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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

#31

Post by moose_man »

maxioatic wrote: post #20
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.

Haven't heard this take before. What are your thoughts on high frequency trading shops and the regular stock market?

I think they suck just like crypto, these are all mechanisms rigging the economy in favor of the already wealthy. If we don't unrig it we will eventually get civil war. Popular immiseration eventually leads to upheaval.

Checkout the book - End Times: Elites, Counter-Elites, and the Path of Political Disintegration by Peter Turchin

Re: Spot Bitcoin ETF receives official approval from the SEC

#33

Post by miohtama »

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.

Re: Spot Bitcoin ETF receives official approval from the SEC

#34

Post by rvz »

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.

Crypto is one of many. Just like SPACs, crowdfunding and the entire VC landscape are always finding millions of ways to dump on retail after they made their 100x on unprofitable startups (90% of them have failed) founded by their friends racing to the IPO finishing line.

This is why they have to continuously raise money and breathlessly celebrate it on social media and even on this site as if "raising capital" into the Series H is a good thing.

Sorry to disappoint you but it isn't going to stop.

Re: Spot Bitcoin ETF receives official approval from the SEC

#35

Post by RandomLensman »

trompetenaccoun wrote: post #25
mmvvddhh wrote: post #9

Earlier quoted context omitted.

Yeah just like USD.

Not exactly the same. Fiat currency like the USD redistribute a lot of wealth from users into the pockets of the central bank/government through unlimited base inflation, which they control. Bitcoin does not have that, its inflation rate is fixed by the protocol and only ever falling. In April this year it will fall to 0.875%.

Not sure I'd call that an inflation rate as it doesn't factor in any baskets of goods and services.

Re: Spot Bitcoin ETF receives official approval from the SEC

#36

Post by koolba »

SilverBirch wrote: post #27
monero-xmr wrote: post #8

The death of crypto was written endlessly on HN. The investor activity is much more bullish over last 6 months. I think the only hot VC right now in all of tech is AI and blockchain. Now a lot of people here will be investing in Bitcoin without even knowing it, as their passive fund investments begin accumulating. The sweet victory against the no coiners.

A Bitcoin ETF is literally the antithesis of the crypto project. It’s a centralised, highly regulated trad-fi product. Also, no one is going to end up accidentally investing in crypto, these ETFs are going to be super niche products.

It’s also the only way for most to get crypto exposure in an IRA. Avoiding the insanity that is crypto tax filings may be worth the risks and fees.

Re: Spot Bitcoin ETF receives official approval from the SEC

#37

Post by wmf »

ur-whale wrote: post #16
yieldcrv wrote: post #7

all it took was a judge declaring the SEC’s prior view toward bitcoin ETFs to be arbitrary and capricious and the SEC thinking about appealing but realizing this absolutely based SCOTUS would delete the SEC like Thanos if they ever get taken beyond circuit appeals court by the private sector markets win

based -> biased ? [EDIT]: looks like no, saying "a based judge" actually has meaning in English.

No https://www.urbandictionary.com/define.php?term=based

Re: Spot Bitcoin ETF receives official approval from the SEC

#38

Post by monero-xmr »

rurp wrote: post #23
monero-xmr wrote: post #8

The death of crypto was written endlessly on HN. The investor activity is much more bullish over last 6 months. I think the only hot VC right now in all of tech is AI and blockchain. Now a lot of people here will be investing in Bitcoin without even knowing it, as their passive fund investments begin accumulating. The sweet victory against the no coiners.

So "winning" for Bitcoin has now come to mean becoming a boring traditional security that doesn't do much of anything else? That's awfully different from what 99.9% of Bitcoin optimists have spent years claiming the future would be. Authorizing Bitcoin ETFs does absolutely nothing to revolutionize payments or finance, and is the only positive crypto story I have seen in many months.

You can’t win with HN no coiners. The ETF doesn’t prevent all the decentralized benefits. It just adds regulatory legitimacy from the world’s most important financial regulator. It also helps regular people put their retirement money in, which is great

Re: Spot Bitcoin ETF receives official approval from the SEC

#39

Post by miohtama »

ur-whale wrote: post #16
yieldcrv wrote: post #7

all it took was a judge declaring the SEC’s prior view toward bitcoin ETFs to be arbitrary and capricious and the SEC thinking about appealing but realizing this absolutely based SCOTUS would delete the SEC like Thanos if they ever get taken beyond circuit appeals court by the private sector markets win

based -> biased ? [EDIT]: looks like no, saying "a based judge" actually has meaning in English.

No, it's slang.

    (used to express approval or respect, especially in response to a social media post): Based. At least somebody shows some spine on this forum.

Re: Spot Bitcoin ETF receives official approval from the SEC

#40

Post by ur-whale »

boeingUH60 wrote: post #28

As my Dad told me, anyone investing in crypto is a fool looking to take advantage of another fool. It’s all Greater Fool Theory.

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

But I must admit that using your actual dad as the source of authority is quite a stretch.

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