reply on: ETFs are just a custodial layer 2 \ stacker news ~bitcoin

316 sats \ 11 replies \ @Lux 11 Jan \ on: ETFs are just a custodial layer 2 bitcoin

ETFs are investment vessels, not payment networks. Permissioned, closed source, fictional registered dead entities under sea jurisdiction. Centralization of ownership and power. Confiscatable.

Is the gov going to confiscate a 100k sats on open source pseudonimous Blink or the nations pension and hedge funds?

52 sats \ 10 replies \ @kepford OP 11 Jan

Not a pitch for ETFs my friend. This is one of if not the worst ways to interact with bitcoin for all of the reasons you mention.

It is however, a different layer. Not a payments layer, that is a very valid point. Thank you for your thoughts!

31 sats \ 9 replies \ @Lux 11 Jan

Bitcoin is cash ETF is deception

21 sats \ 8 replies \ @kepford OP 11 Jan

Not arguing that you are wrong but what about gold ETFs or any of them? They are all claims on something. Not the actual thing in my view. This is true of bitcoin on Coinbase/Strike/Cash as well of course. Not your keys not your coin. Who knows what kinda of shenanigans go on with gold ETFs. That said, I'm not aware of any rug pulls.

I'm not sure I'd say ETFs are deceptions in general as much as they are trusted third parties exposed to US gov rug pulling as well as custodian incompetence. But that's not as catchy as "ETF is deception".

ETF is fiat. Fiat is deception.

0 sats \ 7 replies \ @Lux 11 Jan

Gold was confiscated because it was easy to do. The 6102 order mentions only persons, not living sovereign man or woman.

21 sats \ 6 replies \ @kepford OP 11 Jan

Well aware. What is your point? That the state could confiscate this paper bitcoin? Of course they could. They could do this to Coinbase as well.

0 sats \ 5 replies \ @Lux 11 Jan freebie

The point is that neither exchanges are layer 2's. Recently Liquid and Tether are called layer 2, it just rubs me the wrong way, because it's not true.