My understanding was the ETFs have to own the underlying coins in full, limiting the potential to pull an FTX. Is that not true?
#Bitcoin is playing in big leagues now and the game is at a new level.
How I suspect it plays out: An attempt to capture as much as #Bitcoin as possible including regulation to “try” to slow self custody of #Bitcoin (Warren et all) and leverage games on paper #Bitcoin to reduce price. (ETF’s)
Which “causes” more Bitcoiners aware of the manipulation and how the game is being played to use lower prices to buy and self custody more #Bitcoin (reducing supply)
Which at some point creates a short squeeze of MEGA proportions (maybe along with halving - maybe later ) that liquidates a major financial player. (Similar to FTX)
Money has become a monopoly because of the games that have been able to be played with others assets due to the centralization and control of those assets.
But Wall Street has never seen an asset like this. It is not gold and too many #Bitcoiners know how the game is played, meaning if you don’t play by the rules, eventually you will be caught short. (And no one is coming to save you)
Or as nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx says:
Stay humble and stack sats.
Discussion
Required is such a strong word that requires so much trust.
Devil is in the details id imagine. Fidelity is building out its own self custody infrastructure but i believe th rest are using coinbase as a custodian. So coinbase will be moving a bit of paper between the accts i guess 🤷♂️
Fidelity did have their own trading platform for a bit before the etf too.