Spot Bitcoin ETF receives official approval from the SEC • Hacker News Board

Re: Spot Bitcoin ETF receives official approval from the SEC

#251

Post by k12sosse » Thu, Jan 11, 2024, 2:03 AM UTC

lxgr wrote: post #185

jekrb wrote: post #181

Earlier quoted context omitted.

I think everyone will have different behavior sec for their funds, with the options now ranging from simply committing a 12 or 24 word seed phrase to memory and buying ETF shares. There is shamir secret splitting, multisig, MPC, secure enclaves with biometerics, etc... There will be apps like Fuse wallet: https://www.fusewallet.com/ There will be phones like Saga: https://solanamobile.com/hardware I think how one han…

> simply committing a 12 or 24 word seed phrase to memory That's absolutely out of the question for almost any human being, especially given the timeframes involved. > There will be phones like Saga [...] There will be apps like Fuse wallet: [...] Again, we're talking about a timeframe of decades. How many of these will even still boot up after that amount of time? None of these seem safe to just throw in a bank safe…

> I'm really not a coffee connoisseur by any meaning of the word, but even I know that what comes out of a k-cup machine is brewed coffee, not espresso.

No, that's his passphrase

Re: Spot Bitcoin ETF receives official approval from the SEC

#252

Post by ric2b » Thu, Jan 11, 2024, 2:04 AM UTC

bob_malrey wrote: post #54

maxioatic wrote: post #20

Earlier 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.

They produce financial services. Miners have cash flows from the transaction fees.

Re: Spot Bitcoin ETF receives official approval from the SEC

#253

Post by killerstorm » Thu, Jan 11, 2024, 2:04 AM UTC

jrmg wrote: post #187

What’s the difference between this and e.g. GBTC?

GBTC has two problems:

1. fees are absolutely insane 2. it doesn't actually track Bitcoin price

A proper ETF which aims to be competitive might be much closer to actual BTC ownership

Re: Spot Bitcoin ETF receives official approval from the SEC

#254

Post by ksjskskskkk » Thu, Jan 11, 2024, 2:04 AM UTC

postcynical wrote: post #12

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?

and what would happen during/after a fork?

fidelity et all have all the dollars. if there's a fork, they will probably own 51pct alone. you will be asking about THEIR fork.

Re: Spot Bitcoin ETF receives official approval from the SEC

#255

Post by rafaelero » Thu, Jan 11, 2024, 2:05 AM UTC

vasilipupkin wrote: post #248

rafaelero wrote: post #240

Earlier quoted context omitted.

Bitcoin is wealth in the cloud. There's immense utility in being able to digitalize your wealth, including higher mobility and, since it is a decentralized network, assurance that it won't be inflated, confiscated and that you will have the freedom to transact it with whoever you want.

What does that mean ? Most wealth is in the cloud, you don’t need Bitcoin for this. I don’t have any paper stock certificates.

Not really. Most wealth is based on physical stuff like houses, factories and offices.

Re: Spot Bitcoin ETF receives official approval from the SEC

#256

Post by staplers » Thu, Jan 11, 2024, 2:06 AM UTC

xpressvideoz wrote: post #215

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…

What you're missing is something can be criticized even if it fulfills some needs. Drugs, gambling, crimes all satisfy some people's needs but most people have negative view on them.

  Drugs, gambling, crimes all satisfy some people's needs

I've seen the exact same people crying about Bitcoin's "drug use" then turn around and applaud marijuana and psychedelics for their medicinal effects.

I call bs on the "drug" scapegoat. People are salty they work in tech and don't understand bitcoin.

Re: Spot Bitcoin ETF receives official approval from the SEC

#257

Post by epolanski » Thu, Jan 11, 2024, 2:07 AM UTC

rafaelero wrote: post #240

simonw wrote: post #207

Earlier quoted context omitted.

What needs and wants is it fulfilling for you?

Bitcoin is wealth in the cloud. There's immense utility in being able to digitalize your wealth, including higher mobility and, since it is a decentralized network, assurance that it won't be inflated, confiscated and that you will have the freedom to transact it with whoever you want.

Cool.

Going on GitHub and downloading core code and deploying a new coin based on Bitcoin or some other crypto.

I'll call it HackerNewsCoin.

Didn't know it was that simple to create "wealth".

What a foolishness to think that something that has no intrinsic value can constitute wealth. Don't confuse price with value.

It really is true crypto combines all that people don't understand about economy with all that people don't understand about technology.

Re: Spot Bitcoin ETF receives official approval from the SEC

#258

Post by ric2b » Thu, Jan 11, 2024, 2:07 AM UTC

rastafarigpu wrote: post #97

Irony of the millenium! Wasn't Bitcoin supposed to "free" us from the banks, "speculative" finanacial institutions and centralised control? Guess human greed trumps everything!

This is like saying that open source fails its purpose if it is also used by companies.

Re: Spot Bitcoin ETF receives official approval from the SEC

#259

Post by rafaelero » Thu, Jan 11, 2024, 2:09 AM UTC

epolanski wrote: post #257

rafaelero wrote: post #240

Earlier quoted context omitted.

Bitcoin is wealth in the cloud. There's immense utility in being able to digitalize your wealth, including higher mobility and, since it is a decentralized network, assurance that it won't be inflated, confiscated and that you will have the freedom to transact it with whoever you want.

Cool. Going on GitHub and downloading core code and deploying a new coin based on Bitcoin or some other crypto. I'll call it HackerNewsCoin. Didn't know it was that simple to create "wealth". What a foolishness to think that something that has no intrinsic value can constitute wealth. Don't confuse price with value. It really is true crypto combines all that people don't understand about economy with all that people…

> What a foolishness to think that something that has no intrinsic value can constitute wealth.

Honestly, I am also amazed that humans make something like that happen. But we do. Otherwise gold wouldn't have so much value.

Re: Spot Bitcoin ETF receives official approval from the SEC

#260

Post by paulpauper » Thu, Jan 11, 2024, 2:09 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…

Unlike every other attempt at electronic cash that came before it, Bitcoin also doesn't need the approval of any person, police force, legislative body, military, or government. I'd challenge people who hold negative views on Bitcoin to name some other systems for which this holds true.

For it to be useful it does. How else does one convert from fiat to btc and back again?