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I just heard ceo of Robin Hood get asked if, at 5:11 am, they had the 3 trillion to cover the gap. They said no. This is the same as owning paper silver. If there’s a run/squeeze, you’ll just be holding worthless paper. How about with Bitcoin? Say you buy through PayPal or cashapp. Could the same thing happen? Or is it different because Bitcoin is already an “intangible” asset? I’m asking because I am actually retarded.

I just heard ceo of Robin Hood get asked if, at 5:11 am, they had the 3 trillion to cover the gap. They said no. This is the same as owning paper silver. If there’s a run/squeeze, you’ll just be holding worthless paper. How about with Bitcoin? Say you buy through PayPal or cashapp. Could the same thing happen? Or is it different because Bitcoin is already an “intangible” asset? I’m asking because I am actually retarded.

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[–] • 4 pts

Not your keys, not your coins. Only get bitcoin from exchanges you can actually withdraw the bitcoin from.

[–] • 0 pt

This!

Applies to every asset you buy. If it's held by a third party that's an additional risk you face.