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Author Topic: The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers  (Read 205 times)
Hydrogen
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May 09, 2018, 10:56:32 PM
Merited by jonemil24 (1)
 #1

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Behind the guards, the blast doors and down corridors of reinforced concrete, sit the encrypted computer servers -- connected to nothing -- that hold keys to a vast digital fortune.

Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he’s the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker.

In the rarefied world of wealth management, Xapo is known for a client list studded with family offices, and for occasionally letting a journalist peek into a stronghold to write about its security. But one secret has proven elusive: how much digital cash does it really hold?

Two Xapo clients said it houses roughly $10 billion of Bitcoin. Another person close to the venture called the figure an accurate approximation. Bitcoin’s price, after all, is hardly steady.


‘Patient Zero’

Even in the colorful world of crypto the cache is remarkable -- amounting to about 7 percent of the global Bitcoin supply. It would mean Xapo, just 4 years old, has more “deposits” than 98 percent of the roughly 5,670 banks in the U.S. But as a custodian it’s regulated differently. The Swiss subsidiary is overseen by the self-regulating Financial Services Standards Association, which audits members to ensure they comply with anti-money-laundering rules. Xapo serves U.S. customers through a Delaware corporation that’s registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network and is licensed in several states.

The outsize holdings underscore the faith that Casares -- a serial entrepreneur nicknamed “Patient Zero” for stirring Silicon Valley’s interest in Bitcoin -- has garnered among his acolytes and at major crypto investment firms, such as Grayscale and CoinShares.


Xapo has a network of underground vaults on five continents.Photographer: Fabrice Coffrini/AFP via Getty Images

“Everyone who isn’t keeping keys themselves is keeping them with Xapo,” said Ryan Radloff of CoinShares, which has more than $500 million of Bitcoin stored at Xapo. “You couldn’t pay me to keep it with a bank.”

Xapo’s billionaire backers include LinkedIn Corp. co-founder Reid Hoffman and former Wall Street trader Mike Novogratz, who’s in the process of setting up his own cryptocurrency merchant bank. Their bet is that Bitcoin is here to stay, and so is its biggest scourge, theft.

The first rule of owning Bitcoin is to securely keep your private key -- the code that lets you spend your coins. If thieves get it, they can loot your holdings in an instant, with no hope of recovery. Putting keys on a device connected to the Internet is both convenient and perilous: Hackers have proven adept at obtaining them from afar.

The most popular alternative is called cold storage, keeping the key in an offline device such as a thumb drive. But risks remain: Hackers have also proven adept at setting traps on computers to access cold-storage devices the moment they’re online. More traditional criminals have committed home invasions and kidnappings. Some Bitcoin tycoons have resorted to hiding their identities, fortifying their homes and studying self-defense.

Trading Desk

Xapo’s solution is to bury a cold-storage device in a mountainside and layer on electronic safeguards.

“They’re the first folks who recognized custodial and security functions would be key,” said Hoffman, whose venture capital firm Greylock Partners led a $20 million investment in Xapo in 2014, a couple of years after Casares persuaded him to buy his first Bitcoin. “He made the pitch in the morning and in the afternoon I called him with an offer.”

At Xapo, retrieving Bitcoin from the vault takes about two days. The company verifies a client’s identity and authenticates the request before manually signing the transactions with private keys from multiple vault locations. Approval from three separate vaults is required for any transactions to be authorized. The company also offers customers a trading desk to buy and sell Bitcoin and created the first Bitcoin debit card to spend it.

Casares, 44, declined to comment for this story. After a flurry of publicity at Xapo’s launch, he has drawn big audiences at crypto conferences but largely shunned media interviews.

Yet his persuasiveness is legendary. His evangelizing of Bitcoin is so pervasive in Silicon Valley that when Hoffman asked his family office to buy some, his banker asked when he’d spoken to Casares. Xapo’s advisers now include former U.S. Treasury Secretary Larry Summers, ex-Citigroup Inc. Chief Executive Officer John Reed and Visa International founder Dee Hock.

Such salesmanship has been critical to Xapo’s success. First Block Capital, Canada’s first fully registered crypto firm, picked Xapo as its custodian after months of due diligence, including touring the Swiss vault.

“Every part of their DNA is geared to security,” said Sean Clark, First Block’s founder, who noted the vault’s fingerprint scanners were equipped with a pulse reader to prevent amputated hands from being used. “Whenever we make big transfers they FaceTime us, we have duress words, if it’s big enough they’ll fly out to see us.”

Xapo is doubling down on its pursuit of institutional clients, with President Ted Rogers enlisting Peter Najarian, a veteran of emerging-market trading at UBS Group AG and Royal Bank of Scotland Group Plc, to oversee outreach to investors including pension funds, private banks, assets managers, family offices and hedge funds.

‘Tidal Wave’

The perceived lack of an institutional-grade custodial solution for Bitcoin has been one of the sticking points for many money managers looking to try the asset class. Xapo says its already offering precisely that solution. If it persuades them of its merits, the implications for Bitcoin would be profound.

“A fraction of that kind of institutional money flowing into the space would be a tidal wave,” Najarian said.

Casares has made acceptance of Bitcoin his life’s mission. Born to sheep ranchers in Argentina’s remote Patagonia region, he experienced the impact of inflation throughout his youth.

That drove him to build a series of fintech startups that made him millions before he encountered Bitcoin. He sold 75 percent of Patagon, a Latin American financial-services website, for $529 million in 2000 and digital wallet startup Lemon for $43 million 13 years later to focus on crypto. By then, he was already a big holder of Bitcoin.

“I am personally allocating a percentage of my net worth to this that is borderline irresponsible because I believe in it so much,” Casares told Lemon board member Eric O’Brien, according to “Digital Gold,” a book by Nathaniel Popper. Two years ago, he joined the board of PayPal Holdings Inc.


‘High Hurdle’

Bitcoin’s meteoric rise in recent years has spurred the proliferation of rival currencies, such as Ethereum and Ripple that also have multibillion-dollar valuations. Yet Xapo only safeguards Bitcoin because of Casares’s belief that it alone will succeed. Such dogmatism has seen Xapo turn away customers looking to store rival currencies.

Other purists say ventures such as Xapo have no place in the Bitcoin ecosystem, slowing down what’s supposed to be a seamless transfer.

Xapo’s top brass wrestle with that paradox, too.

“It’s a subject we discuss a lot, and we believe Bitcoin won’t reach the mainstream if people have to hold their own private keys,” Rogers said. “It’s a pretty high hurdle technically to be your own bank with lots of security.”


https://www.bloomberg.com/news/articles/2018-05-09/bunkers-for-the-wealthy-are-said-to-hoard-10-billion-of-bitcoin

Good piece on xapo. Tried to bold the best parts but tbh the entire thing is probably worth reading. It appears xapo could hold as much as 7% of the world's global bitcoin supply. That type of long term hold commitment could benefit HODLers. To know that near 10% of bitcoin will be held and will likely never be sold anytime soon could lend credence and confidence long term investments in btc.

It seems that the head of xapo could be similar to batman. It is said he was born in patagonia and witnessed many evils of inflation while growing up which might have motivated him to invest heavily in bitcoin. Not far from resembling the origins story of a comic book superhero.

Also is it my imagination or do these articles always mention(recommend) some of the worst altcoins out there like ripple and eth? Bitcoin cash also receives a lot of difficult to explain favortism and support from services like bitpay.

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May 10, 2018, 12:53:53 AM
 #2

If we are strong in economics, hoarding is what entrepreneurs do. $ 10 billion in bucks will boost up bitcoin prices. Investors will look for and exploit the remaining bitcoin.
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May 10, 2018, 01:29:36 AM
 #3

Good piece on xapo. Tried to bold the best parts but tbh the entire thing is probably worth reading. It appears xapo could hold as much as 7% of the world's global bitcoin supply. That type of long term hold commitment could benefit HODLers. To know that near 10% of bitcoin will be held and will likely never be sold anytime soon could lend credence and confidence long term investments in btc.

Yes, its definitely worth a full read. They really put another meaning to the word "protected and secured" because they really taken this business seriously. I'm sure that as we gain widely acceptance and recognition, those whales and bag holders will have a good alternative to hold their coins user Xapo faults, and bitcoin based credit cards.

It seems that the head of xapo could be similar to batman. It is said he was born in patagonia and witnessed many evils of inflation while growing up which might have motivated him to invest heavily in bitcoin. Not far from resembling the origins story of a comic book superhero.

Nice comparison. Imagine you are one big client and you want a tour on the vault, they pick you up in a jet, fly out in a reclusive place and opening the vault for you. I'm sure that the head of Xapo is true visionary like Batman himself, and he has a lot of money as well.  Grin

Also is it my imagination or do these articles always mention(recommend) some of the worst altcoins out there like ripple and eth? Bitcoin cash also receives a lot of difficult to explain favortism and support from services like bitpay.

Only reason I see why they mentioned ETH and XRP simple because they are the second and third recognizable crypto.

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.POWER. PLAY
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May 18, 2018, 10:28:49 PM
Merited by BitHodler (3)
 #4

Only reason I see why they mentioned ETH and XRP simple because they are the second and third recognizable crypto.

I always see a steady stream of lies and shady practices being published by reputable websites to fool investors into buying eth and xrp.

I'll give you an example.

Quote
Apple's Steve Wozniak Dumps Facebook And Thinks Ethereum Could Be The New Apple

In the long-terum, however, he was extremely upbeat about Ethereum and described it as a platform that was just like Apple's and could become as influential as his company became.

https://www.forbes.com/sites/montymunford/2018/05/18/apples-steve-wozniak-dumps-facebook-and-thinks-ethereum-could-be-the-new-apple/

Looking at the title of the article and content, they make it seem as if Steve Wozniak is enthusiastically pro ethereum.

This is what Steve Wozniak actually said: "Ethereum interests me because it can do things and because it's a platform."  Woz still maintains one bitcoin and two Ether so '"I can experiment with paying for different things".

Maybe I'm the only one who thinks this but it always seems to me as if people are twisting things people like Steve Wozniak say to push their own agendas and fabricate evidence for perspectives that don't exist.

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May 18, 2018, 10:32:18 PM
 #5

So if they are holding still and not selling, we can make a conclussion, that thisi in not yet the time to sell our bitcoins away now
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May 18, 2018, 10:55:41 PM
 #6

Yeah, I think this is was a great article. I've known about Xapo for a long time and after this article I have a new found respect for their operation. There has to be nothing better for earning the credibility with customers than for an exchange to show they have vaults where they store their private keys....the very wealth of their customers.

It's incredible!

Seems like the folks at Xapo have big plans for the future.

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May 19, 2018, 04:04:17 AM
Merited by Hydrogen (1)
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I always see a steady stream of lies and shady practices being published by reputable websites to fool investors into buying eth and xrp.
CNBC callling Roger Ver as Bitcoin Jesus and allowing him to shill BCash to millions of viewers is unethical on their part. They are actually confusing people into thinking that bitcoin is somehow not "The Bitcoin".  Falsehoods like "Their are many bitcoins" are being propagated. Thankfully, the community is vigilant of such attacks and mostly takes care of it. It's understandable, the love newbies have for these worthless coins. Something like XRP is especially dangerous. Its distribution is concentrated like anything and the marketers make it sound like XRP value will directly depend upon the banks using their platform.

In reality, banks have made it clear that they won't be using XRP for fiat conversion. That won't make sense too as you'd just be introducing another variable into international currency conversion.

Maybe I'm the only one who thinks this but it always seems to me as if people are twisting things people like Steve Wozniak say to push their own agendas and fabricate evidence for perspectives that don't exist.
The kind of fabrication in that article is unbelievable. Woz just said "Ethereum is a platform", the paid shill of a journalist adds "just like Apple's"

He says he is not using facebook anymore and the fucker makes the headline sound like he dumped facebook shares and bought ETH instead. How much more unethical and misguiding could these people be? On top of that, they have the name of Forbes while the small print says,
"Opinions expressed by Forbes Contributors are their own.". Any newbie seeing this would simply FOMO into ETH and other such things thinking "Woah, Bitcoin is too expensive but ETH, yeah ETH I could buy. Maybe it'll go to 10K next". Similarly, there were a lot of people during the December run-up who said Ripple would hit 1K without even considering it's humongous supply.

Such deceit is going on everywhere. One more thing, all those twitter handles attaching "fam" like "vergefam", "tronfam" and with chicks putting up profile pics alongside, make me puke. The difference between the people who actually started this and the unethical, greedy idiots who are trying to mislead people now is mind-blowing. Hope more people can understand that this is more than just a get rich scheme. Ohh and your shares are always pretty interesting Hydrogen. Keep them coming.. Smiley

Once again derailed due by "Personal" life. Trying to claw my way back

F*** "No one ever said It would be this Hard!" -Coldplay
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May 19, 2018, 04:56:44 AM
 #8

There was a thread opened some time ago about it, and OP commented on it. He might have forgotten.

https://bitcointalk.org/index.php?topic=2283016.0
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May 19, 2018, 05:28:24 AM
 #9

Thanks for sharing the news

God that's an extremely good thing they did .
They are holding that much Bitcoins means we can expect Bitcoins to be stable no matter what happens and when it happens , the days of domination by big whales are over !!!! ( Until they decide to call off the holding base and sell btc)
It will increase the price eventually because in a way something is backing Bitcoins off finally ! Investors will flood in hearing this news that will further increase the value of Bitcoins and we  could see the bull being unleashed .



BIG WINNER!
[15.00000000 BTC]


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May 19, 2018, 05:33:26 AM
 #10

Quote
Behind the guards, the blast doors and down corridors of reinforced concrete, sit the encrypted computer servers -- connected to nothing -- that hold keys to a vast digital fortune.

Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he’s the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker.

In the rarefied world of wealth management, Xapo is known for a client list studded with family offices, and for occasionally letting a journalist peek into a stronghold to write about its security. But one secret has proven elusive: how much digital cash does it really hold?

Two Xapo clients said it houses roughly $10 billion of Bitcoin. Another person close to the venture called the figure an accurate approximation. Bitcoin’s price, after all, is hardly steady.


‘Patient Zero’

Even in the colorful world of crypto the cache is remarkable -- amounting to about 7 percent of the global Bitcoin supply. It would mean Xapo, just 4 years old, has more “deposits” than 98 percent of the roughly 5,670 banks in the U.S. But as a custodian it’s regulated differently. The Swiss subsidiary is overseen by the self-regulating Financial Services Standards Association, which audits members to ensure they comply with anti-money-laundering rules. Xapo serves U.S. customers through a Delaware corporation that’s registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network and is licensed in several states.

The outsize holdings underscore the faith that Casares -- a serial entrepreneur nicknamed “Patient Zero” for stirring Silicon Valley’s interest in Bitcoin -- has garnered among his acolytes and at major crypto investment firms, such as Grayscale and CoinShares.


Xapo has a network of underground vaults on five continents.Photographer: Fabrice Coffrini/AFP via Getty Images

“Everyone who isn’t keeping keys themselves is keeping them with Xapo,” said Ryan Radloff of CoinShares, which has more than $500 million of Bitcoin stored at Xapo. “You couldn’t pay me to keep it with a bank.”

Xapo’s billionaire backers include LinkedIn Corp. co-founder Reid Hoffman and former Wall Street trader Mike Novogratz, who’s in the process of setting up his own cryptocurrency merchant bank. Their bet is that Bitcoin is here to stay, and so is its biggest scourge, theft.

The first rule of owning Bitcoin is to securely keep your private key -- the code that lets you spend your coins. If thieves get it, they can loot your holdings in an instant, with no hope of recovery. Putting keys on a device connected to the Internet is both convenient and perilous: Hackers have proven adept at obtaining them from afar.

The most popular alternative is called cold storage, keeping the key in an offline device such as a thumb drive. But risks remain: Hackers have also proven adept at setting traps on computers to access cold-storage devices the moment they’re online. More traditional criminals have committed home invasions and kidnappings. Some Bitcoin tycoons have resorted to hiding their identities, fortifying their homes and studying self-defense.

Trading Desk

Xapo’s solution is to bury a cold-storage device in a mountainside and layer on electronic safeguards.

“They’re the first folks who recognized custodial and security functions would be key,” said Hoffman, whose venture capital firm Greylock Partners led a $20 million investment in Xapo in 2014, a couple of years after Casares persuaded him to buy his first Bitcoin. “He made the pitch in the morning and in the afternoon I called him with an offer.”

At Xapo, retrieving Bitcoin from the vault takes about two days. The company verifies a client’s identity and authenticates the request before manually signing the transactions with private keys from multiple vault locations. Approval from three separate vaults is required for any transactions to be authorized. The company also offers customers a trading desk to buy and sell Bitcoin and created the first Bitcoin debit card to spend it.

Casares, 44, declined to comment for this story. After a flurry of publicity at Xapo’s launch, he has drawn big audiences at crypto conferences but largely shunned media interviews.

Yet his persuasiveness is legendary. His evangelizing of Bitcoin is so pervasive in Silicon Valley that when Hoffman asked his family office to buy some, his banker asked when he’d spoken to Casares. Xapo’s advisers now include former U.S. Treasury Secretary Larry Summers, ex-Citigroup Inc. Chief Executive Officer John Reed and Visa International founder Dee Hock.

Such salesmanship has been critical to Xapo’s success. First Block Capital, Canada’s first fully registered crypto firm, picked Xapo as its custodian after months of due diligence, including touring the Swiss vault.

“Every part of their DNA is geared to security,” said Sean Clark, First Block’s founder, who noted the vault’s fingerprint scanners were equipped with a pulse reader to prevent amputated hands from being used. “Whenever we make big transfers they FaceTime us, we have duress words, if it’s big enough they’ll fly out to see us.”

Xapo is doubling down on its pursuit of institutional clients, with President Ted Rogers enlisting Peter Najarian, a veteran of emerging-market trading at UBS Group AG and Royal Bank of Scotland Group Plc, to oversee outreach to investors including pension funds, private banks, assets managers, family offices and hedge funds.

‘Tidal Wave’

The perceived lack of an institutional-grade custodial solution for Bitcoin has been one of the sticking points for many money managers looking to try the asset class. Xapo says its already offering precisely that solution. If it persuades them of its merits, the implications for Bitcoin would be profound.

“A fraction of that kind of institutional money flowing into the space would be a tidal wave,” Najarian said.

Casares has made acceptance of Bitcoin his life’s mission. Born to sheep ranchers in Argentina’s remote Patagonia region, he experienced the impact of inflation throughout his youth.

That drove him to build a series of fintech startups that made him millions before he encountered Bitcoin. He sold 75 percent of Patagon, a Latin American financial-services website, for $529 million in 2000 and digital wallet startup Lemon for $43 million 13 years later to focus on crypto. By then, he was already a big holder of Bitcoin.

“I am personally allocating a percentage of my net worth to this that is borderline irresponsible because I believe in it so much,” Casares told Lemon board member Eric O’Brien, according to “Digital Gold,” a book by Nathaniel Popper. Two years ago, he joined the board of PayPal Holdings Inc.


‘High Hurdle’

Bitcoin’s meteoric rise in recent years has spurred the proliferation of rival currencies, such as Ethereum and Ripple that also have multibillion-dollar valuations. Yet Xapo only safeguards Bitcoin because of Casares’s belief that it alone will succeed. Such dogmatism has seen Xapo turn away customers looking to store rival currencies.

Other purists say ventures such as Xapo have no place in the Bitcoin ecosystem, slowing down what’s supposed to be a seamless transfer.

Xapo’s top brass wrestle with that paradox, too.

“It’s a subject we discuss a lot, and we believe Bitcoin won’t reach the mainstream if people have to hold their own private keys,” Rogers said. “It’s a pretty high hurdle technically to be your own bank with lots of security.”


https://www.bloomberg.com/news/articles/2018-05-09/bunkers-for-the-wealthy-are-said-to-hoard-10-billion-of-bitcoin

Good piece on xapo. Tried to bold the best parts but tbh the entire thing is probably worth reading. It appears xapo could hold as much as 7% of the world's global bitcoin supply. That type of long term hold commitment could benefit HODLers. To know that near 10% of bitcoin will be held and will likely never be sold anytime soon could lend credence and confidence long term investments in btc.

It seems that the head of xapo could be similar to batman. It is said he was born in patagonia and witnessed many evils of inflation while growing up which might have motivated him to invest heavily in bitcoin. Not far from resembling the origins story of a comic book superhero.

Also is it my imagination or do these articles always mention(recommend) some of the worst altcoins out there like ripple and eth? Bitcoin cash also receives a lot of difficult to explain favortism and support from services like bitpay.
Those hoarders are what we called bitcoin whales. Those are manupulators of price. They control the price to get more initiative profit or money. I dont trust them cause I know they can dump yung token anytime. They are the time that no exception in that bitcoin whales.
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May 19, 2018, 06:10:08 AM
 #11

What is the cost of maintaining such facility?Are there any cheaper ways to hide and store your bitcoins?
Anyway,people,who think that this will stabilize the bitcoin price are wrong.
1.Ten billion USD worth of BTC is a small amount.
2.HODLing large amounts of BTC doesn't stabilize the price,because it reduces the market supply.
The price would be more stable,if the market supply is increasing,not decreasing.

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May 19, 2018, 07:07:38 AM
 #12

What is the cost of maintaining such facility?Are there any cheaper ways to hide and store your bitcoins?
Anyway,people,who think that this will stabilize the bitcoin price are wrong.
1.Ten billion USD worth of BTC is a small amount.
2.HODLing large amounts of BTC doesn't stabilize the price,because it reduces the market supply.
The price would be more stable,if the market supply is increasing,not decreasing.
but point number two is the right way to get the bitcoin price moving up. holding does not mean it will not sell it but waiting for the right price.

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May 19, 2018, 08:34:42 AM
 #13

The vault itself is secure but it doesn't appear to have an army of security personnel protecting this vast amount of wealth. A co-ordinated attack might be able to breach it a lot easier than a well protected bank. This could the future of armed robberies

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May 19, 2018, 07:07:18 PM
 #14

Quote
snip
Those hoarders are what we called bitcoin whales. Those are manupulators of price. They control the price to get more initiative profit or money. I dont trust them cause I know they can dump yung token anytime. They are the time that no exception in that bitcoin whales.

The ones depositing with Xapo may be classed as whales but as the bitcoin
they deposit is on hold it doesnt affect the market price. Manipulation will
only happen if they move them.

So for all those that say holding bitcoin is the wrong thing to do, Xapos
millionaires think otherwise!
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May 19, 2018, 09:33:14 PM
 #15

Impressed with their storage of private keys in bunkers, but is it a surprising news actually, almost all of the top exchanges are dealing with that kind of money and any wallet services and even coinbase will be having that much amount stored in their wallet, sadly bitcoin is used in hoarding it for the long term in the anticipation of a much bigger profit rather than using it as a currency.



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May 19, 2018, 09:45:24 PM
Merited by richardsNY (1)
 #16

Those hoarders are what we called bitcoin whales. Those are manupulators of price. They control the price to get more initiative profit or money. I dont trust them cause I know they can dump yung token anytime. They are the time that no exception in that bitcoin whales.
I can bet that no early investor or the true whales will be holding their coins in an online wallet service provider like XAPO, instead they will be saving the coins in their own wallet, there are many users in the platform that does not bother to have their own wallet because it might confuse them and those are the users that are storing the coins, i am sure they have a big user base and approx 117647 bitcoins mean $10 billion.
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May 19, 2018, 11:46:16 PM
 #17

I can bet that no early investor or the true whales will be holding their coins in an online wallet service provider like XAPO, instead they will be saving the coins in their own wallet

Exactly. Most of the early birds are anti anything that requires them to hand over control of their private keys to a central party. If you don't own your private keys as sole entity, you don't own any coins. On the other hand, those who are entering the market in more recent times aren't from the same generation (in crypto terms), and for that reason prefer a central party taking care of their holdings. It offers them the convenience of knowing that their coins are being stored properly (at least, they hope so), and it takes away the massive responsibility of maintaining your own wealth. Only a very few people trust themselves with major amounts, which is the main reason they use safe deposit boxes within their bank office. In this case Xapo is that safe deposit box.
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May 19, 2018, 11:47:12 PM
 #18

The article is way too big but nonetheless,judging from the title,here's are my thoughts:
$10 Billion of bitcoin is just the tip of the iceberg. There are thousands of alts too. But really interesting article, the bolded part did help. Can't believe xapo is this famous and has such potential. Wow.


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May 20, 2018, 09:45:01 AM
 #19

I have read about Xapo holding funds in bunkers that were used in WWII in an article before, but never actually expected them to be holding that much. No idea if the figure is accurate, though, but if that's the case, then as you said it's a big portion of coins that will probably not get moved any time soon and will probably inspire confidence in holders.

If this is true, it also proves that the wealthy also see bitcoin as a long term store of value, something that I believe in as well.

It's definitely interesting as well that the guy has experienced inflation in his past, and that's a reason why he believes in bitcoin so much.

However, why would a bitcoin investor trust Xapo with so much money? I believe storing it yourself would be the best option always.

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May 20, 2018, 09:56:56 AM
 #20

Amazing, It would be really interesting to know who holds their bitcoin inside those bunkers.

This bunkers if for true holders as it's a mess to access back your bitcoin and I believe that those who hold their bitcoins in the bunkers plan on holding for a long period of time, so knowing who actually holds their  bitcoin there is a serious information for bitcoin traders.
I heard that people also holds gold bars in this bunkers, so it is not for bitcoin holding only.
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