Replying to Avatar Lyn Alden

To be honest, I think the bitcoin ETF is the most boring thing about bitcoin right now. Whenever I get asked about it I'm like, "meh".

Yes, the ETF should be good for price and liquidity, since it gives large pools of walled-garden capital more access to bitcoin exposure.

But in my view, the most important thing about bitcoin right now is all of the little hubs popping up around the world. Bitcoin Beach, Bitcoin Lake, Bitcoin Jungle, Bitcoin Ekasi, Africa Bitcoin Conference, Indonesia Bitcoin Conference, etc. As well wallets and other technologies that help them localize their custody of bitcoin rather than keep it all stashed in the giant Binance honeypot or wherever, and any solutions that help link to them all together for payments or that help them trade peer to peer or onboard from fiat to bitcoin in distributed ways.

The rise and connectivity of those hubs is impressive and is worth supporting.
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Cui Bono 2y ago 💬 1

Can you explain how 'proof of reserves' would work within an institution running an ETF and if they would be obliged to evidence their UTXOs to the "authorities" or auditors or shareholders and if this would be ahem...open to "creative accounting" ?

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Peregrine Talcom 2y ago

They will be audited. Some have said they will publish their wallet addresses so anyone can view them on chain. Others have cited security concerns, but it may be seen as a competitive disadvantage if they don't.