Cryptocurrency

Coinbase’s Bitcoin Will Be Seized



Learn how to self-custody your Bitcoin:
https://www.bitcoinuniversity.com/courses/76599-the-ultimate-guide-to-bitcoin

In this video, I discuss Coinbase’s recent move to end native BTC support at Coinbase Commerce, as well as the risks of a 6102-type attack on Coinbase Custody in the next 5-10 years.

Not investment advice! Consult a financial advisor.

Coinbase Commerce:
https://www.coinbase.com/commerce

Coinbase Commerce ending support for native BTC:


https://help.coinbase.com/en/migrating-to-the-onchain-payment-protocol

Coinbase loves to list garbage:

Shiba Inu Token Is Up 25% Following Coinbase Listing

Coinbase adds Solana’s BONK token to its listing

Coinbase still doesn’t offer support for Lightning:

Coinbase is a a regulatory arbitrage/rent-seeking company:

Francis Pouliot on how far ahead of the game BullBitcoin has been when it comes to on-chain and LN payments:

Zaprite:
https://zaprite.com/

Pay your bills using BullBitcoin.com in Canada:
https://www.bullbitcoin.com/payments

Executive Order 6102:
https://en.wikipedia.org/wiki/Executive_Order_6102

David Bailey on a Bitcoin-version of EO-6102:

My Favorite Bitcoin Desktop Software (Sparrow Wallet):

How To Move Your Bitcoin From Ledger To Jade:

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#coinbase

Disclaimer
Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.

This is Matthew crder from Bitcoin University today I wanted to talk about how coin bases Bitcoin will all eventually be seized by the US government our starting point coinbase Commerce this is a service that allows Merchants to accept crypto payments and customers to pay using crypto and

They’ve just recently made a decision to remove native Bitcoin support I’ll link to this thread in the description notes below what this means is that Merchants can still accept Bitcoin as long as their customer has a coinbase stock account but they cannot Merchants cannot accept Bitcoin from self- custodial

Wallets or third-party exchanges at a basic level this is obviously a terrible business decision but as I think we’ll see later in this video the decision to try to keep customers trapped inside the coinbase ecosystem may not be being totally driven by business considerations at a basic level though

For as in terms of a business decision many Merchants as a result of this will dump coinbase and switch to a different Payment Processing solution like zap Rite or maybe they’ll set up their own instance of BTC pay server or else they’ll just risk losing the business of

Wealthy bitcoiners who don’t want to keep their Bitcoin on coinbase in order to be able to spend it and so if you’re a merchant and you’re going to want these bitcoiners as customers you’re going to need to allow them to pay using self- custody wallets both onchain and

Using lightning and this is what I do on my own website if you click in the upper right hand corner here pay with BTC it will take you to a checkout page where you could pay for my course using either lightning or onchain payments I’m using

A company called Zite Zite is a very small startup somehow they’ve figured out how to allow people to pay using Bitcoin and coinbase says that they’re not technologically capable of doing it so that’s pretty pathetic on coinbase’s part of course here’s a reminder from plator just a reminder that it’s been

Over 10 months and coinbase still hasn’t integrated the lightning Network so you can’t do lightning Network withdrawals from your coinbase account it’s from a company that’s been around for over a decade and they’ve managed to list every garbage coin yet somehow they don’t have time to put in lightning Francis pulot

Who runs the bull Bitcoin exchange has a nice uh tweet here very poor excuse from coinbase Bitcoin does have Smart contracts but this has nothing to do with accepting onchain or lightning payments neither does stable coins and then he goes on to talk about how bull Bitcoin his exchange has been allowing

People to pay using Bitcoin pay their bills and also re see Bitcoin since 2013 and how they’re even doing it in Bitcoin jungle in Costa Rica if you want to check out if you’re Canadian and you want to check out bull Bitcoin Service uh they offer the ability to both pay

Using Bitcoin and also accept Bitcoin as a payment method as a merchant here’s another good tweet from Jimmy Jimmy song coinbase doesn’t think Bitcoin has smart contracts obviously Bitcoin does have Smart contracts it just doesn’t have Turin complete smart contracts coinbase has never been and never will be a tech

Company it’s a regulatory Arbitrage rent seeking company and they deserve every bit of scorn that they’re getting if you’re enjoying this video so far I just ask you to click the Subscribe button that really helps out the channel and many of you have been telling me that you’ve been accidentally unsubscribed

Perhaps by YouTube so make sure you check out and see that you’re still subscribed hit the like button leave a comment below share this video with a friend or family member that would really help out a lot as I mentioned before over its long history coinbase has always chosen excrement over Bitcoin

How many people’s Financial lives have been ruined by coinbase listing ship coins like shipy enu which was listed in September of 2021 of course it’s gone straight down from there most recently in December they listed uh Solana’s Bonk token and what happened wrecked even more customers as the token crashed so

What is coinbase doing what is their endgame why does the US government allow them to continue to do all this garbage and also why is the US government okay with coinbase becoming a huge custodian holding all the Bitcoin from the Bitcoin spot ETFs what’s the probable endgame

Here well I think whether coinbase knows it or not whether they’re complicit or not and these are always very difficult things to know for sure but whether coinbase is complicit or not all the Bitcoin being held at coinbase I believe is effectively already owned by the US government and any Bitcoin left on

Coinbase in an account will be seized in a 6102 type order any Bitcoin being stored by coinbase custody to back the spot Bitcoin ETFs like black rocks ETF will eventually be stolen by the US government and the Supreme Court unfortunately will do nothing about it just like they did nothing in 1933 when

The US government seized everyone’s gold so coinbase is this giant Bitcoin Honeypot that will eventually be seized that’s not your problem if you’re not holding your Bitcoin there uh but it is a huge problem if you own the Bitcoin ETFs or if you have an account at

Coinbase and you’re using them to pay using coinbase Commerce to pay your bills or or something like this it’s a really big mistake to leave your Bitcoin on coinbase for these reasons if you haven’t heard about it before executive order 6102 was this order signed by Franklin Roosevelt president Roosevelt

In 1933 in which he seized all of the gold so if your gold was an Evol to the bank it was taken from you you were given US Dollars depreciated US dollars in exchange and then all that gold was put supposedly in Fort Knox so that’s what executive order 6102 refers to when

The government gets in a tight spot and needs hard assets it has a history of doing this even in the US and even with our constitutional protections this is a very dark chapter and it could definitely happen again this time with digital gold or Bitcoin this is something we’ve been talking about on

The channel for a couple years but I thought David Bailey had a great recent tweet here about how a modern 6102 on bitcoin might go down he writes in this tweet within next within the next six years Bitcoin hits parody with gold I think we actually go Beyond it by next

Cycle that’d be 13 trillion which is well in excess of uh you can do the math but it’s well in excess of 500 600,000 per Bitcoin that 13 trillion in asset appreciation metastasizes through the economy and capital markets via massive credit expansion and accelerated consumer spending 75% draw down occurs

We wipe out 8 plus trillion in collateral resulting in a massive credit Crunch and widespread asset liquidation and then he talks about how trillion would be a huge percentage of US GDP uh during this crisis we would vaporize a government uh gsib stands for something like government specified um important

Bank it’s in other words it’s a too big to fail Bank uh during this crisis we vaporize at gisb in similar fashion to what we did to Signature Bank necessitating Federal Reserve intervention to keep our financial system from collapsing they will say we in other words bitcoiners cause the

Collapse which wouldn’t be totally wrong except we weren’t the cause we were the result of their own monetary policy and obviously all the money printing that’s been going on for years this is the context they 6102 us once they 6102 the Bitcoin they nationalize Central custodians like coinbase and pay

Out users you using some fixed amount of cuck bucks in other words US dollars per BTC coinbase’s Bitcoin will become an asset of the Federal Reserve held at a digital equivalent of Fort Knox I think this is actually quite likely which is why we’ve been talking about on this

Channel for quite some time but this was a really uh eloquent summation of it so how can you prepare for this personally first of all obviously learn how to withdraw your Bitcoin from an exchange and if you had didn’t learn that during the last cycle with all the different

Exchanges like FTX collapsing it’s very important to learn it during this cycle you should never leave your Bitcoin on an app or on an exchange but instead you should withdraw it to a hardware wallet to Cold Storage where you control the private keys and where you don’t need to

Ask someone else’s permission to send or spend that Bitcoin so you can learn how to use a self custodial onchain or lightning wallet you can learn how to use Sparrow wallet and I have numerous videos cut covering these topics on YouTube you can just search for them but

I’ll link to this one which covers how to use the sparrow wallet which is a really good building block for your Bitcoin self- custody stack and I also cover here how to connect a hardware wallet to Sparrow and how to move your move your Bitcoin around if you want a

More in-depth version too you can check out my paid course after you exhausted the free resources that I have on YouTube meanwhile I want to wish all of you a happy President’s Day especially if Fe in the US uh this is a pretty good meme that day in our history when George

Washington traditionally went out looking for the best mastress sales but to be serious if George Washington came back today I think he’d be quite dismayed by the state of America and I hope that Bitcoin can somehow help us to return As Americans to some of these founding constitutional ideas and things

That Washington generation and the people who fought for this country would actually recognize as being valuable if you enjoyed this video be sure to hit the Subscribe and like buttons hit the notification Bell if you want to be notified when I publish my next video and let me know your questions and

Comments in the comment section below thanks all for watching and I’ll see you in the next video

36 Comments

  1. @Bitcoin_University

    WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Bitcoin University from the imposters. Follow me on Twitter @mattkratter

  14. @coleenadams3392

    Can you talk about Hedera/HBAR please. I understand that it is not completely decentralized like BTC, but because of their dispersed governance structure and they appear to be using, a technology that is not blockchain, yet seems vialble, are they a threat to BTC? They have done billions of transaction and a very low cost. I am a BTC hodler and am not a schill for Hbar. In fact I don't really understand it but know a couple of people who say it is superior to BTC. Anything you can address would be of great help. Thank you.

  18. @Dowell318

    Matt, is Sparrow wallet better than Electrum wallet? You keep talking about Sparrow, is it objectively better than Electrum or are the effectively the same? Is there anything Sparrow can do that other wallets like Electrum cannot? Thank you.

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