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Originally Posted by enjoythemusic
Since we've now been through a few cycles, things have stabilized to some degree. Agree that many may not 'understand' crypto, such as JPM's Jamie Diamond who thinks you can 'print / create' more BTC as is done with currencies.
Watched Christine Lagarde at the WEF 2024 and she is right that economists (and dare i add investors) are very "Tribalist". Crypto is very different from central bank products, or traditional investing, and so treating it as such is probably not a good idea.
BTC / ETH / etc ETF is a very bad idea imho, as users are wasting resources by using a middleman (Blackrock for example), so the transaction is not direct/efficient PLUS adds unnecessary fees during a transaction. In addition, BTC is 100% trustable on its own, whereas we know Wall Street is not 100% trustable so why allow them access to BTC (other than as a form of payment for goods and services). Since transparency has been a buzzword, what proof of (your) BTC ownership does an ETF offer?
Of course great profits are made by being a 'man in the middle' by charging fees, PayPal is an obvious example, but it robs the broader 'investment' as fees remove resources. We know banks make Billions on fees; it also is akin to removing Billions from the broad 'economy' and into the 'hands' of the few. That's why a BTC / ETH / etc ETF is very inefficient and worse still, adds additional risks while incurring debilitating higher transaction costs.
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I don’t know who Jamie Diamond is but agree many don’t understand crypto. Especially the vast majority who own it and report on it. I just saw a headline blurb from of the crypto hype sites (I mean, news sites) and they spoke of the halving… that it reduced the supply of bitcoin. Seriously. No shame - trying to confuse the majority of “hodlrs” in the same manner as the nonsensical “price predictions” by all those clearly conflicted (motivated) by their own holdings.
Hilarious stuff. Reminiscent of so much that’s happened before and will happen again.