BitMEX founder Arthur Hayes new blog: “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin. If Bitcoin becomes just another state-controlled financial asset, it dies because it isn’t used. Because of their confusion and laziness, people purchase Bitcoin ETF derivatives rather than buying and hodling Bitcoin in self-custodied wallets.”
Discussion
More FUD. You still have counterparty and censorship risk. Not to mention settlement times. Price is not the only thing that makes Bitcoin valuable. It seems a requirement that if you’re in Bitcoin long enough you lose all rational thinking.
🎯 Quite right!
Spot #ETF is how the #WARshington #gangsterment plans to centralise significant #Bitcoin of its #sheeple livestock and loot it as needed, as they did with #gold.
How can someone holding a lot of bitcoin destroy bitcoin? If it can then there's something fundamentally wrong with bitcoin.
Look at gold and silver
What about gold and silver? Their problems are not that someone owns a bunch. I can still buy and sell gold and with and for gold, just because there's supposedly a bunch in fort Knox doesn't make my gold any less useful.
I read the article. Basically tldr is that if someone holds a load of BTC and doesn’t move it, it won’t generate fees for miners etc. 🤷♂️
Monero will never get an ETF.
It's more powerful a tool, than BTC.