More than the Goldman Sachs flip flop, all this gushing over ETFs was real a eye opener for me. Give me a break! They're paper markets where you
trust institutions to back pieces of paper with a
peer-to-peer currency! Just say that out loud. Have you ever heard of anything so nonsensical?
It raises some interesting questions about who Bitcoin investors are (at this point) and where their principles lie -- how easily they might be co-opted in the future. Many people are now so greedy for price gains that they're praying Wall Street involvement will pump the price, principles be damned. If they really understood Bitcoin, they wouldn't advocate for all the counterparty risk that paper Bitcoin markets will create.
I am fully with you. It is insane how people could even consider ETF a good thing for crypto. I think a lot of has to do with the fact that many people still do not even understand the freedom that has been provided by cryptocurrencies.
Many people are now so greedy for price gains that they're praying Wall Street involvement will pump the price, principles be damned.
^^ That is the exact thing that raises a lot of concern for me. You would not believe how many times in presentations i have to remind people of 2008, something that happened only 10 years ago. People have forgotten that in the US alone 10M people lost their homes, that 16T was used to bail out banks overall globally. Yet they go to the same people and ask them to endorse Bitcoin instead of laugh at them for even wanting to be a part of something they never had anything to do with. I fear in time they might even claim they were the ones you who created Bitcoin.
I think we are in an era in which people have forgotten the cost of liberty and freedom, it was something which was handed to most new generations, and as such perhaps it has to be taken away for people to truly understand the depth of the situation.
ETF and Bitcoin in the same sentence is as strange as seeing healthy and cigarettes together.
