I have a sinking feeling that there is going to be a big problem with these new ETFs:

-To create additional shares of an bitcoin ETF, an authorized participant (AP) will purchase bitcoin and then exchange that bitcoin with the ETF issuer in exchange for new shares and then sell those shares on the stock market

-To delete (redeem) shares the issuer will buy shares on the market and deliver them to the ETF issue who gives them bitcoin in exchange.

Then the AP sells the bitcoin and gets cash

The APs make money by arbitraging the difference between the price of the shares and the bitcoin (or vice versa)

If they are attempting to create shares (buying bitcoin) but there is not bitcoin on the market then no shares can be created and the share price will dislocate wildly (trade above the number of bitcoin held in the ETF)

If they are deleting shares and the price has dislocated then they will be buying back bitcoin from the issue using shares that are above NAV. (meaning they are losing money buying less bitcoin back with expensive priced shares)

This works fine for stocks where there is always enough shares on the market at the clearing house.

This might not work so well when there are UTXOs that are not interested in being brought into exchanges participating with the ETF and there is a fixed and inelastic supply.

Hi nostr, its been a mostly relaxing Sunday, and i have thoroughly enjoyed this day. I spent alot of outdoor time, just enjoying the sunshine and perfect temps.

I'm part of a small local Telegram group that kinda keeps me updated about local politics in our town, and up to now we've only had one meetup. But I suggested we start meeting more regularly, to discuss a variety of things. A couple of members are ham operators, so we'll be having a meetup soon, about ham radio and being able to communicate with each other in case of emergencies or loss of internet, etc. I'm looking forward to learning a bit about it, plus i just think its a good idea to keep in touch with freedom minded locals. I know for sure that one of them is a bitcoiner, and i might ask at the meetup if anyone is interested in doing a btc meetup next. I hope so.

Well thats about all i have to report today. We're just living our quiet lives out here in the country, just the way we like it. Yall have a good evening nostr friends. #grownostr #countrylife #homesteading

"There is no gardening without humility. Nature is constantly sending even its oldest scholars to the bottom of the class for some egregious blunder."

Alfred Austin

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GOOD MORNING NOSTR, APPRECIATE YOU ALL 🫡

Dedicated to being more ornery in 2024. Any advice?

#asknostr

1. RELEASE BULLSHIT EXAGGERATED NUMBERS.

2. EXPECT THAT MOST WILL NOT VERIFY AND ASSUME OTHERS DID.

3. SOLICIT REAL INVESTMENTS IN YOUR COMPANY BASED ON THE BULLSHIT NUMBERS.

4. PROFIT.

1. RELEASE BULLSHIT EXAGGERATED NUMBERS.

2. EXPECT THAT MOST WILL NOT VERIFY AND ASSUME OTHERS DID.

3. SOLICIT REAL INVESTMENTS IN YOUR COMPANY BASED ON THE BULLSHIT NUMBERS.

4. PROFIT.

Oh Jesus. You can’t delete!? OH JESUS.

I've been running a full Bitcoin node on a raspi for almost 3 years now. I keep it up to date and sync'd, and use it mainly for my own education and to monitor my utxos as I hodl. I suppose it adds in some small way to the robustness of the network, but it has no commercial raison d'etre really.

Just recently I opened my first lightning channels, connected a self-custody BlueWallet backend and ran a bunch of test transactions with Strike, Alby, and Nostr. I haven't deposited much Bitcoin into it yet but in the course of moving a few million sats back and forth I've managed to establish a little bit of inbound liquidity...

And now I realize, I have nothing to sell and very little prospect for earning significant Bitcoin in network routing fees. So I'm just wondering to myself... why am I doing this? Can anybody offer this Odler Hodler some insight or incentive to continue down the Lightning node rabbit hole?

GOOD MORNING NOSTR, STAY HUMBLE AND STACK SATS 🫡

GOOD MORNING NOSTR, STAY HUMBLE AND STACK SATS 🫡

GOOD MORNING NOSTR, STAY HUMBLE AND STACK SATS 🫡

GOOD MORNING NOSTR, STAY HUMBLE AND STACK SATS 🫡

I'm narrating a 30-minute video about money, and it's clear why I didn't narrate my full book Broken Money myself (and instead got nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev to do it. It's very hard, and my voice is particularly boring when reading.

In the near future, I think AI will be good enough that it can learn someone's voice and then provide top-tier narration. And for example it could be told, "alright that's good, but make it 50% more charismatic. Make it sound like Lyn is at least trying." and it'll be able to do that.