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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

#441

Post by democracy »

ESTheComposer wrote: post #14
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.

People in HN are in a massive bubble; you see it with other topics too. It's nice to look here for some tech sentiment and interesting article sometimes, but for most cutting edge stuff this forum is always full of naysayers.

First of all there never was anything "cutting edge". It was a nice prototype of p2p application for large and slow decentralized payments - a very niche thing for very niche audience with a questionable mechanism in the form of Proof-of-work. But at least the argument of "unregulated currency" made sense to regular folk. The get-rich-quick hype that followed killed any reason or logic in this area. The following NFTs was a joke even to those who believed in the "next currency" idea. The following ideas of pyramids that mint you money while you stake your coins (I think) got even the most gullible ones reject it )))

Re: Spot Bitcoin ETF receives official approval from the SEC

#442

Post by david_shi »

kibwen wrote: post #386
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…

> 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. Not only was the decline of the Roman empire too slow and variegated to attribute to a single cause, "inflation and overspending" isn't even on the shortlist. If we're oversimplifying, it was more akin to the opposite of the sentiment that you're shoo…

The Romans were only able to fund the expansion of the empire by overextending their resources. This meant that the empire became too expensive to maintain without relying on tactics like currency debasement, subsequently triggering many of the other symptoms of decline that you listed.

Of course, we aren't living in the Roman Empire today. But what is consistent is that delegating monetary policy to a third party means that they can overspend and inflate the currency base, charitably for reasons of national interest, cynically for their own gain.

The rise of cryptocurrencies like Bitcoin is a sign that many people want to reduce their personal exposure to this.

Re: Spot Bitcoin ETF receives official approval from the SEC

#444

Post by qotgalaxy »

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…

[dead]

Re: Spot Bitcoin ETF receives official approval from the SEC

#445

Post by mlcrypto »

epolanski wrote: post #274
mlcrypto wrote: post #233

Earlier quoted context omitted.

It's hard for humans to put ego aside and admit they were wrong. Also hard to put emotion aside and forget the pain of missing out from $100 to $45k. I think there's still an easy 10X to match Gold and 100X is possible if it becomes the world's preferred reserve asset

Imagine thinking you can prove that an argument is settled due to price movements. Bitcoin may go to a billion and it won't change the fundamental premise: You can have ALL the Bitcoin in the world, all of it, and if there's no buyer outside, nobody willing to trade anything for it you have nothing. Now use the same argument with all the land in US, all the crop in India, all the fish in the Pacific, all the gold in…

Luckily Bitcoin can be sold on a Sunday afternoon at market price with plenty of liquidity in seconds. Good luck lining up a deal like that with the items you listed.

Re: Spot Bitcoin ETF receives official approval from the SEC

#446

Post by ESTheComposer »

smoldesu wrote: post #314
ESTheComposer wrote: post #188

Earlier quoted context omitted.

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 a…

> Very plainly, you're risking normal money on a venture that doesn't promote anything other than greed and black market transactions.

You could quite say the same about any privacy or encryption or really anything that protects you from a centralized entity taking your rights/property. It’s a bit absurd that people are really that blind that they think this is all there is to crypto. Your same logic would apply to dollars in that case as well.

Re: Spot Bitcoin ETF receives official approval from the SEC

#447

Post by mlcrypto »

AlexandrB wrote: post #415
mlcrypto wrote: post #233

Earlier quoted context omitted.

It's hard for humans to put ego aside and admit they were wrong. Also hard to put emotion aside and forget the pain of missing out from $100 to $45k. I think there's still an easy 10X to match Gold and 100X is possible if it becomes the world's preferred reserve asset

> I think there's still an easy 10X to match Gold and 100X is possible if it becomes the world's preferred reserve asset Whats the logic connecting BTC to gold? Why would the two prices be connected in the way you're suggesting?

Since gold reached 10 trillion market cap I am very confident BTC will too. Mainly due to the inflation hedge trade

Re: Spot Bitcoin ETF receives official approval from the SEC

#448

Post by parkerhiggins »

dmoy wrote: post #402
lxgr wrote: post #152

Earlier quoted context omitted.

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

Makes me wonder if coinbase has the whole Dudes With Big Guns layer of protection that you see at e.g. the fed in NY (where all the gold is) or the bank of England (where all the other gold is)

Coinbase had/has job posts for private security.

Re: Spot Bitcoin ETF receives official approval from the SEC

#449

Post by ericd »

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…

BTC's value is the massive network securing it, and the trust in the brand's security and resistance to debasement. Its value lives in peoples' head, similar to many other assets.

Re: Spot Bitcoin ETF receives official approval from the SEC

#450

Post by democracy »

ESTheComposer wrote: post #92
dgreensp wrote: post #88

Earlier quoted context omitted.

People who aren’t in the tech/VC or crypto echo chambers can see that it’s (still) overhyped and mostly scams. They don’t really care or have more positive sentiment than HN.

Ok and from my anecdotal experience the opposite is true, so I guess we're at a crossroads here. Either way doesn't have bearing on how HN views crypto

Crypto failed to deliver in any area and it is still a solution in search of a problem. The only real use-case is is money transfer to/from sanctioned countries and other dark markets - not that much of a "bleeding-edge" technology we are enthusiastic about )))
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