ETF approval for bitcoin – the naked emperor’s new clothes
ETF approval for bitcoin - the naked emperor's new clothes by timdaub.eth12379 🥝 • 3y • 0 views • 0 clicks | |
AI summary of the linked articleThe article, by Ulrich Bindseil and Jürgen Schaaf, argues that Bitcoin is unsuitable as a means of payment or an investment and that its fair value is zero, despite the US SEC's approval of spot Bitcoin ETFs on 10 January. It cites Chainanalysis figures showing $23.8 billion in illicit-address transfers in 2022, a 68.0% rise, and $1.1 billion in ransomware payments in 2023 compared with $567 million in 2022. It also reports a Forbes analysis finding that 51% of reported daily Bitcoin trading volume across 157 exchanges was likely bogus. The authors call for stronger regulation and say the recent price rally reflects speculation rather than fundamentals. | |
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 When I read articles like this from our government, I worry about my future. I'm also against all of the illicit activities described in that article. I'm against pollution, money laundering, crime, etc. I think all of these things will have to be politically managed - as is the case for any financial system. The reality is that I'm also a professional making money from this type of tech, so the fact that some powerful bureaucrats can publish these articles scares me. I'm not a criminal, and I have worked my ass off to grow this industry, and it is not these people's place to intentionally misunderstand what we're doing and to demonize us in front of the law. I agree with you and I am surprised to see that governments and powers-that-be are still pushing these narratives. They are ignoring the powerful network effects that Bitcoin and other tokens have in the way they unite a global web3 movement of digital natives. They are ignoring how Bitcoin is digital gold for a whole generation that would never buy physical gold as an investment. And what about movements like generative art, ordinals, meme culture, gaming, defi and so on. Focusing on the darknet and criminal activity made sense in 2012 but we are way past that being a plausible argument to dismiss blockchains. I can only conclude that The Next Big Thing Starts Out Looking Like A Toy. | |
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