But, Money Though
Have you noticed the shift in tone change for crypto news? As Bitcoin crashed from $8400 to $6000 people stopped claiming the tired old argument of, "The Death Of Bitcoin." Now everyone seems to be attacking altcoins. I guess the apocalypse has shifted down a notch. Now, all anyone can seem to talk about is a Bitcoin ETF, and I'm thoroughly disgusted by it.
We are like a bunch of mad scientists over here. We care little about IF we should do something. We only seem to care about if we CAN.
Have we ever stopped to consider that maybe a Bitcoin ETF is exactly what we don't want? But, money though! We want more money whatever the cost!!!!
Decentralization is the most important variable of crypto. Does an ETF help decentralization? No. Do we really expect to walk into the lion's den and expect them to be on our side? A Bitcoin ETF is effectively saying, "Hey, we know we built this economy to undermine you, but here, have an invitation to sit at the table." Why? Why would we want this? It's just another petty example of sacrificing long term viability for short-term sellout strategy.
Can't we see what's happening here? The SEC will keep denying ETFs for as long as it suits them. These guardians of the market, whose professional job it is to make sure there is no market manipulation, are going to manipulate the market. They've already done it. Remember when they demanded Coinbase and friends to submit to a manipulation audit? Yeah, market manipulated, and whether intentional or not, the market responded hours BEFORE the announcement... oops.
Bitcoin is a golden opportunity for these snakes. There is no regulation in place. No one is going to jail for a pump and dump or insider trading. Hell, hardly anyone goes to jail for that anyway.
You know what's going to happen? They are going to approve the ETF right before the end of the year. Get ready for that artificial pump and dump right in time for tax season. Anyone who knows about an ETF approval in advance is guaranteed at least an automatic instant 25% return on their money due to insider trading. Let's be honest, the real number is probably closer to 100% or more. The hype is real.
Conclusion
The ETF is happening no matter what opinion we have of it, but I'll still make the argument that far too many people think it's a good thing for the space. It definitively is not. The elite will play this card as they would any other ace in the hole. It will be exploited to the fullest. Bitcoin is in an arm-wrestling match with the establishment. Everyone want to project competition between different blockchains where their is none, while the real competition (fiat) is welcomed in with open arms. Open your eyes to the truth: these people are the true enemy.
Hey @edicted, it's hard to dissagree with you
I think three kinds of people can/will/do own Bitcoin:
All people will own BTC some day. All.
In the mean time, the audience who hold and discuss BTC, are just 1) and 2), believers and traders, the believers, like yourself, dont bother talking about ETFs and 5% swing trades, leverage trading and the like, but the traders do. They eat that crap up.
That's why its Technical analysis all day long on most of the youtube channels.
Anyways, I agree, ETFs are not likely a good thing for believers, in the sense of keeping BTC development in the hands of believers, but frankly, whether BTC comes to mainstream by hook or crook I am happy because it is superior money, fiat is dangerous and the manipulation there is far worse than BTC will be with early ETFs, at least I think.
It's always baffled me why wouldn't we want to get involved with that kind of guys, but since I'm not an expert I've kept my mouth shut! As much as I want cryptos to succeed, there's this little voice in the back of my head who keeps saying - 'nah, we're not going to get away with this!'
one of my fav quotes. you can either do or not do lol... nice
We know that they are the enemy but unfortunatly we don't have a say in the matter. Everybody with some sense knows that the bankers and corporations only care about making their own money. They don't care how or what it takes to do it. The laws mean nothing to them.
I know that crypto will need to deal with them to some extent if we even want mainstream adoption as there will have to be links to the existing infrastructures but that doesn't mean they should be trusted. At the end of the day they will do what makes them the most profit.
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Hi edicted. What you are saying makes perfect sense.
Not so knowledgeble in that regard so I'll keep watching
The impetus for Bitcoin was not stock markets, it's central banks.