SEC has not approved Bitcoin ETFs [fixed] • Hacker News Board

Re: SEC has not approved Bitcoin ETFs [fixed]

#71

Post by enlyth » Tue, Jan 09, 2024, 9:55 PM UTC

paulpauper wrote: post #46

Yeah this is really bad for BTC longs. now it will probably be delayed. it's obvious that there is too much fraud and manipulation.. The SEC cannot in good conscious allow an ETF to protect investors (yes, ETFs which have lost all value like UVXY have been approved). Whoever did this furcked over wall street and these funds. Wow. never a dull moment.

You don't seem to understand the purpose of UVXY. It's not meant to be held for longer periods of time, it's a financial product for traders to make short term volatility plays.

Re: SEC has not approved Bitcoin ETFs [fixed]

#72

Post by paulpauper » Tue, Jan 09, 2024, 9:55 PM UTC

traeregan wrote: post #62

This is so wild. Assuming it was financially motivated, wouldn't the involved party stand to benefit more by shorting and posting that the ETF was denied?

no, because they make money on both ways: on the pump and then shorting. The account being hacked lowers odds of approval.

Re: SEC has not approved Bitcoin ETFs [fixed]

#73

Post by unleaded » Tue, Jan 09, 2024, 9:55 PM UTC

paxys wrote: post #67

TaylorAlexander wrote: post #65

Earlier quoted context omitted.

The SEC twitter account has a grey check, which you cannot get by paying $8. https://twitter.com/SECGov

And how does the average user know this?

By clicking on it

Re: SEC has not approved Bitcoin ETFs [fixed]

#74

Post by ksjskskskkk » Tue, Jan 09, 2024, 9:55 PM UTC

huy77 wrote: post #57

dcolkitt wrote: post #49

The price of BTC initially jumped 3% on the hacked tweet. That's $25bn+ of market cap. The irony is the SEC itself is probably now responsible for the largest crypto pump and dump in history.

how do we know if this website is spreading truth from the SEC itself, then?

maybe trust the almost useless SSL certificate merchants, instead of the really useless 8 bucks blue checkmark merchants? i dunno.

Re: SEC has not approved Bitcoin ETFs [fixed]

#75

Post by jakderrida » Tue, Jan 09, 2024, 9:56 PM UTC

I know making millions off crypto doesn't make me an authority, but... It's not an investment. I made money off people speculating by taking advantage solely off an inefficient market. There's nothing else to it. Money put in is not used to generate more wealth. Whether it's going to be used as an official currency in the future in no way would make an investment, nor would it mean it should even go up an value.

Re: SEC has not approved Bitcoin ETFs [fixed]

#76

Post by viraptor » Tue, Jan 09, 2024, 9:56 PM UTC

infotainment wrote: post #47

I love watching crypto people obsess about the fabled Bitcoin ETF. You'd think it was some kind of religious movement. "Oh glorious SEC, once thou bestowest thine blessing, Crypto shall rise a thousandfold! Glory to Bitcoin!"

More approved use means more standard financial industry products using BTC, means more overall volume/value in BTC, means higher price. Of course people holding BTC will like that.

Re: SEC has not approved Bitcoin ETFs [fixed]

#77

Post by cempaka » Tue, Jan 09, 2024, 9:56 PM UTC

paulpauper wrote: post #68

fullshark wrote: post #61

Earlier quoted context omitted.

I think an ETF is inevitable do you not?

all of the hype is over approval this week. approval eventually could mean 2025 or later .

I mean, I know it's the SEC and all, but did they really not have their account locked down with all kinds of fail-safes to prevent something exactly like this? One is tempted to speculate about an inside job to sabotage an approval they never wanted to grant in the first place.

On the other hand, it is the SEC ....

Re: SEC has not approved Bitcoin ETFs [fixed]

#78

Post by wmf » Tue, Jan 09, 2024, 9:56 PM UTC

tossl568 wrote: post #44

monero-xmr wrote: post #3

Widely believed Ethereum ETF coming in Q2. Will make it much easier to put 401k / IRA money in, and capitulation by SEC makes a Bitcoin and Ethereum ban in the US basically impossible.

You think they're going to approve an ETF for a premined unregistered security scam? Ethereum is to Bitcoin as dogshit is to gold.

Ethereum is kind of too big to fail at this point.

Re: SEC has not approved Bitcoin ETFs [fixed]

#79

Post by unleaded » Tue, Jan 09, 2024, 9:57 PM UTC

dcolkitt wrote: post #49

The price of BTC initially jumped 3% on the hacked tweet. That's $25bn+ of market cap. The irony is the SEC itself is probably now responsible for the largest crypto pump and dump in history.

Imagine your bank balance is suddenly worth half as much because someone wrote a tweet. How is cryptocurrency still taken seriously?

Re: SEC has not approved Bitcoin ETFs [fixed]

#80

Post by paxys » Tue, Jan 09, 2024, 9:57 PM UTC

Is this fabled Bitcoin ETF really going to be the "to the moon" moment that everyone in the ecosystem seems to be expecting? From personal experience, I can't think of anyone who wants to buy Bitcoin but hasn't been able to by now. It takes a few clicks on Coinbase/Robinhood or a similar exchange. Plenty of 401k/IRA managers (including Fidelity) offer it as an option. So what exactly changes once this ETF is live?