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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

#141

Post by loceng »

trompetenaccoun wrote: post #61
ur-whale wrote: post #22

Earlier quoted context omitted.

While I agree with the sentiment, please remember that actually buying BTC directly and doing self-custody is still an option.

The mob always wins in the end, but I never understood why many on HN have been so cynical about Bitcoin. At least Satoshi tried, whoever they were. They gave a gift to the world, but it sadly got co-opted and taken over first by small-time grifters and now by the big boys at Wall Street. In hindsight it was probably bound to happen, because money buys influence and a casual decentralized group of coders can never wi…

It's only worth something if someone else values it vs. physical gold.

Re: Spot Bitcoin ETF receives official approval from the SEC

#142

Post by snapcaster »

loceng wrote: post #141
trompetenaccoun wrote: post #61

Earlier quoted context omitted.

The mob always wins in the end, but I never understood why many on HN have been so cynical about Bitcoin. At least Satoshi tried, whoever they were. They gave a gift to the world, but it sadly got co-opted and taken over first by small-time grifters and now by the big boys at Wall Street. In hindsight it was probably bound to happen, because money buys influence and a casual decentralized group of coders can never wi…

It's only worth something if someone else values it vs. physical gold.

Of course, this is also true of physical gold though. If all non-industrial use of gold were to end the price would collapse

Re: Spot Bitcoin ETF receives official approval from the SEC

#143

Post by lxgr »

treyd wrote: post #62
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?

UX with hardware wallets (which you can get for like $60) is pretty decent these days and it eliminates a lot of stress in the workflows you typically use. There's still a huge room for improvement with seedphrase backup and "social recovery", but it's easier now than it's been in the past.

How does the average person back these up in a secure, yet durable way that lasts decades and can easily be discovered by (and only by) their ultimate heirs?

Re: Spot Bitcoin ETF receives official approval from the SEC

#145

Post by lxgr »

miohtama wrote: post #132
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?

Everyone who does not have access to the US financial system will keep doing it. Which is 7/8B people on this planet.

Are you missing some other somewhat relevant financial systems here by any chance?

The EU (higher population than the US) has had Bitcoin ETFs for a while now.

Re: Spot Bitcoin ETF receives official approval from the SEC

#146

Post by npoc »

moose_man wrote: post #118
npoc wrote: post #108

Earlier quoted context omitted.

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…

It's not arrogance and not just that it is scammy or wasteful to the environment. Bitcoin is another mechanism the increases inequality. 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-E…

Ironically this is exactly what bitcoin fixes. Fiat currency is the main cause of these issues (look up the Cantillon effect as an example). It's a cancer on the world, slowly destroying it.

I highly recommend reading "The Creature from Jekyll Island" which explains everything that's wrong with central banking/fiat currencies and will help you understand the devastating effect it is having on the world.

Sure, there is a transfer of wealth while bitcoin is monetizing. But you buy bitcoin at the price you deserve. Michael Saylor deserves everything he's going to get. He's a visionary with balls of steel - he's laid it all on the line. If you try to avoid making bitcoin whales richer by not buying bitcoin, you'll simply be cutting off your nose to spite your face.

Re: Spot Bitcoin ETF receives official approval from the SEC

#147

Post by sapphicsnail »

loceng wrote: post #141
trompetenaccoun wrote: post #61

Earlier quoted context omitted.

The mob always wins in the end, but I never understood why many on HN have been so cynical about Bitcoin. At least Satoshi tried, whoever they were. They gave a gift to the world, but it sadly got co-opted and taken over first by small-time grifters and now by the big boys at Wall Street. In hindsight it was probably bound to happen, because money buys influence and a casual decentralized group of coders can never wi…

It's only worth something if someone else values it vs. physical gold.

Gold's value is mostly disconnected from it's utility. We've just decided it's valuable for a longer period of time so less people question it.

Re: Spot Bitcoin ETF receives official approval from the SEC

#148

Post by [deleted] »

trompetenaccoun wrote: post #61
ur-whale wrote: post #22

Earlier quoted context omitted.

While I agree with the sentiment, please remember that actually buying BTC directly and doing self-custody is still an option.

The mob always wins in the end, but I never understood why many on HN have been so cynical about Bitcoin. At least Satoshi tried, whoever they were. They gave a gift to the world, but it sadly got co-opted and taken over first by small-time grifters and now by the big boys at Wall Street. In hindsight it was probably bound to happen, because money buys influence and a casual decentralized group of coders can never wi…

[deleted]

Re: Spot Bitcoin ETF receives official approval from the SEC

#149

Post by snapcaster »

wmf wrote: post #84
psychlops wrote: post #78

Earlier quoted context omitted.

How does bitcoin "take" money from anybody? How would you classify an economically insecure investor? If they are economically insecure, where do they get the money to invest? Food for thought, when there is currency inflation where do you suppose all the wealth goes and who is it taken from? Here I think we can use the word "take".

A lot of people buy in at the top, expecting "generational wealth", then sell at the bottom, losing 60% or more. US dollar inflation has never been 60% per year AFAIK.

I agree with your point, but I do think he raised something you're not addressing. Because i'm paid, bank, etc. in USD inflation means someone else (whoever is given the first access to the new money) is in effect stealing some of my wealth. I don't really see how this is true with Bitcoin. Nobody is forced to engage with it

Re: Spot Bitcoin ETF receives official approval from the SEC

#150

Post by lxgr »

factorialboy wrote: post #42
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!

Sarcasm aside, this is the ultimate endorsement. The likes of Blackrock could use BTC as a hedge if the Feds keep on printing USD under political pressure.

As a hedge of what against what?

> if the Feds keep on printing USD under political pressure

Have you looked at the economy in the last two years? The Fed has been burning USD at an unprecedented rate!

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