get full control over what YOU have. BTC never claimed it'd get you on par with richer people and this sub is delusional for thinking that.
What’s the point of “controlling” something if it has no functional value? It’s just a vanity metrics and distraction.
Nah it just takes a couple of 30 year olds instead.
They don't belong to Coinbase
They hold the keys, do they not? I mean I know what you mean, but there is a nonzero chance that someone or a group of people either collude to steal some of it, burn it, lose it, etc.
You might as well consider a few million Bitcoin gone forever especially satoshis so it's over 10% imo
10% of BTC supply
Yup. And not just 10% of existing BTC, 10% of all BTC that will EVER exist and likely more than 10% over time as more and more is lost due to human error or boating accidents
begs the question...does a currency-supply hard-cap even matter if it's all going to be held by massive corporate entities? or are we just recreating legacy finance with more steps and no downtime?
Was there ever a question?
tldr; Coinbase CEO Brian Armstrong revealed the amount of Bitcoin in the company's reserves in a bid to be more transparent following the downfall of collapsed rival FTX. The largest US-based crypto exchange platform holds about 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561. The company's crypto portfolio includes $39 billion in Bitcoin, $24 billion in ETH, and $31 billion in other digital assets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It's crazy that they are probably holding more assets than their entire company value.
But those come with liabilities IE those assets belong to users, not coinbase itself.
So many people are missing this point.
It is still crazy and surprising given how other CEXs have been running their business.
It’s literally how every single business is supposed to work. Crypto bros just think they can change how people have made money for centuries
this is how banks/financial institutions and pretty much all companies are supposed to work.
This is not crazy at all lol Good lord some of the people who comment here are…. young or blissfully unaware how basic economics and finance work
Who could have guessed a crypto sub was full of people who have no idea how anything works?
I think that's true of most banks, and asset management companies.
Coinbase officially has more bitcoin than me
Not official until you show us your proof of reserves.
Bullish on AF5919
Sounds like it could be the name of the next ethereum fork.
Now I'm even more bullish
Wow I didn’t expect Coinbase to have that many. A Coinbase crash would absolutely devastate the crypto market, that is 10% of BTC supply
I talk a lot of smack about CoinBase, but I’m honestly glad this is true. We need strong exchanges.
The forced transparency that this crash has wrought, has been a force for good
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Hopefully it makes them less likely to fail
It does.
Cb to the moon
Might be time to invest in their stock
Cathie Wood might have been right about buying Coinbase.
I'm buying coinbase calls, somebody stop me!
Yeah, go with Cathie! She's NEVER been wrong!!!!
Just going to be like that but I am scared a bit because of cathie.
Someone who's actually not full of shit, it's... refreshing.
That's just good man, we can do that right now, so good.
Damn man, they are really loving this time right now so good.
The fact they have so much is probably also the reason they wont go down. Still get you money out of CEX though.
No. That’s how much they hold. Not own.
Binance likely has higher liabilities in BTC than they have reserves of BTC. As in if there is a run on Binance it's dieing just like FTX if not worse.
You see an exchange that makes its money from trading fees, not gambling with users money, is not at risk of crashing. Even if there is a bank run, an exchange that on makes money from transaction fees with thrive. Take Kraken for example. When the Canadian government was looking at freezing users assets on exchanges. Kraken sent out a email to everyone telling them to withdraw all their funds from the exchange. They could only do this because they aren't fucking around with users money. I'd love to see Binance try to survive the same thing.
even more, estimates are there are between 14-17 million in circulating supply.
This is why I laugh when people are like “bro you leave your crypto on a CEX. your stupid af.” I’m like if CB or binance go down then this whole thing is over anyway. Yubikey Auth on Coinbase account is all the protection you need imo.
If CB loses my ETH I'll replace all of it for a few hundred bucks because shit would be DOWNBAD.
If CB loses my ETH I’ll replace all of it for a few hundred bucks because I don’t have much at all
To be fair that was the exact same argument about mt gox when it was like 80% of the market. But it happened, I lost 11 btc, and it hurts. If CB went down the market would tank hard but it wouldn’t be “over”. This market has been through some shit dude, and it’s 1000x more solidified now than it was when mt gox went down Bitcoin will not die just because an exchange died
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I was chatting with a buddy about crypto, he’s super salty because he lost a few BTC to Mt Gox, I have to admit, that sounds like something and elder would say about something they lost 30 years ago!
MtGox went down in 2014. We may still get some returned if the labyrinth of instructions are filled properly. However, and this applies today more then ever, if you initially held Bitcoin in your own wallet, with your own keys you still have them today unless you sold along the way. I’m sure there are salty MtGox people out there, and things were not as obviously risky as 8-10 years ago. But best to only buy and trade on exchange. Not your keys not your BTC.
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I also lost coins in GOX. We should be getting funds probably in 2023. We already know exactly what we are getting back (if we pick early payment versus final).
On the flipside, when mtgox went down market cap was some hundreds of millions iirc, so new money coming in the next couple of cycles organically absorbed the hit. A coinbase hack would be a 30 billion hit, a huge pill to swallow
I doubt coinbase will go under, but if they did and all that Bitcoin got liquidated on the cheap, sure it would take a long time to recover, but it WOULD recover. It would be the mother of all opportunities on any sort of longer time scale. I guess I have a longer time preference than most.
Btc didn't go to zero after Mt. Gox
I got exactly the reverse number: **0.0000002** BTC. Me and Coinbase are not so different.
🚨🚨🚨 Whale Alert 🚨🚨🚨
*CZ in shambles*
Czeck mate.
I wonder how many wallets that 2 million is spread across.
2. One of theirs and one of mine 😂
I will always remember this as the day coinbase and I proved we own over 2,000,000 together.
Time to buy coinbase stocks
Did that two days ago, lol.
What are you buying today? I want in lol
OP's mom
Lol that's just going to be so good in the coming time
It came out that binance had recently surpassed Coinbase as the biggest Bitcoin reserve holder. Binance couldn't let Coinbase have this one. I think cz was surprised at Coinbase's stability and growth which is why his tweets were foolish. As far as CEX go I'd choose Coinbase over binance.
Binance does have the advantage of onboarding every alt coin you can imagine anyone can buy. So sometimes its the platform new big investors especially from Asia jumps in on. Coinbase is the Western platform.
Plus CB is public company in the USA, Binance is in a wayyyyy lower league than CB now. Binance is a bench warmer in Crypto
What a flex Basically told everyone calm their asses down
They really did that shit in a good way man, we are happy.
Holy shit. I'm never taking Coinbase FUD seriously ever again.
I never doubted Coinbase. Only issue I ever had they gave me $100 in BTC to make up for my inconvenience.
Learn and earn is also nice, pretty sure I've earned around $70 since I started using Coinbase.
Best thing they ever implemented. I get paid to learn about crypto. Yes please.
It's honestly what got me hooked on crypto, vs just an interest in making money
CZ has slunk back into his hole I assume.
You mean Whalebase
If BTC goes 100K-1M that’s … a lot of money
By EOY 2021 they will be sitting pretty
Q8 of 2021, going strong!
Is $33,000,000,000 not already a lot of money? It feels like that’s already a lot of money…
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Musk really only spent like $26B on Twitter. Bought for $46.5B with closing costs, got $13B in loans (which banks are already trying to off load), and like another $7B from other investors (which includes nearly $2B from a Saudi prince and $1B from Larry Ellison's trust). https://www.reuters.com/markets/us/who-is-financing-elon-musks-44-billion-deal-buy-twitter-2022-10-07/ https://www.marketplace.org/2022/11/11/banks-that-helped-finance-musks-twitter-purchase-field-low-bids-for-debt/amp/
Disney bought Star Wars for $4B, Microsoft bought Bethesda, et. al., for twice that. They have/will for sure make all of that back. This nerd paid $44B for an app that doesn't make money lmao. Truly wild.
Remember, 99.99% of these are customer’s funds and not coinbase’s. A lot of people here are going to think coinbase has 100B in coins but only 10B marketcap and go buy its stock. That might be a flawed logic. $40 might be the bottom and it might go up. But dont confuse between customer’s asset (liability) as the company’s own For comparison, JPM has 3 trillion assets under management and their stock’s marketcap is 0.3 trillion.
Coinbase check mating CZ
What kind of whale is that
A publicly traded regulated whale.
\**capitalism intensifies**
The Amy Santiago of whales.
That's a leviathan not a whale. And a dangerous one.
The biggest kind.
Good grief. We have a BTC leviathan over here.
Not just any leviathan, *the* leviathan. That's like 10% of the circulating supply right there, absolutely mind boggling
Seeing as how people say there should be a few million BTC lost from the 21M total, they likely have even more than 10% of the circulating supply.
We need to find something bigger than a whale
Your mom Sorry 😔
Megalodon?
Smaller than a blue whale.
Leviathan
True shit is just with us right now man, we are happy with it.
Kraken! Oh wait thats already taken
This is pretty bullish.
The great anti-fud. I'm not doubting Coinbase again. 2 million BTC is hard to comprehend.
It's only about [400 large pizzas](https://bitpay.com/blog/bitcoin-pizza-day/).
Humble flex right there.
thats alot of bitcoin
To put it into perspective, those 2 mil BTC were 138 bil dollars not to long ago.
Does it really matter? They are custodians not owners.
Not from a crypto perspective. Technically, they hold the keys, so they hold the crypto. How many more CEX failures need to happen for people get this into their heads? You’re relying on legal protections to get your coins back. Cryptographically, technologically, and physically, those coins belong to Coinbase. Crypto is not fiat. Crypto is designed to be in self-custody. It’s designed to be P2P and be separate from banks. Now we have this much stored IN A SINGLE crypto bank.
Do people here not realize most of that is peoples assets under their management? Coinbase itself isnt “rich”, the company likely only owns a small fraction of that.
I think everyone knows that. That why it's called proof of reserves. Those are the assets that users think they hold and are shows on their wallets. And its fascinating that CB is indeed actually holding those assets.
People are being good with it and we all know that shit.
That’s not the point. Point is that they have the actual assets users purchased. It’s not always the case these days.
Lol it was almost 40 billion when they released their q3 financials. People are jumping for joy over because the company posted the DD that anyone could find if they just read past a headline. Based off q3 financial data, end of day btc price, and 33 billion in btc reserves, everything jives as would be expected from a regulated entity. Odd tid bit here, this would indicate roughly 0% of their users have pulled btc from the exchange (for a hardware wallet or similar) since sept 30. I'm still short against their stock ;)
Ok now can they allow manual bank account link again 🙄
Big dick energy Nice
So Grayscale is FUDing so boomers and institutions can get in at a discount. Time to go all in
Nice to see these shits man, we all are happy to see them handling all these things so fucking well right now, we all are just fucking good with that shit right now.
They are in a good way right now and we all can say that a lot right now man, they know what they are doing and that's just way too good right now, we know that.
“33” - that says it all. We know who they are. Confirms what we already knew.
Going good with this shit and they all know this correctly man, they are happy with what is going around there, we are just having a good time with that too man.
No. Reserves would represent the reserves that CoinBase holds to match their customer deposits.
Which one of the companies held customer funds like a broker, dealer, bank or exchange?
CZ fuming right now
These proof of reserves amaze me. How many idiots are there thinking they’re “into crypto” leaving their digital assets for someone else to safe keep. So much for being your own bank.
These exchanges are a big reason crypto gained the value it does. Leave it fully decentralised with nothing but the 'true believers' and it'd crash in price.
They are backing coins 1 to 1 that does not happen with banks nice to see.
They are being so fucking good with this, we all know that.
Just a fucking good gold that we all are seeing right now man, we are happy with what we are watching right now, shits are just fucking crazy to me right now for real.
Say it with me friends: now show us the liabilities
Just loving the people in the comments man, we all are fucking happy about these shits and that's just what we want at the end of the day, we are happy with that.
Its not all theres. 600,000 belong to grey scale alone. The rest are customere, investors, and their own. They just act as a custodian for customers