Re: Arthur Hayes Believes ETFs Might Cause the Demise of Bitcoin

Quote from: goldkingcoiner on December 27, 2023, 11:41:20 AM

Quote from: Thy7ace on December 25, 2023, 09:22:42 PM

Merry Xmas you all I came across a news today that pick my interest, it was about author Hayes view on Bitcoin ETFs approval which I found as a breath of fresh air of someone thinking about the negative impact ETF might have on Bitcoin. IMO I think that Can only happen in the worse case scenario.

Checkout the link: https://cointelegraph.com/news/spot-bitcoin-etf-could-completely-destroy-bitcoin-arthur-hayes

And let me hear your thoughts

Why on earth would anyone listen to someone like Arthur Hayes? He is not a voice for Bitcoin and never will be.

Arthur Hayes has been screwing investors over with his shady, Seychellen-based exchange and has even gotten in legal trouble over it. BitMEX was ordered in 2021 by federal court to pay $100 Million USD for illegally operating an exchange and for anti-money-laundering violations.

A Bitcoin ETF has the potential of ruining or improving the public image of Bitcoin, but for all intents and purposes, it is nothing but "Paper-Bitcoin" with no technical connection to the real Bitcoin other than an on-paper promise that it is backed by actual BTC. ETFs are basically NFTs.

But he does have a point. Because what's the threshold in how much of the total supply should be stored in centralized vaults before Bitcoin is considered "a failure"? If more than 50% of the total supply are held and controlled by a cabal, it would definitely not good for Bitcoin from a decentralization viewpoint. That cabal would have the market cornered. Who would want to start a company built on top of Bitcoin under such a situation? The environment could be manipulated against those that want to compete against the cabal.