Bitcoin Forum

It is sad that so many people are eagerly waiting for the SEC to pull the strings on the future of Bitcoin, when the future of Bitcoin is not built on governments approval or denial of financial instruments based on Bitcoin.  >:(

We should forget about these government employees <Politicians>that are playing us like puppets and we should cut the strings and build on our own success.  >:(

People should just continue to focus on natural growth and development of Killer Bitcoin applications and also improving the technology and distributing more Bitcoin ATM's etc. etc.

We should not place our hopes and dreams on what the SEC wants to decide, but rather what the people wants. These government employees are supposed to serve the people and if they stop doing that, then you should use your vote to get rid of them.  ::)

Stand strong, Do not sell to the Fiat masters and Hodl on!

SEC or no SEC, Bitcoin is still strong and already established. Politicians are way like that they fear and suspect that which is not within their control. Many and more people are going to keep buying and using bitcoin.

How do you vote to get rid of them if they are the ones in charge of the votes? :D Governments are not doing anything for the people, They do everything to stay in power and rule over people.
They will never approve any ETF because they don't control bitcoin, This is just a method of third parties to help the price growing.

Sadly though I agree with you for the most part there is a reasonable argument for having a body to protect innocent investors from investing in what could seem legit viable investment vehicles when they are really manipulated scams.

Reading just a bit of what the commissioner wrote it does seem that the sec are over reaching in their mandate by denying btc this opportunity. I have heard some say that the winklevoss proposal may have a weakness that some other proposals have nulled. So there is good reason to hope for approval.

You will not see any ETF's without SEC approval and many are not confident enough to trust themselves to go direct to btc.

So there is no option but to wait it guess. Nothing stopping anyone investing directly.

I heard (but may not be correct) winklevoss etf was reliant on their exchange alone for defining btc price where as other etfs are going to spread the average from many top btc exchanges. Hence it could be seen as being less easy to manipulate for any one party.
That may or may not be true.

A lot of investors like the supposed extra security of investing through an etf so it could be quite a huge step for btc.

Only "hold" will not solve the problem of cryptomarket. The launch of ETF will ensure the inflow of new large money into the market and will win the trust of traditional investors.

i sometimes feel like some people tend to take steps backwards in bitcoin.

we created this peer to peer digital cash system so that we can transfer money from anywhere in the world to anywhere else in the world without requiring any third parties.
then they started creating web wallets and ended up with third parties like Coinbase for storing and using their bitcoins. something like bank of bitcoin...

then we started trading this currency and many lost sight of what bitcoin really is and turned it into an investment only in their heads.
and now they are taking two steps back by waiting for SEC to approve "bitcoin" or not, and also to go out of their ways to make bitcoin into a full on investment with ETF.

This is not our fault, it is the fault of the system that we are in. If we do not wait for the approval and do something rogue, this may put us in trouble because we are living under the regulations of the state.

I'm okay with staying strong as most of us probably are, but I can see two main points here that deserve our attention (or maybe not...).
On the one hand, the more Bitcoin becomes officially recognized, the better for its development and coexistence with fiat (i.e. more transparency->more trust->more people involved->more turnover, etc.)
On the other hand, providing Bitcoin gets more under the government pressure and restrictions, the crypto community always has a choice, like going underground, which is fine by me and even sounds more exciting ;) And going underground could mean higher prices (same as with the rest of the stuff that remains in the shadow)...
I might be wrong, of course. Just a thought.

Price needs something to give it a nice boost. Been to slow to get back to the ATH so sec and etf will help that price increase, especially if it brings in institutional money

When it comes to exchanges I think we see they can't regulate themselves. There aren't standards of how they should operate to protect the public. We will see a template at some point on how the brokers and exchanges should operate. We see this with the informal guidance given to coinbase. Hopefully, any regulations we see are only there for the purpose of protecting the public.

I agree that many do not know about bitcoin. Let the whole world know and begin to work with the crypt) for me, DAC is better to be regulated than banned completely, as in some countries

We gave politicians so much power and they are even corrupt in almost all their ways.The cryptocurrency industry which was meant to have no external influence but solely peer to peer is now been messed up by government officials.All of a sudden, SEC is now to tell the future of bitcoin.People will either move away or move in based on what SEC will declare. This is not right.we are gradually changing the purpose of btc.

You're right, why are we waiting for SEC, the market is not dominated by SEC, and I don't think the market is really going to have to wait for SEC to rise again, and I think we can make bitcoin more powerful as long as we try to develop the encrypted community.

It's rather absurd, but eh... if a SEC approved ETF is what people want, let them have it. No one forces you to use the ETF, just as no one forces you to use and store your coins on Coinbase. It's silly, but people like doing silly things. As long as Bitcoin itself remains uncompromised and usable in a restrictionless way I'm not bothered.

ETF approval is important because it would add reliability and safety to bitcoin. Additionally, the ETF approval will help to attract large funds in the market. That way, the demand of BTC will rise which will increase the price on a higher level.Sooner or later, bitcoin will get ETF approval.

I'm not even convince about the SEC ETF on August Maybe on September or even on October that the price will climb high! What so important here is the regulation of all countries regarding bitcoin and the blockchain. Just hodl guys no matter what happens.

How can it add reliability or safety? Reliability has all to do with the protocol, not the stock market and saying that it will increase security shows that you don't know how ETFs work. They will in fact lower the security as coins won't be held by their owners but a third party. If that's security then maybe you should let me hold your coins for you, I promise my security is top notch! :D

very true, this is not for sec to tell us what to do. as long as us crypto community will keep growing and people will want crypto currecnies to survive, we have nothing to fear

The thing is that we can't prevent wall street from entering, but at the same time wall street can't prevent Bitcoiners from using Bitcoin as they have always been doing.

Think about it, nothing will change fundamentally, just the price will keep increasing with how institutions pull out their big guns and pump Bitcoin beyond anything we can think of right now. Higher price means more miners (hashpower) being added to the network making sure that Bitcoin's network becomes stronger than ever before.

The only thing they are doing is feeding Bitcoin and making it a more powerful beast that is too strong to take down. People need to grow a thicker skin and look through all this circus. With or without ETF's and wall street on board, Bitcoin is and remains Bitcoin. Wall street can't bribe Bitcoin's main developer because there is none, which can't be said about ETH, XRP, BCH, EOS, etc.

If wall street didn't enter, the European and British financial markets along with Chinese markets would still be involved with bitcoin. The ones who want their people to avoid it are  risking their national currency moving to another country that will allow it.

Bitcoin is great like that.

I fully agree with your post except for the last bit about wall street not being able to bribe Bitcoin's main developers.

Sure, Bitcoin does not have the cult of personality of ETH or centralized control such as XRP, but Core's central role in Bitcoin's development is hard to deny. As such Core could become an attack vector for wall street's influence further down the road. In other words -- stay vigilant.

That being said, whenever one feels that Bitcoin is taking a turn for the worse, the solution may just be a hard fork away. Can't get much freer than that.

the people are money earning cattle for the elites, they dont matter, same is for bitcoins centere.

It's always the few versus the many in cases like these. The few are trying to fight for utility adoption, while the many doesn't care how the price goes through the roof as long as it happens. Even without an ETF, the utility has little value to most people because of how crypto in general goes through mad bull runs from time to time. Last year's bull run is the prime example of how it attracts utter noobs not caring about utility and risks as long as they think they can profit from this industry. It's not for nothing that the altcoin market has been pumped up last year, and even with today's 'lower' prices altcoins are still overpriced.

Only "hold" will not solve the problem of cryptomarket. The launch of ETF will ensure the inflow of new large money into the market and will win the trust of traditional investors.

Not really. Bitcoin has grown from nothing to the worldwide phenomenon that it is today without an ETF and it will keep doing so. Bitcoin's reliability and safety are based on its network and in that we can trust completely.

We need world wide user adoption and not silly tools for institutions to terrorize our market. I'm happy to see the SEC not willing to approve an ETF, but I'm realistic to understand that it will happen eventually.

The role of the SEC is to grant itself enough power by not letting other assets grow out to rival their selected elite industry. It's completely rigged and they only use investor protection as excuse.

Amen.  Far to many people on this board are looking to the government for permission to do anything.  If we simply ignore them and go about are business they lose all power instantly.  The only power they have is the power you freely give them.  Bitcoin will win the day because of its usefulness not because of what some mouthpiece says. 

The Bitcoin ETF requires the SEC to prove its legal status!
Only with legal status, BTC will be accepted by more people, and there will be a wider market!
BTC and cryptocurrency will get more people to invest!

I have never been transfixed by news from the SEC. And I'm not fixated on ETF proposals either. The most important thing for us is that we still have coins to trade.

having SEC approval will make bitcoin (ETF) as a legitimate investment product
it opens up a lot more doors for bitcoin adoption and acceptance in other countries
it will also attract new investors and most likely push bitcoin price to the new stable price level

SEC like or not will bring confident to many investor in the world. SEC approval will opening regulation gate from government. If SEC approve bitcoin, trillion dollar will come to crypto market and market cap value cryptocurrency will rising

bitcoin is no longer just a childish prank, but a serious world payment system! the entire crypto world needs state regulation, only so will the crypto market be safe for all investors and for all people

everything will benefit from this, so it seems to me very good if new investors come to our market and do not consider themselves to be puppets

unfortunately we can not push the market itself upwards so we have to wait for the decision of the commission...

I agree. The exchanges will need some organization for consumers to be fully engaged with them. Some simplification will be needed. Point of entry will require guidance and coinbase is a great start.

I agree. The exchanges will need some organization for consumers to be fully engaged with them. Some simplification will be needed. Point of entry will require guidance and coinbase is a great start.

Sadly to say, This said government officials and US SEC are just maintaining the balance over the fiat and cryptocurrency world. They dont want any entity to get involved on bitcoin and cryptocurrency because of its high risk of money-laundering, scams and fraud.

The development of a killer application will be more beneficial to crypto-currency than SEC/ETF approval. Killer app will spike adoption and crypto use and price

I think still bitcoin is not recognized by the world properly. so surely they can take decisions and control other countries apart from common fiat money. so I think still we have bow our head. lets spread bitcoin name to the world more and more. Then we wouldn't have be puppets of them as you said,

As-it would not sound sad, but in practice it turns out that all in the depths of the soul waiting for the SEC. We can say and affirm that we are not their puppets, but deep down we hope and believe that the SEC will make a positive decision.
Conclusion: we are dependent on policy and point!

Sadly most peoples are waiting for SEC decision and causing the market to drop. Bitcoin or cryptocurrency is decentralized, no need to depends on centralized government like SEC. Seems like many altcoin holders sold their altcoin because this ETF related case.