Without watching the video, I can say with certainty that it's a paper bitcoin. The reason is simple: users can't transfer the bitcoins.
Yes, in that respect it's clear. What the video is talking about is different, though. Before bitcoin, the gold market has for years been accused (with plenty of evidence) of creating "paper gold" , in the form of IOUs, to manipulate the price of gold. Many people in bitcoin, including me, believe that these ETFs, along with their derivatives, can do the same thing. Kreuger disagrees and sets forth his reason's why.
reply
Got it! The derivatives market is so murky, it's almost impossible to see what's really going on. But if Bitcoin reserves are always transparent on the blockchain, maybe he's onto something. However, I highly doubt you could do the same for all derivatives.
reply