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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

#91

Post by wmf »

koolba wrote: post #36
SilverBirch wrote: post #27

Earlier quoted context omitted.

A Bitcoin ETF is literally the antithesis of the crypto project. It’s a centralised, highly regulated trad-fi product. Also, no one is going to end up accidentally investing in crypto, these ETFs are going to be super niche products.

It’s also the only way for most to get crypto exposure in an IRA. Avoiding the insanity that is crypto tax filings may be worth the risks and fees.

Buying and holding crypto isn't that complex for tax purposes (although it could still be easier). The craziness comes in when people get into DeFi but ETFs don't let you do that anyway.

Re: Spot Bitcoin ETF receives official approval from the SEC

#92

Post by ESTheComposer »

dgreensp wrote: post #88
ESTheComposer wrote: post #14

Earlier quoted context omitted.

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.

People who aren’t in the tech/VC or crypto echo chambers can see that it’s (still) overhyped and mostly scams. They don’t really care or have more positive sentiment than HN.

Ok and from my anecdotal experience the opposite is true, so I guess we're at a crossroads here. Either way doesn't have bearing on how HN views crypto

Re: Spot Bitcoin ETF receives official approval from the SEC

#94

Post by trompetenaccoun »

RandomLensman wrote: post #35
trompetenaccoun wrote: post #25

Earlier quoted context omitted.

Not exactly the same. Fiat currency like the USD redistribute a lot of wealth from users into the pockets of the central bank/government through unlimited base inflation, which they control. Bitcoin does not have that, its inflation rate is fixed by the protocol and only ever falling. In April this year it will fall to 0.875%.

Not sure I'd call that an inflation rate as it doesn't factor in any baskets of goods and services.

Monetary inflation (i.e. in it's purest form increasing the monetary base by "printing" more) is not necessarily the same as what you probably mean by 'inflation rate'. You're probably talking about price inflation, using CPI. Those are linked but not the same.

Bitcoin "prints" around 1.74% currently and it's going to drop below 1% in April. The USD, although one of the more stable fiat currencies, is worlds apart from that. Looking at official Fed data you can see the base has been inflated by massive amounts just in the past 3 years alone! An increase of way over 60%!

https://fred.stlouisfed.org/series/BOGMBASE

Re: Spot Bitcoin ETF receives official approval from the SEC

#95

Post by fancyfredbot »

hn_throwaway_99 wrote: post #70
fancyfredbot wrote: post #52

Earlier quoted context omitted.

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.

I will own up to trolling slightly to draw attention to the fact that exhanging bitcoin as a digital currency is not something which would occur to most people who own it. The only thing most people will do with their bitcoin is exchange it for fiat.

Re: Spot Bitcoin ETF receives official approval from the SEC

#96

Post by jbverschoor »

iceIX wrote: post #93
jbverschoor wrote: post #49

Interestingly, the SEC and Gary did not publish any tweet or press release..

I guess you missed this one? https://www.sec.gov/news/statement/gensler-statement-spot-bi...

Ahh.. and there I was, refreshing press releases, and url-hacking to get the latest (2024-4 and then 2024-5) haha

Re: Spot Bitcoin ETF receives official approval from the SEC

#98

Post by factorialboy »

bob_malrey wrote: post #46
factorialboy wrote: post #42

Earlier quoted context omitted.

Sarcasm aside, this is the ultimate endorsement. The likes of Blackrock could use BTC as a hedge if the Feds keep on printing USD under political pressure.

How would that be better than holding gold? Fees for large transactions of btc are getting higher than the cost of physically moving gold anyway, and the chances to lose it or get it stolen are higher.

Strawman. I never claimed Bitcoin is the only hedge. Certainly gold has it s place.

Lightning network fees are negligible. So that argument doesn't hold either.

Re: Spot Bitcoin ETF receives official approval from the SEC

#99

Post by npoc »

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!

The bitcoin network is best suited for storing and moving large amounts of monetary energy. Compared to any other monetary system, it does this the most efficiently (i.e. with the least amount of energy loss), both during storage and during transfer.

Note that the transfer of monetary value/energy is final settlement (i.e. it's not just an IOU that will be settled at later date, like most bank payments).

Ultimately the base layer network will be used for settlement between banks, national reserve asset/currency etc. and faster, cheaper payment rails will be built on top of it (e.g. the Lightning Network)

Re: Spot Bitcoin ETF receives official approval from the SEC

#100

Post by yreg »

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!

Probably not a worry for Blackrock.
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