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Spot Bitcoin ETF receives official approval from the SEC

cointelegraph.com

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Re: Spot Bitcoin ETF receives official approval from the SEC

#121

Post by jabits »

bob_malrey wrote: post #71
fancyfredbot wrote: post #52

Earlier quoted context omitted.

So much more hassle though. Nobody's going to bother with that now - what's the point?

But what’s the point of Bitcoin then? They might as well put anything in these ETFs and it’d be the same thing then: the flat rocks in my garden are limited in number and very scarce, wanna put some in an etf?

I don’t think you quite understand. One ounce of gold or one bitcoin is indistinguishable from any other, i.e. fungible.

Also, limited in number and scarcity only partly define value. In addition to these properties, other people must agree with you.

If your flat rocks are scarce and people want to invest in them, by all means…

Re: Spot Bitcoin ETF receives official approval from the SEC

#122

Post by [deleted] »

pixelpoet wrote: post #18
ESTheComposer wrote: post #14

Earlier 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.

[deleted]

Re: Spot Bitcoin ETF receives official approval from the SEC

#123

Post by jazzyjackson »

dovakin wrote: post #111
npoc wrote: post #99

Earlier quoted context omitted.

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…

The Lightning Network isn’t working as intended and the devs have basically admitted it’s never going to though. I don’t think blockchain as it is built for the btc network is as scalable as you think it can be.

huh, can you give me some context? I never used lightning but it sounded like it was maturing, what went wrong?

Re: Spot Bitcoin ETF receives official approval from the SEC

#124

Post by smoldesu »

npoc wrote: post #108
ESTheComposer wrote: post #14

Earlier 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…

Bitcoin itself is a scam that wastes energy. Without custodial ownership, scam transactions are resolved no different than legitimate ones. Without diligent regulation, Bitcoin's power usage can easily balloon beyond what any single institution would consider appropriate. Both of those things are demonstrably true, and providing Bitcoin ETFs via regulated exchanges changes neither one.

Re: Spot Bitcoin ETF receives official approval from the SEC

#125

Post by rvnx »

dovakin wrote: post #105
rkagerer wrote: post #102

Earlier quoted context omitted.

Maybe, but my rocks are better, faster, and more scalable! Frankly we could probably get our rock ETF's approved more quickly. Regardless of how you feel about Bitcoin, it's not (or shouldn't be) the SEC's place to play nanny and dictate the particular assets/commodities/etc. in which you're allowed to invest your money. Incidentally even one of SEC commissioners agrees https://www.sec.gov/news/statement/peirce-state…

Well as a matter of fact btc is none of these things compared to any other crypto, which are themselves not particularly any of these things. But I agree with the fact it’s not the SEC’s role to tell us the merit of btc. I do have some worries on the Tether scam still going on for example though, which has been manipulating BTC for years.

No matter if it is a scam or not, at the end it worked. Similar to banks which don't have enough capital.

Now Tether owns tons of money, and can buy treasuries that bring few % of interests, and these interests are not paid back to USDT holders.

As a result, overtime, they'll be able to fill-in any potential gaps or money accidentally lost.

Re: Spot Bitcoin ETF receives official approval from the SEC

#126

Post by [deleted] »

DANmode wrote: post #60
postcynical wrote: post #12

Earlier quoted context omitted.

and what would happen during/after a fork?

You think the political willpower across all superpowers would be substantial enough to allow for "error correction" forking (nicest way to put this), to the benefit of individual superpowers who made an error like that? This seems unlikely.

[deleted]

Re: Spot Bitcoin ETF receives official approval from the SEC

#127

Post by trompetenaccoun »

RandomLensman wrote: post #106
trompetenaccoun wrote: post #94

Earlier quoted context omitted.

Monetary inflation (i.e. in it's purest form increasing the monetary base by "printing" more) is not necessarily the same as what you probably mean by 'inflation rate'. You're probably talking about price inflation, using CPI. Those are linked but not the same. Bitcoin "prints" around 1.74% currently and it's going to drop below 1% in April. The USD, although one of the more stable fiat currencies, is worlds apart fr…

Exactly. "Inflation rate" usually denotes price inflation not change in monetary base or similar measures. More money in circulation can mean price inflation, but it doesn't need to.

Sure. It's just that it generally does since the market as a whole understands scarcity value. The fact that having a much larger supply of something decreases the value of the individual unit is intuitively understood by most. The general public tends to price everything in relation to their home country's currency. They don't see the value of the currency falling, they view it as goods getting "more expensive". They do not usually think of fiat currency as a thing that's traded globally against other currencies and goods, but traders and businesses understand this.

Of course, the fact that the recent spike in monetary inflation coincided with a large hike in consumer prices over the past three years (which working class people have definitely noticed) as well as an asset price explosion, could have just been coincidence ;)

Re: Spot Bitcoin ETF receives official approval from the SEC

#128

Post by nikolay »

RestlessMind wrote: post #113
nikolay wrote: post #58

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!

Using Bitcoin network to move small amounts of money is akin to using a jumbo jet to go grocery shopping. There are better blockchains out there for small money transfers.

So, I have to go through a multitude of swaps, i.e losses, if Bitcoin is the real deal?! I've tried it, it's even more expensive than doing it directly!

Re: Spot Bitcoin ETF receives official approval from the SEC

#129

Post by nikolay »

yreg wrote: post #100
nikolay wrote: post #58

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!

Probably not a worry for Blackrock.

That's what it boils down to - Bitcoin is nothing it promised to be; it's like the equivalent of penny stocks... except that it's quite the opposite in terms if pricing.

Re: Spot Bitcoin ETF receives official approval from the SEC

#130

Post by nikolay »

dovakin wrote: post #111
npoc wrote: post #99

Earlier quoted context omitted.

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…

The Lightning Network isn’t working as intended and the devs have basically admitted it’s never going to though. I don’t think blockchain as it is built for the btc network is as scalable as you think it can be.

Is this why Coinbase does not support it?
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