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> The fact that Spot Bitcoin ETFs were ever contemplated into existence just shows the general insanity of crypto. Why is it the insanity of crypto? The actio
by psychlops 3y ago
> The fact that Spot Bitcoin ETFs were ever contemplated into existence just shows the general insanity of crypto.
Why is it the insanity of crypto? The action is entirely established interests putting a wrapper around crypto.
How do you suppose a large fund should purchase bitcoin? They specialize in markets, not wallet management. Many also do not hold their own cash individually and entrust institutions.
- hn_throwaway_99 3y ago> Many also do not hold their own cash individually and entrust institutions. Because literally the entire point of crypto is to not have to "entrust institution". Like the entire bitcoin protocol is built around the concept of trustlessness. If you're going to start "trusting institutions", you can do away with a huge part of the complexity (and gargantuan energy usage) of Bitcoin.
- psychlops 3y agoBitcoin isn't directing companies to start ETF's, nor is it trusting institutions. It's just a protocol. Institutions came, bought Bitcoin and are selling it to investors. I suppose if those institutions were worthy of trust then there wouldn't be such high demand for Bitcoin's gargantuan energy usage in the first place.