21 sats \ 2 replies \ @frostdragon 17 Jun \ parent \ on: Bitcoin is already a social movement. Or, maybe not? bitcoin_beginners
How are ETFs snatching decentralization away? They're not preventing self custody, and they're backed by real bitcoin. Bitcoin ETFs are a temporary phenomenon that will help exposure, and then eventually die.
How are ETFs snatching decentralization away?
I think it because they are buying Bitcoins and giving people the same assurance as do fiat notes. People who buy ETFs won't ever own a single Satoshi.
Bitcoin ETFs are a temporary phenomenon that will help exposure, and then eventually die.
How can you be so sure about it?
Suppose, these corporates manage to buy a considerable amount of Bitcoins (say 50% to 60%) and then government jumps in and make all these Bitcoins obsolete and take them in its control and say to innocent people that they will be compensated with so and so money (fiat that they will print and distribute).
reply
"People who buy ETFs won't ever own a single satoshi"
Eh, maybe that will be the case for some people, but I would say ETFs are giving people exposure by allowing them to "buy" bitcoin without having to learn a bunch of nerdy shit about it, BUT - those people are going to learn about what they're investing in, and a percentage of those people (some of which are whales) will become bitcoin owners.
"How can you be so sure about that?"
I mean, that's what bitcoinization over time is. There are still so many people who simply have no idea what self custody is, and once that changes, people will see how pointless ETFs are.
Also, fwiw, the government doesn't need ETFs to buy bitcoin, they could just print money to accomplish that at any moment... As to the government/corporations owning 50-60% of all bitcoin... Look at this: https://river.com/learn/who-owns-the-most-bitcoin/#:~:text=Not%20including%20Satoshi%2C%20three%20bitcoin,own%20more%20than%20564%2C902%20bitcoin.
reply