Blackrock spot ETF - let’s talk \ stacker news ~bitcoin

3010 sats \ 27 comments \ @Gjoni 16 Jun 2023 bitcoin

IMO this is only positive! Bitcoin is open source and free for anyone to use it’s only natural for legacy players to get involved.

The reason bitcoin is superior to POS cryptos is that holding a lot of the coins gives you no more power of the network than any other person.

Let me know your thoughts.

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314 sats \ 0 replies \ @JesseJames 16 Jun 2023

Yes and No. Positive since it will bring more masses. Negative, Blackrock is doing this for one reason only: They have accumulated enough to make a dent in the price when they buy or sell, just like "stonks" they will play the same game. Not to mention, they said it was BS just few years ago and now: Oh shit this is serious, let's get on it ... At the end of the day I will still edge positive slightly... IMHO

256 sats \ 1 reply \ @sudonaka 16 Jun 2023

FUD and loathing in Las Vegas.

Everything is good for Bitcoin. Keep learning and teaching those around you.

Enjoy the ride.

9 sats \ 0 replies \ @franzap 16 Jun 2023

I liked the phrase "everything is good for bitcoin"

209 sats \ 2 replies \ @birdeye21 16 Jun 2023

Bitcoin is freedom money.

ETFs are not freedom money.

It'll "legitimize" bitcoin to institutions, which is good in the short term, but long term it keeps more people trapped in the fiat fugazi

0 sats \ 1 reply \ @Gjoni OP 16 Jun 2023

Institutions will come in no matter what. And we want them to get involved. I agree that it’s an inferior way to get exposure to bitcoin but it is a legal way for corporations to do so.

20 sats \ 0 replies \ @birdeye21 16 Jun 2023

If only we had more Saylors in the world..

215 sats \ 0 replies \ @orthwyrm 16 Jun 2023

Post bets: When are we going to see our first ETF rugpull?

173 sats \ 0 replies \ @cristaiji 16 Jun 2023

I guess it will give Blackrock more ability to affect the price. Is this likely to help or hinder price long term or not make much difference. I’m not sure.

107 sats \ 0 replies \ @nicosey 16 Jun 2023

It avenue for plebs. ETFs did not kill or stop people buying gold and it won't stop people doing self custody or bitcoin.

Is this an attack vector? Well if it get too big maybe. But we have time to address that...

53 sats \ 0 replies \ @lunanto 16 Jun 2023

BItcoin is freedom wrapped in privacy to keep you accountable for all your financial activities

53 sats \ 0 replies \ @mudbloodvonfrei 16 Jun 2023

I think this will be good, overall. I don't know what kind of regulations such an ETF has to follow, but one of the benefits of bitcoin is that it's inherently auditable. If the ETF is not backed, it shouldn't affect the price, right? Bitcoin's market price is determined by thousands of exchanges. It's the ultimate market good. If they start out backed and then try to renege on it, well that's fine too. Anyone who discovers this can call bullshit and short the ETF.

181 sats \ 5 replies \ @DarthCoin 16 Jun 2023

All ETF are scams. End of discussion. There are much more important things to discuss and not this garbage.

116 sats \ 4 replies \ @Gjoni OP 16 Jun 2023

I don’t think ETFs are scams, this is a way for institutions to gain exposure to bitcoin without actually having to custody it themselves

121 sats \ 2 replies \ @jk_14 16 Jun 2023

...and these institutions won't know if their "Bitcoin IOUs" are backed by real Bitcoins, or only created out of thin air and even worse: we won't know if the whole market is not trashed by "paper Bitcoins" like gold market is with "paper gold" from the other side: https://en.coin-turk.com/what-happens-to-crypto-if-the-spot-bitcoin-etf-is-approved-here-is-the-gold-example/

BlackRock is too big to waste their time, imo. So they already know it will be approved, probably before the halving ;)

21 sats \ 1 reply \ @Gjoni OP 16 Jun 2023

You are correct however consider that if the bitcoin ETF is not backed by bitcoin and the price goes up, what do they account for the change in value of the ETF. (E.g. I sell you a paper bitcoin, price goes up and you come to redeem but I never had the bitcoin, I’m out of pocket)If the prices goes down and the bitcoin is not backed then they essentially have made money by selling you paper bitcoin. So yes they can manipulate but not to excessive levels, at least I think

25 sats \ 0 replies \ @jk_14 16 Jun 2023

and you come to redeem but I never had the bitcoin, I’m out of pocket

but not all will want to redeem "BlackRock Bitcoins" in the same time - and that's the same trick which allows banks with fractional reserve to exist still ;)

5 sats \ 0 replies \ @SpaceHodler 16 Jun 2023

IMO they are scams, because custody of BTC can never be guaranteed. What if they lose it, suffer a hack or a rogue employee drains the stash? They won't be able to recover it. The government won't be able to bail them out, because they can't print bitcoin. They can print fiat shitcoins and buy BTC with them, but that will increase the price, which will become a runaway train and no amount of money printing will buy the lost coins.

Imagine there was a drought and there is no food in your country, I.e. it's very scarce and therefore expensive. You can print money and give it to people, following the logic that if you give everyone $1m they will be able to buy the expensive food. But they won't, the food prices will go up and soon that $1m won't buy a bag of pasta. Because in a famine it's food people need, not dollars. If there is no food there is no food and no amount of green pieces of paper will make food magically appear. In the case of a bitcoin ETF that lost people's bitcoin it's bitcoin they will need, not dollars.

21 sats \ 0 replies \ @spraveenitpro 16 Jun 2023

I think this will be a boss level attack on Bitcoin, again all attacks are good imho.

20 sats \ 0 replies \ @fedelang 17 Jun 2023

Lol... bitcoiners liking this BS, they will have a hard time when this finds its way back to bite in their asses.

IDGAFF about BR, bitcoin is for enemies too, let them try. They are pretty sure they will be able to do the same thing they did to gold. Bitcoin is not gold.

20 sats \ 0 replies \ @phygit 17 Jun 2023

Positive: Shows that the (very) big guys of finance have a positive stance on Bitcoin. Means Bitcoin is definitely in the Wall Street picture and future.

Negative: More trading, more speculation, more "Bitcoin as a lucrative asset" for big players. Doesn't change anything to the big picture.

Overall: Not bad for Bitcoin image, but absolutely not what Bitcoin urgently needs right now (adoption, real use case for normal citizens and merchants).

10 sats \ 0 replies \ @skreep_ 16 Jun 2023

It's not even an ETF

https://twitter.com/BitPaine/status/1669470319126663168?t=I3EY0rzsedMrb_idU-jh_A&s=19

10 sats \ 0 replies \ @Chep 16 Jun 2023

0 sats \ 0 replies \ @BTC_Bellzer 17 Jun 2023

Blackrock is as BAD for Bitcoin as it is for everything else. This company does not care about you, your coins, your freedom, your decentralization, your privacy, etc. And the SEC shuttering banks and crypto companies just to pave the way for Blackrock is even worse.

0 sats \ 0 replies \ @Tsampa 17 Jun 2023

IMO, this is the very case in every deeds we do in this world. they will always be some pros and cons if we take points in this way. But we Bitcoiners should be happy about Blackrock had taken orange pills. Or through Blackrock how many more will get orange pilled. We, the Bitcoiners should be content as Bitcoin doesnt wait for anyone , big or small... IT ALWAYS TICK TOCK, TICK TOCK...All human beings are welcomed by Bitcoin...🟠🟣⚡️📖🫡 🐐

0 sats \ 0 replies \ @_b_o_n_e_s_ 17 Jun 2023

coordinated attack on exchanges to sow fear while approving your mates to print nice and cosy and 'safe' IOUs seems like a good strategy to fuck with a relatively freeish market

blackrock can go fuck themselves. id advise everyone to stay well away

but youre right its open source and they can do it. we should just do our best to stay skeptical of their motivation and to teach the importance of holding your own keys

0 sats \ 0 replies \ @Craylon_Tarvis 16 Jun 2023

What about the claim that Blackrock will fork to POS. Somehow owning a shitton makes this possible, according to some. To my understanding, it doesn't. I don't understand the argument that it will.

0 sats \ 0 replies \ @Sourcewire 16 Jun 2023

Would much rather see regular people and especially those with low incomes start to understand and adopt bitcoin than blackrock. They can go fuck themselves.