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Message
re: Official CryptoTalk Thread
Posted on 6/16/23 at 6:20 am to I Love Bama
Posted on 6/16/23 at 6:20 am to I Love Bama
quote:
If it was anyone else, I would agree.
But BlackRock owns the SEC.
I agree that Blackrock probably has an in, but it's puzzling, though. Blackrock is partnering with Coinbase on this. The same Coinbase that is being sued by the SEC for being an unlicensed security broker. I'm getting mixed signals.
0
Posted on 6/16/23 at 6:54 am to I Love Bama
quote:
You’ll have already missed the run. I’m purchasing another full Bitcoin this week. Spot etf combined with halfing. Wowza.
Well… it’s a Trust. Sooo… GBTC 2.0
Read the paperwork before FOMOing on the headlines next time.
Posted on 6/16/23 at 7:51 am to TigerDeBaiter
quote:
Well… it’s a Trust. Sooo… GBTC 2.0
Read the paperwork before FOMOing on the headlines next time.
$GLD is also a trust that stores physical gold and allows redemptions, like the BlackRock filing.
GBTC DOES NOT allow redemptions.
So what point are you trying to make?
Posted on 6/16/23 at 8:25 am to I Love Bama
Point is… it’s not the spot ETF people have all been clamor for. It’s a trust that will allow redemptions. Which could change. Because it’s a trust.
Posted on 6/16/23 at 1:26 pm to I Love Bama
quote:
But BlackRock owns the SEC.
Something stinks about this whole move by Black Rock. I can't copy the link from Crypto News but here is an exerpt...
Seasoned cryptocurrency advocate and expert Chris Blec published an eccentric theory about the true motivation behind the launch of BlackRock Bitcoin-based exchange-traded fund. However, one statement in BlackRock's filing might prove his theory.
PoS for regulators, PoW for El Salvador: Chris Blec shares counterintuitive take on BlackRock Bitcoin ETF
BlackRock, a $10 trillion investing heavyweight, might be requesting Bitcoin (BTC) ETF approval, being interested in supporting its PoS fork. Its hypothetical proof-of-stake network, developed as an example of eco-friendliness and regulatory compliance, might lead to BlackRock's dominance in the Bitcoin (BTC) segment.
Blackrock:* Runs first and largest BTC ETF* Becomes wildly successful* Heavily funds Bitcoin development* Proposes “regulatory & eco friendly” PoS fork* Loses community opinion but adopts fork as “Bitcoin” anyway (as do most govts)* PoW fork just for pirates & El Salvador
— Chris Blec (@ChrisBlec) June 16, 2023
This theory was shared by crypto influencer Chris Blec with his 48,700 Twitter followers. To achieve this dominance, BlackRock might be interested in providing Bitcoin (BTC) development with heavy funding.
Then, even if it fails to persuade the community of the benefits of Bitcoin 2.0 on proof of stake, BlackRock will be able to adopt the new network as the only "legit" Bitcoin (BTC) standard.
It is stated in the BlockRock filing that its team reserves the right to choose which network is the only appropriate one. Also, it is specified that it should not necessarily be the most valuable fork of the largest blockchain.
card
As covered by U.Today previously, some key experts doubt the fact that BlackRock is serious about its Bitcoin ETF ambitions that have been widely discussed in the media in recent days.
Posted on 6/16/23 at 2:09 pm to 98eagle
POW is one of the main ingredients of Bitcoin's value.
Nobody would agree to this.
Nobody would agree to this.
Posted on 6/16/23 at 2:39 pm to LSUtiger17
quote:SEC has denied ~100 Bitcoin spot ETFs
Hasn't the SEC already denied applications to create a spot etf for BTC? Grayscale already filed to convert its trust, GBTC, to a BTC spot etf and the SEC denied its request around a year ago. Grayscale then filed a lawsuit against the SEC, and a decision is imminent. Any idea if this means BlackRock suspects the court will side with Grayscale and order the SEC to permit spot etfs?
Blackrock currently has a 99.8% ETF approval rating which is something like a 575 win to 1 loss rate.
Wonder which statistic gets destroyed here
Posted on 6/16/23 at 3:00 pm to I Love Bama
quote:
Nobody would agree to this.
The shareholders of the ETF wouldn't have a choice but to agree with it:
The question is whether the majority of non-shareholding self-custodians follow suit. Would Blackrock have enough sway? To steal a quote I saw earlier - Bitcoin may be immutable, but the narrative is not.
Posted on 6/16/23 at 3:44 pm to 98eagle
quote:
Something stinks about this whole move by Black Rock. I can't copy the link from Crypto News but here is an exerpt...
The application also states they are allowed to create paper bitcoin.
Posted on 6/16/23 at 4:50 pm to BottomlandBrew
I personally don’t see how forking Bitcoin wouldn’t just result in another chain nobody cares about. To me the market has spoken several times already.
Posted on 6/16/23 at 6:01 pm to Ross
quote:
I personally don’t see how forking Bitcoin wouldn’t just result in another chain nobody cares about. To me the market has spoken several times already.
I know. Seems like it should just be another Bitcoin Cash fork.
However, BlackRock with $10 trillion dollars just scares me with potential unknown motives. I don't know if the following is likely or even possible, but could BlackRock with its massive influence potentially end up as being the ONLY approved ETF for spot Bitcoin. Then it could explode and end up at some point potentially buying up a majority of circulating Bitcoin and potentially a majority of Bitcoin mining??? Then BlackRock could do whatever it wanted to do, hypothetically.
Maybe this turns out to be ultra positive for Bitcoin and crypto in general. I hope so. Just worried a little about the motive of a company with such global influence.
This post was edited on 6/16/23 at 6:02 pm
Posted on 6/17/23 at 6:44 am to 98eagle
Here's another article within the CoinMarketCap app that I can't get a link to.
Why Blackrock Bitcoin spot ETF is a real worry
Crypto Daily™
By Crypto Daily™
2h ago
•
3 mins read
Why Blackrock Bitcoin spot ETF is a real worry
With Blackrock’s recent spot ETF application many Bitcoincoiners are elated. However, should they be worried about this particular move by the $10 trillion asset manager?
“I have not heard from any one client looking to buy a cryptocurrency at this time. Right now I can tell you that Worldwide, I have not heard from one client that said I need to be in this.
Larry Fink.
The Blackrock CEO did go on to say back in 2018 that his company would look back into crypto when it became more “legitimised”. Nearly 5 years later Blackrock is doing exactly that - but with crypto being singled out for extremely rough treatment from the SEC it could hardly be said that crypto has reached the legitimacy stage.
When such a massive and powerful institutional entity as Blackrock files an application for a Bitcoin ETF, when so many have failed, it might be guessed that there will have been some quiet conversations behind the scenes, and that some plan could be in place to exert control over the premier crypto asset.
The Blackrock ESG commitment
Larry Fink has said that he and his company are committed to pushing its ESG agenda.
“You have to force behaviours, and at Blackrock we are forcing behaviours”
With Fink serving as a Trustee on the board of Klaus Schwab’s World Economic Forum, you can be sure that this application for a Bitcoin Spot ETF will somehow play along with the ESG narrative.
How Blackrock could potentially take control
An extremely thought-provoking tweet by @anilsaidso posits how Blackrock could in one fail swoop take control of Bitcoin.
A hidden gem in the BlackRock ETF filing.#GetForked LINK pic.twitter.com/Qdt8BZ2OEZ
— Anil ? (@anilsaidso) June 15, 2023
Hidden within the filing is what Blackrock would be able to do in the event of a Bitcoin hard fork. This is explosive beyond belief. Bitcoin has already been through hard forks in its history, and thus far the decentralised nature of Bitcoin has always won through, and forks of the original network have not been successful.
What Blackrock is contemplating in the event of a hard fork is that it would get to choose which fork to go with, thereby deciding the future of Bitcoin. And given its love for the ESG narrative, what if Blackrock itself or one of its ‘associates’ proposed a PoS fork, and then all the institutions with backing of regulators and governments went with this fork and left the original PoW fork in its wake?
Gold and silver were controlled
Government and institutions were able to use subterfuge to squash the price of gold and silver over many decades so that they would not detract from the power of the dollar. Big banks used massive short selling whenever the prices took off, and were able to build huge positions in the metals, especially J P Morgan.
Bitcoin is very similar to gold and silver in that it is sound money, meaning that it can’t be debased by governments in order to backstop banks or pay for wars. Look for the Blackrock Bitcoin Spot ETF to be approved by an anti-Bitcoin SEC, and then watch what happens very closely.
Why Blackrock Bitcoin spot ETF is a real worry
Crypto Daily™
By Crypto Daily™
2h ago
•
3 mins read
Why Blackrock Bitcoin spot ETF is a real worry
With Blackrock’s recent spot ETF application many Bitcoincoiners are elated. However, should they be worried about this particular move by the $10 trillion asset manager?
“I have not heard from any one client looking to buy a cryptocurrency at this time. Right now I can tell you that Worldwide, I have not heard from one client that said I need to be in this.
Larry Fink.
The Blackrock CEO did go on to say back in 2018 that his company would look back into crypto when it became more “legitimised”. Nearly 5 years later Blackrock is doing exactly that - but with crypto being singled out for extremely rough treatment from the SEC it could hardly be said that crypto has reached the legitimacy stage.
When such a massive and powerful institutional entity as Blackrock files an application for a Bitcoin ETF, when so many have failed, it might be guessed that there will have been some quiet conversations behind the scenes, and that some plan could be in place to exert control over the premier crypto asset.
The Blackrock ESG commitment
Larry Fink has said that he and his company are committed to pushing its ESG agenda.
“You have to force behaviours, and at Blackrock we are forcing behaviours”
With Fink serving as a Trustee on the board of Klaus Schwab’s World Economic Forum, you can be sure that this application for a Bitcoin Spot ETF will somehow play along with the ESG narrative.
How Blackrock could potentially take control
An extremely thought-provoking tweet by @anilsaidso posits how Blackrock could in one fail swoop take control of Bitcoin.
A hidden gem in the BlackRock ETF filing.#GetForked LINK pic.twitter.com/Qdt8BZ2OEZ
— Anil ? (@anilsaidso) June 15, 2023
Hidden within the filing is what Blackrock would be able to do in the event of a Bitcoin hard fork. This is explosive beyond belief. Bitcoin has already been through hard forks in its history, and thus far the decentralised nature of Bitcoin has always won through, and forks of the original network have not been successful.
What Blackrock is contemplating in the event of a hard fork is that it would get to choose which fork to go with, thereby deciding the future of Bitcoin. And given its love for the ESG narrative, what if Blackrock itself or one of its ‘associates’ proposed a PoS fork, and then all the institutions with backing of regulators and governments went with this fork and left the original PoW fork in its wake?
Gold and silver were controlled
Government and institutions were able to use subterfuge to squash the price of gold and silver over many decades so that they would not detract from the power of the dollar. Big banks used massive short selling whenever the prices took off, and were able to build huge positions in the metals, especially J P Morgan.
Bitcoin is very similar to gold and silver in that it is sound money, meaning that it can’t be debased by governments in order to backstop banks or pay for wars. Look for the Blackrock Bitcoin Spot ETF to be approved by an anti-Bitcoin SEC, and then watch what happens very closely.
Posted on 6/17/23 at 6:16 pm to Ross
quote:
I personally don’t see how forking Bitcoin wouldn’t just result in another chain nobody cares about. To me the market has spoken several times already.
Has the voice ever been an 8 trillion dollar asset manager though? That would all but guarantee some huge institutional players to follow.
Not saying it’s going to happen, but I could see enough miners and node operators being lured by some kind of guaranteed money. Through in some exchange collusion and perhaps bitcoin is “hijacked” for mass adoption. Sure the original would exist still and the die hards who think they are going to overthrow the dollar and solve world peace would hang on… but the number go up people would chase the higher number. All day.
Posted on 6/17/23 at 11:34 pm to TigerDeBaiter
In the event of a fork we’d all be exposed to both chains so let the best one win.
However, the entire value proposition of BTC is decentralization and network trust built up over time, and I don’t know how you can argue this hypothetical new chain is all that decentralized or trustworthy when the protocol can be changed at the whims of a company. Sounds like crap to me.
However, the entire value proposition of BTC is decentralization and network trust built up over time, and I don’t know how you can argue this hypothetical new chain is all that decentralized or trustworthy when the protocol can be changed at the whims of a company. Sounds like crap to me.
This post was edited on 6/18/23 at 7:00 am
Posted on 6/18/23 at 11:03 pm to Ross
Whether or not BlackRock has any hidden agendas with a Bitcoin ETF, I do agree with Mike Novagratz and Cathie Wood that Bitcoin is going to moon if the BlackRock ETF is approved. With Fidelity jumping back in the game to potentially acquire Grayscale it seems highly probable that Bitcoin's price is going to rise exponentially later this year. BlackRock and Fidelity are not jumping in the game without being confident of SEC approval of having a Bitcoin ETF approval. They certainly do not want to piss off the SEC given the current situation with Grayscale, so they probably have insight into the situation that normal investors like us do not.
Posted on 6/19/23 at 5:24 am to 98eagle
quote:
Whether or not BlackRock has any hidden agendas with a Bitcoin ETF, I do agree with Mike Novagratz and Cathie Wood that Bitcoin is going to moon if the BlackRock ETF is approved. With Fidelity jumping back in the game to potentially acquire Grayscale it seems highly probable that Bitcoin's price is going to rise exponentially later this year. BlackRock and Fidelity are not jumping in the game without being confident of SEC approval of having a Bitcoin ETF approval. They certainly do not want to piss off the SEC given the current situation with Grayscale, so they probably have insight into the situation that normal investors like us do not.
Bitcoin is a once in a lifetime type asymmetrical bet.
A Bitcoin ETF matched up with the timing of the halfening is insane.
The next 2-3 years are going to be wild.
Posted on 6/19/23 at 6:31 am to I Love Bama
quote:
A Bitcoin ETF matched up with the timing of the halfening is insane.
There might actually be a 3rd catalyst for a Bitcoin moon rocket this fall and that is a flood of Chinese investers per Arthur Hayes.
Chinese Crypto Ban Lift Could Trigger Bull Run, Says BitMEX Founder Arthur Hayes
Also, here's an article from today on Fidelity. Fidelity is about to do something soon. Either apply for a Bitcoin ETF similar to BlackRock's application and/or acquire Grayscale.
Fidelity Investments to File Spot Bitcoin ETF and Acquire Grayscale
This post was edited on 6/19/23 at 6:54 am
Posted on 6/19/23 at 7:30 am to 98eagle
China has such crazy capital controls I know the common person would love to own Bitcoin.
That said, I just don't see the government allowing it.
Their GDP depends on these people investing in real estate.
That said, I just don't see the government allowing it.
Their GDP depends on these people investing in real estate.
Posted on 6/20/23 at 7:33 am to 98eagle
quote:
a Bitcoin moon rocket this fall
I know that if trends hold we should see a rocket in the fall of 2025, keeping with the pattern of 2017 and 2021 post-halving. With the news of the past couple pages though I guess it's a good assumption that we'll see one this fall as well? I wouldn't mind cashing out a small bit if so, then buying back in in the lead up to the next halving. How high we think this fall could go?
Posted on 6/20/23 at 8:02 am to WG_Dawg
quote:
How high we think this fall could go?
A guaranteed double from here in the next two years. No brainer.
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