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RE: CME Futures and Dealing With Volatility
Hi @reverseacid, Thanks for pointing out the link between the Bitcoin Futures market and Bitcoin price actions.
What do you think the effect would be when Bitcoin ETF is approved by the US SEC? Would the ETF overshadow the Futures?
Hi @devann
Thanks for the comment. I believe the ETF is a real negative for Bitcoin as a decentralized system. The problem is that it encourages people to treat it as another form of equity rather than peer to peer cash.
The point of Bitcoin is to override censorship by holding our own assets. An ETF just implements the same for all custody process we see for equities and large scale real estate investments.
While the market will factor it as a negative, I believe it could spell the end of Bitcoin as a P2P payment protocol.
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Didn't think about it this way.
Well you make sense given the 21 million limited total supply of BTC. Would you still maintain the same stance if we are discussing, say, XLM ETF, which has a total supply of more than 100 billion(including inflation)?
Definitely. I think the point of decentralized currency and token is for us to be our own custodians.
An ETF renders it merely an investment where as it should be treated as both an investment and a currency.
XLM, ZIL, XRP, etc; all of these high supply coins are designed as payment protocols so there are enough to have a working economy. By pushing these into ETF's, trusts, and third party custodians, we are destroying the very purpose for which they are created.
Of course, this is my opinion and it is somewhat purist. I'm sure many people would not agree to the points I've put forth @devann
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Also just recently noticed you have been sharing a few articles of ours on twitter @devann
Immensely grateful for your support and glad you find the content useful. Thanks for the everlasting motivation and insightful comments.
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I share share-worthy articles from anyone, whenever possible, on one or more of my twitter accounts, but mainly in my personal twitter account and the investment twitter account, @invest_country.