Mark my words, this potential ETF will ultimately lead to 'paper' bitcoin. Most investors are gonna want nothing but 'number go up' and will have nothing to do with self-custody (if that would even be an option with the ETF). These demons manipulate and/or break every single thing they touch. Sorry maxis, this will be no different. If shit starts looking sketchy to me, all goes to Monero
I feel like the CEO of Blackrock pumping #Bitcoin is a concrete sign that it's failed to exist as a useful currency to advance liberty. Some would argue it was never intended for this, but even now there are people who will sloganeer Bitcoin fixes this in the face of censorship and financial repression.
#MoneroOrBust? More and more I start to side with those that argue that currency is the wrong battle in the first place when it comes to attempting to hold the powerful to account. (pun intended)
https://f005.backblazeb2.com/file/gabe-dat/mk/89bc27d8-7eb4-4ce0-9faf-d6cded7c2ff0.mp4
Discussion
I used to think this was a problem when I learned about how paper trading suppresses the price of gold. However, someone mentioned to me that with any trade, you need a buyer and seller. When you’re shorting something, someone needs to be on the other end willing to buy it. This creates volatility in the market but eventually markets will correct themselves and those paper trading will get wrecked. If that is true, then paper trading is not something to be concerned about. Besides, blackrock still has customers and they are incentivized to give them good returns. If all these financial institutions got into Bitcoin at the same time and agreed to short bitcoin, then they would all lose money for their clients. But if one of those financial asset managers did well because of bitcoin, then they’d attract more investment capital. So all these institutions are actually in competition with each other and it’s in their best interest to see Bitcoin succeed. I’m sure the reason they’re filing for these bitcoin ETFs is because their normie clients want bitcoin without taking self custody. This is all speculation though. It wouldn’t surprise me if government tried to attack it anyway.
'normie clients want bitcoin without taking self custody'
That's kinda my point. The clueless will be taken for a ride somehow. How many exchanges collapsed because they claimed to have bitcoin that didn't exist? If someone has no idea what they are looking at, they can be shown whatever and as long as number goes up, they won't care about anything else. And wait until the regulators step in and add another layer of fuckery to the equation. I don't care what anyone says, this is the worst thing that can happen to bitcoin. People talk about using it to work outside the system, and now they are celebrating the system embracing it. Something will break. Maybe not in the next year. Maybe not in 10. But it will be poisoned like everything these people touch. I'm not saying any of this to turn people away. I buy whenever I can, and will continue to do so. But people need to not have their heads in the sand about this.
I somewhat agree with you but this isn’t a threat to bitcoin. It’s just how things are. Most people are stupid and will get wrecked. It’s the only way they will learn. Bitcoin must be anti fragile to win and whether or not people hold their keys doesn’t really change anything about bitcoin.
Well I do I hope I am wrong. I really do. But I see nothing good whatsoever coming from this. They broke food. They broke health care. They broke medicine. They broke gold and silver. They broke cash. They broke water. The broke air. And most importantly, they broke the people. They break everything and do so intentionally. And what cannot be broken is manipulated in their favor. To think there isn't a scheme to benefit themselves and screw all of us somehow is just to deny historical realities. If they can highjack the human genome through mRNA injections and turn breastfeeding mothers (the givers of life) into death dealers killing their children with poisoned breast milk, they can highjack some ones and zeroes. All I'm really saying is don't ignore the possibility and be ready to make whatever moves might be needed if they are needed.
I see what you’re saying. I’m definitely not ignoring the possibilities. These things are all concerns but bitcoin doesn’t fix them directly. The important thing is that it gives people a way to opt out of this stuff you know what I mean? If you have to leave the region you are in, you can do relatively easily because your wealth is weightless.
I'm definitely not criticizing the usefulness of bitcoin at if that's how any of this came across. Its just my gut feeling tells me this is bad, and I cannot shake that feeling. Only time will tell and as I said before, I do really hope I'm wrong. Hell, for all we know, maybe they are counting on the inherent distrust of entities like Blackrock in order to turn people away, which if that were the case, all I could say to that is stack harder.