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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

#961

Post by hanniabu »

npoc wrote: post #878
RandomLensman wrote: post #748

Earlier quoted context omitted.

When push came to shove, pretty much all money (and assets) dropped hard in value vs stuff that is critically needed. Hardness of money is really only situational. Really hard money does not exist that is why things like productive assets are where wealth goes - not into other non-productive monies. For example, equity is already used as money at times (M&A, salaries).

Bitcoin is a productive asset. I buy it, lend it to a business who can use it as collateral and I get paid back more bitcoin than I lent them, as compensation (i.e. interest)

> Bitcoin is a productive asset.

Only if you're given permission. It's not natively productive like Ethereum.

Re: Spot Bitcoin ETF receives official approval from the SEC

#962

Post by hanniabu »

helsinkiandrew wrote: post #929
wslh wrote: post #4

Actual document: https://www.sec.gov/files/rules/sro/nysearca/2024/34-99306.p... and archived one, just in case you receive 404: https://twitter.com/coinfabrik/status/1745192170942800341

SEC Commissioner Caroline A. Crenshaw's dissenting statement is also worth a read https://www.sec.gov/news/statement/crenshaw-statement-spot-b... particularly the section "The Global Spot Markets Underlying the Bitcoin ETPs are Marred by Fraud and Manipulation, Concentrated, and Without Adequate Oversight

Yet they approved futures

Re: Spot Bitcoin ETF receives official approval from the SEC

#963

Post by hanniabu »

tnel77 wrote: post #917
bluecalm wrote: post #908

Earlier quoted context omitted.

Man, companies involved in crypto currencies trading getting into trouble is about the most common news out there. Making sure I am not exposed to this risk is just basic due diligence not being paranoid. You may disagree but the view that crypto currencies are toxic assets is pretty popular so the question is worth answering for people who subscribe to it.

It is very common, but this is a lot different than some company based out of the Bahamas trading MILF coin. It’s going to be okay!

Ah yes, trust, the very thing that lead to the 2008 crash. You people have too much faith in the status quo.

Re: Spot Bitcoin ETF receives official approval from the SEC

#964

Post by LAMike »

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…

> Finally a workaround for high transaction fees!

Never heard or used Lightning Network? Try it out on Cash App or run a node on an old laptop if you want to learn more.

> once the exchanges hold most of the coins

Exchanges hold a single digit percentage of coins, price will have to go to six or seven (or four) figures before they will hold most of the coins.

> Sometimes regulatory solutions do fix hard technical problems.

Sometimes regulatory bodies bend the knee and are last to the party, 15 years in this case. At least they are ahead of 98% of HN'ers!

But they don't have to worry, the 401k their company manages for them will make sure there is an allocation to a Bitcoin ETF

Re: Spot Bitcoin ETF receives official approval from the SEC

#965

Post by LAMike »

bluecalm wrote: post #737

Is there any guarantee that if this goes wrong (let's say ETF's are hacked and lose their BTC) then assets in other ETF's are safe? Let's say BlackRock ends up on the hook for billions after their BTC ETF goes wrong. Are my shares in iShares NASDAQ 100 ETF safe? I want to make sure I don't have any exposure to crypto world by owning stock ETFs. If there is any scenario that I am on the hook for crypto nonsense going…

Don't worry, the 401k your company manages for you will make sure there is an allocation to a Bitcoin ETF!

Also not your keys, not your coins. If you can write 12 words, you can secure your own funds.

Re: Spot Bitcoin ETF receives official approval from the SEC

#966

Post by LAMike »

gigatexal wrote: post #547
helsinkiandrew wrote: post #526

I can't help thinking that Bitcoin ETFs could mark "Peak Bitcoin". When lots of people are trading it at their high street broker in their regular account, Bitcoin becomes just a number in a box - a crypto currency without crypto - with nothing underlying it.

Here’s hoping bitcoin goes to zero

Keep hoping, keep coping... one day your wish might come true!

But more likely, people in our generations will still be working until they are 70+, and their 401k will have some allocation to a Bitcoin ETF.

Re: Spot Bitcoin ETF receives official approval from the SEC

#967

Post by LAMike »

xwolfi wrote: post #539
helsinkiandrew wrote: post #526

I can't help thinking that Bitcoin ETFs could mark "Peak Bitcoin". When lots of people are trading it at their high street broker in their regular account, Bitcoin becomes just a number in a box - a crypto currency without crypto - with nothing underlying it.

It's hot air all the way down !

Yes, the computers that power the Bitcoin network (the biggest supercomputer in the world) does produce a lot of heat.

That can be a positive sum solution for those in cold climates, who are already paying hundreds or thousands a month to stay warm!

Re: Spot Bitcoin ETF receives official approval from the SEC

#968

Post by LAMike »

TrackerFF wrote: post #658
helsinkiandrew wrote: post #526

I can't help thinking that Bitcoin ETFs could mark "Peak Bitcoin". When lots of people are trading it at their high street broker in their regular account, Bitcoin becomes just a number in a box - a crypto currency without crypto - with nothing underlying it.

There is no underlying value. No intrinsic value. The value is purely a function of speculative demand. And while previously people anticipated the demand would go up "organically" because of actual real-world usage, you know to pay for stuff and such, that hasn't really materialized in the way we hoped. How many actually use BTC for things like that? At its BEST it has usage to purchase other coins - but that's abou…

> When I started with BTC 12 years ago

Wow, you must be rich and retired from Bitcoin right?

You had the opportunity to by at single/double digits and you secured generational wealth? Hoping this is true :)

Re: Spot Bitcoin ETF receives official approval from the SEC

#969

Post by LAMike »

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.

Maybe because its the best performing asset of the past decade? Just a guess

Re: Spot Bitcoin ETF receives official approval from the SEC

#970

Post by LAMike »

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?

No, Wall St. joined the party 15 years late and allowed retail investors to get a 10,000x return before buying it on behalf of their clients.
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