For those who may have forgotten the whole ETF process, it is a lengthy process that if I remember correctly can take up to a total of 240 days and the SEC makes its decision three times (with the third time being the final decision). Therefore, if anyone wants to test the SEC on this issue at all, the only way is to apply and prepare for an 8 - month process (unless, of course, the SEC approves it at the first statement).
Also, if memory serves me well, VanEck is the only one to offer a physical BTC ETF where they will actually buy coins on the basis of which they will issue shares. I’m not sure if that’s the case now, but VanEck is probably sticking to his original idea
Can you imagine what responsibility will those wallet managers have?
Coinbase showed publicly a few years ago how they act when generating private keys, and I have to admit it’s a very professional approach to business. They also claim that 98% of coins are in cold wallets, so they should be resistant to hacking - but we can never rule out the human factor, although I am sure that the mechanism for accessing these funds is complicated and depends on a larger number of people.
5 or 10 years down the road, is coinbase just gonna have custody of like 5 million coins or something? more?
that just seems kinda scary to me.
It should scare anyone who understands what Bitcoin should be, and it’s certainly not centralization in this direction. Even if we completely rule out the possibility of hacking and a human factor that would involve some inside job, so much BTC under the management of one company in a country that will never allow its national currency to be endangered in any way, is in my opinion a much greater danger and risk.