Get Ready for Bitcoin ETF Fuckery – Miyagi Mornings Epi-166
I have put my ear to the rails and I hear the train coming it is a good thing over all but it is also fuckery consistent with what has been going on all year. All the FUD about banning crypto, regulations that will kill it, etc is exactly that, just FUD.
The billionaire class has made a decision rather than ban they plan to co-opt and they also know they have already been heavily “front run” and they don’t want any more of it that they have to allow at this point. Everything institutions are doing right now is about one thing, getting their money in, quietly as possible with as little upward pricing pressure as possible.
For every Michael Saylor pumping bitcoin there are 20 with similar wealth quietly accumulating and wishing he’s STUF already about it. Clowns like Mark Cuban have been pumping Doge, Cuban even accepts it at the Mavericks games and official Mavericks shops. He says it is “good money”, but let me ask you if you think he is accepting Doge or instantly converting it to either BTC, ETH or USD?
It is a game and we are going to get an ETF soon, may be before OCT ends but it is going to come with extreme and I mean extreme fuckery! It won’t be a spot account ETF which would be the safest for small investors and likely instantly available in almost all IRAs, and would be easy to get into 401 account too. No it will be a BTC Futures ETF, these are far more risky and for advanced investors.
It is basically trading options inside an ETF. BTC could go up and you could lose, is the most basic explanation of what that really means. Debra in Des Moines is not going to move 10% of her IRA into such a fund, and Jim in Jacksonville won’t see it as an option in his 401K either.
It will let tons and I mean tons of charter restricted money into BTC but not most of the money the average Joe, Jane or Debra has allocated for investing. Translation if you already hold BTC it is great for you, however those who have been waiting for their tax deferred money to has a clear pay to it will once again take it in the butt hard.
Oh and don’t think they won’t use it to push the price down with short selling while they stall hard on the spot ETF. Because trust me this is exactly the plan. Doesn’t mean it will work but it is the plan. The real money is about to pour in and they want to get as many sats per stolen dollar as possible.
- Flag Featured in this video is here – https://amzn.to/36wGHXK
- Microphone I use – https://amzn.to/3AXdS4C
Hello Jack, I listen with great interest to episode 166 of Miyagi Mornings, “Get Ready for Bitcoin ETF Fuckery”. Thank you!
I agree strongly with your analysis. “there is more regulation coming”, “the Billionaire class has made a decision”, and “They’re going to release the fricken complicated, hard to understand, risky (Futures ETF) for their high fluting buddies, who can coordinate … and manipulate the price, forcing it up and down, creating excessive volatility.”
On a different point, over the longer term (this decade), the “Bitcoin fuckery” will be far worse than you’ve foreseen. The abuse of the ETF coming this year will not be close to the far worse fuckery coming later in the decade. Those who control the government, intend to completely control bitcoin. Not ban it, as much as actually run the Bitcoin network in a manner that allows control of all transactions.
Of course, it is true that Bitcoin has never been hacked. But hacking cryptography is not the government’s plan. Instead, they are looking at controlling the hash rate. It is not surprising that private entities have not attempted to do so, only a government could take over the network without violating laws against theft and wire fraud. By gaining control of the hash rate, government(s) will control the verification of all transactions. It will become simple for the government to decide that only transactions from compliant exchanges/wallets can get verified.
As you stated, “They co-opt it. They grab on to it. They harness it.”
The U.S. Government has studied Bitcoin for years. It knows multiple methods to seize control of the Bitcoin hash rate. For a technical view, see the research done by the U.S. Department of Defense through its Defense Advanced Research Projects Agency (DARPA), which sponsors University research. Here are two of the U.S. Government-sponsored studies of methods to control Bitcoin done for DARPA by the Computer Science Department of Cornell University in N.Y. First a study in (2013)
https://www.cs.cornell.edu/~ie53/publications/btcProcFC.pdf .
Then one from (2019) https://arxiv.org/ftp/arxiv/papers/1912/1912.07497.pdf.
Understanding Government leads inevitably to the conclusion that government will seek to make the ‘immutable blockchain” of the Bitcoin network into a tool of government surveillance and control.
An excellent description of how the process of controlling the hash rate can occur, written in understandable language, is provided in the Medium.com posts of Joe Kelly, “How To Kill Bitcoin (Part 3): No Can Defend” https://joekelly100.medium.com/.
What Government will do with Bitcoin is also a point of considerable interest for me. https://medium.com/coinmonks/what-will-happen-with-bitcoin-5b284b44b19e
Thanks again. Best wishes