Not sure that I agree with your strong negative sentiment toward Bitcoin. I will agree though that the exchanges are stealing money from their clients. I have a nightmare situation unfolding with Kraken right now... Real USD in an account from which I day traded BTC, made money in USD, kept in USD, and now I can't get my USD out of them. I got back, nearly to the penny, my original trading account amounts, but they have been withholding the earned money now for over a year. What a bunch of crooks. No idea who to complain to.
You should realize that what you posted was from the original registration document, but it was later revised when the SEC said it would only approve cash-only redemptions. But it seems you do not.
Major applicants for a spot Bitcoin exchange-traded fund (ETF) in the United States are amending their filings to comply with the cash redemption model demanded by securities regulators.
Investment manager BlackRock and Cathie Wood’s ARK Invest have updated their S-1 registration statements for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
Filed on Dec. 18, the S-1 amendments relate to the cash creation and redemption model for proposed spot Bitcoin ETFs, with BlackRock and ARK accepting the cash redemption system rather than in-kind redemptions, which imply non-monetary payments like BTC.
Thanks for updating me. That being the case, the decay of cryptocurrency will start as a slow-moving train wreck. One crack in the armour of the cryptocurrency cult and redemptions will trigger a run on the bank and this sad charade will come to its inevitable end.
Not sure that I agree with your strong negative sentiment toward Bitcoin. I will agree though that the exchanges are stealing money from their clients. I have a nightmare situation unfolding with Kraken right now... Real USD in an account from which I day traded BTC, made money in USD, kept in USD, and now I can't get my USD out of them. I got back, nearly to the penny, my original trading account amounts, but they have been withholding the earned money now for over a year. What a bunch of crooks. No idea who to complain to.
You should realize that what you posted was from the original registration document, but it was later revised when the SEC said it would only approve cash-only redemptions. But it seems you do not.
https://cointelegraph.com/news/ark-blackrock-bitcoin-etf-sec-cash-create
Major applicants for a spot Bitcoin exchange-traded fund (ETF) in the United States are amending their filings to comply with the cash redemption model demanded by securities regulators.
Investment manager BlackRock and Cathie Wood’s ARK Invest have updated their S-1 registration statements for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
Filed on Dec. 18, the S-1 amendments relate to the cash creation and redemption model for proposed spot Bitcoin ETFs, with BlackRock and ARK accepting the cash redemption system rather than in-kind redemptions, which imply non-monetary payments like BTC.
Thanks for updating me. That being the case, the decay of cryptocurrency will start as a slow-moving train wreck. One crack in the armour of the cryptocurrency cult and redemptions will trigger a run on the bank and this sad charade will come to its inevitable end.