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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

#261

Post by beambot »

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!

The bigger irony will be when the US Government steps in and seizes all BTC & ETH within their reach so that they can create their very own crypto-backed central bank digital currency (CBDC) as the new "gold standard" a la Executive Order 6102 in 1933:

https://en.wikipedia.org/wiki/Executive_Order_6102

Incidentally: When you look at currencies (and governments) on long enough time scales, you'll see that they're pretty ephemeral -- e.g. very few currencies or governments around today were around in (roughly) the same form 200 years ago. I consider it a benefit that we might have a way of persisting wealth that doesn't involve rent extraction or digging shiny metal out of the ground -- though I admit to not being a fan of the "wastefulness" of PoW in the midst of energy decarbonization.

If you want a fun watch: The History of Paper Money on Youtube is a fascinating look at how currencies, banks, central banks, and fiat money all came into existence. TLDR: Our "modern" approach to money was a giant "too big to fail" ponzi scheme largely perpetrated (multiple times) by John Law. Wild.

https://www.youtube.com/watch?v=-nZkP2b-4vo

Re: Spot Bitcoin ETF receives official approval from the SEC

#262

Post by Aunche »

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…

I view Bitcoin the same way I view Herbalife. I don't have any issue with the product. I'm bothered by the misleading claims made by proponents to benefit themselves.

Re: Spot Bitcoin ETF receives official approval from the SEC

#263

Post by kemotep »

staplers wrote: post #256
xpressvideoz wrote: post #215

Earlier quoted context omitted.

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.

Is it possible that you can understand bitcoin and still not like it?

Re: Spot Bitcoin ETF receives official approval from the SEC

#264

Post by paulpauper »

MuffinFlavored wrote: post #218

Looks like these are the 11 tickers? Bitwise (BITB) ARK Invest/21Shares (ARKB) Invesco Galaxy Bitcoin ETF (BTCO) iShares Bitcoin Trust (IBIT) VanEck Bitcoin Trust (HODL) Franklin Bitcoin ETF (EZBC) Fidelity Wise Origin Bitcoin Trust (FBTC) WisdomTree Bitcoin Trust (BTCW) Valkyrie Bitcoin Fund (BRRR) Hashdex Bitcoin Futures ETF (DEFI) Grayscale Bitcoin Trust (GBTC)

Weird how the price went to 48k on fake news, with the potential to go even higher until revealed to be fake, but only 47k on the real news?

Re: Spot Bitcoin ETF receives official approval from the SEC

#265

Post by david_shi »

beambot wrote: post #261
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!

The bigger irony will be when the US Government steps in and seizes all BTC & ETH within their reach so that they can create their very own crypto-backed central bank digital currency (CBDC) as the new "gold standard" a la Executive Order 6102 in 1933: https://en.wikipedia.org/wiki/Executive_Order_6102 Incidentally: When you look at currencies (and governments) on long enough time scales, you'll see that they're pret…

If they try to pull this off, human civilization will have entered full 1984 territory

Re: Spot Bitcoin ETF receives official approval from the SEC

#266

Post by killerstorm »

simonw wrote: post #207
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 needs and wants is it fulfilling for you?

It provides an alternative to banks.

Once you realize that banks are very fragile and abusive, just having this alternative is important.

Banks can deny you access to your money on a whim. Compliance, glitch, failure, whatever. You can't use your money. You can't buy food. You can't pay rent. You can't buy tickets. You can't hire a lawyer.

It's nice to have something which is based on completely different principles.

Re: Spot Bitcoin ETF receives official approval from the SEC

#267

Post by NicoJuicy »

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…

?

Most of us don't see it as a replacement of cash.

This ETF doesn't mean it's a replacement of cash either.

Just so many people are holding it and there's a lot of money in it, but still less than it's peak. It will probably just go down again without news, as it did before.

It's not that the BTC futures ( since 2018) changed much, I expect a similar end result of this.

Note : I went out in 2017 as I didn't saw it's original purpose being fulfilled and it still isn't after 14 years.

Nobody is talking about paying things with crypto anymore, as far as I know.

https://en.m.wikipedia.org/wiki/Bitcoin_in_El_Salvador

https://bitcoinmagazine.com/culture/why-bitcoin-failed-in-ca...

It should still be popular for criminal purpose though. But that's Monero and some other privacy coins.

Re: Spot Bitcoin ETF receives official approval from the SEC

#268

Post by DennisP »

lxgr wrote: post #152
wmf wrote: post #30

Earlier quoted context omitted.

I will note that the ETFs are using Coinbase, Gemini, and Fidelity for custody. These companies have been providing Bitcoin custody for years without being hacked AFAIK.

Most notably, almost all of them seem to be using Coinbase. This makes them a probably unprecedented target for attacks of all kinds...

Coinbase already held a huge amount of cryptocurrency, so that's nothing new.

Re: Spot Bitcoin ETF receives official approval from the SEC

#269

Post by WXLCKNO »

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…

Plenty of people have done that and captured some value. Bitcoin has the most secure network of its type and that has inherent value, it's also perceived to have value by millions of people around the world as opposed to your random fork.

Not sure if you see that it's your understanding of the world that's off here.

Re: Spot Bitcoin ETF receives official approval from the SEC

#270

Post by beambot »

david_shi wrote: post #265
beambot wrote: post #261

Earlier quoted context omitted.

The bigger irony will be when the US Government steps in and seizes all BTC & ETH within their reach so that they can create their very own crypto-backed central bank digital currency (CBDC) as the new "gold standard" a la Executive Order 6102 in 1933: https://en.wikipedia.org/wiki/Executive_Order_6102 Incidentally: When you look at currencies (and governments) on long enough time scales, you'll see that they're pret…

If they try to pull this off, human civilization will have entered full 1984 territory

My grandfather said something similar about the actions taken in 1933... though a bit more colorful & without the reference to 1984.
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