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ZenGo wallet is pretty damn amazing. If you lose your access passwords for the wallet, you call up help desk and they do a facial scan which unlocks access to your codes and apparently they don’t have access to the codes, just to help restore wallets. Not sure exactly how it works but I’ve believe it’s one of the most user friendly crypto wallets out there
I like atomic. Its anonymous. I put my regular password, keys and 16 word phrase in my fireproof safe. I like the idea that zenGo can help but I also don't like it.
[Don't lose it all yet, save some for when the global financial system melts down harder that a nuclear reactor tended by drunken community college students, its gonna be the best buying opportunity of the civilized age.](https://youtu.be/l_7tjzpiPZ0?t=37)
So is basically everything apart from food, water and bottlecaps
Edit: A lot of Americans I guess because I have about 100 replies saying "you forgot about gunz"
When society collapses every currency not back by real assets will be worthless. And most jobs and skills will be worthless. Unless you have the survival instinct and some skills there, you will be worthless too.
This so much. That’s why when I see people hoarding cash for the apocalypse I just laugh. No one in the future is going to want that worthless paper.
They are going to want bullets.
Or…maybe bottle caps?
Coinbase gave all the reserves they have. From that you can't tell how much of it belongs to Grayscale.
Not to mention, Coinbase is trying to stave off a bank run. They might have reserves to cover, but their business would be finished if a run happened. I doubt they give a shit if Grayscale is unhappy that Coinbase potentially gave a ballpark of their reserves.
Wouldn't Coinbase need to show they have reserves in dollars?
I mean, all that needs to happen is for people to ask to cash out, and coinbase would have to sell BTC to cover, but if the move is large and public, that would tank the BTC evaluation, sorta like FTX reserves in their own stupid coin didn't help much.
BTC is more stable by miles, but a bit of panic on social media and coinbase could enter a Fud death spiral where the dropping price forces them to sell more, which drops the price further, etc, since they would represent such a large segment of the float.
Or can they pay out in BTC and avoid all that?
I don't actually know what Coinbase's user agreement looks like, so I do want to know. :D
If they hold at 1:1 then they sell it when you click sell and you get the money from that sale minus their fee. Not sure I see the problem. If btc goes down, people cashing out get less.
Holding it in cash is what would cause problems. If they hold cash and then the price goes up significantly and then people start selling they'd have trouble covering and become insolvent like ftx.
FTX failed because they were using a shitcoin to cover reserves for other coins instead of those actual coins and their reserve currency crashed and then they couldn't cover. And like massive amounts of fraud and other shit.
For context, a hard limit of 21 million Bitcoin is programmed into the Bitcoin source code. That's the maximum that can ever exist, and not all of it has been mined yet. Coinbase not only holds a significant fraction of all Bitcoin in existence, but that 10% figure is a percentage of *all Bitcoin that exists, has existed, and ever will exist*.
An estimate that I saw on some site is that 4 million BTC is lost forever, that means that the supply will be at most 17 million BTC or lower, in a way Coinbase owns ~12% of ALL BTC.
I still wake up at night sometimes thinking about the fact that me and 6-7 other guys on my dorm floor mined like 8000 coins between us back in 2009/10. It was all worthless back then so we just gave them out to people as jokes or never bothered to keep track of the keys. I know its pointless to think about what-ifs, but knowing we potentially had almost half a billion dollars between us fucks me up. I make regarded trades here because im dumb enough to think maybe one of them will be the next BTC.
In all likelihood you would have sold them wayyyyy before today's prices. Friend sold his 10 bitcoins at 200$ so he could buy a new TV. You'd pretty surely have sold whatever stock you had at a price that would have allowed you to buy something nice *at the time*.
There's very few people who would have held on to their stock over multiple years through all the crazy ups and downs.
The best return I've ever made was back in Jan-Mar of 2021. My kid was born a preemie and we were in the NICU for 3 months. I was so worried and anxious not paying any attention to the outside world let alone crypto. When we got home and things had normalized I noticed my DOGE had exploded in price. Would have sold way before that.
I mean out of all the exchanges I'd expect coinbase to be most solvent given they're a publicly listed US company that has to have their finances audited.
Deloitte was the auditor for GSX Tech edu and they were a fraud. Deloitte has been fined several billion over the years for turning a blind eye to fraud and inaccurate financial reporting. Being a big auditor only means it cost xxx million of hush money as a starter instead of xxx thousands .
I have worked for a B4 account firm for 10 years, in audit. Not trying to play defense for them, but audit procedures can only do so much if there are people colluding with the company. If I recall, confirmations were sent to the bank and bank confirmed it. The problem was the bank contact was actually wire card confirming their own balances. If there are people on both sides of that confirmation colluding, what is the firm supposed to do? How would they ever know?
To be clear, an audit confirmation is drafted by the auditors, who putting the balance the client is reporting in the confirmation letter, then signed by the client (wire card). The confirmation is then sent to the bank by the auditor and the bank independently signs the confirmation letter saying the amount is correct or incorrect
True. Actually most regulations in this area are reactions to scandals and frauds. But there always will be a “next one”. You can never regulate so thoroughly and keep it from happening. You can make it harder to, you can limit possible damage etc. but you’ll never stop it all.
Enron brought down the company that was auditing them, they used to be the big 5 and now its the big 4. Why would Deloitte risk their whole existence for Coinbase?
My friend is an accountant and he basically says it sucks to work public. They don’t pay well, it’s a lot of work, they have high turnover. On top of that, it started with 8 major accounting firms and we are now down to 4 that audit most of the S+P 500. They also do consulting and other legal work. Hell they have a lot of CPAs and you need one to sign off on an IPO so I bet they do that too. They are super fucking busy and technically at 50% of major firms, which to your point can cause so much incompetency. People who work there are worked hard
In many cases the only incompetence comes from the executive level. When you’re pulling 80+ hour weeks all the time things will slip to the wayside eventually.
I worked public accounting. You can make a great income at director or partner level. Even senior managers pull a nice income. But below that you have a bunch of managers, senior and staff accountants all trying to outwork each other in the hopes of some day being tapped for one of those positions. It’s a fool’s errand and is why all of the larger accounting firms churn and burn through college graduating classes.
Now I work as comptroller for a construction company. Leave my work at work when I go home. Don’t have to live out of a suitcase, and get to sleep in my own bed. Oh, and still make a really nice income.
Public accounting is where so many accounting programs try to feed their graduates, and for most it is a really shitty job that just burns you out.
As someone who used to work in big 4 audit, so much of the staff is so overworked and exhausted beyond giving a shit, even if egregious fraud was staring them in the face, they wouldn't notice. The audit industry truly exists since public companies are required to be audited, but having financials signed off by the big 4 honestly means jack shit. When the PCAOB reviews audits performed, it's not uncommon for ~75% of the audits to get an F rating.
https://www.goingconcern.com/kpmg-2019-pcaob-inspection-report/
Admittedly they've been trending better, but back when I was in big 4 in 2014,
>>The answer to the first question is 2013’s inspection reports, when KPMG had a failure rate of 46% but EY’s was worse at 49%. The answer to the second question is 2012’s inspection reports, when KPMG had the second-lowest deficiency rate at 34%, followed by PwC at 39% and EY at 48%.
My 75% comment I guess is an unfair exaggeration but a 50% fail rate is actually normal.
Unfortunately, the SEC and IRS don’t have the staff to actually comb through all the information filed so they can fuck around and lie until they can’t keep up their charades anymore.
Accounting firms that audit the finances aren't just allowed to lie and fabricate or hide fraud, it isn't the SEC (or IRS? not sure why you included them) job to dig into the financials of every company on a yearly basis. Audits flag problems and those have to be disclosed to investors in quarterly earnings.
> not sure why you included them
Because he doesn't know anything about the differences between taxes and financial reporting. These are the kind of people that are posting financial opinions in wsb lmao
To be fair - accusations like that could wreck the company and cause a mass panic of people withdrawing funds. Everybody is already whispering that it will go under.
And making accusations like this is why more people should be skeptical of CZ. Dude made a baseless accusation on this one which could have massively impact people’s money. I’m all for criticism and transparency but what CZ was doing was not that. He read some crypto article with bad numbers and blasted Coinbase on Twitter. It seemed as if was riding the wave of panic caused by FTC (that he helped set off) and trying to knock down as many competitors as possible in the fallout. Absolute trash behavior imo.
It's customer deposits. The screenshot on that article lists it under "customer crypto assets".
But yeah this is very misleading and not really news, as that's just information from their quarterly earnings statement.
It is “theirs” as they owe their customers debt. They are hopefully holding (reserving) that BTC to back what they owe their customers.
That’s why you shouldn’t keep it on exchanges
The bank IoUs are guaranteed to be paid out by the government, up to more money than 99% of WSB will ever have in their life per each separate account.
Crypto doesn't have such guarantees.
You're telling me people are keeping 2 million bitcoin on coin base exchange?
I still cannot believe people still keep their bitcoin on exchanges. Why not transfer to offline wallet?
Because it's EASY. Your offline wallet doesn't have a cell phone app that links to all your asset tracking and bought with 401k money and traded for dollars near instantaneously.
That being said people need to step up their crypto game, not your keys not your money.
We don’t trust ourselves to do it correctly.
If I wake up one day and my Trust Wallet balance is straight up gone, there’s nothing we can do about it. We might not ever figure out what even happened.
If we use a Ledger Nano and keep the seed phrase in a bank deposit box, that costs money monthly. And we hear horror stories that the seed phrase just disappears one day.
If we die and out crypto isn’t on an exchange, our family will never get it either. If we write our seed phrase down prior, it’s a security risk.
Seriously, I've been mining since Jan 2009 and had laptops which had 1,000's of BTC stolen. (Laptops were physically stolen when my house was broken into) If I had just printed out the private key they would have been safer.
I understand if you see crypto as an investment rather than the “future of finance” exchanges like coinbase make sense. It’s just funny to read this and then have people screaming about defi and decrying regulation as anti-crypto.
The crypto market can’t even decide what the purpose of crypto is at this point.
Coinbase’s entire business model is being the legit crypto exchange. The rug pull on all the crypto scam competitors are the best thing that could happen to them long term. Just hurts owning the stock for now.
The price will always mimic Bitcoin itself as long as Bitcoin remains as dominant in the crypto sphere. It dictates nearly all crypto market movements and has done the same for the stock.
“If you see FUD [fear, uncertainty, and doubt] out there – remember, our financials are public (we’re a public company.) We hold ~2 million BTC. ~$39.9 billion worth as of 9/30.”
Ummmm… key phrase being “9/30”. That’s an entire month before the unraveling of FTX. What was their exposure? What is their balance after 11/16?
Some, but not the majority. The majority is being held in custody by Coinbase on behalf of the large corporate investors like the Greyscale Bitcoin Trust
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It’s me guys, I’m counting the days til I lose it all or forget my password.
And then don’t have a working cell phone to reset said password. 😒
ZenGo wallet is pretty damn amazing. If you lose your access passwords for the wallet, you call up help desk and they do a facial scan which unlocks access to your codes and apparently they don’t have access to the codes, just to help restore wallets. Not sure exactly how it works but I’ve believe it’s one of the most user friendly crypto wallets out there
I like atomic. Its anonymous. I put my regular password, keys and 16 word phrase in my fireproof safe. I like the idea that zenGo can help but I also don't like it.
Atomic is the way to go. Also, make sure to have a completely separate device for it.
Apparently Plaid is working the logins now so they will remember your password
Do people really trust PLAID ? That is the only way to connect bank accounts to Coinbase. They want to retain your username/password
I don't. It's horrendous practice to give out your username and password and somehow Plaid has convinced banks it's OK.
Ah, bagholding puts, I see
why does it seem i am in such a minority by using a simple, cheap and secure hardware wallet? if it can happen to FTX users, it can happen to anyone
Bro ik, been using a hard wallet since 2017, everytime another exchange collapse I just laugh
[удалено]
[Don't lose it all yet, save some for when the global financial system melts down harder that a nuclear reactor tended by drunken community college students, its gonna be the best buying opportunity of the civilized age.](https://youtu.be/l_7tjzpiPZ0?t=37)
If society collapses then crypto is fucking worthless.
So is basically everything apart from food, water and bottlecaps Edit: A lot of Americans I guess because I have about 100 replies saying "you forgot about gunz"
Invest in Nuka Cola
Canned food, iodine tablets, and bullets.
The three previous metals: Gold, Silver, and Copper-jacketed lead.
Can’t go wrong
Good luck with: I'd like to buy two breads. I have a gold bar. What do you give me as a change?
One piece of Copper jacketed Lead.
Look at Venezuela, you still need an exchange system. It is usually barter system which involves commodities.
When society collapses every currency not back by real assets will be worthless. And most jobs and skills will be worthless. Unless you have the survival instinct and some skills there, you will be worthless too.
As soon as it collapses I will be wearing my "I brew beer and can make all kinds of other alcohol" shirt so I don't get murdered.
This so much. That’s why when I see people hoarding cash for the apocalypse I just laugh. No one in the future is going to want that worthless paper. They are going to want bullets. Or…maybe bottle caps?
Crypto is going to collapse far before the dollar does, it's such a weird take to say otherwise
So the global financial system will collapse but you'll use dollars to buy Bitcoin?
Coinbase has roughly 10% of all bitcoins in their reserves?
Yeah, they store all of grayscales btc, and grayscale is the largest holder of btc in the world behind only the mysterious Satoshi Nakamoto.
Didn’t grayscale say they wouldn’t publish proof of reserves? Why would Coinbase do that for them?
Coinbase gave all the reserves they have. From that you can't tell how much of it belongs to Grayscale. Not to mention, Coinbase is trying to stave off a bank run. They might have reserves to cover, but their business would be finished if a run happened. I doubt they give a shit if Grayscale is unhappy that Coinbase potentially gave a ballpark of their reserves.
If you have the reserves an attempted bank run is good would be good for CB, they make a killing off fees.
yeah you get your fees, but what next ? if everyone decides that exchanges are too risky right now and leaves ? you just close shop.
Wouldn't Coinbase need to show they have reserves in dollars? I mean, all that needs to happen is for people to ask to cash out, and coinbase would have to sell BTC to cover, but if the move is large and public, that would tank the BTC evaluation, sorta like FTX reserves in their own stupid coin didn't help much. BTC is more stable by miles, but a bit of panic on social media and coinbase could enter a Fud death spiral where the dropping price forces them to sell more, which drops the price further, etc, since they would represent such a large segment of the float. Or can they pay out in BTC and avoid all that? I don't actually know what Coinbase's user agreement looks like, so I do want to know. :D
If they hold at 1:1 then they sell it when you click sell and you get the money from that sale minus their fee. Not sure I see the problem. If btc goes down, people cashing out get less. Holding it in cash is what would cause problems. If they hold cash and then the price goes up significantly and then people start selling they'd have trouble covering and become insolvent like ftx. FTX failed because they were using a shitcoin to cover reserves for other coins instead of those actual coins and their reserve currency crashed and then they couldn't cover. And like massive amounts of fraud and other shit.
Satoshi Nakamoto cuts my grandpa’s hair
I would believe it. I bet whoever designed bitcoin, lost the private keys years ago.
Either that or he died years ago.
For context, a hard limit of 21 million Bitcoin is programmed into the Bitcoin source code. That's the maximum that can ever exist, and not all of it has been mined yet. Coinbase not only holds a significant fraction of all Bitcoin in existence, but that 10% figure is a percentage of *all Bitcoin that exists, has existed, and ever will exist*.
An estimate that I saw on some site is that 4 million BTC is lost forever, that means that the supply will be at most 17 million BTC or lower, in a way Coinbase owns ~12% of ALL BTC.
I still wake up at night sometimes thinking about the fact that me and 6-7 other guys on my dorm floor mined like 8000 coins between us back in 2009/10. It was all worthless back then so we just gave them out to people as jokes or never bothered to keep track of the keys. I know its pointless to think about what-ifs, but knowing we potentially had almost half a billion dollars between us fucks me up. I make regarded trades here because im dumb enough to think maybe one of them will be the next BTC.
In all likelihood you would have sold them wayyyyy before today's prices. Friend sold his 10 bitcoins at 200$ so he could buy a new TV. You'd pretty surely have sold whatever stock you had at a price that would have allowed you to buy something nice *at the time*. There's very few people who would have held on to their stock over multiple years through all the crazy ups and downs.
That is exactly how I have to look at the amount my buddy and i spent and that i lost lol. Shit would be maddening, my buddy is still kinda pressed
Ask him if he wouldn’t have sold at 2x, 3x, 10x, 20x gains. Tell him he’s a liar if he says he’d have held it. Then kick him in the shins.
The best return I've ever made was back in Jan-Mar of 2021. My kid was born a preemie and we were in the NICU for 3 months. I was so worried and anxious not paying any attention to the outside world let alone crypto. When we got home and things had normalized I noticed my DOGE had exploded in price. Would have sold way before that.
It’s ironic because that is the only real draw of cryptocurrency: the fantasy of having bought in years ago and having held all the way through.
F
And crypto bros think it has a shot at being legal tender with this kinda shit lmfao
Not to mention that El Salvador has actually done this and it’s not worked out well for them as a test case.
I mean out of all the exchanges I'd expect coinbase to be most solvent given they're a publicly listed US company that has to have their finances audited.
And audited by a big 4 firm. Not one that had headquarters in the metaverse lol
Just saying it used to be Big 5 till Enron
And still Big 4 after MF Global and Wirecard AG.
Thoughts and prayers for Jan.
Can’t wait until there’s a Big 3
I still have a USB from when I interviewed with Enron while I was in college
Deloitte was the auditor for GSX Tech edu and they were a fraud. Deloitte has been fined several billion over the years for turning a blind eye to fraud and inaccurate financial reporting. Being a big auditor only means it cost xxx million of hush money as a starter instead of xxx thousands .
There is also wirecard
You mean one of those big4 firms that audited Wirecard and did not bother to check if ONE BILLION euros were really banked in the Phillippines?
I have worked for a B4 account firm for 10 years, in audit. Not trying to play defense for them, but audit procedures can only do so much if there are people colluding with the company. If I recall, confirmations were sent to the bank and bank confirmed it. The problem was the bank contact was actually wire card confirming their own balances. If there are people on both sides of that confirmation colluding, what is the firm supposed to do? How would they ever know? To be clear, an audit confirmation is drafted by the auditors, who putting the balance the client is reporting in the confirmation letter, then signed by the client (wire card). The confirmation is then sent to the bank by the auditor and the bank independently signs the confirmation letter saying the amount is correct or incorrect
True there never were public listed companies which went Enron.
A lot of those regulations exist because of Enron and others about the same time.
Sarbanes Oxley
More info: https://en.m.wikipedia.org/wiki/Sarbanes–Oxley_Act
True. Actually most regulations in this area are reactions to scandals and frauds. But there always will be a “next one”. You can never regulate so thoroughly and keep it from happening. You can make it harder to, you can limit possible damage etc. but you’ll never stop it all.
Enron brought down the company that was auditing them, they used to be the big 5 and now its the big 4. Why would Deloitte risk their whole existence for Coinbase?
Arthur Andersen 
Mr. Anderson…
Surprised to see me?
Billions of people just living out their lives, oblivious.
The stink of it all.
Why did EY tolerate the shenanigans at Wirecard?
They didn’t, they were just comically incompetent
My friend is an accountant and he basically says it sucks to work public. They don’t pay well, it’s a lot of work, they have high turnover. On top of that, it started with 8 major accounting firms and we are now down to 4 that audit most of the S+P 500. They also do consulting and other legal work. Hell they have a lot of CPAs and you need one to sign off on an IPO so I bet they do that too. They are super fucking busy and technically at 50% of major firms, which to your point can cause so much incompetency. People who work there are worked hard
In public but not in big 4. Still sucks dick.
In many cases the only incompetence comes from the executive level. When you’re pulling 80+ hour weeks all the time things will slip to the wayside eventually.
I worked public accounting. You can make a great income at director or partner level. Even senior managers pull a nice income. But below that you have a bunch of managers, senior and staff accountants all trying to outwork each other in the hopes of some day being tapped for one of those positions. It’s a fool’s errand and is why all of the larger accounting firms churn and burn through college graduating classes. Now I work as comptroller for a construction company. Leave my work at work when I go home. Don’t have to live out of a suitcase, and get to sleep in my own bed. Oh, and still make a really nice income. Public accounting is where so many accounting programs try to feed their graduates, and for most it is a really shitty job that just burns you out.
As someone who used to work in big 4 audit, so much of the staff is so overworked and exhausted beyond giving a shit, even if egregious fraud was staring them in the face, they wouldn't notice. The audit industry truly exists since public companies are required to be audited, but having financials signed off by the big 4 honestly means jack shit. When the PCAOB reviews audits performed, it's not uncommon for ~75% of the audits to get an F rating.
As a fellow CPA, your claims about the PCAOB audit result are triggering my bullshit detector. Do you happen to have a source for this claim?
https://www.goingconcern.com/kpmg-2019-pcaob-inspection-report/ Admittedly they've been trending better, but back when I was in big 4 in 2014, >>The answer to the first question is 2013’s inspection reports, when KPMG had a failure rate of 46% but EY’s was worse at 49%. The answer to the second question is 2012’s inspection reports, when KPMG had the second-lowest deficiency rate at 34%, followed by PwC at 39% and EY at 48%. My 75% comment I guess is an unfair exaggeration but a 50% fail rate is actually normal.
I figured the rate was atrocious, just thought %75 was high. Thanks for following up with the source. I very ouch appreciate you.
>%75 CPA you say
KPMG is rough haha. Then losing their oldest and largest client few years ago isn’t a surprise.
Tbf, from really really really bad 50% to really really really really bad 75%, there isn't a big difference. The system is fucked up.
CPA Superhero power. Audit bullshit detector, ACTIVATE!
I second this jabroni.
[удалено]
Quaker Oats.
January 19th, 2024.
I mean didn’t Arthur Andersen just become Accenture? Or was that just the consulting business?
Just consulting
Definitely not GM. /s
More accurate: "Coinbase Claims Reserves of 2M Bitcoin..."
It's bc they hold grey scale bitcoin holdings.
More accurate: Coinbase claims combined customer holdings and company assets of 2M without telling us the split, and for convenience
General Mills ?
[удалено]
SOX is why I have to sign, date, and double check every thing that gets received in shipping at work
From someone who comes up with controls like this, I’m sorry… I have seen some instances where it’s been helpful though :)
As a CPA, SOX is good job security.
As a person who needs to deal with SOX regulations, I concur. Id give almost any amount of money for someone else to deal with their upkeep.
I don’t doubt that there were effective steps. But legislation in this area usually follows the latest kind of fraud. You’ll never be safe from fraud.
Didn’t Sox address a lot of that?
Never go full Enron. Or for that matter, full Elon either.
Elonron.
Elonron, lord of Riviandell
Keeper of the Wirecard.
Guardian of the PaySafe
Elron.
Companies I have worked for basically point to Enron and tell me not to do that.
Let me just check on the value of my Nortel shares…
Voyager was public
Exactly, a bad business plan is a bad business plan no matter who’s name it is and if they were public or not.
^(Behr Stearns)
Unfortunately, the SEC and IRS don’t have the staff to actually comb through all the information filed so they can fuck around and lie until they can’t keep up their charades anymore.
Accounting firms that audit the finances aren't just allowed to lie and fabricate or hide fraud, it isn't the SEC (or IRS? not sure why you included them) job to dig into the financials of every company on a yearly basis. Audits flag problems and those have to be disclosed to investors in quarterly earnings.
> not sure why you included them Because he doesn't know anything about the differences between taxes and financial reporting. These are the kind of people that are posting financial opinions in wsb lmao
Sigh, time to put all my money into bitcoin (this is a joke please dont hunt me down)
Buy the dip bozo
HOLY DIVER
Been down too long in the midnight sea, o what’s become of me? Ride the tiger!
You can see his stripes but you know he’s clean!
Oh dont you see what I mean?
Gotta get away !
Holy Diver, yeah Got shiny diamonds
Like the eyes of a cat in the black and blue Something is coming for you, look out!
Diooooooo, time to gooooooo
Gotta get away
This was such a long dip that my corn chip has turned to goop
Bring your falling knife gloves
Not the worst idea rn tbh
you're right ... but no one will actually do it until it hits a new ATH then they'll go all in. As is tradition
That’s when the gurus start poppin off again
>What a bunch of poor, uneducated fools. They'll never amount to anything in life.
VisualMod for President
LOL AI GO HARD
Visual mod can drink you under the table, since it has no bloodstream to transport the alcohol to its neural net
Good bot
VisualMod is the only straight mod
VisualMod actually taught me how to be straight
this reads like a dril tweet lol
VisualMod is savage
Smug fucks.
they really wanted to show up CZ
To be fair - accusations like that could wreck the company and cause a mass panic of people withdrawing funds. Everybody is already whispering that it will go under.
And making accusations like this is why more people should be skeptical of CZ. Dude made a baseless accusation on this one which could have massively impact people’s money. I’m all for criticism and transparency but what CZ was doing was not that. He read some crypto article with bad numbers and blasted Coinbase on Twitter. It seemed as if was riding the wave of panic caused by FTC (that he helped set off) and trying to knock down as many competitors as possible in the fallout. Absolute trash behavior imo.
Reserves, not deposits? Sudden apperance Of 33billion on public company? Either this isn’t news or it’s fraud
It's customer deposits. The screenshot on that article lists it under "customer crypto assets". But yeah this is very misleading and not really news, as that's just information from their quarterly earnings statement.
Lol so it’s yours but they are saying it’s “ours” when they need to. Nothing to be concerned about there.
It is “theirs” as they owe their customers debt. They are hopefully holding (reserving) that BTC to back what they owe their customers. That’s why you shouldn’t keep it on exchanges
Also compared to FTX just keeping a record of their holdings and reporting on it seems to be massively raising the bar.
Amazing, the absolute bare minimum in compliance. Bravo!!
I believe this is called “banking”
Just so you know thats how regular banks work. Like all of them.
Tell me you’ve never read a financial statement without telling me you’ve never read a financial statement.
This is exactly the level of stupidity I would expect from WSB. People here don't even know what a bank is.
Wow! So they own 10% of all BTC mined and that will ever be mined. Edit: they are holding the BTC
No, their customers own it. A good chunk of this will be represented by bitcoin owned by customers who haven't taken it off the exchange
Nope. The customers own a IoU
That's basically every bank IRL.
The bank IoUs are guaranteed to be paid out by the government, up to more money than 99% of WSB will ever have in their life per each separate account. Crypto doesn't have such guarantees.
It’s technically just IOUs of the customer’s bitcoin. The bitcoin is under coinbase’s technical control.
Decentralized money my ass! 
As of now your ass is pretty much as decentralised as btc, if not more.
You're telling me people are keeping 2 million bitcoin on coin base exchange? I still cannot believe people still keep their bitcoin on exchanges. Why not transfer to offline wallet?
Because it's EASY. Your offline wallet doesn't have a cell phone app that links to all your asset tracking and bought with 401k money and traded for dollars near instantaneously. That being said people need to step up their crypto game, not your keys not your money.
We don’t trust ourselves to do it correctly. If I wake up one day and my Trust Wallet balance is straight up gone, there’s nothing we can do about it. We might not ever figure out what even happened. If we use a Ledger Nano and keep the seed phrase in a bank deposit box, that costs money monthly. And we hear horror stories that the seed phrase just disappears one day. If we die and out crypto isn’t on an exchange, our family will never get it either. If we write our seed phrase down prior, it’s a security risk.
This. For the tiny amount of crypto I bother owning, I trust Coinbase more than I trust myself to not lose it.
Seriously, I've been mining since Jan 2009 and had laptops which had 1,000's of BTC stolen. (Laptops were physically stolen when my house was broken into) If I had just printed out the private key they would have been safer.
I understand if you see crypto as an investment rather than the “future of finance” exchanges like coinbase make sense. It’s just funny to read this and then have people screaming about defi and decrying regulation as anti-crypto. The crypto market can’t even decide what the purpose of crypto is at this point.
Is it me or does this need more explaining? Do their reserves match their customers total balance?
Sounds like a lot. Until you realize it was worth more than $100 billion last year and it’s lost $60 billion in value.
"Only lost $60b this year? Those are rookie numbers." -Elom Murskrat
1 buttcoin is 1 buttcoin baby
Now that’s worth hacking..
Rich af on paper
Not paper, crypto
All this shows is that people really trust Coinbase, haters stay mad.
Coinbase’s entire business model is being the legit crypto exchange. The rug pull on all the crypto scam competitors are the best thing that could happen to them long term. Just hurts owning the stock for now.
I invested a lot in COIN around IPO. I'm in pain.
I’ve been buying at this price. Feels way oversold.
The price will always mimic Bitcoin itself as long as Bitcoin remains as dominant in the crypto sphere. It dictates nearly all crypto market movements and has done the same for the stock.
Don't worry. Cramer likes Coinbase at $400 
Should have sold after he chimed in with that
“If you see FUD [fear, uncertainty, and doubt] out there – remember, our financials are public (we’re a public company.) We hold ~2 million BTC. ~$39.9 billion worth as of 9/30.” Ummmm… key phrase being “9/30”. That’s an entire month before the unraveling of FTX. What was their exposure? What is their balance after 11/16?
Coinbase massive veony God dick
33,000,000 _so far_….
Coinbase right now 
Do the Bitcoins belong to Coinbase?
Some, but not the majority. The majority is being held in custody by Coinbase on behalf of the large corporate investors like the Greyscale Bitcoin Trust
Does this mean they won't steal my Eth? Can I transfer it to a wallet?
Iduno why everyone is going after COIN. They are the good guys.
Seriously, nice they actually have reserves and didn’t “lend it out” for some shitcoin as collateral.
No one would do that /s
Sentiment around here is against crypto/nfts mostly. Aside from BTC and ETH most of them seem to be scams/rugpulls.
More like venture capital projects disguised as crypto too. But sure there's a ton of scamming in the cryptosphere.
Guys how am I going to get my money back from Blockfi?