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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

#641

Post by herbst »

OsrsNeedsf2P wrote: post #624
amjnsx wrote: post #606

Earlier quoted context omitted.

No there is a hard limit of 21m Bitcoins. You can't just "print more". Yes it's possible to trade "paper bitcoins" but if you don't own the underlying asset you are always at risk of being found out and not being able to cover the amount.

So the only difference between Bitcoin and stocks in 2024 is that stocks are backed by an actual underlying company. Nice.

Can you use stocks to trade with others worldwide in realtime with a super low fee and full control over the payment process?

Bitcoin still is a lot more than just that

Re: Spot Bitcoin ETF receives official approval from the SEC

#642

Post by npoc »

OsrsNeedsf2P wrote: post #624
amjnsx wrote: post #606

Earlier quoted context omitted.

No there is a hard limit of 21m Bitcoins. You can't just "print more". Yes it's possible to trade "paper bitcoins" but if you don't own the underlying asset you are always at risk of being found out and not being able to cover the amount.

So the only difference between Bitcoin and stocks in 2024 is that stocks are backed by an actual underlying company. Nice.

Nope. Bitcoin is the thing that does the backing.

Stocks are just a weak entitlement (not ownership) to some property that will ultimately be significantly "backed" by the bitcoin on its balance sheet

Re: Spot Bitcoin ETF receives official approval from the SEC

#643

Post by lucw »

petesergeant wrote: post #608
roenxi wrote: post #605

Earlier quoted context omitted.

Compare that to the ease of rolling back a transaction in USD. I think we'll find the cost was orders of magnitude higher.

That doesn’t sound like a “hard promise”

You need support of the miners to effect a change on bitcoin, they won't support a change which is contrary to their interests.

Re: Spot Bitcoin ETF receives official approval from the SEC

#645

Post by herbst »

helsinkiandrew wrote: post #571
spaceman_2020 wrote: post #559

Earlier quoted context omitted.

Bitcoin didn’t go to zero with people buying it through shady exchanges operated out of tax havens, and you think Bitcoin will go to zero AFTER its available to every investor in the US through every finance app and is being sold by giant hedge funds?

> and you think Bitcoin will go to zero AFTER its available to every investor in the US through every finance app and is being sold by giant hedge funds? The reasoning is (I'm not saying I believe this will happen just that it is an interesting thought experiment) that if people quit the shady exchanges and start trading Bitcoin ETF in substantial numbers it could begin to starve the crypto network of transaction fee…

Why would ETFs become a main way? Bitcoin is still a currency, can I trade, holdl or spend my ETFs?

Re: Spot Bitcoin ETF receives official approval from the SEC

#646

Post by epolanski »

mistercheph wrote: post #338
epolanski wrote: post #257

Earlier quoted context omitted.

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…

> combines all that people don't understand about economy with all that people don't understand about technology I agree 100% with this but it is describing you.

And you've done an amazing job educating me on where I'm wrong or debating any of my points, haven't you?

Re: Spot Bitcoin ETF receives official approval from the SEC

#647

Post by npoc »

DeathArrow wrote: post #568

So bitcoin became something like money and stocks, just a number in a SQL database? And we can now finally make bitcoins out of thin air? How long before the amount of bitcoins traded by hedge funds will be larger than the amount of bitcoins that exist in the actual bitcoin network?

If they fractional reserve too much then they risk going bust as they can't just print more bitcoin in the event of a bank run. Just like the good old days before central banking.

Re: Spot Bitcoin ETF receives official approval from the SEC

#648

Post by Devasta »

elwell wrote: post #231
bodiekane wrote: post #83

Earlier quoted context omitted.

It's sad people are so financially illiterate. Buying partial ownership (shares) in a real company that makes a product or service profitably, or loaning money to a person or business that will be paid back with interest, are both ways to invest capital which can increase in value with no "greater fool". Apple stock isn't worth more today than in 1990 because people arbitrarily agreed upon a bigger number, it's worth…

It's the same fundamental thing. Apple stock is worth more because future people believe it to be worth more. The 'why' behind that is also the same: people believe that the product has value. Even deeper, people believe that their life has value. It's all the same fundamentally.

Even if no one on the planet was willing to buy apple shares from you, you still have something generating income through dividends.

Bitcoin requires an ever-growing list of rubes to buy in.

Re: Spot Bitcoin ETF receives official approval from the SEC

#649

Post by herbst »

benlivengood wrote: post #287

Finally a workaround for high transaction fees! This should also solve the scalability issues quite a bit by reducing the need to record as many transactions in the first place once the exchanges hold most of the coins. Finally this should reduce the long-term potential in mining as the block reward keeps reducing exponentially with lower expectations of transaction fees. Sometimes regulatory solutions do fix hard te…

I very highly doubt that trading ETFs has lower fees than Bitcoin.

As monetary system Bitcoin, even more crypto in general, is still the one and only method to move money internationally in realtime with very low fees.

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