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Bitcoin-Explain to me how to buy these things (1 Viewer)

For those semi keeping up with BTC news, this past week there was a fake news announcement that the Blackrock BTC spot ETF was approved by the SEC. This announcement happened (on Twitter) on 10/17. BTC price, upon just that fake news, from Twitter jumped 12% on the day. Though crypto is volatile, that is not normal for BTC. That's how big of a deal the spot ETF is. Another thing I have learned is that in order for Blackrock or any of these other institutions (there are several in the queue, and it is believed that once one is approved the others will be too, perhaps all at the same time) to offer a spot ETF, they have to already own the asset to back their ETF. That means they are buying BTC (and ETH too, I'm sure) right now during this bear market to back their future spot ETFs. The actual SEC approval is expected within the next few months (see: the recently dropped lawsuits, etc.). Personally, I think they it will be Q1 of 2024. Regardless of Gold, S&P, NASDAQ, war in the ME, Russia/Ukraine, interest rates, recession, etc., Bitcoin WILL pump hugely when that approval happens. It will settle back down a bit after that I am sure (at a higher level), but whatever downside we see right now (during the end of the bear market cycle) prior to that approval will be the bottom end for the foreseeable future, IMHO. #notfinancialadvice

Just putting it out there for posterity's sake.
 
Nathan R. Jessep said:
For those semi keeping up with BTC news, this past week there was a fake news announcement that the Blackrock BTC spot ETF was approved by the SEC. This announcement happened (on Twitter) on 10/17. BTC price, upon just that fake news, from Twitter jumped 12% on the day. Though crypto is volatile, that is not normal for BTC. That's how big of a deal the spot ETF is. Another thing I have learned is that in order for Blackrock or any of these other institutions (there are several in the queue, and it is believed that once one is approved the others will be too, perhaps all at the same time) to offer a spot ETF, they have to already own the asset to back their ETF. That means they are buying BTC (and ETH too, I'm sure) right now during this bear market to back their future spot ETFs. The actual SEC approval is expected within the next few months (see: the recently dropped lawsuits, etc.). Personally, I think they it will be Q1 of 2024. Regardless of Gold, S&P, NASDAQ, war in the ME, Russia/Ukraine, interest rates, recession, etc., Bitcoin WILL pump hugely when that approval happens. It will settle back down a bit after that I am sure (at a higher level), but whatever downside we see right now (during the end of the bear market cycle) prior to that approval will be the bottom end for the foreseeable future, IMHO. #notfinancialadvice

Just putting it out there for posterity's sake.
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I've been stacking them sats. It's been nice to watch the GBTC discount wither away too.
 
@SFBayDuck Blockfi guys....I'm still holding out a little hope. I probably shouldn't, but I'm stubborn.

And I hate to admit, I'm still confused if I'll be withdrawing the same crypto I had in there? I was under the impression it was converted to a dollar amount, but this makes it sound like if I had a BTC, I'll withdraw a BTC. Which is what I prefer, obviously.

BlockFi is pleased to announce that its bankruptcy plan (the “Plan”) is effective and the company has emerged from bankruptcy as of October 24, 2023 (the “Effective Date”).

BlockFi’s management, advisors and other stakeholders worked diligently over the past 11 months to reach this critical milestone. We are proud to say that BlockFi reached its Effective Date more quickly and efficiently than many other retail crypto companies.

What is Emergence?

After Emergence, BlockFi can officially begin enacting the actions detailed in the Plan, including repaying its creditors according to the terms of the Plan. As a reminder, the Plan will allow the company to do the following:

1. Recoveries: Attempt to recover assets the company believes are owed to us by FTX, 3AC, and other companies and their bankruptcy estates. Success in this litigation could increase client recoveries.
2. Withdrawals: Continue distributing digital assets back to clients, including to BIA holders.
3. Claims: Continue the claims reconciliation process to ensure that client claims are accurately reflected in both asset class and amount and that clients receive fair and equitable distributions of remaining and recovered assets.


When will I get my digital assets returned to me?

Wallet customers: Withdrawals are currently available to nearly all Wallet customers. If you have not done so already, please login to BlockFi.com to submit a withdrawal request. More information can be found in our Wallet Withdrawal FAQs: https://blockfi.com/wallet-withdrawal-faqs/

BIA and Loan customers: Now that BlockFi has emerged from bankruptcy, the company can begin the wind-down as outlined in the Plan. The Plan Administrator and remaining employees are working as quickly as possible to prepare BlockFi for an initial distribution of available assets from the wind-down estate. Further updates on timing for this initial distribution will be sent in the coming months. We are aiming to begin initial distributions in early 2024. Any subsequent distributions will be dependent on many factors, including most notably any recoveries from FTX and its affiliates.

What do you need to do

For clients holding funds in BlockFi Interest Account (BIA) and Retail Loans: Over the coming months, you will receive an email prompting you to withdraw your funds based on the recovery amounts approved by the Plan. The company expects that this will be the first wave of distributions, which will be followed by additional distributions. The amount of subsequent distributions is subject to many factors, but primarily BlockFi’s treatment in the FTX bankruptcy cases.

For clients holding funds in BlockFi Wallet: At this time, the company is working through distributing funds to clients with assets in the BlockFi Wallet product. If you are eligible to withdraw and have not taken action yet, please submit a withdrawal request to receive your funds in crypto as soon as possible, before the Wallet withdrawal window closes on December 31, 2023 at 11:59 PM UTC.

Once the Wallet withdrawal window has closed, BlockFi will work to open withdrawals for an initial distribution of estate funds to BIA and Retail Loan holders.

As always, client communications will only be sent via official email channels, on social media @BlockFi, or via our claims agent, Kroll (blockfiinfo@ra.kroll.com).

We are committed to keeping you informed about operational updates as they arise.

BlockFi
Click to expand...
 
jb1020 said:
And I hate to admit, I'm still confused if I'll be withdrawing the same crypto I had in there? I was under the impression it was converted to a dollar amount, but this makes it sound like if I had a BTC, I'll withdraw a BTC. Which is what I prefer, obviously.
Click to expand...
If you had crypto held in a BlockFi wallet, you should receive the crypto assets sent to your designated personal wallet. Mine was the crypto rewards from using their credit card, but I received BTC to my personal wallet.
 
Nathan R. Jessep said:
jb1020 said:
And I hate to admit, I'm still confused if I'll be withdrawing the same crypto I had in there? I was under the impression it was converted to a dollar amount, but this makes it sound like if I had a BTC, I'll withdraw a BTC. Which is what I prefer, obviously.
Click to expand...
If you had crypto held in a BlockFi wallet, you should receive the crypto assets sent to your designated personal wallet. Mine was the crypto rewards from using their credit card, but I received BTC to my personal wallet.
Click to expand...
I got the assets of my wallet moved to Binance....but I still have most of my money in the Interest account. Hoping to get that out soon although I understand it might not be the full value. :(
 
jb1020 said:
@SFBayDuck Blockfi guys....I'm still holding out a little hope. I probably shouldn't, but I'm stubborn.

And I hate to admit, I'm still confused if I'll be withdrawing the same crypto I had in there? I was under the impression it was converted to a dollar amount, but this makes it sound like if I had a BTC, I'll withdraw a BTC. Which is what I prefer, obviously.

BlockFi is pleased to announce that its bankruptcy plan (the “Plan”) is effective and the company has emerged from bankruptcy as of October 24, 2023 (the “Effective Date”).

BlockFi’s management, advisors and other stakeholders worked diligently over the past 11 months to reach this critical milestone. We are proud to say that BlockFi reached its Effective Date more quickly and efficiently than many other retail crypto companies.

What is Emergence?

After Emergence, BlockFi can officially begin enacting the actions detailed in the Plan, including repaying its creditors according to the terms of the Plan. As a reminder, the Plan will allow the company to do the following:

1. Recoveries: Attempt to recover assets the company believes are owed to us by FTX, 3AC, and other companies and their bankruptcy estates. Success in this litigation could increase client recoveries.
2. Withdrawals: Continue distributing digital assets back to clients, including to BIA holders.
3. Claims: Continue the claims reconciliation process to ensure that client claims are accurately reflected in both asset class and amount and that clients receive fair and equitable distributions of remaining and recovered assets.


When will I get my digital assets returned to me?

Wallet customers: Withdrawals are currently available to nearly all Wallet customers. If you have not done so already, please login to BlockFi.com to submit a withdrawal request. More information can be found in our Wallet Withdrawal FAQs: https://blockfi.com/wallet-withdrawal-faqs/

BIA and Loan customers: Now that BlockFi has emerged from bankruptcy, the company can begin the wind-down as outlined in the Plan. The Plan Administrator and remaining employees are working as quickly as possible to prepare BlockFi for an initial distribution of available assets from the wind-down estate. Further updates on timing for this initial distribution will be sent in the coming months. We are aiming to begin initial distributions in early 2024. Any subsequent distributions will be dependent on many factors, including most notably any recoveries from FTX and its affiliates.

What do you need to do

For clients holding funds in BlockFi Interest Account (BIA) and Retail Loans: Over the coming months, you will receive an email prompting you to withdraw your funds based on the recovery amounts approved by the Plan. The company expects that this will be the first wave of distributions, which will be followed by additional distributions. The amount of subsequent distributions is subject to many factors, but primarily BlockFi’s treatment in the FTX bankruptcy cases.

For clients holding funds in BlockFi Wallet: At this time, the company is working through distributing funds to clients with assets in the BlockFi Wallet product. If you are eligible to withdraw and have not taken action yet, please submit a withdrawal request to receive your funds in crypto as soon as possible, before the Wallet withdrawal window closes on December 31, 2023 at 11:59 PM UTC.

Once the Wallet withdrawal window has closed, BlockFi will work to open withdrawals for an initial distribution of estate funds to BIA and Retail Loan holders.

As always, client communications will only be sent via official email channels, on social media @BlockFi, or via our claims agent, Kroll (blockfiinfo@ra.kroll.com).

We are committed to keeping you informed about operational updates as they arise.

BlockFi
Click to expand...
Click to expand...
urbanhack said:
Nathan R. Jessep said:
jb1020 said:
And I hate to admit, I'm still confused if I'll be withdrawing the same crypto I had in there? I was under the impression it was converted to a dollar amount, but this makes it sound like if I had a BTC, I'll withdraw a BTC. Which is what I prefer, obviously.
Click to expand...
If you had crypto held in a BlockFi wallet, you should receive the crypto assets sent to your designated personal wallet. Mine was the crypto rewards from using their credit card, but I received BTC to my personal wallet.
Click to expand...
I got the assets of my wallet moved to Binance....but I still have most of my money in the Interest account. Hoping to get that out soon although I understand it might not be the full value. :(
Click to expand...


Yeah not expecting full value from the couple grand I had in the interest account, but I'll take what I can get. After the past few days happy to have gotten the BTC I had in my wallet back again!
 
KGB said:
I think were pretty much at the bottom for this cycle.
Click to expand...
I think we can (and very well may) make it back down to about 30K just looking at all the longer term indicators. And the stock market, and macro economy is still not peachy either. If the 30K is to happen, though, I think that will be in the next few days. Of course, news and current events can always drive action either way on the fly.
 
McBokonon said:
CZ pleads guilty to money laundering, steps down from binance: https://www.nytimes.com/2023/11/21/...ytcore-ios-share&referringSource=articleShare

Sounds like they were doing business with Russia, Hamas, all that good stuff.
Click to expand...
fyp. just for transparency and factual awareness, the article only mentions wrong-doings with regards to US based businesses. does not mention any other country or groups. this has more to do with why binance was forced to create binance.us and how they found ways for their larger US based institutional customers to circumvent the controls and continue to use binance.com instead of binance.us.
 
Pigskin Fanatic said:
McBokonon said:
CZ pleads guilty to money laundering, steps down from binance: https://www.nytimes.com/2023/11/21/...ytcore-ios-share&referringSource=articleShare

Sounds like they were doing business with Russia, Hamas, all that good stuff.
Click to expand...
fyp. just for transparency and factual awareness, the article only mentions wrong-doings with regards to US based businesses. does not mention any other country or groups. this has more to do with why binance was forced to create binance.us and how they found ways for their larger US based institutional customers to circumvent the controls and continue to use binance.com instead of binance.us.
Click to expand...
There is a story on Gizmodo that they transacted $848 million between US and Iran

gizmodo.com

Binance CEO Pleads Guilty to Money Laundering Violations, Will Step Down

As part of a settlement with the Department of Justice, the crypto exchange will reportedly pay $4 billion and be allowed to continue operations.
gizmodo.com gizmodo.com
 
massraider said:
Pigskin Fanatic said:
McBokonon said:
CZ pleads guilty to money laundering, steps down from binance: https://www.nytimes.com/2023/11/21/...ytcore-ios-share&referringSource=articleShare

Sounds like they were doing business with Russia, Hamas, all that good stuff.
Click to expand...
fyp. just for transparency and factual awareness, the article only mentions wrong-doings with regards to US based businesses. does not mention any other country or groups. this has more to do with why binance was forced to create binance.us and how they found ways for their larger US based institutional customers to circumvent the controls and continue to use binance.com instead of binance.us.
Click to expand...
There is a story on Gizmodo that they transacted $848 million between US and Iran

gizmodo.com

Binance CEO Pleads Guilty to Money Laundering Violations, Will Step Down

As part of a settlement with the Department of Justice, the crypto exchange will reportedly pay $4 billion and be allowed to continue operations.
gizmodo.com gizmodo.com
Click to expand...
thank you. I assumed there must be other parts to this story, so was very careful how I worded my response not having read through all of the interwebs yet. didn't mean to imply in any way McB or anyone else in the thread would be making stuff up. almost all of my transactions are on binance, so very tough to see and hear this.
 
Pigskin Fanatic said:
thank you. I assumed there must be other parts to this story, so was very careful how I worded my response not having read through all of the interwebs yet. didn't mean to imply in any way McB or anyone else in the thread would be making stuff up. almost all of my transactions are on binance, so very tough to see and hear this
Click to expand...
Looks like bullet points are
  • They were involved in some shady transactions
  • They didn't steal any client money
RE: the first part, hey just like some banks we know. If it's good enough for HSBC and Deutsche, good enough for crypto exchanges.
 
massraider said:
RE: the first part, hey just like some banks we know. If it's good enough for HSBC and Deutsche, good enough for crypto exchanges.
Click to expand...
I still can't believe no one went to jail for that. Should have been decades long jail, but they got nothing for being the the bank of choice for the cartels. Un-****ing-believable. I have a seething hatred for that AG based solely on this travesty.
 
btc starts December off >$38k. Crypto in general with a good start.
Based on reading & listening over the past few months, I was thinking btc would possibly reach $45k by the halving. Still feeling reasonably confident about that.
 
Haven't checked this thread in quite a few years. Blows my mind there are still people out there in 2024 without a single Satoshi.
 
onionsack said:
Haven't checked this thread in quite a few years. Blows my mind there are still people out there in 2024 without a single Satoshi.
Click to expand...
I'm guessing that, at least near term, crypto exposure for most will be via ETFs. The comfort and simplicity of just using their existing brokerage to buy makes sense. Since, as I understand ETFs are basically investing in futures contracts, and the year + will probably have the typical post halving runup. This will be a positive experience for most and they should be more likely to try btc ownership.

One of the things I like about crypto is that everyone is invited to the party.
 
Nathan R. Jessep said:
The
@SECGov
X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

What a :poop: show. I wonder if it was a "hack" or was it that they accidentally posted the tweet today instead of scheduling for tomorrow, deadline day :tinfoilhat:
Click to expand...

I don't think they would say it was compromised if it was just them misclicking post too soon. But on the flipside they also said in their statement that it was released prematurely. Really a mess of a statement when they say both it was premature and it was compromised.
 
They got back into their account awfully quick for it to have been hacked. And the account never went inactive (as it might if Twitter support stepped in). And Gensler was sure quick to post on Twitter about it. Just sayin'. lol
 
Charles Gasparino
@CGasparino



BREAKING: Securities lawyers tell @FoxBusiness the @SECGov will have to investigate itself for market manipulation after moving the price of $BTC up and down following the hacked tweet that it had approved the first spot BTC ETF and then saying it was fake. That said, for the SEC not to approve tomorrow would be unprecedented; it has never rejected ETF applications that have gone as far as these. Developing
Click to expand...
 
Safety


@Safety


We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party. We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised. We encourage all users to enable this extra layer of security. More information and tips on how to keep your account secure can be found in our Help Center:
Click to expand...
 
Nathan R. Jessep said:
All BTC ETFs approved. (Again :lol: )

SEC.gov | Statement on the Approval of Spot Bitcoin Exchange-Traded Products

Statement on the Approval of Spot Bitcoin Exchange-Traded Products Gary Gensler Chair, Securities and Exchange Commission January 10, 2024
www.sec.gov www.sec.gov
Approval docs here:
https://www.sec.gov/files/rules/sro/nysearca/2024/34-99306.pdf - (top one here https://www.sec.gov/rules/sro/national-securities-exchanges)
Click to expand...
One would fully expect the SEC to levy fines against the SEC for market manipulation.
 
massraider said:
I have two buddies who are invested in a few different coins.

Can we expect them all to jump up over the next few days?
Click to expand...
I'm really not sure what to expect TBH. Approval was done after markets closed (that is, market maker sessions... exchanges never close for crypto of course). Asia market is just about to open. Then UK follows, then USA. USA is usually the most volatile point of the day, so tomorrow ~7AM EST should be interesting to watch for sure, and especially with CPI and Unemployment announcements coming out.

My amateur opinion is that we'll get a little run-up then a dip back down to current price levels or below. In the long run though, this will be a positive catalyst IMO.

Money flows to BTC first. ETH usually follows along for the most part, then once they top out and BTC/ETH buyers are taking profits, money flows to the alt coins and they start to pump.
 
Last edited:
email newsletter text, so no link, but here's a copy and paste summary:

ETFs are live: BTC Floodgates are Open!​

A new chapter of crypto began yesterday. SEC has approved 11 BTC Spot ETFs. And they're now live on markets. The door for institutional money is now wide open.


According to yesterday's filing, the SEC has approved proposals by BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Valkyrie, Invesco, WisdomTree, Franklin Templeton, Hashdex, as well as one by Ark Invest and 21Shares.

Why is this a big deal? Institutions find it difficult to manage crypto directly. They don't have the right systems or regulatory environment for it. BTC Spot ETFs make it easier for institutions to buy BTC. They can just buy the ETF on the stock exchange. Bitwise's Matt Hougan expects ~$55 billion in net flows in its first five years on the market.


According to a survey by Bitwise and VettaFi, 88% of financial advisors interested in buying BTC were waiting for the ETF to launch.


ETFs will make it easier for people to shift 401K and retirement allocations to crypto. Also, some people want BTC exposure, but they don't want to deal with the risks of self-custody.


The competition between different ETF issuers is intense. The issuers were in a heavy fee war just before the ETFS were approved. BlackRock initially proposed fees of 0.30% and then reduced them to 0.25%. Many other issuers also reduced their fees.


Fee war is bullish for BTC adoption. Since the fees are very low, these issuers must sell a large quantity of them to be profitable. So, we can expect a heavy marketing war between ETF issuers. In the process, BTC and crypto will get a facelift.


Market's reaction to the news was lukewarm. BTC just traded sideways for a bit. $ETH reacted a bit more positively, it gained ~10% after the news.


Many short-term price movements are noise unless you are a day trader. In the long term, the price of BTC will be influenced by how much money these ETFs will attract.

What's Next? Now that BTC ETFS are approved, this should pave the way for ETH ETF approvals. And then other tokens in the future.
 
and a couple notes on BTC (copied and pasted):

Bitcoin​

Bitcoin Halving is now less than 100 days away.

From a fundamental point of view, The Bitcoin Halving is not really a big deal.

However, it’s certainly an important event as it creates a lot of hype around crypto, and historically, BTC performed the best post-halving.

On top of this, the newly launched spot BTC ETFs are already seeing a huge trading volume, which shows that there’s indeed a strong demand for them.

Over $1BB of trading volume for BTC ETF assets in the first hour of listing

These ETFs will likely bring major capital inflows into BTC over the next months.
Click to expand...
 
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