Oddbean

Gary Gensler repeats that Bitcoin is not a security and that "You now have a way to buy into (bitcoin) through ETFs" Thanks Gary, but we’ve had a better way to hold bitcoin for years now – its free, safer and better Its called a bitcoin wallet Here’s why you should use one 👇 Bitcoin wallets are secured through unhackable encryption. Banks are imperfect stores of value, requiring a money printer as a backstop for imperfect security. Bank funds are stolen from hackers regularly, yet bitcoin wallets have never been hacked 🙅 Executive Order 6102 reminds us that banks will aid the government in seizing financial assets. Banks took your gold once and if the government asks them they’ll take your bitcoin deposits! https://m.primal.net/LCpz.jpg Bitcoin wallets have more security than banks yet they are FREE! Paying someone to hold your bitcoin will actually force you to part with a large amount of sats over time, resulting in a large value lost over time. Compounding fees significantly limit your investment returns https://m.primal.net/LCqA.webp Banks are highly restrictive You want to move a few thousand dollars? You have to file a report. When sending bitcoin, all you need is a recipient and a network fee and your transaction is approved Besides, its not like you can send an ETF like you can send bitcoin Bitcoin on a wallet enables your independence You can safely store and transact your bitcoin anywhere, anytime Bitcoin on a wallet is the best way to store your bitcoin

At some point you have to shift the risk to the risk managers. ETFs like bitcoin or gold has a value offering, especially for the everyday joe to easily buy without KYC, wallets, seed phrases, market liquidity etc. but also losing their keys or whatever dumb shit they would do like get scammed. ETFs aren't for you, you're on fucking nostr. You probably run nodes and shit. These ETFs are for the uncles and aunts who want to be trendy with you, so just refer them to that instead of trying to orange pill them into a daze. Out of those that buy the etfs, some proportion will self realise, and become self sovereign. Majority won't but will trade the ETFs as part of their portfolio. Getting the majority to even consider Bitcoin should be seen as a win, let alone add it to their portfolio. nostr:nevent1qqs8vypr7tjplj3dfzufq63hfsx2l3rdmru0e30k75pshcy794fsghgpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsygpw6dvkad0xulqdd7dwrgqu450ypwks9mv7ygslcv33vf9f3dxv0qpsgqqqqqqsn8w25e