Quote from: Kakmakr on Today at 05:51:13 AM

So, the much anticipated (under speculators) Bitcoin ETFs have recently been approved by the SEC. Most speculators bought into the hype, expecting a massive increase in the Bitcoin price. Roll Eyes

The question you have to ask yourself is this :

1. Do you want large institutional financial organisations buying large amounts of bitcoins and then locking it up in centralized trading platforms?

2. Do you want Bitcoin to be a commodity or a currency? ETFs will destroy the goal of Bitcoin becoming a currency.

3. ETFs take direct investment capital into personal ownership of Bitcoin away and it pulls that capital into centralized trading platforms. (Those coins are owned by the trading platform, because they control the private keys)

4. Fiat whales get control over bitcoins and can be used to manipulate the Bitcoin price. (They control the traditional Fiat investment options, so they will gradually increase their ownership of bitcoins to control that too)

5. ETFs destroy pseudo anonymity, because it is highly regulated with strict KYC requirements implemented to identify every trader on their platform.

6. Bitcoin's future success rely on actual coins being transfered on the Blockchain, because it generates miners fees to reward the miners. What happens when the Block reward falls away and not enough transaction happen, because bitcoins are locked up in ETFs.

I hope people are not too blinded by greed to see the dangers of Bitcoin ETFs and the centralization of the tokens in Fiat controlled trading platforms.

Let's discuss..

Do you still think Bitcoin ETFs are the Knight on the white horse?

Many of the fears that I thought about the bitcoin ETF before when it was approved, some things like what you mentioned in points 4 and 6, this will become a reality and will be easily manipulated by certain parties, especially by Blackrock itself which has a large enough fund to move the price of bitcoin or even carry out activities that can harm many real bitcoin investors due to price manipulation, but maybe if the financial companies that propose this bitcoin ETF will not stay silent with each other, because in my opinion they are also in the scope of competition, there will be conflict if one of them is detected manipulation and or kill each other. IMO

Quote from: mk4 on Today at 07:44:55 AM

tl;dr is that there are pros and cons to having a Bitcoin spot ETF. But regardless if the pros outweigh the cons or vice versa, there's really nothing we can do, right? Bitcoin is permissionless and is both for your closest friends and for your toughest enemies.

yes this is a destiny that we cannot interfere with, whether or not we agree with the bitcoin ETF will not have any influence on the outcome of the decision and what has happened, everyone has the freedom to use bitcoin or treat bitcoin.