Post by @frederic • Hey

By the way, all the transaction fees associated with Bitcoin ETFs do not exist on-chain and are captured by traditional finance (TradFi). This results in

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interesting question, I don’t mind if there is no need to secure the transactioning but I do think there is more value if everyone would simply hold asset’s directly onchain and trade these balances onchain.
I don't want the "fake" transaction
People just want to green candles to go up and don’t think about how it plays out In the long term
Was thinking about this yesterday because my taxes are such a nightmare even just from doing some basic DeFi stuff, bridging, LP, multiple chains, etc Got the tax guy in one ear telling me the thousands he's charging me is justified because I have thousands of tx's, versus the reality of im just on here experimenting and didn't even make enough in gains to pay him what he's charging That's an untenable situation for users. Then I realized oh shit.... I can just use eth ETF, Coinbase stock, and I get tax reports super easy no headaches. Not just fee capture is what I'm saying
Why is it value destruction? All of the value isnt captured on-chain but they still have to get the underlying asset. Bitcoin would need some wrapper for that kind of trading anyway rather than for it to congest the network 🤠