TD₿: Is This the END of the Coinbase Bitcoin Honeypot? - (a Swan original video) with Hurley

TL;DR: BNY Mellon secures SEC approval for Bitcoin custody, while BlackRock updates its Coinbase deal, signaling a shift in the custody landscape.

Sep 25, 2024

Hey Bitcoiners,

BNY Mellon has become the first large U.S. bank to gain SEC approval for Bitcoin custody. At the same time, BlackRock amended its custody agreement with Coinbase, requiring on-chain Bitcoin deposits within 12 hours.

Swan CEO Cory Klippsten predicts a future where brokerage and custody are separated, preventing companies from trading and holding assets, as seen in traditional finance. This shift could open the door for more institutional custodians, making operations like Celsius and FTX impossible in the future.

In addition, Coinbase's sheer amount of Bitcoin has raised concerns, especially following an FBI warning about North Korean hackers targeting U.S. Bitcoin ETFs. Critics argue that Coinbase's failure to separate its Bitcoin custody from speculative trading operations could hurt its reputation with serious investors.

Meanwhile, despite the inevitable rise of institutional custodians, Swan continues to advocate for self-custody as the best way to secure Bitcoin. Lastly, China's recent stimulus package, injecting liquidity into markets, is seen as bullish for Bitcoin, as global liquidity often correlates with an increase in Bitcoin's price.

Enjoy!

Tick tock next block,
The Swan Education Team

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Quote of the Day

“We’re talking about a change in how humanity organizes itself.”

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Job of the Day

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Department: Engineering / Technology

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Ensure our codebase meets the highest standards of quality and security, including reviewing code from the team and upstream dependencies and
Work in a non-corporate agile workflow.

Who are you?

You are an experienced software developer who enjoys diving deep into technical challenges. We're looking for someone who:

Has built production software in a field where failure isn't an option;
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In the Headlines

Caroline Ellison Sentenced to 2 Years for FTX, Alameda Crimes

Former Alameda Research CEO Caroline Ellison has been sentenced to two years in prison for defrauding investors of FTX and its sister firm. U.S. District Judge Lewis Kaplan acknowledged her cooperation as a key witness against former FTX leader Sam Bankman-Fried, who received a 25-year sentence.

Ellison must also forfeit $11 billion, the same amount demanded from Bankman-Fried.

Ellison pled guilty in 2022 to multiple counts of wire fraud, money laundering, and securities fraud. Although her crimes carried a potential 110-year sentence, she struck a deal with federal prosecutors to testify in exchange for a lighter sentence.

Second Satoshi-Era Bitcoin Whale This Week Moves Coins After 15-Year Hiatus

An early Bitcoin miner, who had been inactive for 10 years, has moved 10 BTC ($630,000) to the Kraken exchange, according to Arkham Intelligence. The miner, who holds $77 million in Bitcoin mined during the network's early months, recently "woke up" after a decade of dormancy, watching their holdings grow significantly in value.

This miner is different from another who recently moved $16 million worth of Bitcoin after 15 years of inactivity. It's still unclear if either miner has connections to Bitcoin’s creator, Satoshi Nakamoto.

Swan Shortie of the Day

Event of the Day

Bitcoin Amsterdam

Dates: October 9-10, 2024
Location: Westergas, Amsterdam

Following the landmark global Bitcoin Conference held in Nashville this July, where U.S. presidential candidates Donald J. Trump and Robert F. Kennedy captivated audiences, Bitcoin Amsterdam 2024 is poised to be another historic event in the global Bitcoin industry.

Exploring the future

This year's conference theme invites participants to delve into Bitcoin's future. Over the past 15 years, Bitcoin has evolved from an obscure digital experiment to a central player on the global financial stage.

This event, which will include plenty of educational sessions and opportunities for networking, focuses on shaping the future of the Bitcoin ecosystem.

With an expected attendance of 5,000, Bitcoin Amsterdam 2024 is one of Europe's most significant Bitcoin events this year. Last year's conference featured notable speakers such as Edward Snowden and Eva Vlaardingerbroek.

This year promises other influential voices discussing how freedom, finance, and technology converge in Bitcoin. Among the first speakers announced are Jack Mallers, CEO of Strike, and Stella Assange. The lineup is expanding daily, and more speakers will be unveiled in the coming weeks.

Secure your spot: Tickets and updates.

As excitement builds, ticket prices will increase as the event approaches. Attendees are encouraged to secure their tickets early to participate in this pivotal conversation on Bitcoin's future.

For more details, to purchase tickets, and to stay updated on speaker announcements, visit: Bitcoin Amsterdam 2024.

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Meme of the Day

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