Bitcoin ETF a Waste of Time? by nealmcspadden

cryptocurrency · @nealmcspadden · Jul 12 '18

$9.38

Bitcoin ETF a Waste of Time?

When I feel like I have run out of things to check out on steem I head over to reddit. Today I found this:

All Americans here should be submitting comments to the SEC about the CBOE Bitcoin ETF - it's your right as a citizen

http://www.reddit.com/r/CryptoCurrency/comments/8xzpam/all_americans_here_should_be_submitting_comments/

And I know there have been a whole stable of horses beaten to death over this issue but I can’t help but feel that a bitcoin etf is just the wrong way to go. 

On the one hand I understand that people making money through speculation will attract more interest. But on the other hand I think he focus should be on use and adoption in the real world instead of financial speculation. 

The crypto revolution won’t come until it is actually used as money and displaced fiat. And adoption is the main stumbling block preventing cryptocurrency from becoming money right now. 

On the bright side (the third hand?) steem is actually working as money.  We are still a very small group even within the small crypto community though.

👍 inceptionally, newhope, mewnicorn, ashe-oro, happyro19, beachinist, burntbilly, seanlloyd, markkujantunen, sbi6, crosport, mrkwh, texas-crypto, manueri256, maqu1337, goldbloger3, johnsoe, xonekaway, zinzinthat, aamirsohail, brandoncoin, framsmedia, bipin7, visualsketch, kosoemoe, aungkyawch, kozwe4, eduagf2, oopgamesandhobby, swaze

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@tts · Jul 12 '18

To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/nealmcspadden__bitcoin-etf-a-waste-of-time.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.

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@donefezy · Jul 12 '18

$0.02

It is too early for cryptocurrency to be used in place of fiat currency because the market is extremely volatile,and one good quality of a currency is it stability. So let's give cryptocurrency time to make organic market growth before thinking of making it replace fiat currency

👍 nealmcspadden

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@nealmcspadden · Jul 12 '18

Yes I agree that stability is an important quality in a currency. I don’t think it necessarily follows that an ETF is a good way to develop organic growth though. 

Like most things the value of crypto is derived from its subjective utility. Cryptocurrency’s main use is as a payment system.

👍 cheneats

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@markkujantunen · Jul 12 '18

$0.05

I'm inclined to agree. Adoption is key.

But I don't find it very likely for Bitcoin or other cryptos to at least totally replace fiat. I believe they will have role as payment systems. I think, however, that tokenization of every type of asset will happen increasingly.

👍 dustsweeper, nealmcspadden

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@nealmcspadden · Jul 12 '18

$0.03

No I don’t think it will be a total replacement. Governments will continue to use their own money for taxes and the like. And Gresham’s law tells us that fiat will be spent first before crypto. 

But what I do see happening is people getting rid of their fiat as quickly as possible either through spending or conversion to crypto. Over time that will lead to crypto being the dominant currency system in an economy. 

This gets accelerated in hyperinflation situations like we are seeing in Venezuela.

👍 markkujantunen

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@markkujantunen · Jul 12 '18

The high financial valuation of crypto and many other things is a product of quantitative easing having gone on for a decade now. Central banks will probably have to ramp it up to keep  governments solvent in the near future despite making noises about dialing it down lately. Because consumer prices haven't budged much, I think the QE money will continue going into assets. Cryptocurrencies are one of those assets growing fastest in valuation. There already are many of them to suit many purposes. Tokenization to create liquidity for illiquid assets, at least once regulatory hurdles are cleared, is an area where I think very large quantities of fiat may go into.

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