Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Spot Bitcoin ETF receives official approval from the SEC

cointelegraph.com

Post reply on HN
Print view View original

561–570 of 1001 posts

Re: Spot Bitcoin ETF receives official approval from the SEC

#561

Post by npoc »

CyberDildonics wrote: post #452
npoc wrote: post #139

Earlier quoted context omitted.

I offered the Lightning Network as a single example. I don't agree with you, but it's largely irrelevant at this stage. The fact is that Bitcoin is very likely to absorb a vast percentage of the worlds value simply as it is. Once this has happened its value will stabilise and it will become useful as a unit of account/day-to-day currency. By this point, there will be far more motivation to focus on developing solutio…

The fact is that Bitcoin is very likely to absorb a vast percentage of the worlds value simply as it is. Your prediction for the future that a ledger with the throughput of a 28.8 modem will absorb the world's value is "fact"? By this point, there will be far more motivation to focus on developing solutions (such as Lightning) to allow smaller and faster transactions. It has been in the works for a decade and no one…

> Your prediction for the future that a ledger with the throughput of a 28.8 modem will absorb the world's value is "fact"?

Yes, the base layer network is ideally suited for storing extremely large amounts of wealth, for large amounts of time. No other asset has qualities that come close, they all leak value compared to bitcoin.

Re: Spot Bitcoin ETF receives official approval from the SEC

#562

Post by miohtama »

hackernudes wrote: post #144

The only thing I am concerned about is "paper bitcoin" and rehypothecation. Is there anything published about how ETF entities might prove they have custody of the amount of bitcoin they claim (in other words, proof of reserves)?

This is described in the every prospectus that was approved today. Prospectuses are public.

Re: Spot Bitcoin ETF receives official approval from the SEC

#564

Post by kbrkbr »

fsckboy wrote: post #427
lucw wrote: post #242

Earlier quoted context omitted.

If they diverge, an arbitrage opportunity will appear which market participants will jump on.

if they diverge because an economic shitstorm has started and everybody is buying food for survival with bitcoin, but the rump government still wants its cut of your new mad gainz, bitcoin in the ETF and bitcoin out of the ETF might maintain independent values, FEC vs RMB

Talking about extreme situations, here is another possible scenario - if electricity is then rationed and works only for two hours a day, people with cigarettes or gold may actually buy the food, while people with Bitcoin go hungry, and the value may plummet.

Re: Spot Bitcoin ETF receives official approval from the SEC

#565

Post by olalonde »

smoldesu wrote: post #555
npoc wrote: post #540

Earlier quoted context omitted.

The main problem here is that you're looking at the energy use as a waste. It's absolutely not, but in order to understand why, you need to understand what's wrong with the current monetary system and the terrible effects it is having on the world. You're also missing that bitcoin's game theory means that it will ultimately only use unwanted/wasted energy. Bitcoin miners can mine anywhere in the world and those tryin…

> but in order to understand why, you need to understand what's wrong with the current monetary system and the terrible effects it is having on the world. Are we about to find out why, or do I have to pay for your memoir to understand? I've been dying to hear you expand on this for a while now.

https://wtfhappenedin1971.com/ is a good starting point.

Re: Spot Bitcoin ETF receives official approval from the SEC

#566

Post by miohtama »

Octokiddie wrote: post #205

The strong anti-Bitcoin sentiment on HN is still amusing. It goes way back - 13 years or more. Having read many of these negative comments, I think part of this sentiment boils down to the commenter seeing no point to Bitcoin. Just this thread has examples. It must be more than a little annoying to feel very strongly that Bitcoin is pointless, but to also notice that it's still here. Year after year. If that shoe wer…

Hacker News was pro-crypto circa 2015 when Coinbase launched.

The change of the tone here is mainly because of the changed audience. Hacker News was originally a forum for founders and hackers. Now it is a general forum for salarymen software developers.

Re: Spot Bitcoin ETF receives official approval from the SEC

#567

Post by zubairq »

dmoy wrote: post #402
lxgr wrote: post #152

Earlier quoted context omitted.

Most notably, almost all of them seem to be using Coinbase. This makes them a probably unprecedented target for attacks of all kinds...

Makes me wonder if coinbase has the whole Dudes With Big Guns layer of protection that you see at e.g. the fed in NY (where all the gold is) or the bank of England (where all the other gold is)

Bitcoin keys in bank vaults guarded by security guards is exactly what is happening. I wrote about this almost 10 years ago here:

https://www.linkedin.com/pulse/day-163-zubair-2015-bitcoin-p...

My timeline for when things will happen in Bitcoin were way too optimistic though :)

Re: Spot Bitcoin ETF receives official approval from the SEC

#568

Post by DeathArrow »

So bitcoin became something like money and stocks, just a number in a SQL database? And we can now finally make bitcoins out of thin air?

How long before the amount of bitcoins traded by hedge funds will be larger than the amount of bitcoins that exist in the actual bitcoin network?

Re: Spot Bitcoin ETF receives official approval from the SEC

#569

Post by fancyfredbot »

dang wrote: post #360
fancyfredbot wrote: post #13

Satoshi's dream of a decentralised ledger finally reaches its ultimate form of a centralised list maintained by the DTC. Rejoice!

" Don't be snarky. " https://news.ycombinator.com/newsguidelines.html

Genuinely mortified. I'll resist the urge in future. Thanks for keeping HN such a great site Dan.

Re: Spot Bitcoin ETF receives official approval from the SEC

#570

Post by zubairq »

DeathArrow wrote: post #568

So bitcoin became something like money and stocks, just a number in a SQL database? And we can now finally make bitcoins out of thin air? How long before the amount of bitcoins traded by hedge funds will be larger than the amount of bitcoins that exist in the actual bitcoin network?

The amount of fake bitcoins traded by exchanges and custodians probably exceeded 21 million already over the last 5 years.

Hence, “not your keys, not your coins”

Post reply on HN