Why Bitcoin ETF is a Bad Idea
SEC has delayed the Bitcoin ETF decision until September 30th. World is impatiently waiting for the licence, expecting another big surge of bitcoin price. Do yourself a favour and don’t hold your breath…
Here is the news by Aaron Hankin at MarketWatch.com:
The Securities and Exchange Commission late Tuesday delayed a decision on an application for the first bitcoin-related exchange-traded-fund. The regulator said it planned on making a decision on the proposed ETF from VanEck and SolidX on Sept. 30. A decision was expected no earlier than Aug. 10, 45 days from the time the ETF duo submitted their application for the fund. The price of bitcoin moved lower after the news, with a single bitcoin [s:btcusd] last changing hands at $6,877.26, down 0.6%, since Monday 5 p.m. Eastern Time on the Kraken exchange. The SEC's announcement comes 12 days after a similar bitcoin ETF by Cameroon and Tyler Winklevoss was rejected on July 26.
You can read full text of the decision here
Why shouldn’t we rejoice? Because, bitcoin ETF is in its essence another centralized mediator between you and your assets, with enough financial power to manipulate price. Decentralization is when you hold your keys. If someone else is holding your keys, you can expect disaster as certain as death. And don’t say: “Yes, but it is institutionalized and protected, they will have to give me my money back!” So thought the clients of Wells Fargo bank. Or, for example savers of once very successful Cypriot banks. Then 2013 came, and their assets disappeared… Even if you get lucky, you will get your indemnity in fiat, never in bitcoin.
Let Andreas M. Antonopoulos explain the details:
Duration: 8:44
Simple rules to remember:
😊 Your keys, your bitcoin.
😣 Not your keys, not your bitcoin.
😮 An ETF is multibillion dollar “not your keys, not your bitcoin” opportunity for non-technical institutional investors.
😣 Not your keys, not your bitcoin.
😮 An ETF is multibillion dollar “not your keys, not your bitcoin” opportunity for non-technical institutional investors.
Universal Basic Income
I am still for ETF dough there are some good arguments against it and not all ETFs are same. There are several ETF applications but the one that will hold actual BTC, not BTC options is one that I support...
It will be attractive only for those people who do not want to learn. You will always be better without ETF and holding your keys on your own, my dear @cicbar :)
Of course but there are many investors who barely know to use smartphones, they can't understand functioning of Bitcoin. Explaining private keys to them is like Rocket science...
ETF’s will disappear with them, or, hopefully, even before :)