Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Spot Bitcoin ETF receives official approval from the SEC

cointelegraph.com

Post reply on HN
Print view View original

311–320 of 1001 posts

Re: Spot Bitcoin ETF receives official approval from the SEC

#311

Post by FactKnower69 »

stefan_ wrote: post #223
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…

It must be peak irony to write this on the topic of a Bitcoin ETF . None of the technology, all of the speculation.

What Bitcoin is really missing before it can finally take off is yet another layer of fees and rent seeking; can't wait to pay 1.5%(!) of my portfolio every year in expenses :)

Re: Spot Bitcoin ETF receives official approval from the SEC

#312

Post by chii »

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.

> People are salty they work in tech and don't understand bitcoin.

i smell sour grapes from those people. They saw bitcoin very early on, and gave it the dismissal way back in 2008/9. That missed "opportunity" continues to bias them into thinking that their initial assessment must still be correct (for dismissing it early), otherwise they'd have to admit their dismissal as being hugely mistaken.

Re: Spot Bitcoin ETF receives official approval from the SEC

#313

Post by modeless »

killerstorm wrote: post #253
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

It will track the price now that it is an ETF, that's solved. Fees are still insane so it will slowly dwindle as people sell it in favor of other options, but it will still exist for a long time because people can't sell their existing holdings without triggering huge capital gains taxes.

Re: Spot Bitcoin ETF receives official approval from the SEC

#314

Post by smoldesu »

ESTheComposer wrote: post #188
dgreensp wrote: post #173

Earlier quoted context omitted.

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

There's a difference between being bearish and being fully anti crypto and just spreading conjecture. Being bearish is very normal, being rabidly anti crypto on every crypto thread on HN like a couple folks who are in this very thread is being in a bubble.

Some people are just like that. The same thing happens on the other side of the fence alarmingly often, where someone will claim Bitcoin is the second coming of Christ and sell their home before knowing basic technical details about the network. Or people who fully understand the system, and deliberately lie about a coin's functionality for petty gain. On either side there are people promoting altruistic regulation and acceleration, but at a larger scale we're mostly describing greedy businesses (on either side) and... put politely, "government dissidents".

So, as is the case with any meaningful investment, you have to ask "cui bono?" with cryptocurrency. Very plainly, you're risking normal money on a venture that doesn't promote anything other than greed and black market transactions. The hackers on this site will oppose it in favor of information freedom and a less money-influenced internet, and the greedy bastards will oppose it because they'd prefer one party owns everything from the start. It's a nuanced situation with lots of different people, good-faith or not, who will oppose or support cryptocurrency for the wrong or right reasons. It's straightforward and non-predatory to say that most people are better off keeping their pay-stub out of the alternative currency market.

Re: Spot Bitcoin ETF receives official approval from the SEC

#315

Post by david_shi »

beambot wrote: post #270
david_shi wrote: post #265

Earlier quoted context omitted.

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.

I have to believe that history isn't just cyclical, and that somehow we breakthrough these cycles of violence. Maybe that's called faith.

Re: Spot Bitcoin ETF receives official approval from the SEC

#316

Post by x86x87 »

benlivengood wrote: post #287

Finally a workaround for high transaction fees! This should also solve the scalability issues quite a bit by reducing the need to record as many transactions in the first place once the exchanges hold most of the coins. Finally this should reduce the long-term potential in mining as the block reward keeps reducing exponentially with lower expectations of transaction fees. Sometimes regulatory solutions do fix hard te…

There are already L2 solutions like the Lightning Network.

Re: Spot Bitcoin ETF receives official approval from the SEC

#317

Post by chii »

npunt wrote: post #249
block_dagger wrote: post #235

Earlier quoted context omitted.

Drugs and gambling do not hurt others. Throwing “crimes” in makes your reasoning weak. Where are you getting your data on the first two? I’m not sure you’re correct.

> Drugs and gambling do not hurt others. Please spend like 30 seconds of analytical thinking trying to poke holes in this. It's remarkably easy to disprove. The challenge is what if anything we choose to do about the harms that they can cause.

Neither drugs nor gambling, in and of itself, harms anyone but the individual doing it.

However, said individual could harm others in the persuit of drugs and gambling when their own income or savings are unable to satisfy their own cravings. But how is that any different from any other forms of harm from crime conducted for other reasons?

Re: Spot Bitcoin ETF receives official approval from the SEC

#319

Post by obviouslynew »

kemotep wrote: post #263
staplers wrote: post #256

Earlier quoted context omitted.

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?

Sure as long as you realize its simply an opinion and not act like it's a fact that it's bad. Fundamentally it feels like every time these threads open up on HN 70% of it is bad faith, repeat arguments.

Don't like Bitcoin's Proof of work properties, check out Ethereum. Don't think that everything needs to be on one central ledger? Check out Polkadot. It feels like so many commenters here put their heads in the sand about an entire class of technology because they're caught up in their opinion as fact.

Re: Spot Bitcoin ETF receives official approval from the SEC

#320

Post by wsatb »

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.

First, re-read the comment you're replying to. They weren't talking about Bitcoin being used for drugs, they compared Bitcoin to drugs and crime, as the OP said all it needs to do is fulfill a need.

Second, the "you just don't understand it" argument is as old as Bitcoin itself. It's tiring. It's not new, it's not crazy complex...it's understood. It's just useless and ripe with scams.

Post reply on HN