165 sats \ 3 replies \ @02bcd3eeb0 14 Aug \ on: ETFs- a Sly Strategy to Capture & Control the Protocol, or Can We Trust Them? bitcoin
If Bitcoin can fail based on a few entities controlling a lot of coins, then it was never going to succeed in the first place. It's better we find out now rather than in 100 years time.
This is my take. You can be against the ETFs but also realize that they are inevitable. That's my take.
And when I say against them I meaning if you have 100 dollars and want to dump it for bitcoin you hold your own keys vs. buying an ETF. I am not opposed to freedom. If people have money locked up in retirement accounts and can buy many assets I'm not opposed to them being able to buy a financial asset that then holds bitcoin.
There's a lot of dumb takes on the ETFs.
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It depends how you define failure, but if we take the stated intention of the white paper seriously then ETFs definitely and directly undermine that intention.
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ETFs are simply an attack on the social layer of Bitcoin. There will be many more such attacks, and they will get much more sophisticated. Best thing we can do to resist these attacks is ignore them & use Bitcoin the way we think it should be used.
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