Unless the Winklebros ETF can demonstrate it backs every share of its ETF with real bitcoins then I won't trust it because it will be a way to tamper with the number of bitcoins and hence tamper with the value of bitcoins. If real bitcoins I hold in my own wallet are devalued because the quantity of apparent bitcoins has been 'inflated' then it does hurt me, it artificially devalues my bitcoins.
It seems like it would be trivial for them to demonstrate they hold the bitcoins, just sign a simple statement using the various addresses which hold the bitcoins.
Nobody is forcing you to invest in this or use it in any way, bitcoin is very open and many people can use it in many different ways and we can all get along happily.
You can bitch and whine about bitcoins being devalued by inflation like this, but that is just the natural progression of the monetary system. Make your plans to deal with it and move on with your life.
Its the way the financial system works that I have beef with. Bitcoins is supposed to be the alternative to that den of fraud and lies that is the fiat money and financial system. That is the attraction of bitcoins for me. If bitcoins just become another financial asset to be swapped, bundled up, represented by certificates etc then no I don't have to like it.
It might be trivial for the Winkles to demonstrate the backing of their bitcoins but is it in their interest to? Might they prefer to obfuscate the truth? I'm happy for an honest ETF system to come along, lets hope they are honest in their intentions
