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25 sats \ 8 replies \ @OT 14 Aug \ on: ETFs- a Sly Strategy to Capture & Control the Protocol, or Can We Trust Them? bitcoin
I think its a little disappointing to see so much bitcoin gone into the ETFs (already 500k I think) after only 6 months. I hope it starts to tapers off a bit as people become more educated. If it doesn't.... we might be in trouble
Those who buy the ETF would probably never buy spot BTC so I’m on the fence here. Is bad because of centralization and good because it increases pace of supply reduction hence increasing price.
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Bloomberg ETF analyst Eric Balchunas posted a chart to X on Aug. 13 showing that the ETFs now hold 909,700 Bitcoin
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Tried raising this issue on reddit r/Bitcoin many times with little success and mostly got shut down and censored as the majority of the posters and even some moderators there are pro ETF which I can only guess is either driven by short term price pump greed or corporate banker paid social media operatives.
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Maybe. I mean you can't control who gets into bitcoin. And no one knows what's going to happen. If we really get hyperinflation in the fiat system, the people holding the ETF's will suddenly realize why its best to hold your own keys.
I do see the point though that if you're holding your keys and you have your portion of bitcoin that can never be debased, it might just be good enough. Its just that we see and hear all the "revolutionary" and more radical opinions here, nostr and X. The majority of bitcoin holders might have a completely different view.
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The point of raising the issue is to hopefully enable discussion and debate and build an informed community.
Knowledge is power.
Freedom of speech is fundamental to healthy free markets.
An informed community would IMO be less inclined to buy ETFs.
However far from everyone on Reddit agreed, in fact most there spoke in favour the ETFs and strongly resisted my efforts to raise these issues, with censorship being used to silence the topic on several occasions, and vigorous trolling the rest of the time!
I suggest it would be naive to think fiat money does not fund social media operatives to observe and influence social media narratives...control of the narrative is effectively control of the market...and imo that malign influence is what is now increasingly evident on r/Bitcoin...it is strongly implied wherever respondents seek to avoid the facts and issues and either distract or shoot the messenger.
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Discuss how they demonstrably undermine the p2p decentralised MoE fundamental basis, ethos and value of the protocol and therefore encourage people to self custody and not buy into ETFs?
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