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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

#71

Post by bob_malrey »

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?

But what’s the point of Bitcoin then? They might as well put anything in these ETFs and it’d be the same thing then: the flat rocks in my garden are limited in number and very scarce, wanna put some in an etf?

Re: Spot Bitcoin ETF receives official approval from the SEC

#73

Post by mratsim »

nikolay wrote: post #58
shawabawa3 wrote: post #53

Earlier quoted context omitted.

Fees for storing and moving bitcoin are absolutely not approaching the costs for gold Try moving $10M of gold from one end of the world to another for under $100

Well, how about trying to move $200 in Bitcoin - it's the most expensive funds transfer. You cannot "move" $50 as it's cost-prohibitive!

Try moving $50 in a private bank. Fees for stocks start at $200.

Re: Spot Bitcoin ETF receives official approval from the SEC

#74

Post by hn_throwaway_99 »

The fact that Spot Bitcoin ETFs were ever contemplated into existence just shows the general insanity of crypto. After all, if you believe that cryptocurrencies, with "the code is the law" ethos and non-reputable transactions, are the wave of the future, just transact in BTC directly. If you believe crypto is actually too risky to manage individually (e.g. hacked/stolen keys) then you'd want the benefit of something like an ETF to manage your ownership. But buying an ETF that itself just holds crypto assets is either an exercise in futility or a "worst of all worlds" situation. But I guess a middle man needs to make a buck somehow...

Re: Spot Bitcoin ETF receives official approval from the SEC

#75

Post by jMyles »

dpflan wrote: post #65

What other products that are as known-to-be-risky-and-associated-with-fraud are backed by an ETF? Genuinely curious what else is out there...

The world's foremost money launderer is a fund provider for several ETFs, eg:

https://www.justetf.com/en/etf-profile.html?isin=IE00B4X9L53...

Re: Spot Bitcoin ETF receives official approval from the SEC

#77

Post by maxioatic »

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.

But then I have to pay taxes on it.

Time to full send my retirement accounts into these ETFs so I can retire early. /s

Actually though I might consider allocating a tiny percentage (1-3%) to these. Seems like fairly low risk with enough upside, but who knows.

Re: Spot Bitcoin ETF receives official approval from the SEC

#78

Post by psychlops »

moose_man wrote: post #5

This is so sad. Crypto (including Bitcoin) serves as a money funnel while takes from economically insecure middle class retail investors and pours it into the pockets of the tremendously wealthy.

How does bitcoin "take" money from anybody? How would you classify an economically insecure investor? If they are economically insecure, where do they get the money to invest?

Food for thought, when there is currency inflation where do you suppose all the wealth goes and who is it taken from? Here I think we can use the word "take".

Re: Spot Bitcoin ETF receives official approval from the SEC

#79

Post by wmf »

hn_throwaway_99 wrote: post #56
ur-whale wrote: post #15

Earlier quoted context omitted.

> and what would happen during a fork? Now, that is a very interesting question. If said ETF did their homework properly, their handling of a fork should be described in detail in their prospectus. Not that I would ever buy a BTC ETF since it precisely negates what I believe Bitcoin to be useful for, but if I had to, I'd pick the one that would convert the forked coins back to BTC immediately after the fork. If enoug…

Wow, this actually is a critical point, and I'm surprised at what the outcome is. Essentially, it seems to me that these ETFs are saying they will abandon any rights to forked coins. That seems insane to me, though, so perhaps I'm misunderstanding? I mean, if there is a hard fork, some percentage of total value will go with one chain and some percentage to the other - that's basically exactly what happened with the B…

Here's a theory: If they promise to capture value of forks then anyone can fork Bitcoin (it's pretty easy to do) and force the custody providers to do a bunch of work to support that fork. By preemptively disclaiming all forks, they also reduce the motivation to fork. (Stablecoins have the same effect on Ethereum.)

Here's a list of 45(!) Bitcoin forks and 11 airdrops that have happened so far: https://forkdrop.io/how-many-bitcoin-forks-are-there

Re: Spot Bitcoin ETF receives official approval from the SEC

#80

Post by michaelt »

nikolay wrote: post #58
shawabawa3 wrote: post #53

Earlier quoted context omitted.

Fees for storing and moving bitcoin are absolutely not approaching the costs for gold Try moving $10M of gold from one end of the world to another for under $100

Well, how about trying to move $200 in Bitcoin - it's the most expensive funds transfer. You cannot "move" $50 as it's cost-prohibitive!

Simply divide your BTC into paper wallets in a variety of sizes from $5 to $100, and when you need to make a transaction, mail the right combination of wallets to the person you want to pay.

/s

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