Earlier quoted context omitted.
not technically an ETF. an ETP
An ETF is a type of ETP
all poodles are dogs...
Spot Bitcoin ETF receives official approval from the SEC
761–770 of 1001 posts
Re: Spot Bitcoin ETF receives official approval from the SEC
#762Earlier quoted context omitted.
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.
Print tether then. Same result.
If you print tether it will only devalue tether and make the price of bitcoin (in tether) go up further.
Re: Spot Bitcoin ETF receives official approval from the SEC
#763Earlier quoted context omitted.
> just leave and live somewhere else, taking their wealth with Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless > History shows that societies with the hardest money win. Objectively not true. Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dro…
You can always convert bitcoin to fiat and vice versa. Other countries/currencies exist and regardless, we have decentralised exchanges like Bisq. > Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dropping the gold standard. Soft money wins in the short term. Hard money wins in the long term.
> Soft money wins in the short term. Hard money wins in the long term.
What do you mean by that? Repeatedly saying the same thing multiple times doesn't make it any more accurate. The type of "hard" money you're talking about only work in mostly static economies with untrustworthy and ineffective governments, under other conditions it inhibits growth and causes all sort of economic instability and much deeper boom and bust cycles (mainly for the "bust" part, Fiat money is the opposite).
It "wins in the long term" because it's sort of a fallback option when there are no other alternatives (i.e. most of human history) but far from the optimal one.
Re: Spot Bitcoin ETF receives official approval from the SEC
#764Earlier quoted context omitted.
...another fairytale about people in poor countries using crypto )))) Nothing beats good old USD or EURO as an asset if you live in a country with hyperinflation.
USD and Euro are great assets to hold if you have the ability to access banking services that support them, which isn't universal. Are you questioning the data? https://www.statista.com/statistics/1202468/global-cryptocur...
sometimes your "forex banking services" are dodgy people on the street - that's how late USSR functioned...
Re: Spot Bitcoin ETF receives official approval from the SEC
#765Earlier quoted context omitted.
USD and Euro are great assets to hold if you have the ability to access banking services that support them, which isn't universal. Are you questioning the data? https://www.statista.com/statistics/1202468/global-cryptocur...
"The data" that you link to doesn't support your assertion that people in third world countries use bitcoin to protect themselves from hyperinflation. Also USD and Euro are NOT great assets to hold. People only hold cash because they need it for transactions purposes.
It is the best asset to hold if you local currency goes -5% every day. Easy to buy (officially and not), easy to liquidate, can be used as unofficial currency for trade
Re: Spot Bitcoin ETF receives official approval from the SEC
#766Earlier quoted context omitted.
> just leave and live somewhere else, taking their wealth with Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless > History shows that societies with the hardest money win. Objectively not true. Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dro…
> Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless I agree, that is why Bitcoin was supposed to be electronic cash, you were supposed to be able to pay for everything with it. Bitcoin (BTC) doesn't scale today to this purpose, but you can still use it to pay directly for some products and services as long as the other party will…
> pay directly for some products and services as long as the other party will accept it.
You can but generally you don't want to. Besides the technical issues it's a very volatile asset which means that you don't want to hold it for any extended period of time (IF you're only using it to pay for stuff).
Re: Spot Bitcoin ETF receives official approval from the SEC
#767Earlier quoted context omitted.
And mostly all in the pockets of a few whales.
As opposed to the US dollar, or euro, or ruble or ...? I will never understand how people fault crypto for not somehow magically solving the world's financial ills, as if humanity has ever had another (successful) plan for wealth distribution. How's that communism working out? Crypto is meant to solve the trustless distributed ledger problem, nothing more, nothing less. Expecting human nature to somehow change becaus…
Exactly the point, it’s not bringing any value to the society beyond what any currency is already providing.
Re: Spot Bitcoin ETF receives official approval from the SEC
#768Earlier quoted context omitted.
> world reserve asset. Except it's extremely unsuited for this purpose despite of what some delusional people might be thinking. No (at at least semi stable) country ever will use bitcoin as their primary reserve asset...
Because you say so?
My argument is just as substantive as the pro-bitcoin ones and spending any meaningful amount of effort arguing with these people is just like fighting windmills.
But no, not because I say so but because it's obvious if you have at least a cursory understanding of the international monetary system works.
Re: Spot Bitcoin ETF receives official approval from the SEC
#769Earlier quoted context omitted.
Decentralised exchanges provide a solution, but if a country tries to stifle bitcoin like this, then the bitcoiners can just leave and live somewhere else, taking their wealth with them as 12 words in their head. History shows that societies with the hardest money win.
> just leave and live somewhere else, taking their wealth with Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless > History shows that societies with the hardest money win. Objectively not true. Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dro…
Bitcoin is the ultimate answer to the coincidence of wants (of which money arose from).
"You have some pigs and I have some chickens, but I don't want pigs right now"
On top of that, it is the first global currency, that is internet native. It's an upgrade like going from papyrus/parchment to the printing press. The first printing presses were smuggled throughout Europe. But hey, stick with your evil fiat holy roman empire that steals from you. Don't ever question why inflation exists.
Don't want to give out your credit card to an untrustworthy or unknown website, but you still want to buy their ebook? Use Bitcoin. With credit cards, the private keys are used in every transaction.
Re: Spot Bitcoin ETF receives official approval from the SEC
#770Earlier quoted context omitted.
Decentralised exchanges provide a solution, but if a country tries to stifle bitcoin like this, then the bitcoiners can just leave and live somewhere else, taking their wealth with them as 12 words in their head. History shows that societies with the hardest money win.
> just leave and live somewhere else, taking their wealth with Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless > History shows that societies with the hardest money win. Objectively not true. Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dro…
They didn't try to stick with the Gold standard. They secretly left it altogether, while robbing its value to anyome buying bonds. Post WWI, they tried to stop gold from leaving Britain, which had the effect of hastening it leaving :-)
You could say that they would have lost WWI without leaving the gold standard (other world governments followed suit by leaving the gold standard after Britain did) but imho the war would have ended sooner. Lyn Alden talks and writes about this quite a bit in her books and blog.