Like the ETF or not it's another necessary test for bitcoin. If it can't survive this then what the fuck are we here for. Bring it.
Discussion
The sooner the better. We need to fail ASAP if we are to fail.
That being said, this is the hill I'm willing to die on.
- nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle
BITCOIN WAS BUILT TO WITHSTAND THIS MOMENT
I don't think so.
This is paper bitcoin. A select few buyers with money. Then offering fake coin to others.
Not real people stress testing bitcoin itself.
Of course bitcoin will eat up anything their printer can print.
They need #bitcoin to survive, if it survives they survive, remember they are parasites
They need a host to feed off of
🎯
Is the concern we might end up with a lot of paper bitcoin?
If people want to store their BTC with Fidelity I suppose they have the right to do that, even though that's not something any of us would do.
Exactly, which is why all the "is this good for Bitcoin" stuff is dumb. This is the natural progression
Bitcoin grows big enough to be taken seriously by legacy powers -> wall St and govt try to control it -> Bitcoin wins OR Bitcoin co-opted and fails
It's quite simple
I’m genuinely confused y’all… Bitcoin has been in a bull market since 2009.
BITCOIN WAS BUILT TO SURVIVE. BUCKLE UP, YOUR EMOTIONS WILL BE TESTED. STAY HUMBLE AND STACK SATS.
A lot has been said about the tsunami of first-time buyers of bitcoin that will enter via the ETF in the coming bull market. Nobody is talking about how the same tsunami of the uninitiated will panic-sell in the the next 4-yearly bear market after ATH. The sell-off will be spectacular and the Schiffs of the world will say "I told you so" but it will be the last buying opportunity sub K500. The Bitcoin community should be preparing noobs for the 4 year cycle, because BlackRock certainly won't be!
ETF bitcoin will be equivalent to paper bitcoin (a centralised ledger outside the bitcoin ecosystem and thus its blockchain). The assumption is that the ETF providers must hold an equivalent amount of bitcoin in order to supply the ETF (One paper bitcoin promised IOU equals one real bitcoin in holding).
What gold ETF teaches us is that this does not need to be the case. There is way more promised paper gold than gold around.
The only way it could impact the price is if the trust in full reserve of gold or bitcoin holdings is questioned. The questioning will occur if the majority of people having an ETF would like to see it converted in real gold or bitcoin because fhey want to self custody based on lack of trust in the centralised IOU system.
This could create insane scarcity if too much fractional reserve was allowed in the first place. Say; an ETF IOU bankrun would occur...
Agreed. I wholly believe that any attempts to artificially suppress the price of bitcoin through paper derivatives (like they have with gold for quite some time) will fail miserably and result in an epic short squeeze. As more and more of the available coins find their way into the hands of us "psychopaths" (as @`preston` likes to call us) who never plan on selling, the spot market will have no other choice than to explode higher. Ultimately, any temporary price suppression achieved will benefit those continuing to stack sats at the lower prices.
LFG
Some are good and others are bad
It’s all the same
Perceptions shift
The incentives continue to align disparate entities!