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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

#981

Post by LAMike »

etherael wrote: post #299
Octokiddie wrote: post #205

The strong anti-Bitcoin sentiment on HN is still amusing. It goes way back - 13 years or more. Having read many of these negative comments, I think part of this sentiment boils down to the commenter seeing no point to Bitcoin. Just this thread has examples. It must be more than a little annoying to feel very strongly that Bitcoin is pointless, but to also notice that it's still here. Year after year. If that shoe wer…

> Unlike every other attempt at electronic cash that came before it, Bitcoin also doesn't need the approval of any person, police force, legislative body, military, or government. I'd challenge people who hold negative views on Bitcoin to name some other systems for which this holds true. This isn't actually true, BTC requires a certain amount of subsidy every ten minutes from the global economy. If that subsidy is n…

> the entire cryptosphere as a whole is a wretched hive of scum and villainy

COPE

Re: Spot Bitcoin ETF receives official approval from the SEC

#982

Post by LAMike »

NicoJuicy wrote: post #954
Octokiddie wrote: post #205

The strong anti-Bitcoin sentiment on HN is still amusing. It goes way back - 13 years or more. Having read many of these negative comments, I think part of this sentiment boils down to the commenter seeing no point to Bitcoin. Just this thread has examples. It must be more than a little annoying to feel very strongly that Bitcoin is pointless, but to also notice that it's still here. Year after year. If that shoe wer…

> Bitcoin also doesn't need the approval of any person, police force, legislative body, military, or government. That's only a good thing in dictatorships, not in democracies. => I really don't care. It's not a pro in my life and my continent ( Europe) Additionally, Bitcoin is super duper easy to track

> That's only a good thing in dictatorships, not in democracies.

Yes, Bitcoin allows you to be a dictator of your personal finances, compared to fiat, a "democratic" system, where people you never voted into power get to press a button and print as much money as they deem necessary to "stimulate" the economy.

Re: Spot Bitcoin ETF receives official approval from the SEC

#983

Post by LAMike »

NicoJuicy wrote: post #954
Octokiddie wrote: post #205

The strong anti-Bitcoin sentiment on HN is still amusing. It goes way back - 13 years or more. Having read many of these negative comments, I think part of this sentiment boils down to the commenter seeing no point to Bitcoin. Just this thread has examples. It must be more than a little annoying to feel very strongly that Bitcoin is pointless, but to also notice that it's still here. Year after year. If that shoe wer…

> Bitcoin also doesn't need the approval of any person, police force, legislative body, military, or government. That's only a good thing in dictatorships, not in democracies. => I really don't care. It's not a pro in my life and my continent ( Europe) Additionally, Bitcoin is super duper easy to track

> Additionally, Bitcoin is super duper easy to track

Could you tell me who Satoshi is?

Could you explain how you can track who paid you a Lightning Network invoice?

Have you ever written down a seed phrase or made a Bitcoin transaction on chain?

Re: Spot Bitcoin ETF receives official approval from the SEC

#984

Post by LAMike »

the_gastropod wrote: post #487
cs702 wrote: post #273

The Bitcoin network has survived everything that has been thrown at it. Nothing has stopped the damn thing. It's always there. It's one of those things that just keeps on existing, like gold. It doesn't care what you think. It doesn't care whether you like it or not. It doesn't care if you understand it. It's just always been there. Might as well make it easier for people and companies to own it and trade Bitcoin, an…

I have a sonicare toothbrush older than bitcoin…

That's disgusting, you should probably change your 15 year old toothbrush

Re: Spot Bitcoin ETF receives official approval from the SEC

#987

Post by LAMike »

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.

You just described the current fiat system, where the top gets to benefit from the money printer while the middle class loses its purchasing power over time

Re: Spot Bitcoin ETF receives official approval from the SEC

#988

Post by TimJRobinson »

markburns wrote: post #556
TimJRobinson wrote: post #524

Earlier quoted context omitted.

> There's not really a problematic upper bound for global transaction volume on transactions per second with the lightning network There unfortunately is, to open a channel you have to make a Bitcoin transaction, and you can't use lightning without opening a channel. Bitcoin processes a max of ~220M transactions per year so to onboard the world onto lightning with only one channel each would take a few decades. A rea…

It's possible I'm too optimistic on this point. I feel I have a good grasp of how bitcoin works, but when it gets to layer 2 it gets fuzzier. The initial discussions sounded really promising, as they seemed to mirror HTTP on top of TCP/IP. And we all know how much of a slow burning revolution that turned out to be. But http seems simpler than what I've read about lightning more recently. Total wild speculation follow…

A real layer 2 would look more like something built on Ethereum (can see all its L2s at https://l2beat.com).

Essentially it's a separate network that every few minutes takes every transaction and compresses it into a data blob that it saves on Ethereum along with a proof that the computation was done correctly. The Ethereum L1 nodes then only need to verify the proof instead of re-executing all transactions that happened on the L2.

With this design users can go straight from an exchange like Coinbase onto the L2 and never need to use Ethereum, and fees are 10x cheaper because of the data compression. Fees will soon be 100x cheaper as Ethereum is adding extra space just for these L2 data blobs that is much cheaper than normal Ethereum data space.

Unfortunately it can't be done on Bitcoin right now because Bitcoin nodes don't have Turing complete scripting and so can't verify the proof that an L2 posts to Bitcoin.

Re: Spot Bitcoin ETF receives official approval from the SEC

#989

Post by npoc »

qwytw wrote: post #955
JustinGoldberg9 wrote: post #920

Earlier quoted context omitted.

Getting off the gold standard with the banking holiday was the original sin. Bitcoin has and will continue to undo this, with or without the permission of luddites.

> permission of luddites Right. Like sticking to the nonsense that was the gold standard. Inherently deflationary virtual token make an objective horrible currency. Believing otherwise puts you on part with the flat earth people.

> Inherently deflationary virtual token make an objective horrible currency

Why's that then?

Re: Spot Bitcoin ETF receives official approval from the SEC

#990

Post by qwytw »

npoc wrote: post #989
qwytw wrote: post #955

Earlier quoted context omitted.

> permission of luddites Right. Like sticking to the nonsense that was the gold standard. Inherently deflationary virtual token make an objective horrible currency. Believing otherwise puts you on part with the flat earth people.

> Inherently deflationary virtual token make an objective horrible currency Why's that then?

Well.. it's perfectly obvious but I can spell it out:

Deflation significantly inhibits economic growth, making borrowing much more risky and would result in significantly more wealth inequality than we even have now.

Why invest into anything when you can just hoard money and get richer by not risking anything?

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