How does it work in practice? My naive assumption is that “CAT” is for concatenation but what are the operands , items on the stack?
Isn’t the problem of trusting a single mint mitigated by utilizing many, many mints with small balances?
CD133: BITWISE BITCOIN ETF WITH HONG KIM, COFOUNDER AND CTO - nostr:npub1jpvsahpy0vgq7gu8nfqjkeskce0gwjk8jpss590xkvjh5xxe4epsruqgsz
https://cdn.satellite.earth/a6668bf17f2a8dd99a2b6e0a3ad0ac5d22e8386b6a70fbbddba84aabf100f8e1.mp4
GREAT RIP!
Something I’ve been trying to wrap my head around is how would the ETF maintain NAV and/or BTC per Share given the volatility of BTC price and the less than transparent mechanisms available to market makers.
In the simplest scenario, BTC price goes up, market makers buys shares, redeem for BTC, and sell for cash to capture the spread and bring share price back to par.
The same is true is reverse, BTC price goes down, market makers buy BTC, create shares, and then sell shares to bring the price back to par.
Given the long settlement times, supposed infinite liquidity at Coinbase and long track record of obfuscation, without clear proof of reserves and shares outstanding, I don’t see how this all works out well.
I have no doubt that ETF shares are being borrowed at massive volumes, redeemed for BTC and then either sold or held (to be sold later) for profit and to suppress the price as needed.
STAY HUMBLE & STACK SATS 🫡
Great to see you posting on nostr and thank you for all the knowledge back on /r/Superstonk.
Fiat profit made from fees on bitcoin transactions and/or spreads to be turned into bitcoin.
GOOD MORNING, STAY HUMBLE AND STACK SATS. 🫡
DISPATCH IN FOUR HOURS - 1700 UTC - WITH nostr:npub1c878wu04lfqcl5avfy3p5x83ndpvedaxv0dg7pxthakq3jqdyzcs2n8avm
Looking forward to this rip
What does that say about you posting here? Probably one of those situations where you keep it to yourself; I’m sure there are folks who find value in it, like maybe making some Bitcoin friends.
Good Morning Sir. I seem to be not seeing your posts as frequently as before. Could this be a relay problem?
To be fair, you’re a lifestyle influencer, a style of life worth living.
That just confirms you’ve made the right move. The time of warning everyone of the flood is over. Time to tend to your flock already on the ark. (Not religious but it fits)
GOOD. THEY CALL THAT INTEGRITY.
YOUR CONTINUAL ADHERENCE TO YOUR PRINCIPLES IS A MAJOR REASON I LISTEN TO YOUR PODCASTS. YOU KEEP OTHERS IN CHECK BY CALLING THINGS OUT AS YOU SEE THEM. IT’S THE BEST KIND OF SIGNAL.
What happened to being in “the fuck you phase” of your life?
Regardless, Good Morning 🌞