"this is good for bitcoin"
SEC has not approved Bitcoin ETFs [fixed]
131–140 of 518 posts
Re: SEC has not approved Bitcoin ETFs [fixed]
#132Yeah 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.
Who in the world is still long on crypto? In the past few years we've seen ample evidence that crypto is largely a complete scam, and likewise strong evidence that none of crypto's hoped for value will come to fruition (we didn't see it useful for fighting inflation, it's not being used to avoid sanctions, it certainly isn't being used as a currency, etc). The fact that crypto still has any market value, and that com…
I’ve used DeFi for as long as it’s been around and will continue to do so. It’s safer and can be more profitable than TradFi, even with stablecoin yield. It’s a larger area than you might realise, and there is a lot more to it than degen gambling.
Re: SEC has not approved Bitcoin ETFs [fixed]
#133Earlier quoted context omitted.
Unlike the long history of price manipulation in traditional markets?
The old crypto chants were that crypto would lead us away from the ills of traditional markets/finance. Glad to see that it's been watered down to "just as bad as" arguments.
Greed will, uhhhhh, find a way.
Re: SEC has not approved Bitcoin ETFs [fixed]
#134The 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.
This is quite literally not a pump and dump by the SEC. A pump and dump would require the same entity to be doing the buying, pumping up, and then dumping the asset. The SEC didn’t buy, nor did it sell, nor did it pump up the price (someone pretending to be the SEC pumped up the price). Even assuming that the “largest pump and dump” claim is correct, at most, the SEC was used for that purpose and isn’t “responsible”…
They didn't say the SEC did it, they said the SEC was "responsible" for it.
Which may or may not be true, if they were using "password123" then sure that's negligent and they'd bear some of the responsibility, but it might not have been the SEC's fault at all.
Re: SEC has not approved Bitcoin ETFs [fixed]
#135The 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?
So im guessing you feel like tesla shouldn’t be taken seriously as well?
Re: SEC has not approved Bitcoin ETFs [fixed]
#136I 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.
This is half a joke, but maybe there is demand for a vehicle for speculation that isn't tied to anything real, at all.
It achieves some sort of purity of concept. Plenty of people _gamble_ on the stock market but there has always been some sort of link to reality. With crypto, you can cut that tether and really treat it like gambling, rigged odds and all.
Re: SEC has not approved Bitcoin ETFs [fixed]
#137Earlier quoted context omitted.
Unlike the long history of price manipulation in traditional markets?
The old crypto chants were that crypto would lead us away from the ills of traditional markets/finance. Glad to see that it's been watered down to "just as bad as" arguments.
Tomorrow your bank could cut you off from your own money because you protested the government[1], and what could you possibly do?
Having the freedom to truly own your own money and investments is valuable in and of itself, no matter how much crypto "devolves" towards traditional finance in other regards.
[1]: https://www.nytimes.com/2022/02/22/world/americas/canada-pro...
Re: SEC has not approved Bitcoin ETFs [fixed]
#138Is 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?
ETF's are so pervasive because they're so easy. VIX futures can be held, but people still buy VIXY and similar products. You can buy literal physical gold, but people still buy GLD et al. And it hardly matters that wrapping it in an ETF makes it potentially really weird (like how GLD and other gold ETFs are only barely nominally like holding gold, and VIX ETFs often hold cash-settled futures based on the value of a f…
It's the "it makes it easier" part that I am debating. Yes buying into a gold ETF is obviously easier because going out and buying physical gold takes more effort. But for a bitcoin ETF you are trading two clicks on one site vs two clicks on another. And in the ETF case you don't actually get to own any Bitcoin. So where's the advantage?
Re: SEC has not approved Bitcoin ETFs [fixed]
#139Re: SEC has not approved Bitcoin ETFs [fixed]
#140Earlier quoted context omitted.
Twitter/X is not an authoritative source of news, regardless of whether it is an "official" account doing the Tweeting or not. Anyone can get a blue check by paying $8/mo.
We really really really need some legislation about governmental agencies using privately owned companies to announce things. There was already some for radio/early news, but the landscape has changed so much, and it bothers me a ton that these platforms are being used.
tell your congress critters to write laws requiring public infrastructure (public sector adoption of ActivityPub is an awesome use-case here)