QUESTION 1 - Boomer Bob buys a #Bitcoin ETF, and then later, the dollar hyperinflates - what is he left holding?
Hint: It's not bitcoin.
QUESTION 2 - was Bob's wealth protected?
Hint: ETFs are "I-DONT-owe-yous", (IDOYs).
Question 3 - At what point was Bob scammed?
Question 4 - who owns the bitcoin?
Question 5 - Does a bunch of people getting scammed mean that bitcoin adoption as money is delayed?
Question 6 - What is your bitcoin wallet's BIP39 mnemonic phrase and passphrase? (Pls DM)
1. He’s holding dollar-denominated poo
2. Only if he has permission to swap the poo for hard assets
3. The first time he traded his time for dollars
4. Bitcoin is never owned, simply held for a while
5. Conditionals are hard
6. I’ll trade mine for yours 🤝
1. Claims on an asset
2. Maybe, but historically it’s unlikely
3. I’m not sure if it’s a traditional “scam”, but Bob would have been stolen from in a manner which could’ve been prevented
4. Coinbase (likely, but could be fidelity or a different provider) has the right to move the Bitcoin. On a fundamental level they “own” it, but it can get a bit semantic and technically and some would argue ownership has a legal component
5. I don’t think there’s any other way, since Bitcoins permission-less nature means people will always be able to create ETF like products around it. So no, it’s not delayed.
6. Lmao, GFY 😎
4. But Bob never has any legal right to withdraw bitcoin
