CD133: BITWISE BITCOIN ETF WITH HONG KIM, COFOUNDER AND CTO -  nostr:npub1jpvsahpy0vgq7gu8nfqjkeskce0gwjk8jpss590xkvjh5xxe4epsruqgsz

https://cdn.satellite.earth/a6668bf17f2a8dd99a2b6e0a3ad0ac5d22e8386b6a70fbbddba84aabf100f8e1.mp4


Onward 🫡


Great post 👍


⚡⚡/A\  |R)  \V/  |I|  |N|⚡⚡


Great rip🔥


hong seems very based, lucky to have him in the space


dang, better video that X....


Fantastic and enlightening conversation, cheers both. Makes me feel much better about the ETFs. Hopefully Bitwise will dominate this market in the future.


This was one of the best rips ever. Keep them coming!


Elf Techno Futility


GREAT RIP!

Something I’ve been trying to wrap my head around is how would the ETF maintain NAV and/or BTC per Share given the volatility of BTC price and the less than transparent mechanisms available to market makers.
In the simplest scenario, BTC price goes up, market makers buys shares, redeem for BTC, and sell for cash to capture the spread and bring share price back to par.
The same is true is reverse, BTC price goes down, market makers buy BTC, create shares, and then sell shares to bring the price back to par.
Given the long settlement times, supposed infinite liquidity at Coinbase and long track record of obfuscation, without clear proof of reserves and shares outstanding, I don’t see how this all works out well.
I have no doubt that ETF shares are being borrowed at massive volumes, redeemed for BTC and then either sold or held (to be sold later) for profit and to suppress the price as needed.
STAY HUMBLE & STACK SATS 🫡


hard to get into all the details of the NAV and ETF mechanics here but i agree with your sentiment in general that bitcoiners should be skeptical and we need more transparency. that's the reason bitwise shared our bitcoin holding addresses (the only bitcoin ETF to do so) and we also work with hoseki to do proof of reserves.


let me know if you have any questions / thoughts after listening to this rip!

we talked a lot about:
- importance of dev donations and how we thought about our program
- the good and bad of a bitcoin ETF and how we really need in-kind redemptions to make it better
- the evolving political landscape and how ETFs have changed the incentives for tradfi banks etc
- importance of nostr and ecash

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