{"id":5024,"date":"2018-08-14T14:07:47","date_gmt":"2018-08-14T11:07:47","guid":{"rendered":"https:\/\/forklog.media\/?p=5024"},"modified":"2018-08-17T12:24:58","modified_gmt":"2018-08-17T09:24:58","slug":"nick-szabo-casts-doubt-on-bitcoin-etf-benefits","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nick-szabo-casts-doubt-on-bitcoin-etf-benefits\/","title":{"rendered":"Nick Szabo Casts Doubt on Bitcoin ETF Benefits"},"content":{"rendered":"<p>While many commentators believe a regulatory approved Bitcoin exchange-traded fund (ETF) could boost prices of the largest cryptocurrency, blockchain pioneer Nick Szabo says it might cause more problems than it\u2019s actually worth.<!--more--><\/p>\n<p>In his recent tweet Nick Szabo insists he is not \u201clobbying for an ETF or for Wall Street-managed money in general.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en-gb\">\n<p dir=\"ltr\" lang=\"en\">I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it&#8217;s worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don&#8217;t need new ones to take their place. <a href=\"https:\/\/t.co\/s7OxZt9IrJ\">https:\/\/t.co\/s7OxZt9IrJ<\/a><\/p>\n<p>\u2014 Nick Szabo\u26a1\ufe0f (@NickSzabo4) <a href=\"https:\/\/twitter.com\/NickSzabo4\/status\/1028752958266077185?ref_src=twsrc%5Etfw\">12 August 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The cryptography veteran also said that the recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space, adding that \u201cwe don&#8217;t need new ones to take their place\u201d.<\/p>\n<p>Nick Szabo also responded to some comments with one user saying he never understood the hype of Bitcoin ETFs and calling them a waste of time, and the other one claiming that if you want Bitcoin to be a global thing, then investors will want something that is easy and regulated.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en-gb\">\n<p dir=\"ltr\" lang=\"en\">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\u2019s facts.<\/p>\n<p>\u2014 Leon Gaban (@leongaban) <a href=\"https:\/\/twitter.com\/leongaban\/status\/1028794663799582730?ref_src=twsrc%5Etfw\">13 August 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong>\u201cThey are used to assets are already trust-based like bonds and stocks. OTOH most of the world&#8217;s gold is under the custody of its owners. Bitcoin can be even more securely stored than gold. You are losing Bitcoin&#8217;s main benefit by trusting somebody else to store it for you,\u201d<\/strong> said Szabo.<\/p><\/blockquote>\n<p>As noted by <a href=\"https:\/\/bitcoinist.com\/nick-szabo-bitcoin-etf-might-cause-more-problems-than-its-worth\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Bitcoinist<\/span><\/a>, Szabo\u2019s words come amid an increasingly sage climate regarding the real benefit of an ETF to Bitcoin\u2019s march to mainstream acceptance.<\/p>\n<p>Having previously championed US regulators greenlighting the nine applications currently under consideration, some industry figures have since suggested an ETF would not be a magic bullet for Bitcoin.<\/p>\n<blockquote><p><strong>\u201c\u2026Hopefully [HODLers]\u2026 will realize Wall St is not [Bitcoin\u2019s] friend,\u201d<\/strong> former Morgan Stanley senior executive Caitlin Long <a href=\"https:\/\/twitter.com\/CaitlinLong_\/status\/1028612418220564481\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">commented<\/span><\/a> about the situation Sunday, while Szabo referenced Cenacle Capital managing director Bill Ulivieri, who said he was \u201closing respect for the Bitcoin community\u201d over its ETF support.<\/p>\n<p><strong>\u201cEveryone wants an ETF but without the backoffice \/ hard to borrow\/ fail to deliver consequences,\u201d <\/strong>he added.<strong> \u201c[It\u2019s] like they want physical stock certificates on [Bitcoin\u2026].\u201d<\/strong><\/p><\/blockquote>\n<p>The recent <a href=\"http:\/\/forklog.media\/nyse-operator-to-launch-new-global-digital-assets-platform\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">announcement<\/span><\/a> by New York Stock Exchange owner Intercontinental Exchange (ICE) it would build and open a digital asset platform by November meanwhile led to further considerations.<\/p>\n<p>Brian Kelly, the CNBC commentator and investment manager, claimed that the appearance of ICE\u2019s Bakkt platform would \u201csignificantly help the chances\u201d of an ETF, while social media commentator even suggested it would make an ETF \u201ccompletely redundant.\u201d<\/p>\n<p>So far, regulators have <a href=\"http:\/\/forklog.media\/market-a-sea-of-red-following-u-s-sec-decision-to-postpone-vaneck-solidx-bitcoin-etf-ruling\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">opted to delay<\/span><\/a> judgment on new ETF applications after <a href=\"http:\/\/forklog.media\/bitcoin-price-drops-under-8000-as-sec-again-rejects-winklevoss-brothers-bitcoin-etf\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">refusing<\/span><\/a> Tyler and Cameron Winklevoss\u2019 submission for a second time last month.<\/p>\n<p>Follow ForkLog on <span style=\"text-decoration: underline;\"><a href=\" https:\/\/twitter.com\/forklog_en\/\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/span> and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.facebook.com\/forklogen\/\" target=\"_blank\" rel=\"nofollow noopener\"> Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While many commentators believe a regulatory approved Bitcoin exchange-traded fund (ETF) could boost prices of the largest cryptocurrency, blockchain pioneer Nick Szabo says it might cause more problems than it\u2019s actually worth.<\/p>\n","protected":false},"author":1,"featured_media":5069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,569,377],"class_list":["post-5024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-etf","tag-nick-szabo"],"aioseo_notices":[],"amp_enabled":true,"views":"631","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=5024"}],"version-history":[{"count":2,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5024\/revisions"}],"predecessor-version":[{"id":5027,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5024\/revisions\/5027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5069"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=5024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=5024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=5024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}