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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

#321

Post by obviouslynew »

Timber-6539 wrote: post #227
MuffinFlavored wrote: post #209

Earlier quoted context omitted.

Me guessing (as somebody who is anti-crypto): they like how it returns ~50-100% year over year pretty much. I swear I saw some super highly upvoted comments that read as normal + level-headed in r/CryptoCurrnecy that was like "if it goes from $45k -> $100k this year it isn't even that much" Do you ever hear Warren Buffet saying "122% yearly returns are meh"?

Yep, crypto bros will get in bed with the same banks that screwed them over in 2008 if the end goal means that the price of their coin (ahem) bags.. go up. The whole Bitcoin 'manifesto' and sticking it to the man is just a ruse.

Or the technologists that push these open source projects forward were abandoned by the very communities that used to celebrate disruptive technologies.

Re: Spot Bitcoin ETF receives official approval from the SEC

#322

Post by psychlops »

hn_throwaway_99 wrote: post #225
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. But then can't you see the irony of writing that sentence when the article title is literally "Spot Bitcoin ETF receives official approval from the SEC ". That's the thing that's so baffling to me - if you're saying BTC is so great that it…

It wasn't a push, it was a pull.

Re: Spot Bitcoin ETF receives official approval from the SEC

#323

Post by latchkey »

lucw wrote: post #239
hackernudes wrote: post #144

The only thing I am concerned about is "paper bitcoin" and rehypothecation. Is there anything published about how ETF entities might prove they have custody of the amount of bitcoin they claim (in other words, proof of reserves)?

With ETFs, you don't need to be concerned with reserves. I can buy the ETF, go to the market-makers, and ask them to exchange the ETF for either bitcoin, or a cash equivalent. If they can't deliver, they're in trouble. There's a two way arb in ETFs which keeps the price tracking accurate: - if the ETF trades higher than bitcoin on crypto exchanges: the market makers can simply buy bitcoin on exchange, sell the ETF on…

> I can just buy the ETF, ask to redeem to bitcoin and pocket the difference.

Can only redeem to cash.

https://www.etfcentral.com/news/two-important-things-need-kn...

Re: Spot Bitcoin ETF receives official approval from the SEC

#324

Post by obviouslynew »

democracy wrote: post #318

Because blockchain, bitcoin and cryptography! You just don't lose money with bitcoin. It's mathematically impossible. Even if you lose money with bitcoin - it's good for bitcoin. It's free currency. Democracy. Bank the unbanked.

I agree this is philosophically unaligned with the ethos of Bitcoin. But it's still fascinating to watch isn't it? SEC Approves an ETF of a digital currency created by an anonymous open source developer(s). When has something like that happened before in software?

Re: Spot Bitcoin ETF receives official approval from the SEC

#325

Post by etherael »

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?

I understand it perfectly and loathe it, not for the reasons people typically do, but because what it pretends to be able to do it cannot, and actually does the opposite of.

Re: Spot Bitcoin ETF receives official approval from the SEC

#326

Post by stickfigure »

wlesieutre wrote: post #272
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…

The whole premise of burning energy just for “proof of work” is what I hate. I work in architecture and year after year the industry is pushing to squeeze every last bit of energy efficiency out of everything. Meanwhile bitcoin is like “BURN SOME COAL TO ACCOMPLISH LITERALLY NOTHING USEFUL! AND KEEP DOING IT FOREVER!” And the crypto people will always bring up “Mining gold just to make gold bars is a waste of energy…

Not just mining gold - think of the security required to simply hold gold. Those Brinks trucks aren't free.

Re: Spot Bitcoin ETF receives official approval from the SEC

#327

Post by lern_too_spel »

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…

Nobody ever said that regulators move quickly. Bitcoin's only advantages come from temporary underregulation. After the regulation catches up, all that is left is the disadvantages.

The idea that Bitcoin can continue to operate with the disapproval of a functioning government is naive.

Re: Spot Bitcoin ETF receives official approval from the SEC

#328

Post by cableshaft »

Aunche wrote: post #262
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.

Perfectly valid view in my opinion. There are a lot of misleading claims out there, to be sure.

Re: Spot Bitcoin ETF receives official approval from the SEC

#329

Post by etherael »

david_shi wrote: post #230
hn_throwaway_99 wrote: post #225

Earlier quoted context omitted.

> 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. But then can't you see the irony of writing that sentence when the article title is literally "Spot Bitcoin ETF receives official approval from the SEC ". That's the thing that's so baffling to me - if you're saying BTC is so great that it…

This is circular reasoning. It doesn't need the approval, what it shows is official capitulation to a "distributed, trustless currency". That's the big news.

Or what it shows is official acknowledgment that the rubes bought this narrative whilst if you look at the details, it's effectively a CBDC.

Re: Spot Bitcoin ETF receives official approval from the SEC

#330

Post by wlesieutre »

jojobas wrote: post #291
wlesieutre wrote: post #272

Earlier quoted context omitted.

The whole premise of burning energy just for “proof of work” is what I hate. I work in architecture and year after year the industry is pushing to squeeze every last bit of energy efficiency out of everything. Meanwhile bitcoin is like “BURN SOME COAL TO ACCOMPLISH LITERALLY NOTHING USEFUL! AND KEEP DOING IT FOREVER!” And the crypto people will always bring up “Mining gold just to make gold bars is a waste of energy…

That "nothing useful" bit is where you don't get it. Is Taylor Swift useful? Sex and the City? Options trading for Tesla stock? You could eliminate 80% of the US service sector for not being useful. "Somebody wants to pay for it" is the best criterion and bitcoin fits.

If people want to say “I’m a bitcoin fanboy” to justify it that’d be one thing, but there’s always this insinuation that any day it’s going to find its killer use case that isn’t already solved better by a centralized system instead of only existing to buy in hopes of the price goes up
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