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SEC has not approved Bitcoin ETFs [fixed]

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Re: SEC has not approved Bitcoin ETFs [fixed]

#191

Post by riffic »

paxys wrote: post #150
Eji1700 wrote: post #110

Earlier quoted context omitted.

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.

The government has always used privately owned companies (newspapers, news channels, news websites) to make announcements. Social media is just the latest iteration of that. The government operating its own websites is in fact the aberration, and I'd wager the vast majority of people don't even know they exist or visit them. So not sure what such a law would accomplish.

there's prior art for a government gazette (the federal register or whatever equivalent in your own country):

https://en.wikipedia.org/wiki/Government_gazette

going back even further in time you had the town crier:

https://en.wikipedia.org/wiki/Town_crier

Re: SEC has not approved Bitcoin ETFs [fixed]

#192

Post by abujazar »

a_JIT_pie wrote: post #166
QuantumGood wrote: post #158

Earlier quoted context omitted.

Barely makes an impression in the parade of crime that is web3isgoinggreat.com/

Can you explain how web3 is responsible for all the crypto nonsense for a layman?

web3 is a term coined by some of the people behind the crypto nonsense, as if it could be a successor to 'web 2.0'

Re: SEC has not approved Bitcoin ETFs [fixed]

#193

Post by dogman144 »

viraptor wrote: post #76
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.

Yes. If in the space long enough, this is a mainstream indicator of institutional adoption, paired with the inst trading volumes already there.

Suggesting either could happen would get someone laughed out a room really not too long ago.

If you were around for $3k btc, those intervening years saw:

* first national current adoption (ES)

* futures contracts from CME

* institutional trading volumes CEXs and DeFi

* first rounds of crypto being able to pull FAANG-types for jobs

* countries approving it for contracts (Argentina)

* looks like an imminent ETF

* funding UKR war efforts faster than US govt could manage - $50m overnight iirc

* arms deals via aforementioned funding

A lot has happened! Bodes well

Re: SEC has not approved Bitcoin ETFs [fixed]

#194

Post by bbor »

ceejayoz wrote: post #176
a_JIT_pie wrote: post #166

Earlier quoted context omitted.

Can you explain how web3 is responsible for all the crypto nonsense for a layman?

Web3 is the crypto nonsense. It was a rebrand attempt. https://en.wikipedia.org/wiki/Web3

From this forum we shall organize the great retaking of “Web3” for the 3D paradigm it was always meant to be. It’s in the name!!

It’s sad that blockchain went the way it did, because it’s probably a great technology when you don’t expect it to revolutionize the entire internet.

Re: SEC has not approved Bitcoin ETFs [fixed]

#195

Post by MBCook »

paxys wrote: post #80

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?

It’s very important because if you don’t like the standard finance system and want to use an alternate one that isn’t corrupted by greed and incumbents, the best way to do that is… to buy it through the current financial system?

It gives credibility to the thing that explicitly does not want credibility. Or at least didn’t. Maybe it does now. I don’t know.

Re: SEC has not approved Bitcoin ETFs [fixed]

#196

Post by Powdering7082 »

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.

3% gain on BTC is really not that much for crypto, it's the size of the movement within a given timeframe that makes it impressive (e.g. it was within a minute or two). It would have been very easy to take out a leveraged long position in defi & profit off this.

Re: SEC has not approved Bitcoin ETFs [fixed]

#197

Post by codegeek »

RiverStone wrote: post #152
xvector wrote: post #137

Earlier quoted context omitted.

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...

Instead, you can lose access to your money just because you forgot your secret key.

Or Worse, coinbase decided you are no longer worth their time. Wait, I thought this was supposed to be decentralized.

Re: SEC has not approved Bitcoin ETFs [fixed]

#198

Post by Shosty123 »

IKantRead wrote: post #89
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.

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…

Takes like these are so moronic it hurts. I just paid an artist across the globe for some icons; the transaction took seconds to resolve and cost me cents to send via SOL. The closest I've come to that is Canada's eTransfer system, but it only works in Canada.

Re: SEC has not approved Bitcoin ETFs [fixed]

#200

Post by sebzim4500 »

unleaded wrote: post #79
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?

The price moved ~3% as a result of the tweet.

There have been many flash crashes in traditional markets bigger than that, triggered by similarly stupid events.

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