Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Spot Bitcoin ETF receives official approval from the SEC

cointelegraph.com

Post reply on HN
Print view View original

851–860 of 1001 posts

Re: Spot Bitcoin ETF receives official approval from the SEC

#851

Post by CynicusRex »

npoc wrote: post #656
CynicusRex wrote: post #620

Earlier quoted context omitted.

> You buy bitcoin at the price you deserve. This is out-of-touch on so many levels. What about people born in ten years? What about people born in ten years in developing countries? The only thing crypto“currencies” have done is increase the wealth disparity and greed. https://www.cynicusrex.com/file/cryptocultscience.html

The people born in 10 years will have access to a hard money that is time proven, more stable and less risky than it was 10 years ago. They will also see the price of their bitcoin go up relative to fiat. The same goes for people born in 300 years time. Regarding developing countries, bitcoin provides anyone with a phone access to a bank, and one that offers better savings accounts than any fiat account.

So merely by luck of being born earlier you deserve to be wealthier than any future generations?

Re: Spot Bitcoin ETF receives official approval from the SEC

#852

Post by psychlops »

injeolmi_love wrote: post #835
roenxi wrote: post #558

Earlier quoted context omitted.

The possibility of change exists, but one of the hardest promises Bitcoin makes is that you can't change the rules mid-game like what happened with stocks. That is one of the most attractive things about this asset class - if the US regulators want to change how a crypto is traded ... tough biscuits. They have to convince the market participants, globally, to trade the new way. The bar might be orders of magnitude hi…

There’s a very small number of mining pools that control Bitcoin. All the USA has to do to force a hard fork is order them to run alternative mining software.

I guess they'd enjoy running their expensive hardware on a worthless fork while the rest of the planet used bitcoin.

Re: Spot Bitcoin ETF receives official approval from the SEC

#853

Post by pyvpx »

ericd wrote: post #635
pyvpx wrote: post #597

Earlier quoted context omitted.

this assumes USD hegemony is a distant memory. does bitcoin have the largest weapons cache and standing military in the history of humanity? best of luck to your imagined future; but it reads very naive to me.

What do you imagine the US could do with its weapons cache to demand global compliance? Even extremely authoritarian governments that have tried to stamp out crypto usage internally have been unsuccessful, so it's not like the USG could just lean on other governments to demand compliance.

any sovereign state or multinational needs to deal in dollars. and the USG controls that rail. well.

call me when you can trade and refine oil purely in bitcoin. no one accepting bitcoin to buy things is holding that bitcoin.

I beg every blockchain as money people to please, please obsess over monetary theory first!!

Re: Spot Bitcoin ETF receives official approval from the SEC

#854

Post by pyvpx »

roenxi wrote: post #631
pyvpx wrote: post #597

Earlier quoted context omitted.

this assumes USD hegemony is a distant memory. does bitcoin have the largest weapons cache and standing military in the history of humanity? best of luck to your imagined future; but it reads very naive to me.

The US really dropped the hammer on Russia last year and yet Russian troops kept advancing. There isn't much proof-in-the-pudding right now that they can stop a top-10 global economy. This isn't the 90s and it isn't clear how much the US can throw their weight around.

lend-lease isn’t even lifting a finger to find the hammer. there is more “hammer” droning eastern Africa surreptitiously than direct US force in Ukraine.

Re: Spot Bitcoin ETF receives official approval from the SEC

#855

Post by lottin »

democracy wrote: post #765
lottin wrote: post #490

Earlier quoted context omitted.

"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

Not by any stretch of the imagination. A highly volatile asset isn't suitable for storing value reliably. This is because the chances of you having to liquidate your position at a loss are very high.

Re: Spot Bitcoin ETF receives official approval from the SEC

#856

Post by olalonde »

johnwheeler wrote: post #838
tnel77 wrote: post #813

I’m only here to see the acrobats continuing to claim Bitcoin is a fraud, only for criminals, and “going to die any day now.” Have a nice day everyone! What an awesome achievement for the crypto community!

Maybe it’s that it turns morons into financial advisors is why people hate it.

It's irrational but I believe you are right. See this comment for example: https://news.ycombinator.com/item?id=31356857

Re: Spot Bitcoin ETF receives official approval from the SEC

#857

Post by the_gastropod »

npoc wrote: post #551
738292748 wrote: post #387

Earlier quoted context omitted.

The killer use case has existed from day 1: remove the middleman. That is banks, or goverments. That's it. There's literally nothing else to it. Speculating on its value, while possible, has nothing to do with its purpose.

Its purpose is to provide an escape hatch from fiat currency that steals people's wealth, available to everyone in the world, ultimately shutting down the global scam that is central banking. It is the hardest money that mankind has ever seen, digital, with an issuance schedule that is set in stone - no select few people have the ability to effortlessly print it, stealing the wealth of the rest and corrupting the wor…

I think its purpose was to provide fresh blood to the John Birch Society. It seems to be working remarkably well, in that respect.

Re: Spot Bitcoin ETF receives official approval from the SEC

#858

Post by [deleted] »

jojobas wrote: post #621
metw02024 wrote: post #542

Earlier quoted context omitted.

I'm confused by this comment. What do you mean "seized by fiat"? Custodial wallets can and have been seized by government agencies. Cold wallet storage devices can and have been seized. Bitcoin has no intrinsic value, only imputed value.

Nobody can order the bitcoin network to freeze assets of Johnny Wanted the way they can order banks and other financial institutions. Nobody can stop you getting paid even for non-criminal activities the way Mastercard/Visa do. If you lose or surrender you private key - fair enough, but that's not the same.

[deleted]

Re: Spot Bitcoin ETF receives official approval from the SEC

#859

Post by tnel77 »

johnwheeler wrote: post #838
tnel77 wrote: post #813

I’m only here to see the acrobats continuing to claim Bitcoin is a fraud, only for criminals, and “going to die any day now.” Have a nice day everyone! What an awesome achievement for the crypto community!

Maybe it’s that it turns morons into financial advisors is why people hate it.

There’s undeniably a lot of plain stupid luck where some people bought, forgot, and now it’s worth millions. I feel like every asset has people who blindly love it (Tesla for example) and will insufferably spout their nonsense to anyone that’ll listen just to drive up the price of their favorite stock/crypto/whatever. I don’t think there’s anything we can do to avoid that.

Re: Spot Bitcoin ETF receives official approval from the SEC

#860

Post by mediumsmart »

ben_w wrote: post #809
roenxi wrote: post #735

Earlier quoted context omitted.

> For the Russian regime this war is now 100% an existential threat. For everyone this war is an existential threat. It is unusual for governments that come in after a revolution to be more stable than their predecessors and any successor to Putin will still have the worlds largest nuclear weapons stockpile. There is an outside chance of a literal replay of Germany WWI -> WWII if the Russians collapse. Not to mention…

> any successor to Putin will still have the worlds largest nuclear weapons stockpile Possibly. Given how much of the rest of the Russian forces turned out to be paper tigers, I wouldn't be surprised if 80% of the missiles' flight computers are missing something flight critical and 80% of the warheads have unenriched (or even outright depleted) uranium instead of weapons grade uranium or plutonium, with the real stuf…

>I wouldn't be surprised if 80% of the missiles' flight computers are missing something flight critical

Are these the missiles that Russia ran out of in March 2022, March 2023 and then in June 2023 or the other ones?

Post reply on HN