Quote from: Xylber on Today at 02:48:41 PM

Quote from: stompix on Today at 01:26:18 PM

Quote from: Xylber on May 01, 2024, 05:47:36 PM

I know that a company selling ETFs must have the real thing stored somewhere, the rumor/opinion says that those ETFs are not actually backed up by Bitcoin, and these companies are "creating BTC from thin air", profiting from BTC real price, increasing supply, and bulk selling thin air to hit the price.

Think for a moment, how do you sell something created from thin air?
Also, how do you protect yourself if you take money for a thing you don't buy and that keeps increasing?
BR ETF was launched at 40k , how much loss could they sustain?

Like a ponzi: you sell more ETFs to repay those who bought before.
In fact, people kept buying everyday since launch, and yesterday was the first day people cashed out the ETFs so they wouldn't have a problem.
https://cointelegraph.com/news/blackrock-bitcoin-etf-first-outflow-day-etfs-record-outflows

And don't forget that PayPal, in 2020, before having their own token PYUSD, used to sell "Bitcoin" which only worked in your account and to make payments between PayPal users. It couldn't be cashed out or sent to a private wallet.
https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency.

Quote from: stompix on Today at 01:26:18 PM

Quote from: bSpend on May 01, 2024, 06:46:00 PM

I may want to believe it's true, though not because the price of bitcoin dropped after the launching of the etf, but because the government actually are good at stuffs like this, they are professionals in the inflating things/assets, most especially, if the asset is one that the buyers don't see for real, but simply view it as numbers on their screen.

So you're willing to believe some tinfoil material with no proof that makes no sense whatsoever financially just because you hate the government.
You know one rule of Bitcoin, it's called "Don't trust, verify" but I guess conspiracy theories are more appealing when things don't go the way you planned!

Consider that not all of us are either americans nor chineses, those governments do not represent us.

As you say, don't trust, verify, Is there any address where we can see the actual BTC stored? How can we know it is the BTC for ETFs and not just the BTC of the clients of CoinBase?
Either way, we end up trusting somebody, as we don't have 100% proof.

It's time you ask Coinbase to provide the wallet since they are the custodian of the BTC ETF. If you can provide evidence this is just like what Paypal or the central bank did when they didn't really have gold in them then people are too trusting once again. Institutional traders are supposed to ask for Proof of Reserves in case they wanna withdraw.

The truth is that ETF is just like printing BTC out of thin air unless there will be BTC address proving balance.