The first line in that Bloomberg article sums up everything pretty nice, no need to read it all...
The same way you can buy gold and when the times comes you realize that you can't make even an engagement ring from the ten kilos of paper gold you have in your safe.
And a second paragraph made me really laugh:
That definitely convinced me to go all.....the way to the right corner and close that page
Who writes this stuff?
Quote
If you want to buy Bitcoin without actually buying Bitcoin
The same way you can buy gold and when the times comes you realize that you can't make even an engagement ring from the ten kilos of paper gold you have in your safe.
And a second paragraph made me really laugh:
Quote
Unlike exchange-traded funds, ETNs are debt instruments that are backed by their issuers -- often a bank -- rather than a pool of assets and often focus on esoteric strategies that dont easily fit in a fund.
That definitely convinced me to go all.....the way to the right corner and close that page
Who writes this stuff?
Esoteric!! Oh boy, I haven't had that good of a laugh at Bloomberg in a long time. Those fools are just writing fluff in hopes that some dumb fool feels the need to purchase their $5000 a month "news" platform.
ETN is exactly what the market does not need. That's just another step closer to a fractional reserve type currency where they just sell the air you breathe and call it an asset. Useless.
ETF's are a bit closer to the real thing, but if you want to invest in something, why don't you just buy the damned thing instead of paying your broker $30 a quarter and $10 a trade? Brokers are dinosaurs that are ready for mass extinction.