Bitcoin Forum

An overview of the Bitcoin ETF and what it taught us about Bitcoin

https://www.youtube.com/watch?v=XXm5rgKpxiY (https://www.youtube.com/watch?v=XXm5rgKpxiY)

I guess the main thing we learned with the SEC rejection for a Bitcoin ETF is that there is still a lot to be done before the governemnt can see Bitcoin has a good thing. We still need to educate the government on what is actually the potential of this new tech.

The lesson that I see and can phantom that we have learned are the following:

1. There is always an after ETF whether it comes or not

2. The voice have been heard in places that matter and we are one step closer to adoption.

3. The strength of bitcoin is being tested against news as to volatility and so far we are not doing bad in my opinion.

Bitcoin is a level playing field. Cheat, lie and stealing doesn't work. Maybe government should try something other than cheating, lying, and stealing.

Bitcoin is anonymous so transaction or source of bitcoin can't be tracked, SEC declined ETF because they want to have surveillance over bitcoin LOL
So we can assume that all other bitcoin ETF proposal will be rejected by SEC with same reason in future.

But who want bitcoin ETF to get approved? Bitcoin adoption will keep on growing constantly despite of government negligence towards bitcoin adoption.

i dont think that ETF denial would show negative impact on bitcoin as some of the countries are regulating bitcoin in a legal manner. expecting a positive result

What we have learned, is that the SEC are a bunch of "Woosies" ...Who protects a small group of rich people and are shit scared of

the "unknown"  .... basically your average "Fiat" crowd. They see "Monsters" behind every bush and are blinded by the "Ghost" standing right

next to them. Gold are being or was manipulated by a few Cartels and you will find Gold ETF's....  ::) ... Bitcoin was supposed to take the "power"

over money away from these assholes, but now people are sucking up to them for a quick profit.  :o .... This is why a small group of people will

have control over the majority of the riches of this world.

The ETF decline was predictable, Bitcoin price can be manipulated, exchangers being hacked, countries restricting usage of bitcoins, bugs or exploits, the list is long.

The SEC will never approve an ETF of a crypto where somebody in africa can have hundred thousands of bitcoins (yes there are many).

Bitcoin is strong (stronger than I thought) and resisted multiple countries ban, regulations, even the ETF decline.


What we can learn from Bitcoin ETF Decline ?

Bitcoin does not need any approval, from any agency or any government, it is built to be independent, and guess what ? it is.
 


Lastly, we can all agree, that was an amazing publicity for Bitcoin, at buysomebitcoins.com we have lots of old people buying bitcoins and holding them.

Educate the government about bitcoin?I think it would be still useless since now the rejection already means that they dont really like to accept bitcoin no matter what we do all know its advantages and disadvantages and government already sees that,the decide to reject because they know what would happen if they do accept it.No lesson learned here but for us bitcoin users we are really hoping for that approval but sadly it didnt happen at all.

How about you get your shit together ?

First, Bitcoin was not decline by the govenement

A bitcoin based ETF was declined by SEC.gov - if you read instead of talk, you will see that Blockchain based ETF passed, yes they passed, for example "t0" by OverStock

The ETF decline was legit, the SEC exists to approve/decline proposals to protect investors, and Bitcoin is not built for WallStreet trading (go read the whitepaper).

 

One thing I learned about the Bitcoin ETF denial, and that is Bitcoin does not really need SEC ETF approval to be a stronger currency.  What Bitcoin should focus now is the scalability issue so that whenever Bitcoin got to the mainstream, there will be no hundreds of thousands or maybe even millions of transaction being unconfirmed for days.  To be approved ETF, SEC requires Bitcoin to be regulated and that is against the reason why Bitcoin is really created.

I learned from the Bitcoin ETF denial that Bitcoin is not yet ready to be in mainstream.  There are still lots of work to be done, and it should be well regulated in order for SEC to approve Bitcoin ETF.  Aside from that I think it depends on the kind of proposal that was submitted to SEC.  The proposal should have showed that Bitcoin market can secure the funds that will be allocated to Bitcoin ETF.

The point of the Bitcoin ETF is not making Bitcoin stronger but accessible to traders on NYSE / NASDAQ just like other commodities, stocks and currencies.



Basically, you want Bitcoin to be like Paypal ? Regulations can not stop or block Bitcoin transactions, only prosecute users.

I learned that there will never be a bitcoin ETF because you cannot change the nature of bitcoin. There will be other ways to make bitcoin mainstream and get noticed by other people.

I learned that the bitcoin community is a little tougher than I thought....I was confident that the price would crash and waited too long to jump back in before it rebounded.  I don't think the world is ready for a currency that resists regulation so that's why the SEC denied the ETF.  Maybe the ETF will pass through at a later date when the world is ready....HODL

This shows that the road is too long before we ever get listed on such an exchange that would allow Bitcoins to be traded globally, but still, due to this initiative that Winklevoss brothers took, they knew that Bitcoins are sure to attract many new investors who were not knowing about it but would now be knowing, thanks to their ETF application which caught the eyes of everyone through mass media. Bitcoins have upgraded.

We learned that the suits at the SEC aren't going to risk their careers on a crypto currency ETF.  We also learned, again, that almost all publicity is good publicity for bitcoin (as long as it doesn't involve exchange security).  Importantly, the ability of crypto to bring in new money apparently isn't close to being exhausted.  And we learned the SEC will wait years until the very last minute, of the very last day, of the very last deadline, to reject something.

I guess there's a lot to be learnt but it also emphasizes the point that those in the helm of affairs wouldn't just pass anything that would hurt Bitcoin. I'm calling for the solution and hopefully we will arrive there soon.

the only thing I learned from ETF rejection is that the btc community is great considering the price now , cause many of us and a lot of youtubers were talking how the price should move to 900ish if ETF got denied , and here we are with the current price  :)
I was pretty sure that ETF won't get approved , but the price surprised me a lot

We have learned that governments are still not ready to fuly embrace bitcoin but also that this doesn't matter that much and that bitcoin is stable enough to survive such rejection. No big deal happened, no big dump and the perspective looks fine. That is the good lesson.

i think bitcoin can get stability only if the users of bitcoin will increasing, we can see that bitcoin is more stable and reliable as consider to previous time when the users of bitcoin were very low,

I learnt that Bitcoin is now global and so needs a comprehensive consensus before anything can be passed and this globalization is going to increase Bitcoin usage in the near future.

Good video was on point about the SEC rejection of the ETF it did make me feel motivated though to create a private fund lol.
That's main philosophy and only philosophy is HODL without it being listed on a stock exchange.
I would call it Parking ^^

What I learned was that bitcoin is quite stable now and also the value or the price is becoming more and more rumor free, which is great. The less prone the value is to rumors and manipulations, the more stable it is, the more people will actually star joining, so even though ETF is not for approval anytime soon, still it is a win for bitcoin.

This recent denial of bitcoin ETF shows us how strong bitcoin is right now and price is growing naturally rather than due to ETF hype we have for last few months. Even after rejection by SEC, bitcoin price is still growing.

Yes, many people are not pointing out this already bitcoin is maintaining it's stable at 1230$, so even after denial of bitcoin by ETF still bitcoin is securing its position in the market by not reducing its price. Everyone should understand bitcoin user will increase only when bitcoin is in the stable position.

The Etf was always going to be rejected outright and that was a sad reality which not many of us were ready to believe. The thing with Bitcoins it is unregulated, uncontrolled and this scares the government like anything. If this kind of Etf was allowed to pass why would people use thier Fiat, their currencies would be crushed, then there is anonymous feature which government would never in their wildest Dream allow the tax to get away. Plus people are shaming Bitcoin with drugs and that is a lame excuse government is using as we all know Fiat is used more for drugs. Maybe a year or two from now we may see some changes happening.

I must say that even SEC has denied bitcoin ETF it will still continue to grow even without no proper regulation by the government like SEC, etc, it has prove that bitcoin still become more stable after this denial and it cannot be affected easily because bitcoin naturally has the power to survive and rise again.

After rejection from ETF still, bitcoin price is stable. It indicates that bitcoin is specially designed for people's currency no government involved in it, but still, the price of bitcoin doesn't effect the rejection policy. Many big experts said that after rejection the price of bitcoin will go down to 1000$ but it has not happened.

I clearly agree with you. The only way SEC will ever approve Bitcoin ETF is If They can control, monitor and manipulate bitcoin all the want.

But Since this goes against everything Bitcoin stands for including privacy protected transactions and decentralization, then Bitcoin ETF approval made seem difficult even If future attempts are made or SEC makes up their mind ( This is Impossible )


If there's one thing I'm sure of, It's the fact that with or without SEC's ETF approval, Bitcoin will keep going strong.

who are these "experts" exactly?
all i saw were random people repeating some low number ranging from $600 up to $900 and there never was any reasoning behind it apart from them repeating it.

all we learned from this experience is that you shouldn't trust what you read from random people on the internet who are self-claimed experts.

We learned that bitcoin still stand tall and firm after the rejection which is really a shocker because I thought the price will be dumping, popping the bubble. But boy oh boy I was wrong. I realized that we dont need ETFs to make the bitcoin develop, we need users that will put their trust unto this digital currency.

yes mate after that etf denial price went down a little but it didn't take that much impact, we really don't need them we just needed more people to get involved and understand how powerful this service can help the economy and how we can maximize our profits coming from this new investment.

I learned from bitcoin ETF denial is not fully ready and not fully compatible with mainstream.  There are lot of work need to be done. And it should be need to get approval from SEC. So, acceptance is depend with working model. And also it can show its secure fund transaction and gateway compatible with other bitcoin services.

It seems to me that bitcoin will not be able to get approval in the coming years. The US and the new president are simply not yet ready to determine the status of the cryptocurrency

I gots a letta from tha guv'n'ment tha otha day, I op'int an' read it, it sayed they was suckas.  They wanted me fo' they army o' whateva.  Pitcha me givin' a damn, I sayed NEVA!  *Thank ya Chuck D, fine ass brotha.*

But fo' realz, gub'ment don't got no say in what bitcoin do.  Maybe that there ETF, but not bitcoin itself, not now not neva.  Even if they done made it mo' illegal den cock fightin', it'd still be used.  If y'all think them folks who be usin' dark markits an' gamblin' away BeBe's kid's's money care one greasy iota about the legality'eez of money, you sorely mistakin.

Probably but the question is do Bitcfoin need this ETF approval?  The current ETF rejection showed that Bitcoin will do well even without this ETF.  Though it may give a boost but the possibility of someone regulating Bitcoin is there.  Remember Government loves to control everything.

We still have another backup ETF, but the bitcoin is really strong right now and not really strong until the HF will happen in the future, it will then make the big dip in a short time. rather than the rejected of the ETF, HF is really terrifying.

It might not be about educating the government,their view point is highly critical of the fact that it is not governed by a single body and hence people might lose money and in the case of a manipulation no one is held responsible for it and that you cannot protect the investors interest,may be that is what they are thinking from SEC stand of views and in order to accept something entirely different they need more time rather than risking and going forward and accepting it.

I learned from that rejection is that bitcoin can stand alone even without this ETF approval. Bitcoin can remain in the mainstream of cryptocurrency. But I learned also that it can be also a big help to the bitcoins price if it is approved. And right now we just need to accept the fact it is denied and there's more opportunity to come not only with this ETF issue.

For me, it is about realizing that we don't really need this bitcoin ETF approval because bitcoins price will still rise no matter what, thought it will take its time. The only reason why we did hope that this thing will be approved is because for the bitcoins price to easily rise in every day that is going to pass by, but sadly, they didn't approved it.

So, the only thing that we can do right now is to wait and to wait, until the right time comes where bitcoin is in its highest peak, for us to convert our bitcoin and could get a huge profit from it.

Anyone on here that is going ahead and say that the SEC is full of horrible people that don't like Bitcoin and don't want to allow it to thrive are the type of people that don't understand what the SEC is attempting to do in order to secure the investors in the marketplace / stock market.

The amount of hacks and everything that have occurred with bitcoin exchanges and having else just leave a lot of problems to investors that stand to lose a disgusting amount of money if something like this is to happen again and the price will tank.

They're protecting people, just accept it as that.

It does not matter if governments accept bitcoin or not, as long as people still use it bitcoin will always grow, and people will still invest in it even if the price goes down, and if you think about it if governments do accept bitcoin more people will have access to it and that will make it a common thing which will bring down its value.

Caused by the SEC that will deny all of the bitcoin etf in the future. And I guess the grayscale and solidx will be the next victims by the us securities and that's funny for watch. The deadline in the end of this month.

It's been clearly portrayed about the need of the systematic review and a central functional regulations and oversight are important for the health of any marketplace and safety of all it's investors. Also indicated it as an temporary one, later on the adoption might change the scenario.

We learned that government dont really accept bitcoin no matter what as the rejection take its place possibilities on ahead wont be possible if they would tend or plan to introduce bitcoin. For now we should move on on that rejection and go on ahead as basic days.

Bitcoin can stand without approval from SEC at least it was the lesson could be taken,
rejection bitcoin is not become the ending of bitcoin, we can be relax because bitcoin is still alive
 right now many people made investments on bitcoin because of this rejection.

Yes, with SEC's explanation I feel it would be too early to go for bitcoin etf. Government seeks regulations on every assets of bitcoin ecosystem but basically bitcoin works in different way like we the individuals need to take care of ourselves as there will be no central authority to regulate each and every aspects associated with bitcoin in uniform manner.

When mass adoption will be occurring and hence hitting mainstream makes bitcoin a perfect decentralised system without any common regulations. I believe in those times there will be no need of ETFs as bitcoin prices will be doing more than enough at those times.

I guess fundamentally bitcoin never needs to be traded in an exchange, just to attract the investors. Because there are already enough adapters cum investors keep on coming for the same purposes.

you have a good point mate. so true! bitcoin is definitely not yet ready for such. more time must be allocated before it reaches there. not this time, but we all know that sooner or later, bitcoin will get there. Moreover, what i have personally learnt is that though bitcoin is much more stable  now compared to the past year, still it is not enough or guarantee us for the government especially the SEC to approve it or accept it. I think they were just being too cautious and try to safeguard the investors.

Regardless of any ETF happening or not happening this beast cannot be stopped.  It might take bitcoin a bit longer to become mainstream, if that is even a goal.

I am slighty surprised by the price after the ETF, I thought a lot of money was put into bitcoin in the hopes of the ETF being approved,  must have been wrong.

Yes it is bitcoin is still alive and kicking even after the ETF was denied by the United States of America's Securities and Exchange Commission a few days back. But the denial was just a sign that bitcoin is having a huge trouble right now. If you notice the problem on the mining sector on which there was no solution to make confirmation faster to cater the overloading volume of transaction traffic daily. This is possibly the reason why the SEC has disapproved the ETF since it cannot see the future of bitcoin rather they notice the clear technical problems surrounding it.

I think we learned from the bitcoin etf denial is that maybe government is not yet ready to face the global awareness of bitcoin. Even if this happen still we can use bitcoin as is, its benefits and advantages to users. Thus, bitcoin is still being used and still adopts by many.

The lesson which I saw after ETF rejected by SEC was, the private sectors maybe haven't seen that they can't get any benefit or profit into bitcoin that's why Etf has been denied. But this was only my opinion, regarding the results of the etf.

This would be the main thing on my mind too on which ETF have been rejected because government couldnt get a benefit from it since we do all know that bitcoin cant really be controlled or make money out of it or can be taxed.I dont know on what would be the other reasons but same as yours this is the thing that comes thru my mind regarding on the rejection.

Bitcoin still has many problems. I think that ETF is impossible until we resolve it

We supposed to be thank to etf because of it we found that bitcoin decentralization was very powerful features of bitcoins. Which is proven that no one really really can't control bitcoin by any means of the nations. :)

I'm not sure about that.  Bitcoin's use as a currency is not changed by the ETF - in the case of approval, it would be viewed more as an investment and arguably less as a currency.  I think that the SEC's reasons for rejecting it were genuinely based on their fears of Bitcoin's volatility and the safety of their investors with fraud etc, because they aren't linked to any government agencies which might oppose the rise of Bitcoin as a currency.

The thing I learned is that authorities don't want to make use of bitcoin yet as a trusted investment currency. But I'm not sure why. Maybe because they don't have how to take advantages from it or because they can't control it as they wish.
And I learned also we don't need etf to make bitcoin continue growing.

Can you imagine the current shitstorm going on if the ETF had been approved. The SEC would be wondering what the hell they had gotten themselves into.  Right now whoever is in charge of the SEC is so happy that he didn't approve that thing.  The funny thing is the SEC didn't even really mention the fork again as an issue after the winklvosses issued an amendment.  As I recall the main complaint of the SEC was that the exchanges were mostly unregulated and too easy to manipulate.   

If we see the rejection of ETF as lessons learned first I could say that there is no way governments to let bitcoin to grow because could lead fiat currencies to crash. Moreover I could say that best comments had been said by Philip C. Chronakis (https://www.sec.gov/comments/sr-batsbzx-2016-30/batsbzx201630-1617990-137013.htm), Attorney, Adjunct Professor of Law that the denial could not stop the progress of bitcoin but the approval could provide fair, investment opportunities to all Americans and not only the techie savvy ones. 

ETF is nothing more then some commission, and live goes on before and after them and similar to them. Bitcoin proven itself to many others and that is important. I always say that this is good advertisement for bitcoin, and cheap one, I hope they will talk more about it and more people will hear about it. For me biggest test was all this years that bitcoin survived, what bigger evidence anyone needs?