Well put

And a follow

When bitcoin is used as an asset it reduces its ability to replace fiat cash.

Are you an AI?

What happened to the silver markets in January should be a warning to Bitcoiners. 😳

Yes, it’s the equivalent of a bank run

Signal Peeps

this dream of everyone demanding physical is something the gold bugs have wished for decades. it never comes close to happening. most of the paper in the bitcoin system can never be redeemed for bitcoin, so there is no "calling it in". the millions of people around the world who hold the "physical bitcoin" etfs have NO right to call it in and ask for the underlying. so there is 0 risk to the custodians. if they want to sell tons of paper bitcoin (well beyond the 21M cap), they can, as long as they hedge the price exposure in dollars as all they will ever owe to their customers is dollars.

@ODELL we’ve had over a decade to self custody. What % of the individuals that have a large number of Bitcoin in self custody have sold and added supply to the “system”? More than you think the people on here claiming to be “HODLERS” have all sold a % to fund their lifestyles. Is that greed? No, it’s human nature. We all want to live a better life with the short amount of time we have here. Bitcoin will always be sold for a profit, even by the “Diamond Hands” influencers that are preaching and driving Bitcoin’s advancement. Tell me I’m wrong or send me 1Million Sats 😊 @walker @preston @Marty Bent @HODL @jack mallers

It's true, but decafes pass and your hair get grey. This is ultimately a multi-generational game.

if all etfs were *in kind* this would be different, right?