Bitcoins - about to hit $5,000 per coin today!

[Mayday]

For any economist, mathematician, or Bitcoiner, our measure is BTC vs purchasing power (not BTC vs USD, or any other declining currency). So, for example if BTC has risen 12% to the USD, but the USD has during that time devalued 10% in purchasing power, you have actually only made a 2% gain in purchasing power when measured in BTC. Comparing to a declining currency is an illusion, much like it appears you are going forwards in a car, when in fact you are stationary and another car next to you is going backwards.

I buy any dip, because it gives me an opportunity to own more of a finite number of sats, which I am confident will go up in value over time. This is what I do, and indeed what we should all be doing. I care little about short-term upward movements, as I am a hodler. I don't intend to sell.

if you, or anyone, could reliably pick short term trends whether in BTC, or in shitcoins, you would be a billionaire. You may believe you can reliably and consistently do this, but you, and almost all people, cannot, much we all wish we could.

😉

[gib]

Obsidian - pretty much right on que...

https://www.foxbusiness.com/markets/new-court-filings-show-sec-chair-gensler-believed-ethereum-was-security-for-at-least-year

Again, please do not blame me, or take this personally. I am simply telling us here what the law is. Whether the law should be changed or not, and whether you like the outcome of the current laws being applied, is of course a separate matter. But the law is the law - and for us as investors we really need to take note and understand this.

[obsidian]

Obsidian - pretty much right on que...

https://www.foxbusiness.com/markets/new-court-filings-show-sec-chair-gensler-believed-ethereum-was-security-for-at-least-year

Again, please do not blame me, or take this personally. I am simply telling us here what the law is. Whether the law should be changed or not, and whether you like the outcome of the current laws being applied, is of course a separate matter. But the law is the law - and for us as investors we really need to take note and understand this.

Whatever he thinks is irrelevant. He does not get to decide this. It will be up to the courts if they decide to go that route. That Fox Business article also makes a lot of assumptions. They are assuming he thought it was a security because of Consensys suing the SEC. But that's just how they are reading it. They don't have the official word from Gensler himself.

He has also now been accused of misleading Congress on Ethereum.

Some think Consensys suing the SEC was a chess move to put pressure on Gensler. The Hong Kong ETH ETF is also considered to be a move to put pressure on the US SEC.

https://www.coindesk.com/policy/2024/04/30/houses-mchenry-accuses-sec-chief-gensler-of-misleading-congress-on-ethereum/

House's McHenry Accuses SEC Chief Gensler of Misleading Congress on Ethereum

The chairman of the House Financial Services Committee says Gensler refused to discuss his view on ETH in testimony even after the SEC was investigating it as a security.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler's agency already knew it considered Ethereum's ether a security before he attended a hearing and declined to answer that question.

"Chair Gensler refused to answer questions regarding the SEC's classification of ether," McHenry said in a statement posted on X. "New court filings show this was an intentional attempt to misrepresent the commission's position."

The classification of (ETH), the second-largest cryptocurrency by market cap, is a major question hanging over the U.S. oversight of digital assets, and it's being fought on multiple legal fronts. If ETH is a security that should be registered and regulated by the SEC, then many other tokens may also fit that definition.

Documents in Consensys' newly filed lawsuit against the SEC describe how the agency was pursuing an investigation into the nature of ETH days before Gensler testified in April 2023. Consensys is suing the agency ahead of an expected SEC enforcement action.

[Flexacon]

A hawkish FED tomorrow and it won't be looking good. Risk off will continue and each BTC support could get taken out down to ETF approval levels. Who will save us?

Ironically a surprise ETH ETF approval might be the one thing that steadies price action. SEC has gone full retard, so any craziness is still possible there. Going after ETH/denying ETH ETF and at the same time they look likely to approve leveraged ETH futures ETFs in June. They might as well have a potato in charge.

[Amerian Muscle]

Ah shit here we go again

[gib]

Whatever he thinks is irrelevant. He does not get to decide this. It will be up to the courts if they decide to go that route. That Fox Business article also makes a lot of assumptions. They are assuming he thought it was a security because of Consensys suing the SEC. But that's just how they are reading it. They don't have the official word from Gensler himself.

He has also now been accused of misleading Congress on Ethereum.

Some think Consensys suing the SEC was a chess move to put pressure on Gensler. The Hong Kong ETH ETF is also considered to be a move to put pressure on the US SEC.

https://www.coindesk.com/policy/2024/04/30/houses-mchenry-accuses-sec-chief-gensler-of-misleading-congress-on-ethereum/

House's McHenry Accuses SEC Chief Gensler of Misleading Congress on Ethereum

The chairman of the House Financial Services Committee says Gensler refused to discuss his view on ETH in testimony even after the SEC was investigating it as a security.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler's agency already knew it considered Ethereum's ether a security before he attended a hearing and declined to answer that question.

"Chair Gensler refused to answer questions regarding the SEC's classification of ether," McHenry said in a statement posted on X. "New court filings show this was an intentional attempt to misrepresent the commission's position."

The classification of (ETH), the second-largest cryptocurrency by market cap, is a major question hanging over the U.S. oversight of digital assets, and it's being fought on multiple legal fronts. If ETH is a security that should be registered and regulated by the SEC, then many other tokens may also fit that definition.

Documents in Consensys' newly filed lawsuit against the SEC describe how the agency was pursuing an investigation into the nature of ETH days before Gensler testified in April 2023. Consensys is suing the agency ahead of an expected SEC enforcement action.

What Gensler and the SEC think are relevant, to that extend that it is the SEC who enforces the law. However, you are correct that the SEC are not the final deciders of the law. That is of course for the Courts to do.

Whether or Gensler is accused of misleading congress is also irrelevant as to how the law will ultimately be enforced.

The act of Consensys suing the SEC will help get us towards more judicial clarity on the status of Eth and any of the securities law breaches those involved with it are liable for. Its really a double-edged sword to proactively bring such a case - could really backfire if they get an adverse determination.

Another country allowing an illegally issued security to be listed as an ETF is again, not of much relevance on an US court decision (although if there were legal arguments made in a foreign court, such arguments, whilst not binding, could be persuasive if well-reasoned. No "pressure" on the SEC at all in this regard - in fact it makes it easier to tell American's that if they want to buy unregulated products they do so on overseas exchanges. The far greater pressure is to ensure orderly and compliant US capital markets - ETH is a blip in the overall context of that, although approving ETH does risk much larger impact and ramifications of a flood of companies  raising public money by avoiding US listing rules.

[Mayday]

A hawkish FED tomorrow and it won't be looking good. Risk off will continue and each BTC support could get taken out down to ETF approval levels. Who will save us?

Ironically a surprise ETH ETF approval might be the one thing that steadies price action. SEC has gone full retard, so any craziness is still possible there. Going after ETH/denying ETH ETF and at the same time they look likely to approve leveraged ETH futures ETFs in June. They might as well have a potato in charge.

If only someone had warned us!!!!!

Hey imagine if 2024 year ended red!

[Flexacon]

If only someone had warned us!!!!!

Hey imagine if 2024 year ended red!

It was a great call, made even better by you not waiting for your $76k target to hit first.

I still have a bunch of staked positions open, but I expect to keep printing with them even in a downtrend (uptrend would print harder though)

I think macro is guiding us more than ever though and there is currently a huge put wall in ES that appeared almost out of no where. Maybe a front run of FOMC, so a V shape recovery may be on the cards or it could just be a line in the sand moment. First scenario could see BTC squeeze hard from here to $70k+ as it's only shorts left for the cabal to rek.  Not playing anything, but will be watching with the interest.

[obsidian]

What Gensler and the SEC think are relevant, to that extend that it is the SEC who enforces the law. However, you are correct that the SEC are not the final deciders of the law. That is of course for the Courts to do.

Whether or Gensler is accused of misleading congress is also irrelevant as to how the law will ultimately be enforced.

The act of Consensys suing the SEC will help get us towards more judicial clarity on the status of Eth and any of the securities law breaches those involved with it are liable for. Its really a double-edged sword to proactively bring such a case - could really backfire if they get an adverse determination.

Another country allowing an illegally issued security to be listed as an ETF is again, not of much relevance on an US court decision (although if there were legal arguments made in a foreign court, such arguments, whilst not binding, could be persuasive if well-reasoned. No "pressure" on the SEC at all in this regard - in fact it makes it easier to tell American's that if they want to buy unregulated products they do so on overseas exchanges. The far greater pressure is to ensure orderly and compliant US capital markets - ETH is a blip in the overall context of that, although approving ETH does risk much larger impact and ramifications of a flood of companies  raising public money by avoiding US listing rules.

I'm not worried about it. Another entity registered their ETH ETF fund. This could all be FUD to get the prices lowered so the funds can get in at lower floors. The ETH futures would not have been approved if there was all this uncertainty regarding ETH's commodity status. It's a commodity. There are no contracts. You can buy ETH without entering any contracts.

Worse case they order that access to metamask be removed. Plans are already in place to have it on Github as a downloadable executable that anyone can run on their computers.

Fidelity files registration statement for Ethereum ETF despite regulatory uncertainty
Fidelity's actions, alongside those of other firms aiming to introduce spot ether ETFs, illustrate the growing interest in integrating digital assets into traditional financial products.

https://cryptoslate.com/fidelity-files-registration-statement-for-ethereum-etf-despite-regulatory-uncertainty/

Franklin Templeton lists Ethereum ETF on DTCC
The DTCC listing does not guarantee SEC approval of Franklin’s spot Ether ETF application.

https://cointelegraph.com/news/franklin-templeton-launches-ethereum-etf-listed-on-dtcc

BlackRock, Grayscale Amend Ethereum ETF Applications After SEC Delays
The flurry of filings follows the SEC's announcement yesterday that it would delay its decision on multiple spot Ethereum ETF proposals.

https://decrypt.co/227817/blackrock-grayscale-amend-ethereum-etf-applications-after-sec-delays

[gib]

A hawkish FED tomorrow and it won't be looking good. Risk off will continue and each BTC support could get taken out down to ETF approval levels. Who will save us?

Ironically a surprise ETH ETF approval might be the one thing that steadies price action. SEC has gone full retard, so any craziness is still possible there. Going after ETH/denying ETH ETF and at the same time they look likely to approve leveraged ETH futures ETFs in June. They might as well have a potato in charge.

I took the opportunity to buy the dip (again just a tiny bit). I bought at exactly 56.8. Again, have no intention to trade - just happy to acquire more sats on the cheap.

Agree, short term, hawkish is bullish for the USD, (and negative for assets denominated in USD). This of course will also reverse if/when Fed becomes dovish, but in any case, the US will continue to print money, and hence devalue the USD relative to hard assets over time, regardless of interest rates.

An ETH ETF approval would definitely be positive for Eth and alts. Not so sure for BTC - lets see. But in any case, I very much doubt we would see such approval soon. Those who are so confident it will happen on May 23 are unfortunately in for a big disappointment. 

[gib]

I'm not worried about it. Another entity registered their ETH ETF fund. This could all be FUD to get the prices lowered so the funds can get in at lower floors. The ETH futures would not have been approved if there was all this uncertainty regarding ETH's commodity status. It's a commodity. There are no contracts. You can buy ETH without entering any contracts.

Worse case they order that access to metamask be removed. Plans are already in place to have it on Github as a downloadable executable that anyone can run on their computers.

Fidelity files registration statement for Ethereum ETF despite regulatory uncertainty
Fidelity's actions, alongside those of other firms aiming to introduce spot ether ETFs, illustrate the growing interest in integrating digital assets into traditional financial products.

https://cryptoslate.com/fidelity-files-registration-statement-for-ethereum-etf-despite-regulatory-uncertainty/

Franklin Templeton lists Ethereum ETF on DTCC
The DTCC listing does not guarantee SEC approval of Franklin’s spot Ether ETF application.

https://cointelegraph.com/news/franklin-templeton-launches-ethereum-etf-listed-on-dtcc

BlackRock, Grayscale Amend Ethereum ETF Applications After SEC Delays
The flurry of filings follows the SEC's announcement yesterday that it would delay its decision on multiple spot Ethereum ETF proposals.

https://decrypt.co/227817/blackrock-grayscale-amend-ethereum-etf-applications-after-sec-delays

Anyone can file for anything. A filing is simply an request - it demonstrates nothing about the likelihood of approval. I could file for an ETH consisting of pink marshmallows - does not mean it will be approved.

Whether you think Eth is a commodity or not is irrelevant as to what a Court will decide on this issue. But if what you really mean is that you believe that a Court will decide that Eth is a commodity, and that this in turn will then require the SEC to allow spot ETH ETFs to list, and that this in turn will lead to a demand in ETH such that its price will rise, then fair enough - you should invest accordingly, and good luck to you!

[SouJerz]

Ah shit here we go again

What gold's Spot price?   Just breaking balls its what we men do.  If you still believe the BTC you bought with gold is going to go up then this is a great time to acquire more BTC. I just scooped up some more satoshis at 57K.