Cboe says Bitcoin ETF to start trading Thursday ahead of SEC's official approval | Hacker News Reader

Cboe says Bitcoin ETF to start trading Thursday ahead of SEC's official approval

coindesk.com

48 pointspaulpauper26 comments

Bitcoin 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 there.

Might as well make it easier for people and companies to own it and trade it, and for governments to tax profits on it.

It has survived because people use it. This is the audience that is likely _not_ using it, but I've seen it utilized to pay good people who do good work that can't accept USD and I've seen it used to facilitate allowing people to keep the drug economy working without the need for violence.

Imagine if next year every illicit drug was sold anonymously and without any in-person market. You'd probably have a lot of logistical issues with that kind of influx, but you'd rid the world of an awful lot of violence and harm.

> I've seen it utilized to pay good people who do good work that can't accept USD

Like someone who lives in Venezuela?

They were in a different country, but yes. Being able to make the economy more global bit by bit is necessary to rid people of extreme poverty.

i for one, am glad that it has done so well. Much of the world, especially the first world probably won't be greatful for it until the demise of Fiat

Yes, the collapse of fiat currency would cause enormous suffering for most of humanity which is why I'm so against the rich bitcoiners who are rooting for this tragic outcome. It's a cancer on society.

> It's a cancer on society.

The cancer on society is the US public debt which went from $33 trillion to $34 trillion in 100 days. It's similar in the EU.

Nothing good is going to come out of this and it's has nothing to do with Bitcoin.

> > Might as well make it easier for people and companies to own it and trade it, and for governments to tax profits on it.

The easier it is , the latest to the party you are.

Like gold, people who bought it in 1950 , let's say as a gift to their kid, their life has been essentially the same as it would have been had they not bought it

Gold doesn't care what you think. It will be around long after our civilisation collapsed and dinosaurs rule the world again. BTC relies on lots of people strictly abiding to an algorithm defined in a white paper. BTC entirely relies on what people think of BTC.

Bitcoin exists == its network exists.

Gold's price relies on what people think of gold.

The article title has, since this was posted, been revised by Coindesk to remove 'ahead of' (which implies the outcome):

> Cboe Says Bitcoin ETFs to Start Trading Thursday, Though the SEC Hasn't Approved Them Yet

However, that's still badly capitalized for HN purposes, and very wordy. For HN, this headline is better stated as:

> Cboe to launch Bitcoin ETFs tomorrow without SEC approval

Or, at minimum, with 'ahead of' changed to 'without':

> Cboe says Bitcoin ETF to start trading Thursday without SEC's official approval

(I have no position to take on whether this post is, itself, interesting or not to HN, but I appreciate good HN post titles.)

Congrats to all the well intentioned industry players who preserved through all the hurdles imposed by a bad faith regulator.

I don't really see this as particularly interesting. Doesn't mean they know anything the rest of us don't. They just want to capture as much of the early action as possible in the event that SEC does provide approval. If that doesn't happen, they won't start trading tomorrow.

The hope is that it will bring more suckers to the party.

Exactly.

The spot ETF approvals are for real this time.

I am still waiting for 100% total collapse and annihilation of crypto that was promised by the absolutist a the most fiercest crypto haters here or elsewhere, endlessly begging for it to all be banned.

This has been tried for 15 years and everyone knows that banning all of them has completely failed, otherwise they all would have been stopped much earlier a long time ago and no talks of ETFs, regulations would have happened in the first place.

It's been a complete waste of time for the critics and after all that effort, screaming and shouting, writing blog posts and selling books about such tales of all cryptocurrencies going to $0 was the longest coping montage I have seen.

Bitcoin, Ethereum and all the other similar cryptocurrencies are here to stay; like it or not.

Crypto - the endless rug pull.

Are you shorting Bitcoin? There are many on-chain perps exchanges where you can do that and get paid for being correct. Are you confident enough with that statement to put money on the line?

No, I just think it's a cancer on society that exists to allow extremely rich men to leech money out of retail investors. All the while promising "we're all gonna make it"

You can be confident, correct, and still lose your hat shorting.

Famously, https://en.wikipedia.org/wiki/Michael_Burry suffered an investor revolt that nearly ended his fund, despite being absolutely correct about the impending collapse of the market.

I think Oreos don’t taste as good any- THEN WHY ARENT YOU SHORTING OREOS?!

Nabisco makes many delicious products that aren't Oreo related

Maybe so, but please don't post unsubstantive comments to HN.

I still remember years ago, when you couldn't say a bad word about Bitcoin without being subjected to the longest, most unbearable lectures about "Fiat" and "Decentralization" and "The future of money." I wish it didn't take the better part of a decade for public opinion to shift enough that brigades of bag holders and sellers couldn't dominate the discourse.

Even more so I wish people would generalize this lesson, but as we see with "AI" that isn't going to happen.

I'm wondering what you think is the optimal outcome when you say something bad about something other people are passionate about?

Were you hoping you could just say bad things enough to sway people on the fence without discussion? That seems counterproductive.

I'm not evangelizing, I'm expressing a feeling. As far as "saying bad things about another's passion" I don't know what to tell you. We all have a right to be passionate about something, but we don't have a right to live free from criticism of that thing. At this point I don't think there's a lot left to be said that hasn't been said before, and frankly crypto speaks loudly for itself.

That's why it's become so despised by so many people, and you can say that on places like this without immediately being hammered into the ground. I'm not trying to convert anyone to my way of thinking, not only because that seems like a waste of time and energy, but because it would be preaching to the converted.

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