ETFs Bitcoinize the stock market, but it also financializes Bitcoiners.
Discussion
No, the feds just tricked those guys into taking their money out of self custody and putting it back into The Fed system. That's what happened. Some of your old buddies convinced their buddies to put the money back in The Fed system.
Bitcoiners that move bitcoin out of self custody into ETFs never understood Bitcoin in the first place.
“The main benefits are lost if a trusted third party is still required to prevent double-spending.” - Satoshi
Idk that that's what people use custodian for, but whatever..
I agree with your opinion.
Custodians are there to prevent cheating, supposedly. Which is what double spending is at its core.
People use custodians to do custody for them. They don't hand over Bitcoin to custodians because they don't trust the blockchain.
Correct, they don’t trust themselves, so they choose to trust someone else. The difference is that prior to Bitcoin, trusted third parties were not optional. And we have plenty of examples of the breach of that trust. We have a choice now and it’s sad that so many people will opt for the more dangerous road, instead of taking responsibility and become truly free.
Re: custodians, Im not quite sure if I completely agree with you.
Multi Institutional Custody seems to be a secure way to hold your main chunk of bitcoin. Third party custody is okay if they do not hypothecate your bitcoin and if you understand the risks.
I do believe however that we should spend with bitcoin as much as we can.
That’s a lot of ifs. You are correct we should spend more Bitcoin tho.
I don't know so much, I try not to judge what other people do with their permissionless money.
Bitcoin changed the way I viewed & interacted with the world. I thought I was weird until I saw that it was changing others in a similar way.
My mistake was assuming that it had the same impact on everyone. I've met such a wide variety of Bitcoiners from so many different backgrounds that are at so many different places on their Bitcoin journey.
One of the most interesting questions you can ask a bitcoiner is 'what is Bitcoin to you?'
It's surprising just how diverse these answers are.
> I try not to judge what other people do with their permissionless money.
Bitcoin ETFs are not permissionless money. Like all wrappers they are just a claim to ownership, not the real thing. This is not an opinion, it’s a fact. Which is precisely what the quote from Satoshi implies - main benefits are lost if third parties are put back into the equation.
Exactly.
They made the incentives favour paper bitcoin to take your bitcoin out of your hands.
I’m focusing on acquiring XXI. It’s better than ETFs and MSTR. Has the smartest CEO and also the backing of Wall Street legends Cantoor Fitzgerald. #bitcoinMaXXI