Oddbean new post about login | logout A “6102” The bill passed making gold illegal to hold. Would immediately confiscate from the ETFs.
Yep the ETFs are a honeypot.
☝️This is the biggest risk of bitcoin derivatives. Executive Orders from your own president is a small attack surface. We must assume every government would steal all the bitcoin in the coinbase coffers if they could. How robust is Coinbase Security? What steps are taken to mitigate this risk? How many people hold keys? What quorums do they use? How is collusion prevented? Do spies from foreign and domestic governments work for Coinbase? Their are simmilar concerns with Fidelity , but the main problem is the aggregatate custody is too concentrated. Custodial ETF's should be diversified. Ideally, each ETF would have a different custodial provider. I don't know why the suits thought it was a good idea to custody customer bitcoin at a shitcoin casino. Imagine if Charles S. Schwab held your money market account at the Bellagio. Would that seem like a good idea?
*will immediately confiscate
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1. It wasn’t a bill, it was an executive order. The president doesn’t need congress or the Supreme Court to support him. A single person can take away your property with the swipe of a pen. 2. Definitely a possibility for a honey pot. Not your keys = not your cheese. 3. Fund managers are going through their due diligence process right now. They CAN NOT sell the ETFs to their clients at this time. Very soon, once the due diligence process is complete, we are going to see inflows explode. Once everyone has 401K money in the ETFs pension funds will invest. Once the big banks and union pension funds are involved no president/party on the planet will take them away because the true power in this country won’t let them.