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Most bitcoiners here at least are not wired like most people. The masses are not gonna become us.
“Personally, I think owning bitcoin through ETFs and Bitcoin treasury companies has its own risks, so I prefer self-custody.”
I’m responding to this statement. When you have ETFs you don’t own Bitcoin at all. You own shares you actually have zero Bitcoin all you have is exposure to the exchange rate.
You don’t learn about the network, fees, incentives, lightning, privacy, you can’t spend it you basically learn 0.
Having the ‘ETFs instead’ for someone with curiosity is indefensible.
But the author of the article did do self custody but chose to change to ETFs. That suggests he understood about keys, network fees, etc., but ultimately decided that ETFs work better for him.
I wouldn't do what he did, but I wouldn't call him "not a bitcoiner" (not that you called him that either)
Its just an investment vehicle similar to gold ETFs. Its just what it is. It needs no excuses. You just need to know what it actually is. Pretty convinced most ETF holders are under little illusion. If they were concerned about the stuff you mentioned they would not be in ETFs.
The other sector are people will tax advantaged money that move it out of stocks into ETFs. They might also hold real bitcoin. I don't think these people are under any illusions either.
Great thing is I don't have to care. I can make my own choices and others should make theirs as well. Trust me, if it all goes sideways they will pay for it.
Everyone has a different reason for holding Bitcoin. I think it should be remembered that even Hal Finney envisioned a future where not many people held bitcoin directly, but rather through intermediaries. It still forms a more solid monetary base than fiat does. What really matters is the option to self custody.
Personally, I think owning bitcoin through ETFs and Bitcoin treasury companies has its own risks, so I prefer self-custody. But I won't get mad at people who choose a different approach. What I care more about is if someone understands the reason for Bitcoin, vs. just thinking in terms of "number go up".