Nick Szabo  🔑

I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it's worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don't need new ones to take their place.https://twitter.com/cenaclecapital/status/1028632915951972352 …

Never understood the hype of Bitcoin ETFs. You have the world's first global digital self-custodial asset... and people want to buy pieces of a fund that holds it in their custody, on bordered platforms controlled by third parties? Waste of time!

Because most people do Not want to self custody. The only people in crypto now are power users, developers and traders. If you wan this to be a global thing, then they will want something that is easy and regulated. That’s facts.

Look I’m as crypto-anarcho as they next, but Bitcoin is at a stage now where adoption requires compromise if you want to reach billions. The radicals, maximalists are just like any other fundamentalists, they are actually holding things back.

Not trying to convince anyone of that. They aren't 100% secure, however they also aren't just going to lose a customer's private key and thus their entire wealth. Eventually in a generation we will get to a point where people won't need those 3rd parties, but not right now.

And we need institutional involvement to get us to that next stage... Anyways this is a mute point, institutions are already in Bitcoin, I've seen the OTC orders. Bakkt, ICE, Northern Trust, all these are going to allow common folk to get exposure to Bitcoin and other cryptos.