At the end of the day, the ultimate choice is left to the individual Bitcoin owners themselves. They could easily choose to take care of their own portfolio alone. I myself would choose it.
It makes me wonder though, is this what is meant by Bitcoin adoption hitting the main road? And is it really nice for Bitcoin to go fully mainstream?
Topic: Shower thought. Bitcoin ETF bad? - page 4. (Read 657 times)
I'm also not so fan on Bitcoin ETF. Because the decentralization of Bitcoin itself became useless for me.
Look, even Andreas Antonopoulos against with Bitcoin ETF, featured on his youtube video here :
Bitcoin Q&A: Why I'm against ETFs
Look, even Andreas Antonopoulos against with Bitcoin ETF, featured on his youtube video here :
Bitcoin Q&A: Why I'm against ETFs
ETF might be useful for those ordinary people that have not enough knowledge to store their bitcoins in a safe wallet. But generally speaking, I don't think ETF is helpful for cryptocurrencies world. And the reason is simple. ETF acts as a third party and we use bitcoin and other cryptocurrencies to eliminate third parties.
Some people might think that as ETF provide an easy method to buy bitcoin, it's useful. But it's wrong. These people are those who have not enough knowledge and it's better to be out of the market. Bitcoin market doesn't need them as they help third parties get involved in our transactions.
Some people might think that as ETF provide an easy method to buy bitcoin, it's useful. But it's wrong. These people are those who have not enough knowledge and it's better to be out of the market. Bitcoin market doesn't need them as they help third parties get involved in our transactions.
Shouldn't the communty discourage the creation of anything that gives up the custody of Bitcoin to third parties?
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
Most people give custody of their Bitcoins into the hands of shady exchanges everday. At least a government-aproved ETF would have way higher amount of regulation and surveliance (which is something you want, if you are going to give custody of your coins for whatever reason).
On the big picture it's irrelevant for Bitcoin itself, you have always been free to keep coins on your own or appoint someone to do it for you. It may skyrocket the price in relation to fiat due the easy of access for big creditors.
My impression was that ETFs abandoned any pretence of custody? Exchanges at least give you the option to withdraw the BTC to a wallet you control (assuming you manage to do it before they get hacked, anyway). But with ETFs, all you're ever likely to physically possess is a slip of paper detailing what the basket of assets are that you're betting on. When you cash out, the only thing they're going to give you is fiat. You're never going to see the bitcoins.
Shouldn't the communty discourage the creation of anything that gives up the custody of Bitcoin to third parties?
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
Most people give custody of their Bitcoins into the hands of shady exchanges everday. At least a government-aproved ETF would have way higher amount of regulation and surveliance (which is something you want, if you are going to give custody of your coins for whatever reason).
On the big picture it's irrelevant for Bitcoin itself, you have always been free to keep coins on your own or appoint someone to do it for you. It may skyrocket the price in relation to fiat due the easy of access for big creditors.
"Bad" is a matter of perspective. I'm not personally a fan of traditional finance getting involved, because it's not something that I can see bringing much benefit to the average user. ETFs are a plaything for "fat cats" and a mirage of an oasis for middlemen. I find it's generally speculators who are most keenly interested by the prospect of ETFs. For the people who care more about freedom and censorship resistance, there's really not much to get excited about.
Does the crypto community need to discourage crypto users to not hold coins on crypto exchanges or online wallets? This is one of the most frequently given tips on this forum, but it does not affect people's awareness too much when it comes to security of their coins. Traders want to trade anytime, they need coins on exchanges, some others just aren't ready to be their own bank.
Bitcoin ETF is simply impossible to prevent, regardless of what crypto community think about it. For most it is still something positive, because most think only about price, and the prevailing opinion is that Bitcoin ETF will be something that will push the price to six-digit numbers.
Bitcoin ETF is simply impossible to prevent, regardless of what crypto community think about it. For most it is still something positive, because most think only about price, and the prevailing opinion is that Bitcoin ETF will be something that will push the price to six-digit numbers.
The freedom to do what one wants with one's bitcoins necessarily includes the freedom to give custody of them to a third party. Some (such as those who are unwilling or unable to safely manage their own private keys) will find such an arrangement beneficial. And some will not benefit from such an arrangement, and choose not to use it. That's what freedom means.
I absolutely agree with you. Freedom means that you can do with your bitcoins what you want
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
A Bitcoin ETF defeats the purpose of being your own bank, because you're effectively letting another company hold the funds for you. It's pretty much an oxymoron. But the thing is, not everyone that buys bitcoin is buying it for financial freedom/sovereignty. Some are simply buying because they're betting that the price will go up in a certain timespan. Here's where the Bitcoin ETF comes in: the investor wouldn't need to risk holding their own funds and securing it on their own. Instead, they let a company that supposedly knows how to secure the funds, hold it for them.[/quote]
You explained Bitcoin ETF propose very good, however, can we say for sure that such a company will definitely safe Bitcoin funds and be able to increase its amount?
The freedom to do what one wants with one's bitcoins necessarily includes the freedom to give custody of them to a third party. Some (such as those who are unwilling or unable to safely manage their own private keys) will find such an arrangement beneficial. And some will not benefit from such an arrangement, and choose not to use it. That's what freedom means.
Shouldn't the communty discourage the creation of anything that gives up the custody of Bitcoin to third parties?
Opinions are all over the place. Personally? Though I'm never planning on using it, I'm completely fine with it. More market liquidity is a win.Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
A Bitcoin ETF defeats the purpose of being your own bank, because you're effectively letting another company hold the funds for you. It's pretty much an oxymoron. But the thing is, not everyone that buys bitcoin is buying it for financial freedom/sovereignty. Some are simply buying because they're betting that the price will go up in a certain timespan. Here's where the Bitcoin ETF comes in: the investor wouldn't need to risk holding their own funds and securing it on their own. Instead, they let a company that supposedly knows how to secure the funds, hold it for them. 
Shouldn't the communty discourage the creation of anything that gives up the custody of Bitcoin to third parties?
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
Although it might be good for its price, would it be good for Bitcoin as a censorship-resistant hard money?
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