ETF Shenanigans in one Image (Patreon)

YES NUMBER STILL GO UP - HOWEVER RISK IS HEIGHTENED

This is a simple illustration of how you take something so perfect like bitcoin and you marry it with traditional finance and you destroy the value of the Blockchain.

This is what I have been so miffed about since the ETF launch... does not mean ETFs are bad but boy are they arechaic.

Some items to watch for:

1. Wall Street's only inputs and outputs for trading are in cash, not Bitcoin, making it irrelevant to the process.
2. The DTCC and brokers manage share counts and ownership, not the Bitcoin blockchain.
3. The ETF takes cash from Wall Street to buy Bitcoin on Coinbase, creating a cash-based liability.
4. Coinbase buys Bitcoin on the blockchain to hedge their liabilities, but this is the only point where the ETF is linked to Bitcoin.
5. Crypto exchanges are unregulated and have a history of not owning the assets their clients think they own.
6. Investors, the ETF, the Nasdaq, and the crypto exchange all operate on centralized cash ledgers, not the blockchain.
7. There is no guarantee that the Bitcoin is actually owned by the ETF or crypto exchange.
8. Authorized participants can short the ETF, pulling cash out of it, and the ETF can sell Bitcoin on the exchange without using the blockchain.

Shenanigans much?

Shout out to SOZ for sharing w me.