I didn’t realize how crafty an attack the ETF approval was to separation of money and state until today.
I found out, someone i thought I orange pilled, sold his coins, paid tax and rolled his capital into IBIT.
It saddens me but I think the overlords know, the fiat can go to shit but if the people become self sufficient/sovereign they’re fucked.
When those are gone and he needs to earn new BTC, he’ll think clearly.
What was the reasoning behind this? Concerns about self custody?
When I asked him, his response was it’s just easier for me, everything is one place. I tried to explain to him, the key benefit of Bitcoin is you don’t need to trust 3rd parties but he didn’t want to hear it, he just wants price exposure, he doesn’t want to be self sovereign
Yeah I know people like that. Mixed succes with highlighting the following points.
The main reasons for avoiding ETFs or leaving your bitcoin with an exchange provider are:
- You have no control over your bitcoin; they decide what you are allowed to do with it.
- If something goes wrong at the company, you could lose your bitcoin, as it’s not covered by any bank guarantees.
- Changing regulations could negatively impact you.
- You’re suppressing bitcoin’s fiat (dollar) price because these companies often don’t actually hold the amount of bitcoin they claim to, similar to traditional banks.
It’s a common theme. Maybe meet him /her in the middle with collaborative custody?
In addition, what happens if we fork again? Don’t you want to HODL any and all forks
