Nostr Web Client

yes bitwise is launching an ethereum etf

i'm bitcoin first but not bitcoin only and if that's upsetting i'll take the heat. replies / dms open.

fwiw i think bitcoin and ethereum are completely different things. i know it can be super annoying when eth maxis are like "eth is even more sound than bitcoin!" but nobody takes that seriously. bitcoin is undeniably king as decentralized non-government money and that's not really up for debate

imo the question is around whether bitcoin wants to swallow the full range of public computing needs or leave room for the non core use cases (everything outside of sovereign money). i mean, stablecoins are undeniably a thing. non-custodial trading (uniswap) is also undeniably a thing.

i'm very happy that bitcoin hasn't morphed to make any of those things too easy on bitcoin. making stablecoins easier means making general token issuance easier. making non-custodial trading easier on bitcoin means more MEV risk on bitcoin. i'm happy that those experiments are playing out outside of bitcoin. maybe where i differ with many bitcoiners is that i am happy that those experiments are still happening.

anyways, happy to discuss this more. didn't want to seem like i'm hiding from this issue.

[ARCHIVED] Jay 1y ago

Running a business and refusing to take people's money is a bad way to run a business. Give people what they want and stack sats 🤷‍♂️

Reply to this note

Please Login to reply.

Discussion

SUPERMAX 1y ago

This is where I have failed countless times because my morals & principles got in the way.

Wouldn't change it though, I'm sticking to what I believe in.

High Heel King 1y ago

This is kinda where I'm at. Also a big difference between this and something like Casa, where their ETH product is actively taking away development time.

[ARCHIVED] Jay 1y ago

I had thought of Casa in comparison to Bitwise. Casa probably has to deal with Ethereum custody directly for their products, so I can see why it's turning into a huge burden for them. I remember that nostr:npub17u5dneh8qjp43ecfxr6u5e9sjamsmxyuekrg2nlxrrk6nj9rsyrqywt4tp has done a lot of work into Ethereum self custody and node running.

Bitwise would get someone like Coinbase to do that part for them, so it makes sense for them to wrap an ETF around it like they did with Bitcoin. Is this on the right track, nostr:npub1jpvsahpy0vgq7gu8nfqjkeskce0gwjk8jpss590xkvjh5xxe4epsruqgsz?

Hong Kim 1y ago

yes. we’d use a third party custodian (like coinbase as you suggested or fidelity/anchorage/bitgo/etc all support eth custody out of the box as well).