BTCforPlebs

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BTCforPlebs
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A place for ordinary people to learn about Bitcoin 🧡
All your models are broken 2009: ⚪️ 2010: ⚪️ 2011: 🟢 2012: 🟢 2013: 🟢 2014: 🔴 2015: 🟢 2016: 🟢 2017: 🟢 2018: 🔴 2019: 🟢 2020: 🟢 2021: 🟢 2022: 🔴 2023: 🟢 2024: 🟢 2025: 🔴
Switching from IBIT to FBTC is like two kids endlessly trading the exact same Bitcoin IOU back and forth, but the actual Bitcoin never leaves Coinbase Custody’s vault. - Kid A sells his “BlackRock Bitcoin IOU” and uses the dollars to buy Kid B’s “Fidelity Bitcoin IOU.” - Both IOUs are backed 1-to-1 by the very same stack of Bitcoin sitting untouched in a Coinbase cold wallet. - No Bitcoin is ever handed from BlackRock to Fidelity. - No Bitcoin is handed from Fidelity to BlackRock. - Coinbase Custody doesn’t move a single satoshi between segregated client wallets — why would they? Net exposure for the entire system hasn’t changed by one atom. - The Bitcoin ledger (the real blockchain) never nothing, zero transactions, zero fees, zero anything. Dead silence. 🔕 Yet the price on every exchange, every Bloomberg terminal, every ETF ticker jumps around like crazy because millions of kids (institutions, retail, algos) are frantically swapping these IOUs on a regulated playground called the stock market. The actual Bitcoin never moved as much as a brick in a bank vault moves when you swap a BlackRock vault receipt for a Fidelity vault receipt. There was no tree in the woods that fell, so of course it didn’t make noise. The only thing that made noise was a bunch of tourists trading colored paper claims while the real Bitcoin sat there, perfectly silent.