Bitcoin is a "ponzi by proxy"

semperfrosty said:
Or...buy a shovel and find gold?

But I get your point in context.
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Did they sell the shovels for free as long as they are returned within 6 months?

Asking for a friend because I was not born yet

Because Blackrock and a other ones are waving the fee for the first 6 months... the time when their costs are at the highest level

Literal hunger games playing out for the most bitcoins

Prolly nothing...
 
johnarb said:
Did they sell the shovels for free as long as they are returned within 6 months?

Asking for a friend because I was not born yet

Because Blackrock and a other ones are waving the fee for the first 6 months... the time when their costs are at the highest level

Literal hunger games playing out for the most bitcoins

Prolly nothing...
More...

Didnt notice that.

Does add another layer.
 
johnarb said:
Did they sell the shovels for free as long as they are returned within 6 months?

Asking for a friend because I was not born yet

Because Blackrock and a other ones are waving the fee for the first 6 months... the time when their costs are at the highest level

Literal hunger games playing out for the most bitcoins

Prolly nothing...
More...

If it's free, then you are the product.

They won't make money on the fees. They'll make money by selling Bitcoins they bought at 16k$!
 
johnarb said:
Fidelity is also doing their own self-custody

If there is another GFC, it will be worse and 6102 or bail-in for these bitcoins will be easy

Btc spot etf is a shitty replacement for the real bitcoin controlled by private keys but it's better than nothing

The truth is the average retail investors, especially the majority of the boomers will not buy bitcoin unless an RIA tells them they need the allocation to the Blackrock or Fidelity bitcoin etf

$100 Trillion AUM by these RIA's and starting as early as Thursday, they will be able to allocate to bitcoin spot etf
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I get it I get it … but I think this is overblown. To me it is much more likely that you fuck up personal custody (lose seed, etc) than the government taking your bitcoin via a central entity (etf)

for older (let’s be honest richer) westerners … the etf is the right solution
 
johnarb said:
Blackrock & JP Morgan team vs Fidelity vs Ark, along with the 10's of thousands of the smartest people in Wall Street at their disposal are fighting to sell a spot ETF for a Ponzi, Tulip, bubble, scam, worthless digital asset
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These companies would sell you a flaming bag of dog crap if they could get fees for doing so and faced no risk themselves.

Don't take my word for it, look at what was being sold during the financial crisis.

This industry even let Corzine have another fund to run AFTER MF global.

The notion that just because something is being traded in the financial markets, it's not a scam is laughable.
Wanna buy some Chinese stocks?
 
engineering said:
These companies would sell you a flaming bag of dog crap if they could get fees for doing so and faced no risk themselves.

Don't take my word for it, look at what was being sold during the financial crisis.

This industry even let Corzine have another fund to run AFTER MF global.

The notion that just because something is being traded in the financial markets, it's not a scam is laughable.
Wanna buy some Chinese stocks?
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Did you read the other posts re: 0 fees for 6 months and the fees below costs (going to take losses, instead of profits)?

These companies are taking directional price risks that bitcoin price will be going up a lot and many of these ETF's will not survive

There's still a 20% chance it gets rejected/delayed, but if everything goes as planned, trading starts this Thursday

https://twitter.com/x/status/1744745974533152901


And I agree with you... this ETF is shit. I will not buy it

https://twitter.com/x/status/1744575101180260398
 
johnarb said:
Did you read the other posts re: 0 fees for 6 months and the fees below costs (going to take losses, instead of profits)?

These companies are taking directional price risks that bitcoin price will be going up a lot and many of these ETF's will not survive

There's still a 20% chance it gets rejected/delayed, but if everything goes as planned, trading starts this Thursday

https://twitter.com/x/status/1744745974533152901


And I agree with you... this ETF is shit. I will not buy it

https://twitter.com/x/status/1744575101180260398
More...

Looks like if these ETFs get in a legal fight with the government for any reason, the legal fees are coming out of the trust balance. Even if they waive their regular fee for a while, you can still be hit with charges for "extraordinary" things.

"
The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders (including, for example, in connection with any fork of the Bitcoin blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Broker, Trust Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters. Because the Trust does not have any income, it will need to sell bitcoin to cover the Sponsor’s Fee and expenses not assumed by the Sponsor, if any. Trust expenses not assumed by the Sponsor shall accrue daily and be payable by the Trust to the Sponsor at least quarterly in arrears
"
https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm
 
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