Earlier quoted context omitted.
Well, how about trying to move $200 in Bitcoin - it's the most expensive funds transfer. You cannot "move" $50 as it's cost-prohibitive!
The bitcoin network is best suited for storing and moving large amounts of monetary energy. Compared to any other monetary system, it does this the most efficiently (i.e. with the least amount of energy loss), both during storage and during transfer. Note that the transfer of monetary value/energy is final settlement (i.e. it's not just an IOU that will be settled at later date, like most bank payments). Ultimately t…
Spot Bitcoin ETF receives official approval from the SEC
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Re: Spot Bitcoin ETF receives official approval from the SEC
#112Earlier quoted context omitted.
and what would happen during/after a fork?
> and what would happen during a fork? Now, that is a very interesting question. If said ETF did their homework properly, their handling of a fork should be described in detail in their prospectus. Not that I would ever buy a BTC ETF since it precisely negates what I believe Bitcoin to be useful for, but if I had to, I'd pick the one that would convert the forked coins back to BTC immediately after the fork. If enoug…
Yeah I know what you mean, although one competitive advantage of the fund is it can be invested in a tax-free savings accounts not subject to capital gains tax (I haven't seen a practical way to do the same with the raw commodity).
Re: Spot Bitcoin ETF receives official approval from the SEC
#113Earlier quoted context omitted.
Fees for storing and moving bitcoin are absolutely not approaching the costs for gold Try moving $10M of gold from one end of the world to another for under $100
Well, how about trying to move $200 in Bitcoin - it's the most expensive funds transfer. You cannot "move" $50 as it's cost-prohibitive!
Re: Spot Bitcoin ETF receives official approval from the SEC
#114Earlier quoted context omitted.
Haven't heard this take before. What are your thoughts on high frequency trading shops and the regular stock market?
At least with stocks you actually own cash flows. Cryptos produce nothing.
Re: Spot Bitcoin ETF receives official approval from the SEC
#115What other products that are as known-to-be-risky-and-associated-with-fraud are backed by an ETF? Genuinely curious what else is out there...
Government bonds. There were ETFs holding Greek gov bonds for example. Greek cheated to enter the EU (by fudging its numbers, with the help of big accounting firms and banks). And government bonds are known to be risky, seen that throughout times many government have simply grown their public debt and then defaulted.
Fun fact: US public debt grew from $33 trillion (with a 't') to $34 trillion in ... drumroll ... 100 days.
Woot!
P.S: I'm not sure your question is correctly phrased... 3% to 5% of the world's entire GDP is linked to crime. By now it's not even clear if 3% to 5% of all the Bitcoin transactions are linked to crime.
Re: Spot Bitcoin ETF receives official approval from the SEC
#116Earlier quoted context omitted.
People in HN are in a massive bubble; you see it with other topics too. It's nice to look here for some tech sentiment and interesting article sometimes, but for most cutting edge stuff this forum is always full of naysayers.
I've learnt not to talk about crypto or computer graphics (?!) here, so much vitriol.
That’s a shame :( computer graphics is a very interesting topic and I always love to read things about it
Re: Spot Bitcoin ETF receives official approval from the SEC
#117Earlier quoted context omitted.
Strawman. I never claimed Bitcoin is the only hedge. Certainly gold has it s place. Lightning network fees are negligible. So that argument doesn't hold either.
Lighting network isn't really bitcoin though. More like an optional bolt on peripheral network with it's own set of issues.
Every lightning transaction is just a regular bitcoin transaction that could be posted to the chain at any time-- you just don't have to, because the scripting functionality has been used so that if a counterparty posts an earlier state you can effectively cancel it.
The switch to deferring updates unless there is a dispute gives a massive advantage to scaling (e.g. number of tx per second possible goes up the more users there are rather than being a global constant), instantaneouness of transaction irreversability (as fast as the involved parties can make a couple round trips, vs an hour for multiple confirmations), and potentially privacy (since not every update is globally broadcast). But these benefits come at a considerable cost of requiring a degree of active monitoring so if a counterparty posts an outdated state your software can respond, along with additional software complexity, etc.
For some applications the benefits are well worth the costs, for others they aren't.
To say it's not bitcoin is like saying multisignature transactions aren't bitcoin. In both cases they're ways of using the existing functionality. In both cases they require some additional software and different approaches. In both cases they use functionality built into the protocol which was intended for their purposes (payment channels being a concept originally described by Satoshi, and specifically accommodated in the transaction format). And in both cases they change the tradeoff surface somewhat.
Re: Spot Bitcoin ETF receives official approval from the SEC
#118Earlier quoted context omitted.
People in HN are in a massive bubble; you see it with other topics too. It's nice to look here for some tech sentiment and interesting article sometimes, but for most cutting edge stuff this forum is always full of naysayers.
There's a fair amount of ill-placed arrogance. It seems that the majority on this board confidently and incorrectly believe that they know all there really is to know about bitcoin. Essentially that it's a scam that wastes energy. If you try to help them understand, you're generally attacked as if you are shill, and then they continue along in their ignorant bubble. It's a shame, but their attitude isn't conducive to…
I think Bitcoin is one of the many way that the economy is rigged against economically insecure retail investors. The more money that gets funneled from the middle class into Michael Saylor and crew's pocket the closer it brings us to civil war.
Checkout
End Times: Elites, Counter-Elites, and the Path of Political Disintegration by Peter Turchin
https://www.amazon.com/End-Times-Counter-Elites-Political-Di...
Re: Spot Bitcoin ETF receives official approval from the SEC
#119The death of crypto was written endlessly on HN. The investor activity is much more bullish over last 6 months. I think the only hot VC right now in all of tech is AI and blockchain. Now a lot of people here will be investing in Bitcoin without even knowing it, as their passive fund investments begin accumulating. The sweet victory against the no coiners.
Re: Spot Bitcoin ETF receives official approval from the SEC
#120In the hypothetical case that a Bitcoin ETF gets hacked and its wallet(s) emptied, what happens? Is it any different from, say, a gold ETF having its physical gold stolen?
I will note that the ETFs are using Coinbase, Gemini, and Fidelity for custody. These companies have been providing Bitcoin custody for years without being hacked AFAIK.