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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

#361

Post by Zenul_Abidin »

peteradio wrote: post #342
cs702 wrote: post #273

The Bitcoin network has survived everything that has been thrown at it. Nothing has stopped the damn thing. It's always there. It's one of those things that just keeps on existing, like gold. It doesn't care what you think. It doesn't care whether you like it or not. It doesn't care if you understand it. It's just always been there. Might as well make it easier for people and companies to own it and trade Bitcoin, an…

[flagged]

This comment gives me the impression that you're one of those people who disparages cryptocurrency.

Re: Spot Bitcoin ETF receives official approval from the SEC

#362

Post by AlexandrB »

dcolkitt wrote: post #350
neilv wrote: post #332

Earlier quoted context omitted.

> I think part of this sentiment boils down to the commenter seeing no point to Bitcoin. I thought cryptocurrency was an interesting and promising idea. But I got away from it around the time it became clear the entire space was overrun by wall-to-wall scamming . And it's safe to disregard anyone who doesn't acknowledge that. If someone says "Yeah, it's wall-to-wall scamming, and other than that, the main use of it i…

I guess what exactly do you define as scamming? In terms of outright fraud, I agree there's a lot. It shouldn't be super surprising that scammers tend to prefer decentralized permissionless financial rails, for the same reason that political extremists and pornographers were some of the biggest earliest users of the decentralized permissionless publishing rails of the early Internet. But I wouldn't characterize all,…

> But if the code is openly public and autonomous, and there's no outright deceit, I don't think gambling is really gambling.

But there's plenty of outright deceit. Many (most?) memecoins are some form of pump & dump. It doesn't really matter whether the code is openly public if the winners are chosen ahead of time by pre-allocating tokens.

Edit: Also actual gambling meets your criteria here. While the source code of slot machines is not public, it is typically audited to ensure it offers the odds that are advertised.

Re: Spot Bitcoin ETF receives official approval from the SEC

#363

Post by chpatrick »

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 think a big component is definitely the bitterness that comes from tech savvy people being aware of when it was just getting started and watching it go from pennies to tens of thousands without buying any. I remember when it was on Slashdot all the time in the late 2000s, the hivemind agreed that it would never lead anywhere, and so I dismissed it as well. There were even Bitcoin Faucet sites where you could go and just get 5 BTC for free, no questions asked.

I still don't own any and don't want to, but there is the demon at the back of my head telling me that I could've just mined some or clicked the button on the faucet. After all we all knew about it. I know that most people wouldn't have held onto it for 14 years, but it's not a rational feeling.

Re: Spot Bitcoin ETF receives official approval from the SEC

#364

Post by mxsjoberg »

epolanski wrote: post #282
WXLCKNO wrote: post #269

Earlier quoted context omitted.

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.

You're simply describing consensus, which was the point you missed in my previous post. Currencies are not wealth, none of them, cryptocurrencies even less. Money is worthless, rich people don't have money. They have art, companies, land, bonds, cars, boats, airplanes, but very little money. The financial illiteracy of crypto cultists really has no end.

art is also worthless. crypto and art is basically the same thing

Re: Spot Bitcoin ETF receives official approval from the SEC

#365

Post by samsin »

1vuio0pswjnm7 wrote: post #345
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…

There's probably more comments promoting and defending Bitcoin on HN than ones questioning it. The question I have is why do commenters feel the need to respond to any comment about Bitcoin that is not a (sometimes subtle) promotion or defense of it. A reasonable person might think it's because Bitcoin is only valuable if increasingly more and more people buy it. If it's not increasingly popular or if, God forbid, ev…

>No one can simply state "I am not interested in Bitcoin" in a discussion without triggering some "response". Regardless of the merits of Bitcoin, or absence of them, that is fscked up. Red flag.

If the topic is some positive news about a technology (Bitcoin or otherwise), and your only contribution is "I am not interested in this" then you'll probably trigger a response. Might also be time to revisit the commenting guidelines.

Re: Spot Bitcoin ETF receives official approval from the SEC

#366

Post by TimJRobinson »

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.

And yet if you were to visit Iran and attempt to access that wealth you'd quickly discover how little of that wealth is actually yours.

It's not just that it's in the cloud, it's the only form of wealth you can keep digitally AND only you have access and control over it.

Maybe that's fine because you're a good citizen who follows the rules, but some people are born into places where they don't get the privilege of a fair financial system, or the system changes on them.

Re: Spot Bitcoin ETF receives official approval from the SEC

#368

Post by fooker »

CyberDildonics wrote: post #153
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)?

You sign a message with your private key. This has been solved since day 1 of bitcoin's existence.

Suppose you have 1 bitcoin, you can now show to a dozen different people that you have it. Convincing them to buy your ETF or whatever you are selling.

Re: Spot Bitcoin ETF receives official approval from the SEC

#369

Post by qualifiedai »

david_shi wrote: post #354

Bitcoin exists to solve the principal-agent problem that comes with delegating control of the money supply to singular institutions. If you look at the history of empires, from the Romans to the Han, it is littered with instances of societal decline as a direct result of inflation and overspending. This unilateral currency debasement is much harder if the collective (and global) definition of money is determined by d…

Millions are involved precisely because of the appeal of get rich fast and ponzi schemes.

Tens of thousands are invoved because of its technological promise and appeal which you've described.

This imbalance is the main problem crypto industry needs to solve before it truly reaches its potential.

Re: Spot Bitcoin ETF receives official approval from the SEC

#370

Post by TapWaterBandit »

ksjskskskkk wrote: post #254
postcynical wrote: post #12

Earlier quoted context omitted.

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.

Lol this comment is funny because you clearly don't understand how Bitcoin works but are convinced it will be a problem. Owning the most bitcoin (or even a majority of the bitcoin) doesn't mean you control the network......
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