Bitcoin Forum

So, the ETFs are delayed. Yet again. It comes as no surprise since we all were expecting the same. Yet the market dumped hard. You might have seen a correlation between the acknowledgement of Bitcoin by centralized organizations and the market reaction on it.

We still remember in 2016 or even 2017, when people gave a middle finger to regulation and institutions. Now everyone is begging and waiting for government approval. What a move huh?

We understand how much community perceives the importance of ETFs in Crypto but allow us to enlighten you, WE DON’T NEED THEM, INSTEAD, THEY NEED US. But, apparently, we are getting influenced by the same thing we swore to decimate in the first place. Yes, we are talking about centralized organizations and our strong craving for their acknowledgement. So, stop holding your breath and focus on what’s important for a true decentralized world.

So, stop holding your breath and focus on what’s important for a true decentralized world.
Also, Regarding the ETFs.

Do not expect SEC decision on the CBOE (VanEck-SolidX) Bitcoin ETF in 2018, so don’t hold your breath.

We see people being disappointed about the SEC delaying the decision on the ETF from VanEck-SolidX when actually nobody should have expected the SEC to approve the first-ever Bitcoin ETF within the first 45 days after the notice was published.

Everybody should be aware that the SEC will and should take the time it is allowed to by law, which is 240 days (45 days for the first and second extension, 90 for the third, 60 for the last).

What to expect now:
1. News about rejected ETFs likely in late August (link Proshares ETF)
2. Another series of news about Bitcoin ETF rejection in September (link Direxion ETF)
3. Both of the above ETFs are not commodity-backed (instead, they’re futures, at least the Proshares for sure) and thus, do not involve actually purchasing BTC. They could also be approved, but we don’t think that’s likely.
4. The final decision on the CBOE (VanEck-SolidX) somewhere around February-March 2019.

Credit:
https://t.me/whatsoncrypto
https://t.me/howmuch_net
https://t.me/cointified

What if they will not approve cryptocurrency? What will happen next to bitcoin and other crypto? Will it continue the operation even if the government sectors does not want this thing to approve? How can we  push through on this one. I know that it is not time yet to speculate things but we need some clear ways or plan to pursue if things will not go as plan.

The group of people those who are disappointed by the delay in SEC approval are the group of people who never realized the actual potential of crypto currency. They are looking at the cryptos at the same manner they look at the fiat and waiting for government approval. They actually never realized that crypto is a people's currency where Banks and regulatory authorities plays a little role.

Also I have been telling the community that, where ETFs are not "physically settled", they will not help the bitcoin market in any way. Synthetic ETFs do not settle for physical assets so no question of fresh funds following into the market. Thanks for clearing this fact to the community especially to those who are loosing their sleep over the upcoming ETFs.

I second the opinion of showing "Middle Finger" to the regulatory authority on their decision on ETF as we are the least affected party here. Hope people understands the matter now! 

Mate, it will get approved. Matter of time. SEC has already announced that Bitcoin and Ethereum are not securities... Don't worry man.

By the way, the What's on crypto team and their channel are awesome. Very need thing for a crypto gentleman https://t.me/whatsoncrypto

While we are all trying hard to link the news about the extension of ETFs decision to the reason of why the price is really falling so hard, I personally think its only contributing to it rather than being the deciding factor because the news about the extension was reported sometimes last week when price was still hovering a little below $8,000 but now its now causing serious issue. I think there is need for everyone to change the narration away from ETF approval or disapproval and start focusing on things that matter or else they will continue to postpone till the end of the year and we will be here complaining about how last year was the best year that would ever be witnessed in entire existence of crypto currency.

https://bitcoinist.com/bitcoin-etf-decision-come-2019/

According to this article, ProShare ETF being approved would be a big hint for what's to come with SolidX

The funny part is that a bitcoin ETF is a dumb instrument in the first place. If you really wanted exposure to the BTC market you just buy some bitcoin. It's idiotic, in my opinion, to buy bitcoin futures. I have no idea how they are going to set a reasonable strike price other than a guess. You would do much better to handle these things yourself and avoid the fees and counter-party risks.

In Addition, here’s what makes the VanEck/SolidX ETF different.

If you don’t know what differentiates the VanEck and SolidX ETF and why it gives it a massive advantage over other ETFs that have been thus far rejected, here are the main points for you to better distinguish between the same:

1. Custody: Fund is physically backed and will hold BTC (Private Keys)

2. Designed for institutions not retail: Minimum $200K investment. This gives the SEC more confidence in protecting retail investors.

3. Backed by CBOE: to be traded on BZX Equities Exchange. CBOE has already pushed through Futures and has a long standing history with the SEC.

4. Regulatory oversight: the CBOE is a trusted and regulated exchange in the eyes of the SEC

5. Index will be traded on a OTC (over the counter) desk by Voice not Electronically: this reduces risk of manipulation and increases regulatory transparency.

6. Insured: ETF is insured by a syndicate of A-rated insurers. Again, more assurance and protection for investors.

7. Both VanEck and SolidX have filed for ETFs independently: together, they bring to the table more experience and lessons learned than any other applicant.


Well, there you have it. Other ETFs have had some of these components but nothing has come close to be as robust and comprehensive as this ETF.
The Delay is a sign of confidence, as. It demonstrates the SEC’s interest in continuing to do proper due diligence versus outright rejecting it.

Credit: https://t.me/whatsoncrypto

Of course they will be approved. The bankers need to be able to influence the price, so that they can suck as many Bitcoins as they can out of the market. I can see Bitcoin becoming an asset base for next generation "fiat" currencies. That takes us a long way from Satoshi's original concept, and will make bankers a fortune. It will make some of us some money as well, but it will mean that Bitcoin will not be viable for daily purchases. You will have to use the new government cryptos.

The ETF approval is going to be a subtle way of centralization which in itself is against the tenets of the blockchain revolution.

Don't panic dude. It's because of the people who panic that the price of Bitcoin has gone down so much. So what if ETF is rejected ?
Bitcoin won't stop growing buddy. It has been functioning since the beginning. There were no ETF at that time to bother for BTC. Why has it become such a big deal now ? Even if the ETF is rejected by the SEC I am sure that BTC would be doing just fine in some days, albeit there will be minor dumps again because of the people who panic. :-\

i dont know a shit whats is going on but all what i know that cryptocurrency market and bticoin has become a dirty playable shit prices goes up with no reason and goes down with no reason

i want to say what actually happen if sec reject etf, I think for some days the price of btc will dump then within a week it will go back on his own track. so brother don't be serious that much. keep your faith on bitcoin.

It won’t make any changes. It’s a matter of time. Bitcoin have the nonpareil place in the industry. Very soon it will come on the right track.

It really doesn't matter. ETFs will act as custodians for millions of smaller investors. Centralization of wealth (and bitcoin holdings) is inevitable. Over a period of time, there will be rich people who holds lots of bitcoins. This doesn't cause problems similar to the centralization of hashing power.

It is interesting how the focus has changed from wanting regulations from not want it. ETF may solve some of the problems but will introduce new ones-centralization by government

Yeah it takes some time to think and organize an option of what to do with the cryptocurrency system. I had the empathy for the government who is now looking both sides for the advantage and whatever the advantages they will get for sure the benefit is for the many people. Thus, including a plan to modify the cyrptocurrency like an option if things will not get approve maybe they could create another rulings and made cryptocurrency available.

We actually do not need the SEC. This is a decentralized market. The people here are ones which decides which will be worth our time and money based on the demand of the coins the people have for it. This market is not owned by the banks and we need to lay back and relax a little bit.

That’s the article which are searching for many newcomers in this forum. This type of article can help to gather knowledge. But if these are unreliable that should be gone wrong`

ETFs have been the ever hype that is making people very excited everytime they are coming up with news and that is making BTC market worse than before. BTC price will recover faster if people stops thinking about this ETF thing and start to concentrate on other factors, I assume.

there is requirement for everybody to change the portrayal far from ETF endorsement or objection and begin concentrating on things that issue or else they will keep on postponing till the finish of the year and we will be here griping about how a year ago was the greatest year that could ever be seen in whole presence of cryptographic money.

I wondered about the hypocrisy among crypto investors. What at all does traders need from ETF regulations and endorsement for? Isn't cryptocurrency suppose to be a decentralized, if so , then why do we need a centralized authority decision to make things work for us.

If Bitcoin gets ETF approval, then it will be good for Bitcoin. If you do not get approval, it will not be too bad. So there is nothing to worry about or to stop the transaction. Bitcoin is still in good condition in crypto. If you look at 2017, you will see how strong Bitcoin is in crypto

Quite informative and has some good proposals, it will make a lot of sense for the SEC to accept this, it offers something workable and the reputation of CBOE will certainly count for something

There seems to be a lot of uncertainty and skepticism in the market at the moment.
I am personally not directly concerned about the issue of bitcoin ETF and how it affects the long term stability of cryptocurrencies, but with it's current impact on the market flow. We can only hope for some possitive news.

And ETF doesn't change anything about the decentralization of the underlying asset. It's just another way for people to interact with it at an economic level.

There is uncertainty, but the news on this front is only going to get better. It is inevitable that an ETF eventually hits the market. In the long run, the approval of an ETF is only going to increase the amount of money flowing into cryptocurrencies. It is better if it takes some time before an ETF hits the market, rather than a false start in regulated markets.

if everything happens as the author wrote, then we will definitely fall in the price of oen much more in this...

But ETF can bring many new investors into the marker. Also, the trade volume will rise.

What are you talking about, I don't remember any big opposition to regulations in those years, actually things like ETF's and futures weren't discussed as much as they are now, in those days the hot topics were Ethereum, bullish speculation, scaling debate. Bitcoin gradually stopped being cypherpunk-only movement somewhere in 2012, it shouldn't be surprising that many people are open to regulations.

I think that regulations are not bad, because it's better than having Bitcoin banned, which would result in so many obstacles and risks for users. If Bitcoin will get regulated, cryptoanarchists would still be able to use it on unregulated markets, because the protocol will no be affected by those regulations. In this sense Bitcoin is very similar to cash.

The main concern for SEC is to protect the investors’ fund. I agree with what you said. We should hold our coin and have patience. Many people rely on the government’s decision as to how bitcoin should work but they don't clearly understand why we need bitcoin and how it works, they only think of making quick money within a small time

i think we people are very serious about ETF. But i think this decision will not effect that much on the price of bitcoin. the price of bitcoin will rise again i believe.

I am believe ETF approval will be given to bitcoin. Its just a matter of time. Indeed delaying on ETF approval give negative impact on market but i am believe peoples will realize ETF approval will given anyway. When Goldman Sachs and others big financial firm start opening bitcoin trading desk, i am believe bitcoin have good future

The bitcoin market is open to all and sundry. There are no limitations to who and how. Not everyone is comfortable in the present atmosphere of the decentralized blockchain. Let me note here that the ETF is not changing the bitcoin algorithm. It is just a platform to enable those in fear of a decentralized blockchain to find a space to join in the story of the blockchain. The ETF community should be welcomed.


We need them as much as they need us. If they are comfortable with ETF as a go-between, that is welcomed, to me.


At some point, organizations sell their product or concept out. eg, Facebook bought over Instagram. But in the case of bitcoin ETF, it is a function of a collective pool from several people wanting to be part of the bitcoin story yet need the security of a centralized platform.

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I don't know why is the Bitcoin ETF's are been delayed again and i think there is something that the smart money still want to manipulate and may be it will be a another dip or new bottome to be made, i really don't know about it. But one thing is confirmed that Bitcoin holders are going to get some good returns if they are holding their Bitcoins till the ETF's are been released.

That have been exactly my thoughts regarding the recent fuss about ETF approval. But, the saddest part is that we cannot make everyone understand that as a lot of the investors are thinking that Bitcoin's value depends a lot on the regulatory committee's decisions whereas the main objective of Bitcoin was to remove the need for banks and governments' interference into our assets.

The herd mentality is one thing that may not go well with bitcoin,  just imagine what will be the market reaction if the next proposal gets rejected again, majority of investors now hinge the future of btc on ETF which is bad

It is quite logic for me that we are not supposed to wait a great price increasing in 2018 I would even say that 2018 is the breaking point between people are getting to know bitcoin and bitcoin is going to be a global currency.

All the things that I know in the crypto are really risky with the investment and trading so big can be profitable and bigger be your turnover.

There is trouble ahead for bitcoin market and price based on this analysis. If ETF was only  postponed till September and the effect in the market was so devastating and the whole market is bleeding what will happen by September if the ETF was rejected or postponed again by SEC? The market will definitely go down  more. The only hope is for the ETF to be successful by September which I do not think is even 30% possible  because of official policy of 240days for such as ETF to be admitted.

it looks like bitcoin prices will continue like this, because from the beginning of the year until now the movement is always the same, and this shows that the price of bitcoin is under control, and that is certainly very good, because we can reap the benefits at any time, and never miss the train.

I believe that will be the same. this is a great news occasion for correction and growth

For your knowledge , whales use ETFs as a way to shake weak hands and dump bitcoin prices to lowest point possible.
Actually , "we don't need them and they need us " phrase isn't quite right . Let's talk for real , if governments ban cryptocurrency then you will witness failure of the whole system even if we were able to trade them on exchanges . the point of cryptocuurency isn't to make money alone but to decentralize some things.

We can only hope for some news ownership. The main concern for the SEC is protecting the funds of investors. We should hold the coins and be patient.