Onramp

Bitcoin financial services built on Multi-Institution Custody
✉️ [email protected]

[Onramp @OnrampBitcoin]

Onramp Finance is here.

Earn up to 5%.
Get 1.5% cash back.
Low-cost BTC brokerage.
Direct gold access.
Loans & IRAs.

Earn. Spend. Accumulate.

The ‘everything' platform the market deserves.

Rooted in sound money principles.
Built to support your entire financial life.

[Michael Tanguma @MTanguma]

The best time to stack bitcoin has always felt like the worst time to stack bitcoin.

Red on the screen has never been the risk, not owning spot btc when the price turns green is.

Stack cheap. earn on your cash while you wait.

Store it across multiple institutions so no single point of failure touches what you own.

Onramp Finance. all three in one place.

Sign up below

[Michael Tanguma @MTanguma]

Mt. Gox. FTX. Celsius. Bybit. CoinDCX.

Every one had something that looked like a credibility signal.

An audit, a reserve page, multisig, or some level of green ratio.

None of it was what decided whether customers got their coins back.

Full "The Proof of Reserves Illusion" report below

[Onramp @OnrampBitcoin]

https://t.co/y1CUnRCdZt

[Onramp @OnrampBitcoin]

Most major Bitcoin exchanges publish Proof of Reserves today.

But that did not prevent Bybit's $1.5 billion loss.

Their audited PoR was published less than 24 hours before the hack. 

The PoR was legit. The loss happened anyway. 

New Research 👇

[Onramp @OnrampBitcoin]

$1,000 in 1913 buys you about $23 of goods today.

97.7% of the dollar's purchasing power, gone.

CPI is the smoothed line on top of a near-vertical descent. Anyone holding dollars for the long run is losing money, fast.

Bitcoin is the asset that protects you against this.

[Jackson @macrojack21]

one thing I agree with Saylor on: proof of reserves doesn't actually make your Bitcoin any safer.

he took heat for calling it a parlor trick. He was right.

reserve ratio shows what a platform held yesterday.

it says nothing about whether you'll see it tomorrow. 👇

[Brian Cubellis @BackslashBTC]

Proof of Reserves is a great step for the industry, no doubt. But it's not enough.

PoR is a point-in-time snapshot of an omnibus pool of funds.

Holders should demand more. That's the standard we've built towards with MIC at Onramp.

Proof of Ownership.
This is the way.

[Onramp @OnrampBitcoin]

@BackslashBTC The transparency is a step in the right direction, but does not prevent the losses.

[Onramp @OnrampBitcoin]

Proof of reserves became the industry's response to FTX.

The largest custodial losses since then have all occurred at firms with PoR, multi-sig, or both.

The reports were accurate.

What they measure is not what determines whether your Bitcoin is safe.👇

[Onramp @OnrampBitcoin]

The complete argument, with the historical record and the standard set out in full, is in our latest report.

The Proof of Reserves Illusion.

https://t.co/S61gqWOHOp

[Onramp @OnrampBitcoin]

We call those conditions proof of ownership:

Coins segregated on-chain.

Titled to the holder.

Verifiable against the chain at any time.

Secured by independent institutions so no single party can move them alone.

Where reserves describe the risk, this removes it.

[Michael Tanguma @MTanguma]

Don't let the DAT proponents gaslight you.

Bitcoin didn't collapse. The wrappers did. Down 44% vs 70 to 99%.

The original grift was amplified bitcoin. It failed.

Digital credit is the next iteration.

When it can't hold par, they'll move to the next one.

"You're talking your book." Yes.

We've been talking it for the past 10 years.

We educate the market on bitcoin's fundamentals, and that bitcoin's volatility is a feature, not a bug, which is exactly why you hold it in cold storage, in keys you control, segregated from counterparty risk.

Saying we talk our book doesn't negate the argument.

It confirms we've been right since the beginning.

They painted you, the prudent saver, as a luddite.

It's all fallacies built on sand.

Rent extractors have existed for thousands of years.

Why would this time be different? They just look a bit different.

Always look at what someone has to sell you. That's the motivation.

The market will sort itself out, but in the meantime, keep your head on a swivel, and if it looks and quacks like a duck, it just might actually be a duck.

In the meantime, we will be building @OnrampBitcoin, helping people preserve actual wealth, in cold storage.

We have had no shortage of praise, both in private and from new and existing clients, for speaking up and highlighting the risks associated with these products.

If that's you, DM me or book a consult / sign up in the comments.

[Michael Tanguma @MTanguma]

The chart everyone ignores until they wish they hadn't.

[Onramp @OnrampBitcoin]

END/

The whole question of whether the price is being managed, by whom, and by how much, is one the holder of spot in self-custody, collaborative custody, or Multi-Institution Custody does not have to answer.

The toolkit operates on claims. It has no grip on a coin held directly. The whitepaper said as much in 2008. The data lets us see it now.

Read the full brief here:
https://t.co/BllUA6C6ts

Sign up for Onramp Research to receive the Weekly Market Brief to your inbox every week:
https://t.co/9rzDm0NEpo

[Onramp @OnrampBitcoin]

If you wanted to suppress the price of a scarce-supply asset, history already handed you the toolkit.

This week's Market Brief is not an accusation but a thought experiment and evidence review.

How much of that toolkit exists around bitcoin, and how much is being used?

🧵👇

[Onramp @OnrampBitcoin]

8/

So the practical takeaway follows from the structure, and it holds regardless of what anyone concludes about intent. Hold bitcoin in a form that cannot be rehypothecated. A few structures qualify:

Self-custody, including collaborative custody where the holder keeps the majority of keys, puts the coin in an output no one else can spend.

Multi-Institution Custody splits the keys across independent institutions so none can act alone, while the holder keeps legal title to a segregated on-chain vault verifiable on any block explorer at any hour.

What they share is the property that matters here. Each takes the coin out of the rehypothecation pool, where it cannot be lent, levered, or claimed twice.