RE: Thought Experiment: Coinbase Goes Bankrupt

Oh yeah, for sure. I was more confirming and clarifying what you said than challenging it. I've gone through this process of starting an LLC myself within the last few years, so it's fresh in my mind. Even as I take advantage of it, I realize how F'd up it is that people can be completely insulated from legal and financial liability this way. It's really up to the individual as to whether they'll game the system to screw people over or act with integrity. Also yes, criminal law makes no distinction, but in practice it can insulate people from liability. We've seen situations in the last decade or so where entities have been held criminally liable and not a single officer, board member or shareholder was held directly accountable. They just levied a huge fine against the company and they just went on about their business. IIRC one of the big investment banks went through this. Nobody went to jail.