US SEC approves Bitcoin ETFs in watershed for Bitcoin, crypto market | Hacker News Reader

US SEC approves Bitcoin ETFs in watershed for Bitcoin, crypto market

reuters.com

33 pointsmusiciangames22 comments

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Official SEC Statement : https://www.sec.gov/news/statement/gensler-statement-spot-bi...

And just yesterday the naysayers were saying this was never going to happen.

First they ignore you,

then they laugh at you,

then they fight you,

then you win.

Well, Bitcoin the p2p cash system has clearly lost, Wall Street getting in is basically the last straw.

Winning in terms of getting rich, probably true. For me it was never about that but it seems to be the direction things are going. I guess this is the sentiment of the day: https://i.imgur.com/I8x93HM.gif

End of an era. Remember all the money can't buy you freedom should we one day wake up in autocracy.

How on earth does having an ETF changes Bitcoin's capabilities as a payment system?

Not in itself, it's just the final nail in the coffin. Bitcoin has been on the digital gold path ever since the blocksize war when those who wanted to get rich and not use it for everyday payments won out. The ETF just further cements this, now big name asset managers are getting in. Many don't know VanEck for example has already announced they will "donate" part of the profits from the ETF to Bitcoin developers. When Wall Street starts funding development, don't you think over short or long they will have influence on the direction the development goes? Money rarely comes with no strings attached.

I mean, if BTC fails at that then it was never meant to be, I guess. Contrary to you, I am not pessimistic about the project being able to sustain its value as a global payment network backed by a hard and uncensorable coin.

You're working backwards from an outcome in your head. As of today, that outcome is the farthest away it has ever been.

It's irrelevant to bribe Bitcoin developers into changing the software. What Wall Street has to do is bribe all of the Bitcoin node operators living across the globe, often in countries that are sanctioned by the USA. Unless Wall Street can bribe 50% + 1 of the node operators, this point is moot.

Whoever it is needs to convince the miners the world around to bend the knee. As you mentioned, even a larger block size was not accepted by the consensus.

Then again again, there are a small handful of Bitcoin mining pools that do most of the mining.

And one more again. If institutions start adding to their bags, they'll also be incentivized to mine.

Node operators will only run changes to bitcoin-core if they believe that they are improvements. Wall Street can pay to have changes made to the github repository, but they won't make it to my node unless I can see a clear necessity for them.

If ever changes get accepted by the majority of the network that makes bitcoin a weaker money, then a fork based on an earlier version will gradually grow to beat it.

I don’t know what you’re talking about. Literally everyone was saying it was going to happen. And how bitcoin is going to crash because you’re all suckers.

Sad to see tacit approval like this. BTC mining is a scourge, for the environmental impact if nothing else.

Take it up with the appeals court; they basically forced the SEC’s hand in this matter.

The SEC had already approved prior ETFs, just not spot. The courts exist to enforce the law which the SEC were violating with their arbitrary approvals. It's really been a bit of a clown show by Gary. They even managed to lose the Ripple case which many had assumed the SEC would win, because unlike Bitcoin it's rather centralized and there was a good case to argue that those sales represented unregistered securities.

Then the best part yesterday with the hacked Twitter account, after both Gensler and the official SEC account had put out reminders to the public to enable 2FA for better security. Turns out they had not enabled 2FA and so the attacker was able to gain control. Absolute amateur hour.

[dupe]

More discussion: https://news.ycombinator.com/item?id=38943291

At last, the future of finance is here! Instead of investing in meaningless, imaginary things like stocks or whatever, now you can invest in something real. Oh wait…

This is the ultimate idiotic abstraction of financial capitalism that I have seen yet. What value does investing or trading in bitcoin bring to the economy? Absolutely none! And you all wonder why there’s rampant inflation and the huge separation of wealth.

Better sell now….

How does that make any sense?

Because it’s overbought and most of the coins are at island tops. If you don’t know what an island top is, look it up.

Plus, the house always wins, and you ain’t the house.

Good to learn about island tops.

I'm not an expert trader, but I don't see island tops in any time frame for BTC in my charts. Perhaps I don't know how to set it up correctly.

As for RSI, on the daily, in the last two overbought conditions it just kept going up. And on the weekly, last overbought condition was just the beginning of the crazy bull run in Oct 2020.

It’s not 2020 anymore. And by the way, check out bitcoin today. And the ETFs. They’re all selling on the news.

Apparently so

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