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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

#61

Post by trompetenaccoun »

ur-whale wrote: post #22
fancyfredbot wrote: post #13

Satoshi's dream of a decentralised ledger finally reaches its ultimate form of a centralised list maintained by the DTC. Rejoice!

While I agree with the sentiment, please remember that actually buying BTC directly and doing self-custody is still an option.

The mob always wins in the end, but I never understood why many on HN have been so cynical about Bitcoin. At least Satoshi tried, whoever they were. They gave a gift to the world, but it sadly got co-opted and taken over first by small-time grifters and now by the big boys at Wall Street. In hindsight it was probably bound to happen, because money buys influence and a casual decentralized group of coders can never win against banks and governments.

Anyway, digital gold is still better than nothing. It's still an innovation as a store of value, even if the payments idea is basically history (some Bitcoin maxis just don't understand that yet). Also Bitcoin has inspired a whole ecosystem of other blockchains. If you want the original concept of a peer-to-peer electronic cash system, Monero is probably one of the best to check out currently. Governments are btw currently going after Monero, because unlike the common myth about Bitcoin, it actually enables anonymous payments - just like cash. And so of course we can't have that. Multiple exchanges already announced they were forced to delist XMR.

Re: Spot Bitcoin ETF receives official approval from the SEC

#62

Post by treyd »

fancyfredbot wrote: post #52
ur-whale wrote: post #22

Earlier quoted context omitted.

While I agree with the sentiment, please remember that actually buying BTC directly and doing self-custody is still an option.

So much more hassle though. Nobody's going to bother with that now - what's the point?

UX with hardware wallets (which you can get for like $60) is pretty decent these days and it eliminates a lot of stress in the workflows you typically use. There's still a huge room for improvement with seedphrase backup and "social recovery", but it's easier now than it's been in the past.

Re: Spot Bitcoin ETF receives official approval from the SEC

#63

Post by rvz »

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.

Well, HN is so deep in their own reality distortion bubble that they are still not noticing that "AGI" is actually about lining some-else's pockets over a sci-fi dream sold to them through hype after trampling over laws and regulations.

Those on HN who believed that such a complete ban on crypto was feasible were always delusional. The cat is out of the bag for both AI and crypto, but in the end, the legal system always gets them to pay up and the regulators for both AI or crypto will get them as well.

No escaping that.

Re: Spot Bitcoin ETF receives official approval from the SEC

#64

Post by iamthirsty »

elwell wrote: post #43
boeingUH60 wrote: post #28

As my Dad told me, anyone investing in crypto is a fool looking to take advantage of another fool. It’s all Greater Fool Theory.

> anyone investing in crypto FTFY: anyone investing

Not really. My first econ professor equated regular investing in stocks is more like buying a a loan (at the absolute most basic level).

You can keep it, and hopefully get more money out of it than you put in, or risk getting less or none of it if the underlying borrower wasn't the best and goes in to default.

Or you can sell it to someone else for more or less depending on the borrowers performance.

Re: Spot Bitcoin ETF receives official approval from the SEC

#66

Post by DANmode »

postcynical wrote: post #12
schemescape wrote: post #6

In the hypothetical case that a Bitcoin ETF gets hacked and its wallet(s) emptied, what happens? Is it any different from, say, a gold ETF having its physical gold stolen?

and what would happen during/after a fork?

Oh, I think I misunderstood your comment.

Many TradFi custodians ignore/do not support (publicly) forks of client assets held, sometimes just until they reach some arbitrary level of social traction.

Re: Spot Bitcoin ETF receives official approval from the SEC

#67

Post by brucethemoose2 »

fancyfredbot wrote: post #52
ur-whale wrote: post #22

Earlier quoted context omitted.

While I agree with the sentiment, please remember that actually buying BTC directly and doing self-custody is still an option.

So much more hassle though. Nobody's going to bother with that now - what's the point?

I love this scenario.

"Why is Bitcoin a great asset?"

"Because its the future of currency! Its great and everyone will use it!"

"Then why don't you just get it directly?"

"Uh, its too much of a hassle. For me. A professional finance worker."

Re: Spot Bitcoin ETF receives official approval from the SEC

#68

Post by treyd »

reisse wrote: post #45
moose_man wrote: post #31

Earlier quoted context omitted.

I think they suck just like crypto, these are all mechanisms rigging the economy in favor of the already wealthy. If we don't unrig it we will eventually get civil war. Popular immiseration eventually leads to upheaval. Checkout the book - End Times: Elites, Counter-Elites, and the Path of Political Disintegration by Peter Turchin

Already wealthy? I don't think you know the scene well. HFT probably pulled more physics and math grads out of poverty than any other field.

It's also pulled those grads away from more typical jobs they'd have building useful things and actually producing new real-world value.

Re: Spot Bitcoin ETF receives official approval from the SEC

#69

Post by Lambdanaut »

ur-whale wrote: post #40
boeingUH60 wrote: post #28

As my Dad told me, anyone investing in crypto is a fool looking to take advantage of another fool. It’s all Greater Fool Theory.

https://en.wikipedia.org/wiki/Argument_from_authority But I must admit that using your actual dad as the source of authority is quite a stretch.

Usually an argument from authority doesn't hold any weight, but come on.

It's their dad

Re: Spot Bitcoin ETF receives official approval from the SEC

#70

Post by hn_throwaway_99 »

fancyfredbot wrote: post #52
ur-whale wrote: post #22

Earlier quoted context omitted.

While I agree with the sentiment, please remember that actually buying BTC directly and doing self-custody is still an option.

So much more hassle though. Nobody's going to bother with that now - what's the point?

> Nobody's going to bother with that now - what's the point?

This is actually a great comment that I think applies well to the crypto world as a whole, even if that wasn't your original intent.

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