87 sats \ 7 replies \ @BitcoinIsTheFuture 25 Feb
Holders of ETF’s own 0.00000000 Bitcoin. Paper promises!
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0 sats \ 0 replies \ @02bcd3eeb0 25 Feb
By that logic you can also say that no one owns any bitcoin, since a private key is just a number and it is not possible to "own" a number.
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0 sats \ 5 replies \ @TheBTCManual 25 Feb
Lol some of them will find out the hard way and its going to be epic
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0 sats \ 4 replies \ @BitcoinIsTheFuture 25 Feb
I agree. How can @02bcd3eeb0 try to compare a paper Bitcoin promise to Bitcoin in cold storage? We are not the same and every cycle people learn. I was an idiot and lost a lot of Bitcoin by staking paper Bitcoin. You’ve been warned. Not your keys not your cheese…
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10 sats \ 1 reply \ @TheBTCManual 25 Feb
Lol equally an idiot back in 17, having paper promises on an exchange that got rugged, had to learn the hard way and I see it as the cost of learning, although i'd much prefer to have that bitcoin back :)
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5 sats \ 0 replies \ @BitcoinIsTheFuture 25 Feb
Ha yeah the cost of a Bitcoin education in sound money! Tuition costs suck :-)
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0 sats \ 1 reply \ @02bcd3eeb0 25 Feb
My point is that legal "ownership" of bitcoin is irrelevant in both cases. Courts can't reverse a bitcoin transaction even if the coins are "stolen". Having exclusive control of the keys is all that matters.
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0 sats \ 0 replies \ @TheBTCManual 26 Feb
Sure in some cases that will apply, blockchain is final, but if the size of the loss is large enough, the social layer/legal layer will act, if someone gets rugged most likely its bye bye bitties, but if its a whole bunch of investors, there's enough of an incentive to try and find who took the money
Not saying its perfect, but you will always have heat on your ass, look at the Bitfinex hackers, they took a few slip-ups and they were captured. So there's still a chance an ETF can recoup some funds
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107 sats \ 6 replies \ @JuanMiguel 24 Feb
Seeesh, they already bought 3.75% of BTC supply and the fiat price barely moved.
Probably because they are buying from OTC markets, hopefuly that shit drys up fast... or maybe it's because Grayscale is selling a lot aswell.
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0 sats \ 4 replies \ @TwoLargePizzas 24 Feb
Probably both. When people say price is set at the margin what it really means is the sellers want to make a profit.
We already had a pretty big run up so far in 2024 in anticipation of the ETFs, only 33% from a new ATH. That means anyone willing to sell are already in profit.
My guess is the sellers are absorbing the buyers which is why the price hasn't rocketed upwards after ETF approval.
But remember, whoever is buying now become the future sellers. They become the next round of price at the margin.
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10 sats \ 3 replies \ @JuanMiguel 25 Feb
Grayscale already sold 200K~ BTC in just a month. Still 400K~ to go tho. That's atleast 2+ more months of selling pressure. Which means we will hover the $50K~ range for a while... That will give us more time to stack. Once Grayscale sells off everything, and OTC drys up, we might start seeing a big pumps.
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0 sats \ 2 replies \ @Bell_curve 25 Feb
Will gbtc go to zero?
I bet it stops around 200k
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0 sats \ 1 reply \ @JuanMiguel 25 Feb
No pointing holding gbtc, fees are huge
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10 sats \ 0 replies \ @TwoLargePizzas 25 Feb
It's not just about fees. There's also liquidity and taxes.
Besides, there's nothing stopping GBTC from lowering their fees to remain competitive. The reason they haven't is because they're taking the bet some people will stay.
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0 sats \ 0 replies \ @go OP 24 Feb
Anyone have an enterprise Glassnode account to see this chart? https://studio.glassnode.com/metrics?a=BTC&m=transactions.TransfersFromOtcDesksCount
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5 sats \ 2 replies \ @oliverweiss 24 Feb
I guess, in the case of Europe the question shouldn’t be when but if.
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71 sats \ 1 reply \ @DiedOnTitan 25 Feb
It's when. But it could be a lot longer than elsewhere. Europe will come on board at a much higher price...eventually.
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16 sats \ 0 replies \ @go OP 25 Feb
This is what I think
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0 sats \ 1 reply \ @Bell_curve 25 Feb
Will grayscale go to zero bitcoin?
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26 sats \ 0 replies \ @BitcoinIsTheFuture 25 Feb
No, but with such high fees very few people will stay. But if it’s a taxable account they may be stuck.
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