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With no proof of wallet address are ETF's watering down the supply?
I’ve been in the space since January 2017, and yes, I’m a Bitcoin maxi—just to get that out of the way. I’ll also say upfront that I’m not a fan of the Bitcoin ETFs. As far as I’m concerned, Bitcoin was meant for the people, not for the same corrupt cartel that runs the fiat scams. That said, every day we see headlines about companies piling into Bitcoin—millions turning into billions. Yet, for many of these institutions, especially the ETFs, there’s no real proof that actual Bitcoin is being bought. Are they just buying “paper Bitcoin,” similar to how COMEX operates with gold? If so, what’s backing it? We’re told that these massive purchases don’t move the Bitcoin supply because they happen over the counter (OTC). But if that’s the case, where is all this Bitcoin being stored? If it’s truly being bought, surely it has to be sent somewhere? If 56% of Bitcoin is already held by small holders, then where’s the rest that these ETFs are supposedly acquiring? Maybe there’s a good explanation—but coming back to the start of my post, I don’t trust these cartels any more than I trust regular scammers. And just to add, in order not jeopardise the dollar, which is where their real money is, there isn't anything they wouldn't do to protect it. submitted by /u/wildwoollas [link] [comments]
I’ve been in the space since January 2017, and yes, I’m a Bitcoin maxi—just to get that out of the way. I’ll also say upfront that I’m not a fan of the Bitcoin ETFs. As far as I’m concerned, Bitcoin was meant for the people, not for the same corrupt cartel that runs the fiat scams.
That said, every day we see headlines about companies piling into Bitcoin—millions turning into billions. Yet, for many of these institutions, especially the ETFs, there’s no real proof that actual Bitcoin is being bought. Are they just buying “paper Bitcoin,” similar to how COMEX operates with gold? If so, what’s backing it?
We’re told that these massive purchases don’t move the Bitcoin supply because they happen over the counter (OTC). But if that’s the case, where is all this Bitcoin being stored? If it’s truly being bought, surely it has to be sent somewhere? If 56% of Bitcoin is already held by small holders, then where’s the rest that these ETFs are supposedly acquiring?
Maybe there’s a good explanation—but coming back to the start of my post, I don’t trust these cartels any more than I trust regular scammers. And just to add, in order not jeopardise the dollar, which is where their real money is, there isn't anything they wouldn't do to protect it.
[link] [comments]
