I'm not sure if this is good or bad \ stacker news ~bitcoin

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978 sats \ 10 comments \ @siggy47 7h bitcoin

While scrolling I just saw this CNBC headline:

Stock futures are little changed after major U.S. averages rebound on bitcoin bounce

It made me stop to think about how ordinary it is to see bitcoin mentioned in financial headlines now. Not only that, but here it's as if they are attributing the US stock market bounce to bitcoin. I have been reading financial headlines for years, and I know they come up with some ridiculous correlations. In fact, I'm betting bitcoin's performance today didn't cause the stock markets to do well.

What is interesting is that CNBC would put it out there, assuming their readers would just take it in stride.

I didn't realize how much acceptance bitcoin has achieved (?) in the financial world. I guess that's what a BlackRock ETF will do.

Is it good or bad? I don't know. It is looked at as a valuable asset. Does the average Joe think of it as money? I doubt it. Does it mean NGU? Probably. Should we care? I don't know.

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111 sats \ 3 replies \ @kepford 6h

I've said it till I'm blue in the face. Any new asset that has achieved a level of understanding and acceptance will become something the current system adopts into their current systems. Gold ETFs don't predate gold but if there was a new discovery of an element and it had actual utility it would eventually be traded.

That's it. Bitcoiners get to worked up about "the right way". Bitcoin isn't an ideology. Just as gold isn't. Oh course its creator had one and we all have them but bitcoin just is.

72 sats \ 2 replies \ @siggy47 OP 6h

So there is nothing really "wrong" with any asset? ETH? Ripple? Tether? Mortgage backed securities? It's just the people who trade them?

36 sats \ 1 reply \ @BlokchainB 4h

Good point. In a free market without regulation investors will sell you dog shit in a paper bag if they can get away with it. But has the current system ever made sense? People trade US debt around and have the nerve to call something that is on the 38+ Trillion in the hole “a safe haven”

So should be be surprised that MBS, ripple and eth found a market for traders

53 sats \ 0 replies \ @siggy47 OP 4h

I see @kepford's point. It's like Nic Carter's attack on bitcoin maxis for treating bitcoin like a religion:

https://cointelegraph.com/magazine/nic-carter-bitcoin-maxis-losing-doge-x-hall-of-flame/

I'm sort of guilty as charged. I do think it is different and ideological.

105 sats \ 2 replies \ @SimpleStacker 6h

the "on" there is indeed pretty suspicious. Is this just an example of CNBC word salad, or is there a legitimate case that the rally was triggered by bitcoin?

124 sats \ 0 replies \ @Undisciplined 5h

If it's word salad, "bitcoin" being included is interesting

If it's not word salad, attributing anything broad to bitcoin is interesting

67 sats \ 0 replies \ @siggy47 OP 6h

I feel as if daily business headlines must give a reason for the day's price action. Often it seems there is little evidence for the supposes cause they latch onto.

36 sats \ 0 replies \ @SHA256man 2h

u have to see and care to see where the average Joe/Joy's mental state is, and where he/she is going to be herded next, unless a stacker intervenes;

36 sats \ 0 replies \ @SwapMarket 6h

yeah, noticed that too. for the last couple of days they make it sound like bitcoin drives the stock market. weird.

0 sats \ 0 replies \ @d680ecaa8e 39m

I think it is bad because governement could control us by CNBC.