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I will note that the ETFs are using Coinbase, Gemini, and Fidelity for custody. These companies have been providing Bitcoin custody for years without being hack

by wmf 3y ago

I will note that the ETFs are using Coinbase, Gemini, and Fidelity for custody. These companies have been providing Bitcoin custody for years without being hacked AFAIK.

nullc 3y ago
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- ksjskskskkk 3y ago
  not sure why this is being down voted. as someone who worked "internal recovery" at banks in the 90s, you'd be surprised how much stolen money is not reported anywhere if the law was iffy for freaking banks then, imagine how it is for btc
  - wmf 3y ago
    I wonder if there's a relevant difference between a fractional-reserve bank and a full-reserve custodian. I guess it doesn't matter as long as insurance pays out...
    - latchkey 3y ago
      > I guess it doesn't matter as long as insurance pays out... Pays out in what though?
lxgr 3y ago
Most notably, almost all of them seem to be using Coinbase. This makes them a probably unprecedented target for attacks of all kinds...
- DennisP 3y ago
  Coinbase already held a huge amount of cryptocurrency, so that's nothing new.
- dmoy 3y ago
  Makes me wonder if coinbase has the whole Dudes With Big Guns layer of protection that you see at e.g. the fed in NY (where all the gold is) or the bank of England (where all the other gold is)
  - parkerhiggins 3y ago
    Coinbase had/has job posts for private security.
  - zubairq 3y ago
    Bitcoin keys in bank vaults guarded by security guards is exactly what is happening. I wrote about this almost 10 years ago here: https://www.linkedin.com/pulse/day-163-zubair-2015-bitcoin-prediction-zubair-quraishi https://www.linkedin.com/pulse/day-163-zubair-2015-bitcoin-p... My timeline for when things will happen in Bitcoin were way too optimistic though :)
deleted 3y ago
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