You need to listen to this. If you know anybody that has assets in coinbase anywhere in the world, they need to listen to this, because coinbase could take every single one of those assets in the event of a bankruptcy. So were gon na be talking about this. It doesnt matter, if you own shiba, inucoin bitcoin, the most random cryptocurrency out there coinbase could take every single one of yours and it is no longer yours. It is theirs. Were gon na discuss this article in some detail, were gon na dive into it and see what the risks of holding your cryptocurrency in a coinbase account really says. So if it sounds like something, youre interested in lets get started. Music whats up everybody, im clay im here to make 2022 the best year ever. People click that subscribe button make sure to subscribe to the channel. Join us become a bro. We are here every single day and we were growing our portfolios together. You look if youre brand new to investing you dont know how or where to buy stocks and crypto uh, maybe avoid crypto or maybe avoid coinbase at this time and use the link in the description below for weeble. It is super simple to set up your account. Any deposit gives you guys: five free stocks, any one dollar, crypto trade, each five dollars in free, crypto and uh shiba inu coin – is a popular one. On there and guys. I know a lot of people hold their shiba inu coin in a coin base account right now and listen to this so hidden away in coinbase, globals, disappointing uh, first quarter earnings report in which the uss largest cryptocurrency exchange 89 million active users across the globe, guys It is by far the largest cryptocurrency exchange, and this is the nonsense that they are spilling out right now that they can steal every single one of your coins, in which the uss largest cryptocurrency exchange, reported a quarterly loss of 430 million dollars and a 19 drop In monthly users, clearly, the monthly users is going to be dropping along with the price of cryptocurrencies.

We know. Bitcoin is testing that 30 000 level shiba inu coin is it. I mean multi year lows at this point. The last time we saw it at this low was well before uh. You know, after the the may run up back in 2021 and well before the run up in october november, when shiba inu coin was transforming the world, but in an update on the risks of using coinbases surveys. And that may come as a surprise to millions of its users guys if you dont, read the quarterly earnings report. If you dont read these articles, you are not going to know about the risks associated with keeping your cryptocurrency on a major exchange or a centralized exchange. In the event, the crypto exchange goes bankrupt. Okay. Now i will preface this by saying the ceo says that they are not currently at risk for bankruptcy. However, it is very clear that the crypto market is not doing very well right now, shiba, inu coin dropping major in price. We know a lot of people are trading, shiba, inu coin on coinbase weve got bitcoin, dropping major in value, and the monthly users are already down 19. So it is a possibility at some point in the future. It might just not be a possibility. This quarter so and even crypto exchange goes bankrupt. Coinbase says its users might lose all of their cryptocurrency stored in their accounts too. How can that be its yours? Why would they have access to it? Why would coinbase turn that money, which is yours into theirs, makes no sense? Coinbase said in this earnings report on tuesday that it holds 256 billion dollars worth of your assets and worth of my assets in both fiat and cryptocurrencies on behalf of its customers, 256 billion dollars, which they could just swipe up in the event of bankruptcy.

Uh sounds like bankruptcy might be pretty profitable to them, yet the exchange noted that, in the event it ever declared bankruptcy. Listen to this, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings. Coinbase users would become general, unsecured creditors. It is no longer your money, you are lending that money to crypto to coinbase and coinbase determines what they are doing with your shiba inu coin. You – and i are no longer holders of that crypto. We are now considered um uh. What does it say here? General unsecured creditors thats what we would be in the event that they declare bankruptcy, meaning that we have no right to claim any specific property from the exchange during these proceedings, our funds would become inaccessible guys. This is written inside of coinbases earnings report. This is the risk that theyre saying and then the article goes on to say why this shouldnt happen and why coinbase shouldnt be going bankrupt and all of these different things and – and this is a massive massive announcement that they are trying to just sweep under the Rock because we are not facing bankruptcy at the moment, youve seen the stock market youve seen the crypto market if it continues to come down if shiba inu coin continues to come down, if bitcoin continues to come down, if the prices of these assets continue to come Down and less and less and less users are active on coinbase.

They will be making less and less and less money if that happens, and they face bankruptcy. Dont. You think that 256 billion dollar pot would look awfully nice to them if they could just walk right in and take it now. There are some alternatives. So if you are holding shiba inu coin, if you are holding bitcoin, if youre, literally holding any cryptocurrency on a coinbase, account right now sure its nice that theyre the leading exchange across the globe with 89 million users registered users that you know theyve been kyc, know Your customer 89 million of them are now subject to having all of their cryptocurrency, wiped out 256 billion dollars worth in the event of a bankruptcy. So what do you do? Obviously, there are decentralized wallets. Like trust wallet, meta mask even coinbase wallet. Okay, you can use a decentralized wallet like coinbase wallet as well, if you still want to trust the platform and so on. I cannot make a suggestion on where to keep your cryptocurrencies, but those are are good, decentralized, wallets that you can look into and do your research on platforms like robinhood are now offering wallets there. There are you know. Weeble currently doesnt have wallets that you can transfer cryptocurrency into, but you can absolutely you know, liquidate and then move your cash over and go into weeble. That way, if youd want to cold storage, things, like you know those little flash drive. Looking wallets those hard storage wallets that you can carry around in your pocket, you know those have their pros and cons.

Clearly its not going to be hackable, but somebody can break into your house and steal it. You can put it in the washing machine it can. It can get ruined in a flood everythings going to have its pros and cons, but it is devastating to hear that coinbase is saying: hey man, if we go bankrupt, were just going to swipe your 256 billion dollars worth of cryptocurrency and make it ours. Now they do go on to say at the end of the article that, because these risks shouldnt need to be mentioned um, but because a federal judge has never decided on whether cryptocurrency holders are general, unsecured creditors or actual asset holders is, is mind. Boggling to me. Theyre setting themselves up right now for very difficult times ahead, and i will make this very known if youre looking at your price of shiba inu coin right now, once this becomes mainstream, that the largest cryptocurrency exchange in the world is potentially looking at swiping 256 billion Dollars if theyre facing bankruptcy, cryptocurrency shiba, inu coin bitcoin ethereum all of these coins could see even even much harder times ahead. I mean imagine if all 256 billion dollars out of the what uh 1.5 trillion, what what is that 15 10 to 15 percent of the entire crypto market, sold off or moved exchanges. It would be devastating times for the price of cryptocurrency im, not saying this to scare. You im saying this to warn you and make sure that if youve got assets on there, i will link this article in the description below.

But if youre holding shiba inu coin, if youre holding bitcoin, if youre holding any of these crypto assets on coinbase or any other centralized exchange for that matter, you need to be aware of whats going on and what theyre saying guys do not forget to share this Video with somebody that you know is using coinbase right now, the its its a real warning. You need to go out. There read the article: read the the earnings report yourself, see whats going on and make your determinations from there, because in the face of an extremely dark and fearful market, this is the kind of stuff that we absolutely need to avoid. I wonder what you guys think. Let me know down in the comments below about this nonsense. Thats going on out there right now, if the buttons right there still red, make sure to click it subscribe to the channel, join us become a bro. We are here every single day. We are growing our portfolios. Together. You got clay bro 883 on twitter and instagram. We will bind geminicrypto.