Willy Woo@woonomicWe are now in the modern age of BTC.
Paper BTC has flooded the market since 2017.
Futures markets.
If you want to buy BTC, it used to be you had to buy real BTC.
You can now buy paper BTC. Thus a no-coiner can sell you that paper.
Together you have made a synthetic BTC.
https://x.com/woonomic/status/1801727014535053376 That's what these futures were all about: "Taming" Bitcoin.
There's no free lunch for coiners, thanks to the wall street party poopers
Just because a decent number of folks behind bitcoin futures want to use such instruments to "tame bitcoin" does not mean that they are going to be successful, and from time to time even if they have success, they may well find themselves on the wrong side of the trade.. and yeah, if they do not have a sufficient amount of bitcoin, then it is going to cost them a lot of dollars (that they might not have) to attempt to balance out their accounts... so yeah, they may well be playing with fire and surely getting burnt from time to time, even though they are not going to tell us the times that they get burnt because sometimes they are going to be able to cover up such lack of actual bitcoin exposure...
I personally am more than happy to be holding the underlying, even though from time to time, it may be manipulated more downwardly than what fair market value would otherwise dictate.. and probably in the end, the fucktwat downward manipulators talk a BIGGER game than they are actually able to carry out in terms of their fantasy landia desires to "tame" bitcoin including perhaps even creating some preferences for folks to make sure they hold the underlying.. especially if some BIG rug pulls end up playing out, some of the paper bitcoin twats may well will have wished that they held the underlying.. we already saw variations of that theme play out in 2022. and yeah, some of those guys got reimbursed or are being told that they are going to get reimbursed.. but even look the FTX BTC holders, what are they going to get? perhaps bitcoin at $25k at best?.. that is hardly even close to current BTC prices.. and those folks have not even been reimbursed yet.. they just are experiencing promises of future reimbursement.. like the Gox folks who are getting around less than 20% of their BTC quantity, but their forced HODL still likely results in around 70x or so price appreciation (I don't have the exact numbers in front of me.. though the point still shows advantages in holding the underlying rather than waiting upon third parties and regulators are going to decide to employ reimbursements for historical rug pulls.. with the outcomes continuing to have a decent amount of variance).
