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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

#171

Post by ghshephard »

siwatanejo wrote: post #156
maxioatic wrote: post #77

Earlier quoted context omitted.

But then I have to pay taxes on it. Time to full send my retirement accounts into these ETFs so I can retire early. /s Actually though I might consider allocating a tiny percentage (1-3%) to these. Seems like fairly low risk with enough upside, but who knows.

What do you mean? self-custodying BTC is still unrealized gains until you sell, so no tax either.

BTC ETF in in a 401K/IRA can be contributed, grow, or possibly be withdrawn tax-free depending on how you set it up. Coinbase reports your gains and you owe taxes on them. (Don't think Coinbase has an IRA/401K option for custody. Yet.)

Re: Spot Bitcoin ETF receives official approval from the SEC

#172

Post by 0x0 »

jabits wrote: post #121
bob_malrey wrote: post #71

Earlier quoted context omitted.

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…

One bitcoin is very much distinguishable from another bitcoin as they can be traced through transactions and wallets, with the outcome that some bitcoins might be rejected by recipients that are uncomfortable with certain source wallets or mixers.

Re: Spot Bitcoin ETF receives official approval from the SEC

#173

Post by dgreensp »

ESTheComposer wrote: post #92
dgreensp wrote: post #88

Earlier quoted context omitted.

People who aren’t in the tech/VC or crypto echo chambers can see that it’s (still) overhyped and mostly scams. They don’t really care or have more positive sentiment than HN.

Ok and from my anecdotal experience the opposite is true, so I guess we're at a crossroads here. Either way doesn't have bearing on how HN views crypto

Well the claim is that if HN isn’t bullish on crypto in 2024 it must be inside a strange “negativity bubble.”

Re: Spot Bitcoin ETF receives official approval from the SEC

#174

Post by DANmode »

moose_man wrote: post #5

This is so sad. Crypto (including Bitcoin) serves as a money funnel while takes from economically insecure middle class retail investors and pours it into the pockets of the tremendously wealthy.

You're describing consumer-accessible internet trading of any kind.

Re: Spot Bitcoin ETF receives official approval from the SEC

#176

Post by georgeplusplus »

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…

Satoshi might not even be real.

It might be funded by intel agencies for all we know.

Re: Spot Bitcoin ETF receives official approval from the SEC

#177

Post by piuantiderp »

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 a valid concern, the actual value of BTC and ETF might diverge wildly. Never a better time to actually own some

Re: Spot Bitcoin ETF receives official approval from the SEC

#178

Post by tgsovlerkhgsel »

miohtama wrote: post #33
schemescape wrote: post #6

In 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?

The Trust holding the asset would have frauded its customers (shareholders) and could be sued. Ther Trust itself would be a target of cyber crime and could try to pursue the thieves through Computer Abuce Act(s) around the world. These two happen independently of each other.

The trust would presumably have no meaningful assets so the "could be sued" would be rather theoretical, correct?

Re: Spot Bitcoin ETF receives official approval from the SEC

#179

Post by treyd »

reisse wrote: post #87
treyd wrote: post #68

Earlier quoted context omitted.

It's also pulled those grads away from more typical jobs they'd have building useful things and actually producing new real-world value.

I don't really want to start a debate on how HFT produces real-world value, but just consider that if these things you talk about are really useful and valuable, they might also provide competitive salaries to attract people?

What pays the most only loosely correlates with what produces the most value for society. It's easy to skim a percent here and there off hundreds of billions in volume shuffling around without the owners of those billions caring much, but it's much more difficult to see how that, on the whole, actually improves the condition of your neighborhood.

Re: Spot Bitcoin ETF receives official approval from the SEC

#180

Post by earnesti »

CyberDildonics wrote: post #167
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!

Cryptocurrency still works the same as it ever did. I would be more concerned that the average bitcoin transactions costs over $11 dollars (down from over $37 USD a month ago) https://bitinfocharts.com/comparison/bitcoin-transactionfees...

What about Lightning Network?
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