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Agreed. Not that my opinion matters - it’s happening irregardless of how I feel about it.

I just don’t see a world where at some point one of those products is mismanaged and people get rugged. They put the “trust” back into Bitcoin. Imagine escaping bonds and the fiat ponzi to exit into Bitcoin and then 5 years down the line an ETF which claims to have 5% of total supply is demonstrated to be insolvent. Ugly.

You’re right though, it’s a natural evolution. Bound to happen.

Merrcurr⚡️ 2y ago

BlackRock is not FTX.

I believe we must be careful in underestimating their intent. The quick buck is not how they do business.

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Discussion

nobody 2y ago

They will acquire, “lose” and payout to lost holders in FIAT destroying the Bitcoin network?

Zach⚡️ 2y ago

That wouldn’t destroy Bitcoin.

All I’m saying is that all these products will be huge honeypots. Through either bad intent, incompetence, or state capture, some of them are bound to fail. I know that Bitcoin has properties which make this harder, but banks like JP Morgan have manipulated metals markets using products like this for ages.

I couldn’t in my right mind recommend an ETF product to a friend or family member, and that’s why I’m not overly excited about them right now. They will bring institutions and mature investment funds, possibly even pensions, but they also set up a whole new round of learning “not your keys, not your coins.”

nobody 2y ago

I wonder if there can be a “bridge” ownership type of set up where the investor holds a part of the actual

Bitcoin in the ETF via multisig.

Merrcurr⚡️ 2y ago

Yes and that will be the next natural evolution of that phenomena. But right now, the only thing you can do is secure your own treasury and allow all this to happen and even mature.

That is the responsibility we have all accepted, owning a piece of the protocol on which all such things will converge is in fact a sleeping beast we have barely poked.

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