đź‘Ź US SEC approves bitcoin ETFs in watershed for crypto market đź‘Ź
(www.reuters.com)
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Not sure if this is still the continuation of reporting on the hacked tweet, but this is what Gary Gensler tweeted yesterday:
https://twitter.com/GaryGensler/status/1744833049064288387
What's posted is the latest, greatest, hot off the press news. Spot Bitcoin ETF is now a thing. Hold onto your hats. đź¤
Wait, assuming this is true, why do you think it's good for Bitcoin?
I'm new to BTC so obviously I'm no expert and I get that the financial system we have is corrupt. So I realize there's LOTS of shenanigans going on here. However, from what I can tell an approved ETF will allow investors who might not otherwise have had access to BTC to now invest and hold that investment in retirement funds, etc. Or businesses whose shareholders would balk at a direct BTC investment but would probably approve a BTC ETF investment.
So I guess I'm looking at this as a win for now in the BTC community and for those that want to invest but are uneasy about storage and keys and FASB accounting rules.
What's your thoughts?
I'm pretty ignorant about all of this and I'm super suspicious of these companies as well. Any chance this is a kind of back door to allow them to to track and control bitcoin? I'm not a fan of Crypto currencies but I am 100% certain that these financial companies can't stand the fact that they can't control them. Maybe someone here can educate me on this.
you are absolutely right. This is a way for them to get their algos controlling the price of bitcoin through derivatives.
The same way they do with gold, silver, GME, etc
How do derivatives effect blockchain?
they control "btc futures" via derivatives.
remember a few years ago when oil contracts went negative? similar to that. basically use calls/puts/ futures contracts to control what they btc 1 month picture is.
they have so much wealth and power. Long term buy, hold, hodl but in the short term this gives them power
I understand that. Been following game stop for a while. But since there’s only one way to buy or sell a btc isn’t it more difficult to market manipulate?
They could get absolutely blown out no? When Obama said you’d need a magic wand to fix the economy and then Trump did everything Obama promised and more…. Then mentioned the magic wand thing, I realized one thing. These people spend trillions to actively suppress and harm we the people. Financially. Health wise. Relationships. It’s nonstop.
you could make the same argument for precious metals but wall street has been suppressing them for decades.
similar controls, honestly it already started w bitcoin when they allowed futures trading
Great question. I'm wondering if anyone really knows? This is all new territory. What's your understanding of the Blockchain?
They can try.. but as long as enough people hold them privately and off exchange, it won't matter at all... Bitcoin will be compromised.. but Bitcoin cash won't.. and a bunch of others won't either.
How will BTC be compromised?
It already is.. It was taken over by a group called 'Core' that had nothing to do with the original creation of Bitcoin and that group slowly got all of the original Bitcoin programmers removed.. It also immediately started introducing protocol-crippling limitations like leaving the blocksize at an unnecessarily-small 1mb - as if being able to run a full node on a Raspberry PI 2 for the next 10 years is the main purpose of Bitcoin. The price was allowed to inflate hugely while suppressing the price of Bitcoin Cash - a fork of the original Bitcoin before it was compromised. The price of Bitcoin Cash - despite at one moment skyrocketing to more than $4000 each - has been artificially kept low despite much of the original Bitcoin community (and those with new found wealth from the Bitcoin price increases from 2009-2013) moving much of their BTC into BCH.
I still have some BTC.. but plan on it ultimately dropping and being replaced by BCH. I think BCH will be the highest-priced crypto and most used in the next 10-15 years - or at least it will be a major player. The more this information gets out, the more it will be impossible for 'TPTB' to keep Bitcoin as the dominant crypto and keep it artificially crippled..
The new crypto ETFs appear to be a good thing short term for the crypto prices - but I think they are ultimately going to be used to inflate the 'liquidity' of crypto and manipulate crypto prices. There is no fucking point of having an ETF that allows you to invest into crypto other than there are numerous onerous laws and regulations attempting to control your financial investments - and crypto was designed to route around that bullshit. Not your keys.. not your crypto.
BTW, I'll be throwing some of my 401k money at the crypto ETFs because I do see it being a hedge against the market and the $USD at the same time.. for the very short term.
Anyway.. I'm going to be right.. so my advice is to just hold one Bitcoin Cash on your own wallet (like a Ledger or even just a piece of paper with your private keys printed on it and kept safe).. and keep it as a hedge against old money and power losing their grip.
The problem with your theory is that bitcoin is a very limited supply currency.
In order for them to gain enough control of the supply to play this game… they would have to quite literally drive bitcoin price up by many multiples of its current value.
The price value movement when a purchase of 1 BTC is made on the market, is much stronger than an equivalent purchase in gold.
I think you are underestimating the power and size of the derivatives market.
You could make the same argument for platinum or palladium. On a big enough scale a single buyer could manipulate the market, yet the value goes down even as inflation goes up.
Bitcoin doesn’t inflate.
no kidding. the derivatives market that controls the algos does.
you see what I'm talking about today? If all the big banks have to make large purchases of BTC, why is it going down 5% in a day?
DERIVATIVES
It’s down because “sell the news”
Trust me, by end of this year we will see BTC reach near $100k per coin, or above it.
Lots of informative info on YouTube. Check out any of Michael Saylor's interviews.
I give people 6-12 months to get their crypto off the exchanges.
Why 6-12 months? And, what's your point here fren?
They need real Bitcoin to back their positions. Because of how they want to manipulate the price of Bitcoin through derivatives and swaps, they will never be able to acquire enough Bitcoin to do what they want. This will result in crypto bail-ins and exchanges like CoinBase will take your crypto.
Ok. Interesting point. Bc of limited supply manipulators will try and steal what they need to essentially "corner" the market. Bc the individual investors got to the party first the institutional investors may not be able to manipulate the price as they do other "commodities."
Is that what you're saying?
More or less. May also be part of their ploy to initiate their CBDCs.
I see BTC as a whitehat move. Most likely to circumvent the DS centralized currency.
Time will tell.
BTC? I agree. The ETFs? I doubt it.
Fuck bitcoin. If you can’t hold it, it’s not yours.
Why do you say fuck BTC? We know the advice is to hold it, which isn't hard to do. So not sure what your point is fren.
You cant hold it - touch it. It only existences inside a computer, as long as there is electricity. It has no intrinsic value. It does nothing - it’s nothing - just a made up code. What does it do, represent something else? Another fiat?
How’s this any different than any stock?
While Bitcoin is all digital, the value for it is completely legitimate.
What makes gold valuable PRIMARILY?
What makes BTC valuable PRIMARILY?
What does “privacy” mean with BTC?
How is BTC stored? On a server? Can a server be seized?
You dont see any othee primary value in just Gold (excluding other metals?) Electrical conductivity, thermal properties, antiseptic properties. The fact that it makes up part of the microchip that the BTC exists - perhaps it has more value than the BTC itself, considering it gives it life.
It doesn’t even need energy to exists once it has been mined and really, small scaled mining (panning) doesn’t take much human energy.
Jewelry isn’t really a practical use in my opinion.
Re: privacy.
While BTC itself is traceable, it is very easy to store BTC in a fresh wallet that has no history to it, and thus making it effectively impossible to know who owns it. The exact reason we still don’t know who Satoshi is still.
Re: storage
It’s stored on the public ledger. Not on any server or computer. Your wallet (which is your permission to the ledger that you own the coins within X wallet) can be stored on a piece of paper in your wallet if you want (don’t recommend it, but it literally can).
Re: value
Obviously gold has other variables that make it valuable, as does bitcoin…. These are just the most prominent reasons why gold and BTC are as valuable as they are.
“Of course it has value. I’m not arguing that. The simple fact it CAN be seized is my point. I will say though, BTC has out performed gold since it came into existence, and is far more valuable”
BTC needs a device and an account to transact, correct? You can store it on a server if you want to physically put it somewhere, correct?
Is the wallet not hackable now or some day in the future? Perhaps hacking capabilities haven’t been revealed as the trust is being built in the technology and more people are being persuaded to join. Any device can be seized. Any account can be hacked. Nothing is safe on the web. Metadata alone reveals more than we truly know.
That’s another good point, it’s man-made. Man can make more. Man can’t make Gold.
The whole BTC technology seems like more of a trap than a future currency. Meanwhile, all these pop-up companies have been buying up gold for quite some time now.
I wanted to believe in BTC but I just don’t see it. Anything on the public exchange is there for manipulation. BTC out performing gold really means nothing unless you capitalized on the gains and turn it into something useful. The market is there for the sharks to play with the guppies. It’s just a bunch of super-computers fighting for the best trade. Wait until they come for BTC.
It's an energetic form of value. It takes tremendous amount of power to produce BTC. Every form of money/currency has NO intrinsic value except what we give it. We call things valuable bc they're scarce or beautiful etc...but only Life has intrinsic value imho.
There's more to BTC then meets the eye. Looking at it just as money is limiting yourself to all the possibilities.
Without Gold, Silver and or Platinum you don’t have a “micro-chip” - without a microchip - you have no BTC.
My point was that there is more value in metals than BTC.
“It's an energetic form of value. It takes tremendous amount of power to produce BTC.” Can you elaborate? Something that consumes energy is a form of value?
It's called hard money (that which takes energy to produce) as opposed to soft money where all you do is turn on the printing press.
Human and electrical energy is needed to produce hard money. And, BTC is much more than money. It's a long-term store of bits of data that value has been assigned to. And, millions of people agree that it has value. Its not fiat, its not centralized, its not hackable. Its integrity is validated by thousands of miners daily. It's the way of the future. In the final analysis what's more valuable than energy??
https://www.usgoldbureau.com/gold-confiscation#:~:text=May%201%2C%201933%20%E2%80%93%20President%20Roosevelt's,for%20%2420.67%20per%20troy%20ounce.
I’ll just leave this here
Who seized it? Why did they seize it? What value does it hold for them to SEIZE it from the people?
Are you asking me actually or just making a point?
Because the fact of the matter is… it was seized… and it was ultimately to save the USD.
"WASHINGTON/NEW YORK, Jan 10 (Reuters) - The U.S. securities regulator on Wednesday approved the first U.S.-listed exchange traded funds (ETFs) to track bitcoin, its Chair Gary Gensler said, in a watershed for the world's largest cryptocurrency and the broader crypto industry.
The U.S. Securities and Exchange Commission approved 11 applications, including from BlackRock (BLK.N), Ark Investments/21Shares (ABTC.S), Fidelity, Invesco (IVZ.N) and VanEck, among others, according to a notice on its website. Some products are expected to begin trading as early as Thursday, kicking off a fierce competition for market share.
The products - a decade in the making - are a game-changer for bitcoin, offering institutional and retail investors exposure to the world's largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals.
Standard Chartered analysts this week said the ETFs could draw $50 billion to $100 billion this year alone, potentially driving the price of bitcoin as high as $100,000. Other analysts have said inflows will be closer to $55 billion over five years.
It's a huge positive for the institutionalization of bitcoin as an asset class," said Andrew Bond, managing director and senior fintech analyst at Rosenblatt Securities. "The ETF approval will further legitimize bitcoin."
Bitcoin was last up 3% at $47,300. The cryptocurrency has soared more than 70% in recent months on anticipation of an ETF, and hit its highest level since March 2022 earlier in the week."
Excitement was over yesterday itself. I guess they wanted to test the waters by a "fake" announcement followed by yet another fake news about compromised account to see how it affects the market.
I thought that was definitely strange to leak it, deny it then 2 days later say ok now it's approved for real. It just makes the SEC look moronic.