Replying to Avatar arkinox

But wait there's more:

Blackrock can just skip the buy bitcoin step and issue as much paper as they want! It isn't legal but laws are for poor people! So the price of bitcoin doesn't change because nobody bought it! That seems to be what happened yesterday since the etfs received 2 billion dollars on day 1 and bitcoin went down.
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arkinox 2y ago

Just watched RHR from earlier today and apparently the ETFs have 2 days to actually source and buy the bitcoin from ETF purchases. They also are legally obligated to hold 1:1. But we will see. Exchanges are custodians, and exchanges are a primary source for printing paper BTC

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tanel 2y ago

i can smell an ever bigger implosion coming in 3 years

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やトナ 2y ago

Definitely a chance but an implosion in 3 years would probably be a drop from like $300k to $150k

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arkinox 2y ago

Imagine the sm- oh

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tanel 2y ago

remind me this in 3 years

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やトナ 2y ago

Yeah, my concern would be more about coinbase actually having the bitcoin they say are in the ETF accounts. I’m assuming there’s some audit agreement the SEC required to make sure that the bitcoin actually exists and coinbase isn’t lying but I haven’t read all the filings.

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ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 2y ago

that would explain why the price has dipped, but it will come up again if they actually have to try and find bitcoins to satisfy their "obligations"

but you and i both know this is gonna be a clown show