So yesterday I get a text.
It's from my brother who isn't even into crypto that much.
Just likes to try his hand at day-trading stocks and such.
He tells me the Spot ETF has been approved.
Turns out, not so fast, degenerates!
Multiple news outlets picked this up instantly and ran with it.
It was a surprising turn of events.
Wow, they actually approved it.
JUST KIDDING!
The plot thickens!
Not only do we find out the news was fake, but also that the SEC was "compromised". How were they compromised? Of course they give zero explanation. Many were quick to point out that the SEC can't protect investors. They can't even protect a social media account.
Remember when it was leaked that the ETF was approved and the market pumped and dumped in October? The SEC specifically made sure to tell everyone to only trust them as a source. Pretty funny considering now everyone calls them out on it when even they can't be trusted as a source. The icing on the cake is when Elon Musk pointed out that the SECgov account on Twitter doesn't even use 2FA security. They look so comically incompetent it's actually kind of funny.
And then today happens...
And the SEC approves all eleven ETFs...
I didn't even know there were 11 ETFs.
Thought there were eight.
And apparently a lot of these funds will be open for business within 24 hours.
Wild.
"But do we even want an ETF"?!?
I've seen a lot of chatter recently about crypto enthusiasts wondering if we should want an ETF or not. This is childish sentiment. I want to fly and have laser vision. Who cares? It's like asking if we want the sky to be blue or not. The conversation is totally pointless. The sky is blue: get over it.
What did people think "disruption" meant?
Did they think that all the old institutions were just going to roll over and die while this new thing takes over? Crypto forcing the old guard to adopt it is the disruption. It's happening right before our very eyes and a bunch of idealists are whining about how unideal it is. Welcome to the real world, friends. The entire point of crypto was to be a "good enough", not a perfect one. (See: 51% attack).
The permissionless nature of Bitcoin guaranteed that our "enemies" would use it and even try to co-opt it. We must ask ourselves the hard questions. Who is the enemy of the roads? Is it the big rigs driving down them and causing exponential wear and tear? Who is the enemy of the Internet? Is it streaming video hogging all the bandwidth?
The point here is that Bitcoin doesn't have enemies.
Crypto is INFRASTRUCTURE. The sooner we realize this the better. Nobody complains that "criminals" use the roads, drink tap water, or conduct illicit transactions in cash. Infrastructure is for everyone. It can't play favorites. The alternative to this reality is completely untenable. Permissionless systems are permissionless for a reason. The overhead costs is simply too high and unprofitable to create a license for every little detail of the human existence. At a certain point we just have to let people take a stroll in the park without requiring a special permit to do so.
Blah blah blah blah blah
Is this bitch serious right now?
So the SEC account gets "compromised" and Gensler doesn't even have the decency to be like, "Yeah we are approving it but it's going to happen officially tomorrow." Instead he makes it sound like a hack and that approval isn't coming. Like, dummy... that's even worse optics. So so much worse. Yikes.
While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin.
What a windbag (reading between the lines)
What Garbear is actually saying here is that the only reason the SEC is approving these ETFs is because they got bitch-slapped by the long dick of the law. That actually is a believable narrative for once. That's what happens when you lose multiple high-profile court cases. The Grayscale defeat completely annihilated them. They were legally not allowed to cite "manipulation" as a reason for declining the applications. Checkmate, Gary.
Everything about this leads to this theme of them basically being forced to approve these applications at gunpoint. The language here is clear. "It should in no way signal the Commission's willingness to approve listing standards for crypto asset securities." LoL, did he just say the SEC refuses to do their job of providing regulatory clarity? Said the quiet thing out loud methinks. "We refuse to create listing standards for an industry that we constantly claim dominion over." What an asshole.
At the end of the day it doesn't matter what the "Commission" is "signaling".
This event will inevitably lead to other approvals and potentially other lawsuits that the SEC simply cannot win. How could they? This is clear and obvious precedence. Take Ethereum for example. All one has to do is show the similarities between an ETH ETF to the BTC ETF and the courts will once again side against the regulators. The dam has cracked and the floodgates are opening. It is known.
Conclusion
I'm somewhat surprised that the SEC didn't come up with some BS excuse to push the ARK deadline back to March, but here we are. Thus far price hasn't moved that much, although the dominance that BTC gained and since been lost and many alts have gone up 10% within hours as a result. I get the feeling that the market is being suppressed by "sell the news" traders and those who FOMOed in hoping there'd be an instant god candle. The next couple of days should be interesting to behold, especially considering many of the ETFs will be shilling as hard as they can on day one.
"Should" anyone actually put their money into one of these ETFs? I mean... not really. Obviously. Unless of course they have money locked into a retirement fund and this is quite frankly the only way to get exposure. Otherwise it's just an overpriced & custodial option, both of which should be avoided if possible.
A new dawn is upon us as institutional investors continue to line up at the door to take a crack at cryptocurrency. Is this the ideal scenario? Of course not. In fact the ideal scenario would actually be the people in charge of this world being trustworthy so that decentralized consensus was never necessary in the first place. There was never going to be an ideal situation that involved crypto. Funny how many in the industry want to play philosopher instead of living in the real world. It is what it is.
Very good post, I'm glad we're following this closely.
It is evident that the approval and subsequent denial of the Spot ETF has generated extreme manipulation and volatility in the crypto community. The narrative of the SEC being "compromised" adds a touch of intrigue, but the lack of transparency leaves many questioning the trustworthiness of the regulatory body.
The irony of the situation is accentuated when the SEC, which previously urged trusting only them as a source, is singled out for its own vulnerability, as highlighted by Elon Musk. The recent approval of eleven ETFs, after the false alarm, raises questions about the consistency and reliability of regulatory decisions.
The critical tone toward the SEC and Gary Gensler reveals distrust in the motivations behind regulatory decisions. The suggestion that the approval is due to legal pressures rather than a real understanding of the crypto space highlights the complexity and challenges facing regulation.
.
In short, the crypto community faces a new dawn with the approval of ETFs, but doubts about the trustworthiness of the institutions and uncertainty about the future persist.
Thank you for sharing such valuable information.
This news is very good for the market and we have seen that after that everything is looking green in the market and the prices are going up.
seismic. history in the making. For good or bad. Like you say, stop philosophising and look at the reality. Its happening. Here we go
Exactly, personally I don't think it's good or bad.
It just is.
Mr Gensler is consistently anti cryptocurrency, and consistently anti-clarity. Your right that he only agreed to this because of several high profile losses and the specter of facing BlackRock and others in court.
Great post and interesting perspective. 👍
This will take a few days to kick in and in about 3 months we will see what the difference this makes. In Aus companies are required to purchase the Bitcoin to offer it. Hopefully the same is done in the US which means more people that buy in, the higher the price!
could this be the start for altseason?
I'll answer myself ^^ Yes!
Bitcoin dominance can break out to the upside, right??
Well, if it does, then alts will be on sale
looks more like a trend change to the downside imo. I'll make a post about it later today
The trend is definitely to the downside. But, i am expecting it to change. But, if that trend holds, i will not be surprised, but i will be like goaaaaalllleeee G
I expect bitcoin to lead the way of adoption, meaning alot more interest in it over the short run (years, as opposed to decades)
And then we have all the real crap coins dying.
So, i am expecting a big spike in bitcoin dominance.
However, i expect some BIG things out of some alts. Chainlink, monero, litecoin, ETH (or one of its clones) and even XRP. You may even hear words again of "flip bitcoin"
I will try to read and comment on your post.
@tipu curate
Upvoted 👌 (Mana: 65/75) Liquid rewards.
Now that the bitcoin ETF is approved, i suggest almost everyone to cash out their retirement account, pay whatever fees, and buy bitcoin.
Garbear is just a real ass. I want him fired and the SEC closed down.
He is obviously being told to drag his feet.
Or maybe he has two bosses, one has a bag of crypto, and the other one doesn't.
And he keeps hearing, approve bitcoin, don't approve bitcoin, approve…
But, i have never seen such blatant abuse of power, and horrible lying.
(ok, whenever i listen to congress critters, but its bad, ok?)
Even though they don’t approve it now, I knew a day like this will come
Cryptocurrency can never be ignored anymore
I’m glad about the news
The "fake" news as it is been called, released on SEC x social media platform which is comical by the way, like WTF...they can't secure a social media account, I believe forced their hands to eventually to come out and approve it yesterday. I believe yesterday wasn't the intended date. But all well and good with the Bitcoin halving coming up nothing can
It didn’t force any hands. It was decided b4 the tweet. The tweet the day early was obviously not a hack. It was the draft and got sent day early. But regardless the tweet a day early had nothing to do with approval. The approval takes weeks to organize.
I also wanted to fly and shoot lasers out of my eyes.
But I will take a super pamp instead
Lmao
It's important to note that the actual approval docs has been deleted from the SECs website, reportedly.
Are these people serious?
No they aren’t. Are indeed there.
Just another reason to delay the inevitable! 😅
Hi!
It’s the part where they’re calling out bitcoin for doing what the us dollar does for me.
Cheers to a long ass bull moon market
Did you see that he later issued another statement where he basically said that even though the ETFs were approved BTC is still a really risky investment that is used for criminal activity. It's like a second grader that just has to get that last jab in.
The rumors come true.
No. That is the end of crypto as a disrupting force, becoming just another weapon in the arsenal of the legacy financial system.
Sorry.
Thanks!
In what possible reality was this not going to happen?
The one that is coming. The decentralized means of production necessary to provide the blessings of civilization are dispersing across the population extremely rapidly now. Development of table top tech is accelerating. The dependence of populations on overlords is ending - for those aware of the danger of dependence.
Same goes for crypto.
Yes in this magic future the current establishment just rolls over and dies.
Got it.
It's happening already right now before our very eyes!
Gratz everyone, we won.
War's over.
Easier than expected I must say!
Give me one single actual example instead of vague generic statements.
Thanks.
https://bambulab.com/en/a1
A link to 3D printing with zero comment.
Yep you got me the establishment wouldn't dare use that tech.
How they gonna use it? Lending? You can act as obtuse as you want, scorn as scathingly as you are able, but it doesn't enable economic competition with independent producers.
That bedslinger is the first step to individuals 3D printing flying cars, aquaponics, solar panels, you name it. Individuals making their own means of production are the end of mass production, because it cannot compete. Dependence on overlords is becoming a failed model, a temporary phase we have endured until this technological boundary was transcended.
That's in process.
It wasn’t a Hack. It was someone at SECA DRAFTING tweet for next day and hit send. Maybe on purpose as a solo actor as maybe by mistake but definitely not a hack. The fact the actual approval was same exact thing proves that I’d say