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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.”

https://cryptohayes.medium.com/expression-f580605ebccd

mister_monster 2y ago

How can someone holding a lot of bitcoin destroy bitcoin? If it can then there's something fundamentally wrong with bitcoin.

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Discussion

Sovereign Matt 2y ago

Look at gold and silver

mister_monster 2y ago

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.

Diego Valley 2y ago

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. 🤷‍♂️