Commodity Exchange Traded Funds (ETFs) are essentially compliant products that package the business model of "holding commodities long-term and continuously generating rental income" and offer it to retail investors. Fund companies receive a share of the rental income earned by large investors who hold substantial amounts of commodities, lend related assets, and participate in derivatives market transactions, while also charging management fees. Fund companies are not simply optimistic about the market prospects of a particular commodity, but rather value its asset attribute of continuously generating "rent." Since May 13, 2016, the day BitMEX launched the world's first BTC perpetual contract, a funding rate mechanism has been implemented. From then on, long-term BTC holders could obtain rental income through hedging operations, marking its true transformation into a "rental asset." Before this, it existed merely as a speculative target for evangelistic beliefs; afterwards, it possessed a stable positive cash flow logic.

This Reddit moderator wiped out every conversation about a Bitcoin fork and accidentally created a $74 BILLION rival chain His handle was theymos, an anonymous mod who controlled the three biggest Bitcoin discussion forums in the world from one account, r/Bitcoin, BitcoinTalk and the Bitcoin Wikipedia BitcoinTalk wasn't just any forum, Satoshi Nakamoto started it in 2009 and theymos became an admin in 2011, effectively taking over once Satoshi disappeared By 2015 Bitcoin had a real problem, blocks were filling up and fees were rising One side of the community wanted to fork Bitcoin and make the blocks bigger so transactions stayed cheap, the other side wanted to keep blocks small and build solutions like Lightning Network on top The two sides could not coexist On August 15, 2015, former Bitcoin developer Mike Hearn released BitcoinXT, the first real attempt to hard fork Bitcoin to bigger blocks To activate, it needed support from 75% of miners One day later, theymos went nuclear Any discussion of BitcoinXT on r/Bitcoin got reclassified as "off topic altcoin discussion" and deleted on sight Then he posted, "If 90% of /r/Bitcoin users find these policies to be intolerable, then I want these 90% of /r/Bitcoin users to leave. Without some real argument, you're not going to convince anyone with any brains. You're just wasting your time and ours" The same rule got enforced on BitcoinTalk and the Bitcoin Wikipedia Every channel where Bitcoin holders went to learn about XT, the conversation was deleted and without public discussion, BitcoinXT couldn't build support It needed 75% of the miners, only achieved 12% and then died Three days into the censorship, one of theymos's own mods called jratcliff63367 wrote a post titled "Confessions of an /r/bitcoin moderator" admitting it was real Theymos removed him within 10 days A second mod called hardleft121, a beloved community member who tipped Bitcoin to random users, got removed a week later for "inactivity" Roger Ver, also known as Bitcoin Jesus, got banned from Reddit for publicly naming theymos He even flew to Reddit HQ in San Francisco, met with CEO Steve Huffman in person and got his account restored a few days later Coinbase CEO Brian Armstrong went on stage with Huffman in 2016 and said out loud, "His username is theymos. If you want to ban him" but Reddit didn't ban him In January 2016, Mike Hearn quit Bitcoin entirely He wrote a long essay declaring Bitcoin a failed experiment, sold every single coin he owned and walked away Causing the price to drop 14% the same day The big block side realized they would never win on r/Bitcoin, so they moved to a new subreddit called r/btc and thousands of users followed them out Then they tried two more soft forks, Bitcoin Classic and Bitcoin Unlimited Both got the same treatment from theymos and both failed By 2017 they gave up trying to change Bitcoin itself On August 1, 2017, almost exactly two years after theymos changed the rules, they did what they couldn't do from inside the network They hard forked Bitcoin onto a new chain called Bitcoin Cash, with bigger blocks built in from day one By December 2017, Bitcoin Cash hit $4,355 a coin and a peak market cap of $74 billion A year later BCH split itself again into BCH and BSV in a hash war that crashed all of crypto by 50% Roger Ver was arrested in 2024 on tax evasion charges tied to his Bitcoin sales Two years of mass deletes on Reddit spawned a $74 billion fork, a second fork, a market crash and the criminal indictment of one of Bitcoin's earliest evangelists Theymos is still an admin of r/Bitcoin and BitcoinTalk today