Spot Bitcoin ETF receives official approval from the SEC

Post by Hamuko » Thu, Jan 11, 2024, 6:09 AM UTC

tekchip wrote: post #460

optymizer wrote: post #436

Earlier quoted context omitted.

It has survived by changing the narrative and getting people to buy the stories. It was going to replace money, but then it didn't because the network slowed down to the point where it was unusable. Nobody was going to wait 30 min for a transaction to complete. So then the message was flipped and Bitcoin was now 'an asset', not a currency, further supported by IRS's decision to tax it like an asset, so it was adverti…

This global warming rhetoric against bitcoin is nonsense right? The current financial system doesn't run off as many or more computers in datacenters around the globe? I don't have objective numbers but I'd lay money credit card processing alone dwarfs bitcoin by a pretty good margin.

Post by toenail » Thu, Jan 11, 2024, 6:11 AM UTC

dghlsakjg wrote: post #494

toenail wrote: post #470

Earlier quoted context omitted.

> For every bitcoin millionaire, there's someone that pumped real dollars into the system Are you blaming bitcoin for gambling addiction and bad investing now? That's funny. There more of that with the USD, by several orders of magnitude.

> Are you blaming bitcoin for gambling addiction and bad investing now? No. I’m explicitly not blaming bitcoin. I’m blaming the humans that take advantage of others using the technical complexity of the crypto ecosystem to convince people that it is something that it isn’t. The fact that you can wreck your life in Vegas or day-trading on Robinhood using dollars isn’t something I like either. The whole point of the se…

Post by [deleted] » Thu, Jan 11, 2024, 6:11 AM UTC

dcolkitt wrote: post #301

I think it's easy to be cynical. But one major reason I'm a believer in decentralized consensus is because I think it can make the silo'd financial systems of the world as seamlessly interoperable as the Internet made the silo'd telecommunication systems of the world. It feels a lot like when AOL first started supporting email in 1993. It's easy to dismiss AOL and Nasdaq as highly centralized systems that don't align…

Post by [deleted] » Thu, Jan 11, 2024, 6:12 AM UTC

sega_sai wrote: post #367

I wonder what happens when an unregulated market that can be easily manipulated is connected to a 'normal' stock exchange through instruments like Bitcoin ETF.

Post by lottin » Thu, Jan 11, 2024, 6:14 AM UTC

david_shi wrote: post #431

shock-value wrote: post #403

Earlier quoted context omitted.

Speaking of Bitcoin specifically, if this is your view then you should take some time to understand the severe societal and economic problems that come with persistent deflation. And more generally, determining the optimal level of the money supply to match the needs of a dynamic economy is not trivial — there is no simple formula involving straightforwardly measurable variables that I am aware of.

Bitcoin and BFT consensus primarily solve the principal-agent problem, and give us a better means to experiment. Personally, I don't think a deflationary global reserve currency is the precise answer, but I do believe that these experiments in monetary governance (like Ethereum's burn and mint model) will allow us to move closer to it.