Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

The issue in my opinion is all crypto ETFs should be crypto (as opposed to fiat) backed.

Valueless tokens backed by other valueless tokens? Yea, that sounds like a great monetary system. You people are high on your own koolaid now. You're typing illogical nonsense to try and deceive 90yr old retirees into buying your valueless tokens and started believing your own lies. It's going to be hilarious when silver and gold obliterate these things and all the imaginary, valueless tokens implode to nothing.

What is silver backed by?

What kind of idiotic question is that? "Backing" means you're holding a fucking IOU. If you have a physical commodity money, you have removed middlemen and counterparty risk and are not dealing in worthless IOUs. Bitcoin on the other hand is just a centralized, permissioned ledger with built-in middlemen and doesn't remove counterparty risk. It's like willingly admitting yourself into a prison where you have to bribe the transaction validators in order to spend your own funds. Since it's non-fungible, the govt can then just declare you an enemy of the state and bar you from transacting at all. Good job willingly entering yourself into a digital prison cucks!

There's still counterparty risk involved if you consider the possibility of either the cost of synthesizing silver dropping significantly or silver becoming worthless due to the emergence of a better material in the future. And if you believe that this risk is nil you're deluding yourself.