The Bitcoin ETF is the spiritual reversal of Executive Order 6102 \ stacker news ~bitcoin

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The Bitcoin ETF is the spiritual reversal of Executive Order 6102 balajis.com/p/the-bitcoin-etf-is-the-spiritual

5815 sats \ 16 comments \ @Car 11 Jan bitcoin

2454 sats \ 10 replies \ @Dash_1971 11 Jan

I see it the opposite way to Balaji. I think it's the set up for a 6102. They create this paper and say "see, you can hold it here. It's regulatory sound, tax efficient, and no need to mess about with complex nerdy stuff". Then they turn around and say, "well no need for self hosted wallets now. What are you, some kind of terrorist!?". And then they outlaw self custody and demand all coins are handed to exchanges in exchange for paper claims. Eventually there will be a "national emergency", and the paper claims will not be honored. I.e. exactly what happened with gold. History is not going backwards, imo, it's repeating itself.

31 sats \ 0 replies \ @siggy47 11 Jan

100%. I can't believe this guy, who seems pretty smart, can get this so wrong.

10 sats \ 0 replies \ @jeff 11 Jan

I completely agree. But, I think if that happened, the network would be incentivize to go on the offense. I can think of many tactics.

10 sats \ 0 replies \ @ssaurel 11 Jan

I see it the opposite way to Balaji. I think it's the set up for a 6102.

I see the same risk as you. In the long term, there's a big risk that the government will try to regain control by relying on these financial giants.

1 sat \ 1 reply \ @Lux 11 Jan

People are retarded

0 sats \ 0 replies \ @Natalia 11 Jan

I still can't wrap my mind why on earth people would buy ETF but not the actual Bitcoin?!

and the most funny part is the last thing you need is someone's else approval in the Bitcoin land, yet it seems many people are so happy with the approval.

0 sats \ 3 replies \ @0xIlmari 11 Jan

Except this is different. You can't go door to door requesting people to surrender their secret numbers.

And good luck doing that in present day Texas.

Also, boating accidents exist.

Also, Twitter exists. (I refuse to call it any other name.)

242 sats \ 1 reply \ @Dash_1971 11 Jan

They didn't go door to door for gold, afaik. Just the threat will be enough to get most to comply. They have most holders on a list thanks to KYC. Just a threatening letter from the exchange and a few high profile prosecutions should be enough, like it was for gold.

0 sats \ 0 replies \ @0xIlmari 11 Jan

I'm sorry Your Honor, I sent all my bitcoins to a person that promised to double it, and never heard from him again.

10 sats \ 0 replies \ @siggy47 11 Jan

There is a carrot as well as a stick. Real bitcoin's value will be driven down while the price of paper bitcoin is propped up. Even core devs will vote to put food on the table.

0 sats \ 0 replies \ @Natalia 11 Jan freebie

well said.

529 sats \ 0 replies \ @elvismercury 11 Jan

Best thing about this article are the links to references about 6102 and related cultural responses to it. Super interesting.

0 sats \ 1 reply \ @newnym 12 Jan

I could be wrong, but now that bitcoin ETFs are a thing will it be easier for people to short bitcoin? I mean if you are a Wall St. guy you can now short bitcoin through the ETFs without resorting to some obscure crypto exchange, right?