Spot Bitcoin ETF receives official approval from the SEC

Post by hn_throwaway_99 » Thu, Jan 11, 2024, 1:36 AM UTC

psychlops wrote: post #86

hn_throwaway_99 wrote: post #74

The fact that Spot Bitcoin ETFs were ever contemplated into existence just shows the general insanity of crypto. After all, if you believe that cryptocurrencies, with "the code is the law" ethos and non-reputable transactions, are the wave of the future, just transact in BTC directly. If you believe crypto is actually too risky to manage individually (e.g. hacked/stolen keys) then you'd want the benefit of something…

> The fact that Spot Bitcoin ETFs were ever contemplated into existence just shows the general insanity of crypto. Why is it the insanity of crypto? The action is entirely established interests putting a wrapper around crypto. How do you suppose a large fund should purchase bitcoin? They specialize in markets, not wallet management. Many also do not hold their own cash individually and entrust institutions.

Post by maxioatic » Thu, Jan 11, 2024, 1:37 AM UTC

tempestn wrote: post #192

anonu wrote: post #170

Earlier quoted context omitted.

These are cash creates not in kind creates. So there is no escaping taxes. You will be paying capital gains just by holding spot Bitcoin ETFs Edit: after further research it appears that the cash create mechanism doesn't cause a tax event for shareholders as it does with mutual funds. See https://www.grayscale.com/blog/legal-topics/addressing-poten... We will have to see how every Bitcoin ETF is structured. YMMV depe…

I think the parent is talking about buying the ETF inside a tax sheltered account.

Post by xpressvideoz » Thu, Jan 11, 2024, 1:37 AM UTC

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…

Post by losteric » Thu, Jan 11, 2024, 1:38 AM UTC

snapcaster wrote: post #142

loceng wrote: post #141

Earlier quoted context omitted.

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

Post by ric2b » Thu, Jan 11, 2024, 1:42 AM UTC

CPLX wrote: post #210

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…

Not really. Most people who are observant are well aware that there’s deep and enduring demand for ways to gamble and speculate. It’s really easy to recognize Bitcoin filling that role like the neighborhood numbers game, pachinko, online poker, and tulip investing all have at various times in history. We just don’t like it.