On: Coinbase Wants to Be Too Big to Fail

[jjtheblunt]

That's because of entrenched monopolies.

[abecedarius → jjtheblunt]

If bitcoin's only long-term effect were to be to goose legacy money into competing better, well, that's not nothing.

[badge → jjtheblunt]

Bitcoin is owned by a tiny oligarch and operated by an ASIC monopoly in China called Bitmain.

https://howmuch.net/articles/bitcoin-wealth-distribution

  As you can see, over 95% of all bitcoins in circulation 
  are owned by about 4% of the market. In fact, 1% of the 
  addresses control half the entire market.

There's a theory Bitfinex and Tether might have created aprox 3 billion in counterfeit USD in order to steal and launder Bitcoins and manipulate their exchange and as a result, the entire cryptocoin market.

Comprehensive investigation is detailed here: https://medium.com/@bitfinexed