43 sats \ 11 replies \ @siggy47 18 Jun 2023 \ parent \ on: Trust Me, Bro bitcoin
Allen Farrington wrote a great article explaining how this is not a real spot etf. What you said in your reply is exactly what people said about GBTC, which could also be purchased in retirement accounts and by investors who could not hold physical custody. In this case it's worse than Grayscale, if only because BlackRock is involved. No physical redemption, free to decide on a legitimate fork is scary. BlackRock's ties to the U.S. government will allow easy manipulation of the market, just like J.P. Morgan Chase manipulates the gold market: https://www.straitstimes.com/business/banking/jpmorgan-fined-126-billion-for-manipulating-precious-metals-treasury-market
I don’t have time to argue with you. Go deny blackrock’s application or sell me your coins if you are bearish
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I don't feel like it's an argument. I won't sell a single sat, and I'm bullish long term on bitcoin. This will allow its price to be manipulated short term, though. Before bitcoin existed I owned GLD. I was a gold bug, and I bought the GLD etf because it was real physical gold, not the DGL which I thought of as paper. I still own GLD in a retirement account. Farrington explains why, when dealing with a commodity, this type of etf is really a trust, like Grayscale. It's not the end of the world by any means. It just won't bring these huge price gains everyone imagines.
Speaking of which, check out BTC price action just after the approval of the first futures etf. Everyone anticipated a surge in price, and instead it was the beginning of the 2018 bear market. That was either intentional manipulation or typical "sell the news" price action. Same thing when El Salvador adopted bitcoin. We all expected a price surge. We got a dump.
Look, we're on the same team. I hope I'm dead wrong and that you're right. I'm just expressing my opinion.
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Absolutely. Number one thing is still education-
Not your keys not your 🧀
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You should at least consider and understand the risks, if you think education is key.
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I’m going to personally buy 0 shares of this product. Just like everyone else on stacker.news furthermore we also have 0 control over the approval.
So how about more education (not your keys not you Bitcoin) and less fud?
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I was glad to see that Matt has addressed the issues in his latest video
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What is that video?
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He addresses the issues regarding Black/Rock ie it's not an etf, the ability to choose a fork, etc, that you and I were arguing about.
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I think u posted the wrong link if you meant the bitcoin university video
Matt said it is a functional etf similar to gold etf/trusts that create/redeem units
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Sorry! This is what I meant to send:
https://www.youtube.com/watch?v=KloXHKxmoiA
Education is always good, especially about NYKNYB. I guess the community is really split on this. I was listening to a bitcoin podcast this morning and the two co-hosts were on opposite sides of the fence. It's important to talk about it, I think, but in the end, like you say, we can't control what happens.
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