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I think that only holds up while people still have faith in the coin. Once that faith is gone Coinbase can buy as much as they want the coin is worthless.
by sour-taste 4y ago
I think that only holds up while people still have faith in the coin. Once that faith is gone Coinbase can buy as much as they want the coin is worthless.
- gus_massa 4y agoIf it's fully backed by liquid stuff, they can just buy everything at $.90 and pocket the remainder 10% and get and early retirement. If it's fully backed by illiquid stuff, the problem is how much the crash sale will eat from their 10% retirement plan. If it's very illiquid and they can only sell it at 80%, the price of the coin will drop even more. If it's only illiquid for the weekend as they claim, it may go back to $1 on Monday.
- deleted 4y ago[deleted]