BR

BlazeDemBeatz

Just came back from 2028. 🚀 This day in 5 years, we’re be at our yearly low of 178k, but pumptober will push us to a new ATH of 545k. Also, the average American rent will be 7800 for a one BR, a monster energy drink will be 11.99 and top ramen will be 3 for $10 My advice, be bullish on ramen.

Adventurous-Ease4373

Is this real. SEC going to approve BTC ETF next week in response to government shutdown? It seems like bad timing to promote their ETF with the halving far away through traditional media outlets they own. Why would BR decide to have their ETF approved this early it seems strategically inferior to using Gary Gensler the clown to carry favor for btc pre media promotion paired with the halving. My only conclusion would be that only long term holders are buying and only miners and a small group of day traders selling?

heysoundude

If BR moves 1% of its AUM into bitcoin, all sorts of others will follow suit. And the price will 3-4x. Or more. Halving will further increase the price. Gensler needs to get out da way.

bobbyv137

Because this is a decision that is made by a handful of people, and BR are one of the most wealthiest and powerful institutions in the world, headed by an enormously powerful leader. *”I need, Don Corleone, all of those politicians that you carry around in your pocket, like so many nickels and dimes.”*

7FigureMarketer

I don't think they'll be approved this go around. My take, hot as it may be, is that with Binance controlling 500k+ BTC and outside the purview of the SEC (and US gov) the possibility of manipulation is incredibly high. I feel like the SEC is waiting for the DOJ to attempt to take Binance down, or at minimum, whittle away their marketshare through litigation. For everyone saying BR is 575:1, remember getting their app in and revising again and again is pretty easy to do. They got the ball rolling in the off chance it works the first time, but they're playing the long game and will eventually prevail - we all know someday ETF's will be approved.

SmoothGoing

Most of this is already answered. Barry wants his own cash cow ETF, so no sale. BR will have their own ETF unencumbered by all of Barry's debts and unfortunate structure. BR bough or will have to buy bitcoin to back their own ETF, does not matter where. No they will not have custody of bitcoin.

Armolin

The good thing about BlackRock and Fidelity getting into crypto with their ETFs is that they're extremely good at breaking these bot triggered trends. If for example trading bots were trained to dump after BR buys, BR would just detect that and keep buying to wreck their strategy.

18476

I'd be worried when you start seeing BR executives on these board members parties.( That'd be some interesting research) BR is in it for fiat gains. They give a rats ass about Bitcoin itself.

kadudu888

Erm……actually it IS Coinbase BR will be going to, if you have actually taken the time to read the ETF paper (which you obviously havent) BR will hedge the BTC ETF exposure with BTC stored in CB Custody. Yes we all know “Bitcoin ETF” is not “Bitcoin”, thank you, i guess thats why there are the words “ETF”. (It is like saying “Gold ETF” is not “Gold”, yes we all know that.) Yet thats how institutional money gets Bitcoin exposure because it bypasses most (or all) legal hurdle and storage/security issue. Geez…

SmoothGoing

Blackrock makes lots of ETFs and collects fees for running them. Tossing up another one is as basic business move as it gets. SEC rejections costs them a few bucks, no big deal. Now, to back this spot ETF blackrock must buy bitcoin equivalent how much demand there will be for ETF shares. Where would BR, an institution, go buy bitcoin even if they are craving it, eh? Coinbase? BTW, institutions wanting bitcoin but buying ETF shares are not really buying bitcoin.

ByteTraveler

Well BR already owns the SP500 so no surprise here

itsTomHagen

I think this is bad. We all know what BlackRock does. They do it really well. This small stake in all these companies can become larger quickly and the BR influence cannot be good for Bitcoin.

SmoothGoing

BR buys shares of companies, wraps them into ETFs, and sells ETF shares to investors. It looks like BR owns a lot of things but indirectly it's someone else. Shares of these miners are an asset within some ETF which is now owned by whoever bought into that ETF.

Gr8WallofChinatown

1BR condos goes for 400k here

Yellowflash274

Yes, why would they even apply if that was not the case, forget about applying BR even bought 12k BTC while they're at it

endoftheworld2024

why does blackrock buying bitcoin matter? It's what market buyers are willing to pay that matters. If the institutions don't want btc, and the retail investors don't care about it either, then who cares how much BR holds, the value will drop. The assumption people are making is that institutions will want to hold 1% of their investments in btc and that the retail investor will want to have 10% of their tax-sheltered investments in btc.... and that is most definitely NOT happening in Canada.

EmuFlaky2922

Does everyone here think Bitcoin *must* go up for the next cycle? Supply/demand is v important. They’re dragging their feet with the ETFs… also what’s gonna happen with the Bitcoin they *NEED* to hold to actually offer these ETFs? I heard BR will work w Coinbase- but what about the others..

mochi_ball223

I'd be happy with a 2BR. The problem is they're so expensive in my area, BTC would have to get to 200k to get me there.

yti555

I’ve had a feeling they will one day offer twice the amount the person originally payed for their crypto as a way of securing their funds. BR and vanguard aren’t manipulating the price and buying all they can just for fun

totally_not_a_zombie

Hey dude, sorry this might be completely random and offtopic for a crypto sub.. buut I found a post you made like 7 months ago on /r/warthunder, where you uploaded a clip of you flying with a joystick in ground BR. I have a question.. how did you manage to set up controls like that? The game completely ruins my ground battle control scheme when I try and connect the joystick. Thanks! P.S.: Reddit wouldn't let me send you a PM nor write a comment on that post for some reason. So yeah.

GallupIsCool

Funny how BR submits an ETF application and suddently BTC becomes ESG and MSM friendly.

Spare_Photograph

BR BTC ETF enters the room smiling ;-)

SmoothGoing

BR end goal is to buy asset, sell shares of ETF and collect management fees on it. Just like they do with shares of tons of other companies. They buy them, wrap them in ETF, sell ETF shares to public and collect the expense ratio. Yeah it looks like BR owns a lot of companies, but they got their money right back selling the ETFs.

stockyewok

Yeah BR have everyone in their pockets, Gary will be getting a seat on the board of BR once he's sacked

Impossible-Injury932

That's why the Blackrock with Coinbase exists. Blackrock is a poltician bribing hedge fund that works with CEXs. BR has told Gensler to" call off the dogs" on their Bitcoin custodian.

Peach-555

Everyone that wanted for certain that their transaction went into the next block would have to pay the BR minimum, but everyone else that are fine with a 40% chance of getting mined per block would just pay the standard dynamic fee.

SmoothGoing

BR bitcoin ETF will hold bitcoin, not shares of any companies.

Peach-555

That's what I said. BR can't enforce a minimum fee, they will only hurt themselves by mining empty blocks. There is always a dynamic minimum fee for getting into the next block. A large increase in the minimum fee (hypothetically) would likely result in less total fee revenue as well, full blocks of 30 sat/byte beats blocks with 10% 100 sat/byte.

Peach-555

Having the majority of the hashrate technically means you can accept or reject any rule change you want, but if that change is socially unpopular, it won't matter since it will result in a fork where 99% of the value, the name, development, ticker, ect sticks with the popular fork. BR would have to change the minds of almost everyone before they could actually implement a protocol change. And BR can't veto a popular protocol change by using their hashrate since it can be changed in a fork in the worst case scenario. BR only accepting 100k sat/vByte transactions without a protocol change could indirectly lead to higher fees by mining empty blocks, but the remaining 40% of the blocks would still mine with the old 1 sat limit. It would benefit the competitors of BR financially while also improving their reputation. BR can at most slow down the average transaction that is mined by 60% if they have 60% of the hashrate. So in short, the minimum fee can increase due to popular demand, like if 0.1% of transactions under 5 sat/byte gets mined every month for years due to continuous high demand.

Halo22B

Your thinking is flawed....BR owns 99 of the 100 mining rigs...they set the TXfee at 100BTC/vbyte....no one transacts....they make no fee AND they continue paying for electricity to hash.....they are losing money...shareholders don't like to lose money...CEO gets fired....free market wins Scenario 2....obviously 100BTC/vbyte is too much...we will set it at 1BTC/vbyte "only rich banks will pay".....wow says I that's a pretty lucrative deal....so lucrative that me and everybody else that got priced out by ultraefficient mining companies can jump back in with shitty S9s and residential power rates....hashrate jacks and BR is not controlling 99% of the blocks....arbitrary TX pricing falls in favour of market setting the price....free market wins Scenario 3....BTC becomes globally recognized as perfect money....its utility is astronomical and no one bothers competing with a seperate money....price for blockspace is huge due to demand rather than BR rent seeking....because the utility is huge the incentive to produce solutions to expensive blockspace is also huge....the brightest ideas for Layer3, LN2.0 etc etc are well rewarded driving even more development....free market wins Stop with your fiat thinking and embrace the free market.

benhammy

While I don’t think I’m well-read enough to fully answer, it seems relevant to point out that the “what if miners do ____” questions, valid as they may be, often don’t consider how important nodes are in equalizing a lot of the perverse incentives miners may have. If a miner is a bad actor in the space, and only wants to charge high fees, nodes can likewise choose to not spread the news that a blackrock miner won the block. If news doesn’t get spread fast enough, to enough nodes, then another miner (maybe one without arbitrarily high fees in its mempool) will also find the nonce, and their success may outpace the BR miner in being spread across the network. Obviously a lot could change in 20-40 years, when blackrock has gobbled up miners, nodes, political leaders, and 50% of the entire landmass of Earth. But I have a feeling that high fees are going to naturally occur. Blackrock won’t need to set a minimum, banks and institutions will treat speed of doing business with them as a selling point for on-chain-b2b-transaction type stuff. “You want same-hour settlement on batching through BigBank Inc? Alright well we charge you high fees but we also pay the highest fees to ensure your transactions are 6 confirmations deep within 90 minutes.” I imagine that by the time that happens, most normal people will be using layer 2 to earn/spend their bitcoin, possibly hosted by one of those big institutions that can afford to compete for the block space.

dat9553

I can't find anywhere that he said BR will not buy BTC. Can you give me the source?

Bazbar71

Erik Balchunas, ETF analyst for Bloomberg, recently stated that BR will not buy btc but the AP will do it for her. Change anything?

mattg1981

Sorry Grayscale (we totally love you), even you guys are but a minnow compared to Blackrock. The SEC will find a ‘way forward’ when told to do so by BR.

Infermion

Haven't played in a while, so I gotta ask if the cheating issue has improved? I really like PUBG, was the first BR i really got into, but man the cheating was rampant and yeah the devs also are kinda incompetent. The name will draw attention to the project, just not sure it'll be good attention.

JaySlaysKeto

Any specific books or guides maybe? I still have trouble fully understanding why there’s so much faith in BTC when the gov could ruin it by preventing you from turning it into cash but then a few others mentioned Black rock was creating a BTC etf and that makes me think it’s here to stay because BR runs shit

JaySlaysKeto

Being a GME investor, I of course heard of Black rock because they bought a sizeable position of the stock I also know BR has like over $2 trillion in holdings and was buying entire neighborhoods at one point. It’s very easy to know of Blackrock but not anything about etfs or their etf..,

finlyn

If BR is coordinating a Binance breakdown (don’t put anything past a company managing $8T) with the US gov, it’s completely possible to see a crash to the $8k level SHOULD it actually happen. Common knowledge BR is attempting to find a lower entry point and that SEC doesn’t want Binance controlling majority market share. You can’t allow US investors to be under the control of foreign markets.

Ready_For_Change_13

This question I have asked is sincere. I am not sure why Reddit reduces my karma points with each downvote of innocent pinpointing if details to a sincere question I have. (Not that I really care as I am trying to learn about how to use Reddit and eating up info about bitcoin.) I do know that each Bitcoiner who posts in this Reddit has different pieces of the picture, slightly different understanding and angles to come at it. I don’t think downvoting innocent questions is cool, and the Reddit system seems a little strange to decrease a persons karma points for being downvoted on sincere questions. I don’t usually ask questions that much, but I am one of you, loving bitcoin with each new thing I learn. So thank you to the people who shared their thoughts without downvoting my questions aimed at getting to the main point of my concern about the future of bitcoin in the U.S. I still feel a full picture is missing from this concern about BR and the SEC’s future direction, but I will re-read the answers if people here who answered faithfully. Thank you🙏🏻 (And if anyone else has examined Chris Blec’s theory, and wants to add anything useful, that would be great)

Ready_For_Change_13

I guess I wasn’t thinking of anonymity so much as your average Josephina not being in a good position to leave the country to spend the real Bitcoin in a worst case scenario that I asked about at the top, where an org like BR has maneuvered itself into the controlling position of both an alternate bitcoin, calling it the SEC approved bitcoin, and working with the SEC to stop people from being able to buy or spend the real bitcoin in the states, which could send people into having to work in the realm of pirates… I’m just trying to get my head around how we real Bitcoiners get around a potential scenario like what was hypothesized, by the two people I mentioned above…

SmoothGoing

So it talks about BR proposing going to proof of stake. That literally does not do anything. Miners keep mining. Nodes keep running. No one has to lift a finger. Certainly no one has to run BR version. Some people might. BR does not have $10 trillion. It's not their money to buy everyone with, it's customers' money, assets under management. The profits they do earn are substantial at about $5 billion a year but that is not theirs to just spend nilly willy. BR is owned by shareholders, not by one dude. Those shareholders are large institutions who are not interested in shenanigans, they are interested in profitability and they have a say through board of directors membership. So I don't see them buying coindesk and other small and big mouthpieces to push their rebrand of brcoin into bitcoin. Consider what that does to utility of bitcoin. Let's face it, it's not a necessity. People like it for its specific properties which will be lost in brcoin. So the dump will ensue. I would not need or want the "compliant" coin. The last one out will lose big, including BR with their million coin (or whatever) hoard.

SmoothGoing

BR can create a shitcoin, yes. Almost anyone can. SEC cannot ban bitcoin. It's not a security. It's not enough to say BR can do X to bitcoin. You'd have to follow that up with logical example of how.

bearCatBird

I think it’s more likely they answer to Blackrock and this is all part of their strategy to keep the price suppressed as long as possible to accumulate btc. Blackrock might just be having their hand forced a bit given the momentum gaining behind other etf submissions and grayscale. So there’s limited time before the SEC has to approve, so BR is just orchestrating it in the best way they can.

Salty_Dragonfruit336

For anyone upset about institution's like BR taking over etc. , it works both ways, bitcoin does not discriminate.

robis87

in case you still haven't figured this out: no, BR won't buy your bags for $30k. It's the other way round

Snoo-55749

1BR apt? No more overtime? WOW!

d3dRabbiT

I see. It makes it more like trading stocks. Which is what Exchanges are but with more backing/rules etc. So the general public will be more likely to invest and not worry as much while the rest of us will continue to do things business as usual. Unless maybe BR ETF cuts their fees so low that people use them to buy and extract their coins.

excubitor15379

Unpopular opinion: I like all that actions, I feel almost like a hacker doing all that stuff. Tech savvy me. But tbf I wouldn't like it if I had to do it most often than once a while. For broader adoption crypto need that stuff be more simple, no dubt. But we are only at the beginning of the potential mass adoption. Don't forget several years ago crypto was recognized as a scam ponzi shit. We just starting with banks providing crypto trades and biggest players entering the space, like BR spot etf application. Its just the beginning. When the positive atmosphere for crypto arise, more accepting solution will emerge, I believe.

Stoopiddogface

Greyscale, nor BR

No_Spinach1229

Blackrock is buying shares like a mofo in 5 biggest mining companies... Can someone counteract the scenario in which BR becomes the owner of 51% of mining power?

iwishiremember

BR has pretty impressive score of all ETFs being approved EXCEPT one. I would imagine their application will, eventually, be approved as well. There is a joke that they own SEC....

bobbyv137

BR have now moved away from ESG.

SpamFriedMice

I thought BR was just going to be trading in Bitcoin ETFs, not actual Bitcoin?

darioxtc

BR is richer than a country like Germany, it could be expected that they will buy some influence but without proof is just a conspiracy, just hold and don’t mind about it.

SmoothGoing

BR is the bag holder exit liquidity for those companies. They are not exactly posting good P/E ratios. Because they spend all their revenue on ridiculously huge salaries, debt, and not really making much money to begin with.

mattg1981

Absolutely nowhere in the article do they say how they know it’s BR owned wallets. Without proof, this article is worthless.

Echbart

Who is BR?

WineMakerBg

Downvoted to oblivion 2 days ago. Truth will set you free, guys. Embrace reality and prepare for the inevitable. Binance is gonna fall. Next year it is Coinbase's turn. Until no one stands in BR's way.

RealVoldemort

Omg thank you!!!! They look awesome ahaha now I have 3 on my list. Moons, Eth and bricks. Thanks dude 😎 btw why is it called FortniteBR? Why the BR, is it a Brazilian sub?

lukanz

All because BlackRock has entered crypto (first tether fud was because BR has invested in USDC and now they want ETF)

WineMakerBg

The King (SBF) is out of favour ... Long live the next (BR) King!

Armolin

BlackRock and Fidelity are pretty much a given, the rest are uncertain. I don't know how the SEC is going to prove they aren't under a conflict of interest if they approve BR and Fidelity but reject the rest.

Heolucas

Imagine BR playing in the crypto world… an unregulated market where a real whale can play pump and dumps schemes all over…

Impossible-Injury932

I sincerely hope it could sputter around for another 2 years. If nothing else, Coinbase and Blackrock should know if Binance crashes that is mutually assured hurting, for Coinbase a steep drop in business and no ETF for BR.

ieatmoondust

Would never have guessed that Tether is outperforming BlackRock. No wonder BR is so eager to become entrenched in the industry.

excubitor15379

After BR fills in I think spotEtf is just a matter of time.

excubitor15379

Yup, as long as it is delivered by BR

Armolin

Yes, but it's clickbait. The premise of the article is that ETfs are approved and funds like BlackRock and Fidelity will convert their assets to BTC. I have no doubts BR and Fidelity at least are going to be approved, but thinking that they will convert a huge chucks of their managed assets into a crypto is a pipe dream. Still, even if they convert 2 to 5% to crypto, that will still be a massive capital influx.

lifenvelope

Coinbase will hold btc for them. I’m sure coinbase will give insurances, eg. back everything BR owns with usd? Probably. Something that casual insurances won’t do

Fox_n_Roll

BR won‘t profit on cheaper BTC. They make money by fees. Plus, a „stable and strong“ BTC will produce more customer for their ETF

Armolin

BlackRock has a 575 to 1 ETF approval record. If they filed for a BTC ETF it's because their analysists and managers are convinced they'll get it (and that's also why all the other funds lined up behind BlackRock to try to pass their own ETFs. Many of them even copied BR's application).

iwishiremember

And Bitcoin does not move. Now lets wait for BR spot ETF.

iwishiremember

When will BTC be a legal tender in BR?

iwishiremember

99.9% all spot BTC ETF rulings will be extended/denied for now. The first one to be approved, if approved, will be BR. Not FA.

iwishiremember

I think $30-$40k max. Just don't see major liquidity moving to Bitcoin/crypto before next halving and following bull market. BR ETC (and the other applications) could change that of course.

XXsforEyes

The largest asset manager in the world is worried about itself, not the space. I’m no Pollyanna. Still, if BR gets their ETF then ARK, Vanguard, Fidelity and others will be close behind. I’m not saying this is hyper Bitcoinization, but ten, even five years ago this was a pipe dream for retails investors. Name another asset class where the little guy had a chance to get in earlier than the heavies - I can’t. Stay humble stack Sats. GLTA

chumeanbro

I totally agree with you. Nevertheless, there is still significant lobbying around crypto. Keep in mind that BR is heavily backing democrats

Sugar_Phut

I feel personally attacked by this comment lol. I def remember seeing your user name over in BR. Farming double time 🤘🏼

Damgalnuna000

We need to start realising big financial institutions are not our friends especially BR and every financial instrument they use is to fuck over retail/the poor

brewcitygymratt

There was a time when I was naive and thought finance media was unlike mainstream media and were relatively unbiased. They were looking out for the retail investor, the little guy, I thought. Being in the GME/AMC plays and crypto since 2020 has been eye opening seeing all the FUD they regularly pump out. I’m sure once Blackrock gets their spot etf approved you’ll see a lot less BTC FUD because they don’t want to piss of BR.

LeThaLxdARk

3 years ago Microstrategy basically jumped in a BR game starting to become the king of the hill!

GiveitToYaGood

Solana has a lot of games running on it. I've been following BR1 and play the beta. It's a really cool concept that has a lot of potential for a pvp shooting game

GiveitToYaGood

Solana has a lot of games running on it. I've been following BR1 and play the beta. It's a really cool concept that has a lot of potential for a pvp shooting game

humour-is-good

Same here, why in the world would anyone or institution buy from BR and hold paper BTC and pay a fee when they can simply buy a hardware wallet and buy directly from CEX and send it to the hardware wallet. And why in the world would BR dump any of their AUM to buy BTC? Even if the price of BTC is to go up, it can only go up from new liquidity, if there really was so much liquidity, BTC would have mooned long ago, the fact is there is not. The BTC ETF is just a classical "buy the rumor, sell the news".

SmoothGoing

No I don't because it doesn't. It's big but not the only one. Most people here have not even heard of it before the ETF noise. Not much difference between BR running an ETF and someone else running it, like Vanguard or Direxion or Fidelity. ETF will be big and successful if traders buy a lot of shares of it. Not necessarily who runs it. If a competing ETF comes out with lower expense ratio BR's offering would lose interest.

SmoothGoing

Many other wannabe ETF operators got denied. BR is like 8th attempt or something.

Street_Worry_1435

It doesn’t matter what the price is for an ETF. They are using it for a different reason. I don’t believe that Blackrock needs to pre buy any amount of bitcoin really. They just need to be able to cover if and when people want to exit. Why wouldn’t they just buy as people enter the ETF and just hold that position (possibly indefinitely) while making money off the fees associated? I don’t see Blackrock buying for a traditional ETF all that drastic but rather the bitcoin ETF itself being recognized as legal. Blackrock has a huge influence though which makes it exciting because the real catalyst will be the people that enter into the ETF. If BR and others do “pre buy” it would seem that they would be using it for something other than an ETF which is entirely possible too. Once bitcoin is fully available there will be many changes to take into consideration beyond just an ETF. My wording could use a little help but hopefully it makes some sense. Never been more bullish as Saylor puts it