I thought that's the difference with other BTC products like GBTC, that ETFs are 1:1 redeemable?
The way I see it, it still behaves like an IOU because the people/orgs who opt for an ETF do so because they want the option to custody, even though they're not going to do it by default.
As we have seen before, unless people actually self-custody, the custodian is likely to abuse that "trust".
once_aphysicist /
npub1rh…s2alf
2023-10-16 18:53:59
in reply to nevent1q…0qhw
Author Public Key
npub1rhtejt4qaj76wjqvamf4wjxrv4tfzyeu33u2l9rl6fpfnku0fq0scs2alfPublished at
2023-10-16 18:53:59Event JSON
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"content": "I thought that's the difference with other BTC products like GBTC, that ETFs are 1:1 redeemable?\n\nThe way I see it, it still behaves like an IOU because the people/orgs who opt for an ETF do so because they want the option to custody, even though they're not going to do it by default.\n\nAs we have seen before, unless people actually self-custody, the custodian is likely to abuse that \"trust\".",
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