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No, I left custodial holdings out of those numbers. The dead reply to my comment at the top of the thread makes a good point that loss of the custodial holding
by maxerickson 5y ago
No, I left custodial holdings out of those numbers.
The dead reply to my comment at the top of the thread makes a good point that loss of the custodial holdings in a hack would bankrupt them.
- AdamN 5y agoWouldn't a hack of the custodial holdings just mean their customers lose their money but the business is otherwise a going concern (for that few moments until everybody stops paying them)?
- lazide 5y agoThey get a lot/most of their money from fees with ongoing transactions. If you look at the ‘5 minutes ahead’ picture if there is a hack that either 1) steals all customer assets, or 2) requires them to freeze all activity for a serious length of time, it’s a ‘no longer going concern’ type situation. No transactions? No income. No trust/willingness for people to continue doing transactions? No future income.
- tekknik 5y agoAccording to Coinbase 98% of their crypto is stored in offline wallets. So hacking won’t work. You’ll have to break into wherever they have the coins stored and hope the key isn’t destroyed when you unplug the device.