It’s I guess my stupid ESL again, thinking there was a difference between “they’d have had to” and ‘they did’..
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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
ChooseFreedom
Member
The Gov is finally letting companies use fair value accounting practices for the Bitcoin/crypto they have on their ledger.
Companies will now be able to show the gains and losses quarterly, instead of just the losses.
Huge for companies who've wanted to hold Bitcoin on their balance sheets but couldn't justify it before now.
The impact will be immediate. Just wait until the SEC approves all the ETF's next month, and you will see massive amounts of funds being put into Bitcoin.
Better get ready. Bitcoin is inevitable!
Knightshade
Well-Known Member
Well, certainly not for everyone.
Your source said:
So any company that has already begun its fiscal year and issued any statements they can't use the new standards until next fiscal year (and nobody is required to use them until the next FY starting on/after December 15 2024)
ChooseFreedom
Member
I wasn't saying the new rules went into effect immediately. Obviously it states the effective date is a year away.
But the impact of the upcoming rule changes will be immediate because companies can now pull the trigger and be able to tell their shareholders a definitive plan for the effect on the balance sheet.
Buckminster
Well-Known Member
Knightshade
Well-Known Member
Given ARKW has performed worse in the last 5 years then even an S&P500 or NASDAQ index fund has I'm not sure I'd look to them for financial advice.
Buckminster
Well-Known Member
Buckminster
Well-Known Member
Buckminster
Well-Known Member
ChooseFreedom
Member
APPROVED: Spot Bitcoin ETFs to Trade on US Markets in Historic Milestone
The US will finally be getting spot Bitcoin ETFs, with industry analysts predicting a surge in institutional capital inflow into BTC.
bitcoinmagazine.com
This is the day Bitcoin drives it's flagpole deep into Wall Street!
And all the detractors/haters/doubters are forced to eat crow!
The US government was actually pressured into giving up something for once (not for free tho). This isn't the first crack in the Fed's foundation, but it's one of the biggest that's ever been exposed to the world. They ignored Bitcoin, then they laughed at it, then they tried to stop it.
The institutional private/public financial sector has now embraced Bitcoin. Notice I didn't say "crypto". You don't see any other cryptocurrencies getting ETF's do you? No, and you won't, because Bitcoin is different.
So the gov now has to pivot and instead of fighting to shut it down, they know they can't, so they have to start focusing on ways to control it (aka, profit from it). And that is the real fight.
Once they realize controlling it is a lot harder than they realize, they will really start to show their true colors. Elizabeth Warren was just the first to come out strongly against and try to legislate it away. Of course she's not the only politician in the pockets of the banking industry.
It's going to be interesting to see how this split between Wall Street and the Fed plays out. It won't take long for the big financial fund managers to start seeing how different Bitcoin really is, and how they can't run it the way they have traditional finance and the central banks for so long. Bitcoin is altogether different. It's not stock. No person or company runs it. It's way better than gold as a store of value going forward.
The Fed is a dying grape on the fiat vine. And they're just going to get more and more bitter in the coming years when the mess that they created grows too big to hide anymore. And now that people actually have a better alternative than fiat, the Fed has no way to keep people from exiting their dying system and moving to Bitcoin.
The best thing they could do, sooner rather than later, would be to switch their fiat USD onto a Bitcoin standard. They won't do it any time soon because they're stubborn, and can't accept that their time is over. But eventually, to avoid complete obsolescence, they'll be grasping at anything to keep themselves relevant. And the last thing they'll try is, give in and accept Bitcoin is the best option, which it was all along. But will it be too late by then? Will people see a fiat that is backed by Bitcoin as even a viable option? Or, will people have had enough exposure to Bitcoin by then to realize they don't need fiat at all.
Every year that goes by, Bitcoin will become easier, faster, more convenient, more secure, and just simply make more sense, to use Bitcoin itself, and get rid of their fiat altogether.
This won't happen quickly. This transition will happen one funeral at a time, like most major change does. The real changes won't happen until Bitcoin friendly politicians are the majority and in the positions of power, so we know how long that will take. Decades?
Meanwhile, other countries ahead of the curve, like El Salvador and Argentina for examples, have/will be putting those Bitcoin friendly people in those power positions much earlier and leaving the US and other 1st world's behind.
IMO, The Bitcoin ETF's aren't just "Bitcoin has gone public" like Michael Saylor has said. Bitcoin has always been open to the public.
What Saylor is really saying is this step opens up Bitcoin to more investors that aren't comfortable with self-custody. That's right, investors giving their money to these ETF money managers, don't actually own any Bitcoin. They own an IOU, just like every other investor who "owns" stocks, bonds, paper gold, or that $20 bill in you wallet for that matter. They are entrusting that 3rd party firm to use their money properly.
And in the short-term, I believe it is a positive step for Bitcoin overall.
In the long-term however, nothing will ever be better for individuals than self-custody of their own Bitcoin. That will take time, education, and experience before the majority of people will be able to feel comfortable with self-custody.
The threats to Bitcoin are related to the centralization of the supply. And long-term increased concentrations in the supply by fund managers like Blackrock, Fidelity, and the like, is what leads to that kind of centralization.
We all need to educate ourselves on how to exit the fiat system. Start learning how to put your household on the Bitcoin standard. Escape the traditional financial debt system. Be your own bank! That scares most people, and it should at first! You have to do a lot more yourself to live that way. Personal accountability! And it will take time, but that should be everyone's ultimate goal.
Invest in yourself!
Knightshade
Well-Known Member
APPROVED: Spot Bitcoin ETFs to Trade on US Markets in Historic Milestone
The US will finally be getting spot Bitcoin ETFs, with industry analysts predicting a surge in institutional capital inflow into BTC.
This is the day Bitcoin drives it's flagpole deep into Wall Street!
And all the detractors/haters/doubters are forced to eat crow!
How?
This is just a new way for people interested in fake money to lose more of their actual money.
what, specifically, did they "give up"?
I skipped over replying to the rest of the post which is mainly fantasy/imagination/conspiracy stuff.
I've been owning bitcoin and eth ETFs(XBT, BTC ZERO etc) for a long time. And I have heard the story so many times before. Sure it might drive some extra volatility around the rumors, launches and crackdowns, but overall it's a pretty small part of the story of Bitcoin so far. I still recommend this book to learn about the history of Bitcoin, it's really good:
Amazon.com: Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money (Audible Audio Edition): Nathaniel Popper, Robert Fass, HarperAudio: Books
Amazon.com: Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money (Audible Audio Edition): Nathaniel Popper, Robert Fass, HarperAudio: Books
www.amazon.com
It's 9 years old now, but still very relevant as there imo has not been a lot of new stuff that has changed since then...
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I don't know about that. I'm expecting a slow melt up over the next few months. The SEC approval will allow much larger pools of cash to move in to BTC more easily. While there is theoretically c.$1T of BT supply, I think it's pretty clear that the real, tradeable amount is far lower. Substantial amounts were lost in the early days and of the HODLers there's a lot of people legitimately believing it is a store of value and will only sell if they need to. A few $b from these new ETFs will have an impact.I've been owning bitcoin and eth ETFs(XBT, BTC ZERO etc) for a long time. And I have heard the story so many times before. Sure it might drive some extra volatility around the rumors, launches and crackdowns, but overall it's a pretty small part of the story of Bitcoin so far. I still recommend this book to learn about the history of Bitcoin, it's really good:
Amazon.com: Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money (Audible Audio Edition): Nathaniel Popper, Robert Fass, HarperAudio: Books
Amazon.com: Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money (Audible Audio Edition): Nathaniel Popper, Robert Fass, HarperAudio: Bookswww.amazon.com
It's 9 years old now, but still very relevant as there imo has not been a lot of new stuff that has changed since then...
Short term for the price yes. But long term it will be usage that will drive the price.
I used to think that, but now I think store of value will win out as the primary driver of BTC ownershio. BTC isn't very good for the vast majority of payments, with the exception of certain international transfers. ETFs drive store of value.
Knightshade
Well-Known Member
The more obvious it becomes it's incapable of replacing actual money the more obvious it'll become there's no actual "value" stored in it.
Disagree. The longer it stands resilient the greater belief people will have that it will continue to do so.
Knightshade
Well-Known Member
Why?
The only reasons people think gold is worth anything is because they're sure once society collapses it'll go back to being useful as money-- or they're recognizing the inherent "use" value of it for things like electronics or jewelry.
If BTC becomes more obvious as being inherently useless and definitely never "money", what "value" is it then storing?
The premise is wrong. the main reason gold has value these days is because it has had value for so long.
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