this post was submitted on 10 Jan 2024
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SEC approves bitcoin spot ETFs — what this means for crypto (davidgerard.co.uk)
submitted 10 months ago by [email protected] to c/[email protected]
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[–] [email protected] 12 points 10 months ago* (last edited 10 months ago) (1 children)

If anyone here lives in a cave and missed this somehow: SEC twitter was hacked yesterday and tweeted a fake ETF approval tweet (edit: mentioned in the post I really should read before commenting but I'm sick so blargh).

This lead to a surprising amount of conspiratorial thinking including that:

  • An intern did it, despite the SEC saying they were compromised
  • They just oopsied and posted it a bit early, despite saying they were compromised
  • They did it themselves on purpose just to mess with bitcoiners or pump-and-dump or something
  • They did it themselves because twitter restored the account suspiciously fast.

With the actual approval everyone'll probably move on. But bitcoiners are doomed to chronic dissatisfaction so they'll probably find something new to hate the SEC for sooner or later.

[–] [email protected] 7 points 10 months ago (2 children)

I missed it and don't live in a cave, unless you count Australia, which I guess isn't not a cave

[–] [email protected] 9 points 10 months ago (2 children)

Evidence for cave:

  1. Southern hemisphere is beneath northern hemisphere.
  2. Spiders
  3. Controversies around mining
  4. Somewhat close to ant-artica, the ant kingdom.
  5. The 1973 Mount Gambier cave diving accident

Evidence against cave:

  1. Kangaroos
  2. Sunshine
  3. "The outback"
  4. New Zealand is nearby??
  5. Koalas

It could go either way honestly.

[–] [email protected] 8 points 10 months ago (1 children)

Australia, unlike Finland, exists, but is a cave.

[–] [email protected] 5 points 10 months ago

It’s plato’s cave, we’re just living in it

(Probably a joke someone has tweeted already)

[–] [email protected] 7 points 10 months ago* (last edited 10 months ago)

Additional evidence for cave:

  • many places are referred to as “holes”
  • many people are referred to as “moles”
  • Peter dutton looks like a cave troll/gollum
  • one of most internationally famous musicians is nick cave
  • coober pedy
  • very humid, like a cave
  • white english people, who have perfectly adapted to live in cave-like conditions, wanted to colonise it

Additional evidence against:

  • high real estate costs
  • hot
  • weather patterns
[–] [email protected] 6 points 10 months ago* (last edited 10 months ago) (1 children)

~~The cryptocurrency people I spoke to in .nl talked about this ETF as a holy grail, the moment of moon, in Dutch news this news was reported when it happened (deep in the night) and this morning wasn't even on front page of the recent news site anymore. So do wonder if this will bring in more money into the crypto ecosystem (Sure it will drive the price up, or stop a crash, but that might not change the liquidity).~~

~~So yeah it is very much not a big news item.~~

E: scratch that, there is now an explainer about it, 15 hours later.

[–] [email protected] 5 points 10 months ago (1 children)

the dog that caught the parked car

[–] [email protected] 4 points 10 months ago

We will have to see if this will cause the cars to buy more dogs in the future and not just increase the price of the one dog.

[–] [email protected] 5 points 10 months ago* (last edited 10 months ago)

The dissenting statement by SEC Commissioner Caroline Crenshaw is a banger: https://www.sec.gov/news/statement/crenshaw-statement-spot-bitcoin-011023 Linked in the above article but definitely make sure to read it (but it's also kind of depressing as heck)

[–] [email protected] 5 points 10 months ago (1 children)

Well that sucks, guess I was wrong in thinking it wouldn't happen.

[–] [email protected] 7 points 10 months ago (1 children)

Apparently the SEC lost a legal challenge so had to allow ETFs.

[–] [email protected] 4 points 10 months ago (1 children)

Time to pressure Biden to write a law. Anybody have some way to pressure Biden? ;)

[–] [email protected] 5 points 10 months ago (1 children)

Wait till the bitcoin ETFs fuck up bad, basically

[–] [email protected] 7 points 10 months ago* (last edited 10 months ago)

At least the USA isn't a small country and not an important part of the global economy, and we punished all the fuckers who did the 2008 crisis and all the people from the panama papers (Wonder what the journalists who reported the papers are doing now. Oh (I'm not saying it is related, but wouldn't be suprised). I get why people get into conspiracy theories).