I agree with Hairy on this (as is often the case). This is a derivative backed by real btc reserves - maybe that's why it has such a short expiry (daily). I guess it will have optional automatic rollover.

Starbucks, Microsoft and others backing the project won't win any popularity with older bitcoiners, such as the people participating in this discussion, but they could do much for those who know little or nothing about cryptocurrencies. Adoption can only increase.

And once the cat is out of the bag, it won't take long for some of the smarter ones to wise up and understand the simple concept "private keys in my own hands or it's not my own money". Which in turn will debunk the greasy talk about "necessary trust" spread by some of those weasels.

It's all for the best.