Arthur Hayes Believes ETFs Might Cause the Demise of Bitcoin

[sunsilk]

That's what I am thinking as well. It's because his business will be certainly affected if these ETFs will get an approval? How?

We have to wait for it because it seems that there's a huge chance that most of them will be finally approved.

BlacRock's latest spot proposal amendment shows that institutional banks will be the major players in everything that has to do while CEX is not involved. I mean the latest proposal is something that boosts the bank and this is why the SEC chairman made a statement that they have no reason to block the ETF approval days ago.  

Wow, before we don't like this if it's happening. But we're starting to see that there's really a need to see something like this for the sake of going up for Bitcoin's price.

maybe another competition on the rise and that's why he's too skeptic about it.

No, just a change in the crypto ecosystem that could make BTC to be centralized if all BTC holder and investor sell their bag to BlackRock

I think that they're anticipating that when the price goes up, most of us are going to sell and they're going to buy all of those when we're done selling it.

Many don't want to miss this opportunity and likely gonna sell when ETF's effect is there and already approved.

[goldkingcoiner]

Merry Xmas you all I came across a news today that pick my interest, it was about author Hayes view on Bitcoin ETFs approval which I found as a breath of fresh air of someone thinking about the negative impact ETF might have on Bitcoin. IMO I think that Can only happen in the worse case scenario.

Checkout the link: https://cointelegraph.com/news/spot-bitcoin-etf-could-completely-destroy-bitcoin-arthur-hayes

And let me hear your thoughts  

Why on earth would anyone listen to someone like Arthur Hayes? He is not a voice for Bitcoin and never will be.

Arthur Hayes has been screwing investors over with his shady, Seychellen-based exchange and has even gotten in legal trouble over it. BitMEX was ordered in 2021 by federal court to pay $100 Million USD for illegally operating an exchange and for anti-money-laundering violations.

A Bitcoin ETF has the potential of ruining or improving the public image of Bitcoin, but for all intents and purposes, it is nothing but "Paper-Bitcoin" with no technical connection to the real Bitcoin other than an on-paper promise that it is backed by actual BTC. ETFs are basically NFTs.

[kryptqnick]

I disagree with Hayes. For starters, Bitcoin ETFs weren't approved yet. Furthermore, it's a centralized solution for traditional investors, the way I see it, so it won't really compete with proper Bitcoin and its usage by people who care about privacy and decentralization. If the number of transactions goes down due to ETF popularity, I think it's fantastic news because the fees would go down as well. As for miners, if some decide to leave, it's totally fine because the difficulty rate will adjust. Bitcoin will be just fine, no matter how popular ETFs get.

[btc78]

It is repeatedly said in the article the words too successful

Most of us are already anticipating the approval of ETF for we believe that this can cause more people to want to invest in bitcoin and therefore will hike the prices up and if this really happens as said in the article too well, i think it is not something to be feared because for sure seeing that the price is going up some people are going to want to sell already due to various reasons we have all different goals and strategies it can not happen that there is no more bitcoin for anyone else to buy

[suzanne5223]

That's what I am thinking as well. It's because his business will be certainly affected if these ETFs will get an approval? How?

We have to wait for it because it seems that there's a huge chance that most of them will be finally approved.

BlacRock's latest spot proposal amendment shows that institutional banks will be the major players in everything that has to do while CEX is not involved. I mean the latest proposal is something that boosts the bank and this is why the SEC chairman made a statement that they have no reason to block the ETF approval days ago.  

Wow, before we don't like this if it's happening. But we're starting to see that there's really a need to see something like this for the sake of going up for Bitcoin's price.

No, that's what it is. Bitcoin market price always experiences new ATH price whenever it's halving effect market but the BlackRock and others just want to take advantage of this for their benefit.
Meanwhile, these are the feelings I had ever since the spot ETF proposal started but the majority of the crypto community never looked into the negative effect of the spot ETF despite the billions of dollars inflow that it will generate for the crypto market.

maybe another competition on the rise and that's why he's too skeptic about it.

No, just a change in the crypto ecosystem that could make BTC to be centralized if all BTC holder and investor sell their bag to BlackRock

I think that they're anticipating that when the price goes up, most of us are going to sell and they're going to buy all of those when we're done selling it.

Many don't want to miss this opportunity and likely gonna sell when ETF's effect is there and already approved.

Yes, but they are already buying as we speak even before the listing of iShares on Nasdaq if could remember correctly. Bitcoin investors just need to be clever and never sell their holdings to them.

[Wind_FURY]

Merry Xmas you all I came across a news today that pick my interest, it was about author Hayes view on Bitcoin ETFs approval which I found as a breath of fresh air of someone thinking about the negative impact ETF might have on Bitcoin. IMO I think that Can only happen in the worse case scenario.

Checkout the link: https://cointelegraph.com/news/spot-bitcoin-etf-could-completely-destroy-bitcoin-arthur-hayes

And let me hear your thoughts  

Why on earth would anyone listen to someone like Arthur Hayes? He is not a voice for Bitcoin and never will be.

Arthur Hayes has been screwing investors over with his shady, Seychellen-based exchange and has even gotten in legal trouble over it. BitMEX was ordered in 2021 by federal court to pay $100 Million USD for illegally operating an exchange and for anti-money-laundering violations.

A Bitcoin ETF has the potential of ruining or improving the public image of Bitcoin, but for all intents and purposes, it is nothing but "Paper-Bitcoin" with no technical connection to the real Bitcoin other than an on-paper promise that it is backed by actual BTC. ETFs are basically NFTs.

But he does have a point. Because what's the threshold in how much of the total supply should be stored in centralized vaults before Bitcoin is considered "a failure"? If more than 50% of the total supply are held and controlled by a cabal, it would definitely NOT be good for Bitcoin from a supply distribution/decentralization viewpoint. That cabal would have the market cornered. Who would want to start a company built on top of Bitcoin under such a situation? The environment could be manipulated against those that want to compete against the cabal.

[tread93]

I think more so I would be afraid of the bitcoin market manipulation via ETF/Futures contracts trading. But at the same time these markets are completely stand alone from bitcoin and shouldn't have that much affect on the coin price but it honestly probably will have a huge impact. As good as it will be at the start for new money flooding into bitcoin i'm not so sure on the long term outlook if you're looking at it from that perspective and how they have manipulated markets like the precious metals markets.

[Wind_FURY]

I think more so I would be afraid of the bitcoin market manipulation via ETF/Futures contracts trading. But at the same time these markets are completely stand alone from bitcoin and shouldn't have that much affect on the coin price but it honestly probably will have a huge impact. As good as it will be at the start for new money flooding into bitcoin i'm not so sure on the long term outlook if you're looking at it from that perspective and how they have manipulated markets like the precious metals markets.

I believe "the issue" that everyone should become more informed AND POSSIBLY afraid of is the paragraph that mentions BlackRock and how it might choose which fork it considers "the Real Bitcoin".

I don't know if the contents in this paragraph was made as a mere protection mechanism for BlackRock and its ETF, but if they form a cabal with other ETF issuers and hold more than 50% of the total supply, they may accumulate too much influence over the network.

Tin-foil hats on, probably start a hash war and have their chosen fork as "Bitcoin"?



¯\_(ツ)_/¯

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