Bitcoin Forum

Hours ago, several bitcoin ETFs were officially rejected by SEC (https://www.coindesk.com/sec-rejects-7-bitcoin-etf-proposals/). It sounds this FUD doesn't have as much effect as Winklevoss twins' rejection (https://cointelegraph.com/news/cnbc-winklevoss-twins-bitcoin-etf-application-rejected-by-sec).
But this is not the end. There's a more attractive upcoming event, it's Bitmain's IPO (https://www.bloomberg.com/news/articles/2018-06-07/crypto-s-32-year-old-billionaire-mining-king-is-mulling-an-ipo). For those who don't know about Bitmain. It's the Chinese technology company, which behind ASIC miners and Bitcoin Cash. At first, this IPO seemed to be very promising but recently, pessimistic information about it showed up here (https://cointelegraph.com/news/dst-global-denies-bitmain-ipo-investment-few-days-after-softbank-tencents-involvement-called-into-question) and there (https://www.coindesk.com/report-questions-bitmains-revenue-as-crypto-miner-seeks-ipo/).

IMO, Bitmain's IPO is a test on people's belief in cryptocurrency. If it successes, we might see those green days back. But if it fails, I doubt that we'll see market bleeding badly.  

when they first spread the China banned bitcoin FUD, the panic was huge. the next time more people knew it is FUD and didn't pay much attention to it. nowadays when someone says "China banned bitcoin" everyone just laughs at them.
ETF rejection is turning into that. people are realizing that ETF was not something that determines future of bitcoin so they don't  care that much about its rejection. we are not completely out of the waters yet but we are getting there.

i still don't find how Bitmain running an IPO can relate to bitcoin price!

SEC reconsidered decision to deny Bitcoin ETF. I just saw this information, maybe they will review and accept Bitcoin ETF soon. Bitcoin will soon rise

article seems to centre around the words of whalepanda and sampson mow.. yawn more fud from the BScartel side

meanwhile social drama does not push up sustainable bitcoin VALUE. it only pushes up temporary price spikes that then correct.
99% of people never get to be online in time to take advantage of ths temporary price spikes of sicial drama cause. so why even bother wasting days talking about it.

most smart people dont waste weeks-months trying to cause and hoping for a unsustainable social drama hype bubble to cause a 100% spike.. instead they spend each day making 1-3% on the small natural movements which over the same weeks-months adds up to the same 100% profit. but without having to stir the social pot for hopes of a well timed hype bubble

In my opinion, Bitmain IPO may not have much impact on Bitcoin's price, especially considering it's falling behind in the latest development of the newer generation of the Bitcoin ASIC miners.
As we know, Bitmain has been in the dominant position in the ASIC mining industry for a long time,
but maybe only a few people noticed the subtle changes in this industry regarding the newer generation of the ASIC miners - the 7nm ASIC Bitcoin miner.
Bitmain has yet delivered the 7nm ASICs, while a couple of competitors, such as  GMO from Japan, Samsung from Korea, Canaan, another Chinese company, all of them announced 7nm Bitcoin ASIC miners. It seems Bitmain is falling behind. I am expecting to see its market shares decrease over time.

The ETF, on the other hand, it is something that is nice to have to Bitcoin, but even without ETF approval, I believe Bitcoin ecosystem can still make progress.

You can give more information and link info. As far as I know, the SEC has rejected 9 bitcoin ETF applications on the 23rd. and that is the final decision.

GMO samsung and canaan..  "announced".. meaning they too have not "delivered"..... so the entire ASIC market is in the same boat..
as for articles that bitmain is losing its top place.. well thats just a debate similar to the GPU days of ATI Vs Geforce....

what equipment is used is not as important as the actual pool software that combines transactions due to rules.
(asics dont have hard drives to even touch tranaction/block verification rules.. they just hash a header)
so just like the GPU days... who is providing the equipment has no consequnce on bitcoin..

and as of june it seems bitmain has re entered the competitive market by dropping Unt cost from 2017's $2k to june 2018's $850 thus pople can buy atlaest 2 units for the price of one.  yet things like canaan's prices are only for bulk orders but grow to double for individual units.

anyway. we are already at a near bottom priceline. so ofcourse chances of going up are high.. its just WHEN and by how much is th qustion no one can answer.

I didn't say Bitmain's IPO directly affected bitcon's price. Whether you like it or not, Bitmain is a big player in cryptocurrency world and obviously they have specific influence over the overall market. The market now needs some positive news rather than negative news in order to get money poured into.

If the SEC allows a BTC ETF, that means a fund would purchase an underlying amount of actual BTC and distribute those into shares, which further are distributed to shareholders. I think it may make it easier for people to buy $5 to $100 in cryptocurrency and attract more investors. what do you think guys?

I don't see The chinese IPO will impact anything in Bitcoin or in cryptocurrency market.. Recently we've seen several ETF rejection in recent days but that did not make big dump. because this small ETF won't effect market so much..  but I think the CBOE ETF will have  the market a big effect. so just who is this CBOE ETF will be considered to be accepted by SEC

we have had many positive news this year. but initially it was during the bear market so it couldn't do anything and then it was the uncertainty that entered the market and prevented any kind of rise. so what we need is for this uncertainty to be lifted and it will be lifted as soon as ETF fate is decided next month and we can get rid of it for now.

We should avoid Wall Street financial instruments at all cost, because these fiat whales will destroy Bitcoin in a matter of weeks. They will come in and cause massive disruption and volatility, with their large access to money. <Other people's money>

Instead of us having price increases and drops of 2% to 10% per day, we will have between 20% to 50% price variance in one day, because this market is so small. Nobody will want to use their Bitcoin for payments in such a volatile market.  >:( 

We should send them a message to keep their ETFs/ETN's/IPO's .............................!

It does influence the market, but like you mentioned it has no direct connection to the price

No direct connection but what if the IPO fails and people loose their belief in cryptocurrency, sharks and whales sell out bitcoin and withdraw their money from the market.


Couple of months ago, when there's no ETF the market was doomed as it is now. Are you expecting for ETF's approval or rejection?

BITMAIN WANTS A MONOPOLY ON MINING.

If you want to help a bunch of assholes who want a monopoly get one, then go support Bitmain.

If you want to support bitcoin, do something to help others be able to understand or purchase bitcoin.

Or just HODL.

Companies pretending bitcoin needs them to come in and "support" bitcoin are sorely mistaken.

First of all - rejections will be reviewed https://www.coindesk.com/sec-says-it-will-review-bitcoin-etf-rejections/

Second - i doubt that Bitmains IPO will have real impact on crypto currency market.

ETFs aren't gone yet. we got rid of some of them, but there is still shitshow to come :D
I  say shitshow because I seriously doubt that SEC is going to approve any of them and as they get rejected we may see some drama and some panic sell. although I am not able to say how big that drama and panic is going to be but there certainly will be some of it.
I also doubt that Bitmain IPO has any impact on bitcoin price. if you have any arguments against it I would love to hear them, of course anything except "it is bitmain and it is big in mining bitcoin".

doomed? why? because bitcoin price wasn't shooting up 20% per day or 100% per month, you call it doomed!

the funny thing is, a couple of months ago a nice rising momentum was shaping up and price was showing positive upward signs, then ETF hype started and that momentum turned into a sudden rise to $8k and that killed that strong momentum and the final nail in the coffin was the rejection of ETF (i think it was Winklevoss).
so yeah, when ETF is rejected next month and if we put it behind us and they don't come up with new set of ETFs then i'd say we can see the rise finally start as the drama subsides.

The biggest ETF is still awaiting decision. The ETFs that got rejected were smaller ones that weren't planning to buy Bitcoins. Even if they would get approved it wouldn't change anything because people would be sending them fiat money to bet on bitcoin's price, without even touching it. Who cares about someone somewhere betting fiat to get more fiat?

I wonder no one mentioned about KYC. Bitmain are now enforcing to KYC if you are going to get hardware from them. The only reason I got is because of their IPO. Is Bitmain really losing grounds that they needed this IPO thingy? Or because of reportedly holding BCH, which drops significantly, perhaps they needed another source of funding right now. But I don't think it will have any impact to the price of crypto though. Might just put some hype, but that's it, nothing of significant to be expected.

Do you really think so? Why, because of the amount of funding the company might raise? That's one side of things, sure.

I was considering things from another perspective, though. An IPO is generally an exit strategy that intends to maximize the returns of early investors while raising capital for the business.

Between their missteps with Bcash and forecasted profit margins shrinking (I'm guessing), I think this is an exit plan for Jihan Wu and Micree Zhan.

I do not understand how the IPO of this Chinese company will help crypto market. But I understand exactly that the market reacts more calmly to the SEC, which means that soon we will see a new growth.

I don't see the correlation of Bitmain IPO and Bitcoin price. Bitmain's IPO has nothing to do with Bitcoin price at all. Also ETF isnt gone yet, the main deal is till September, which hopefully would be approved but then I cross my fingers till then.

Check through life there's no time that problem do finish. We are facing problem in different phases
So there no time problem will finish in cryptoworld. When one bad news ends expect another one in less than a week.

Well, it's good thing that there are more system that continuously appears just to help bitcoin  to be much enhance and developed and in regards to continuously rejecting SEC to ETF it's not really disappeared maybe it's making much more better system or program therefore in the near future SEC will at last approving it. However, even ETF is not in the right track for.now we need to be thankful because there will be another system that will help bitcoin system to be more rising up and developed into our community.

Thinking this also, we still have the chance to hear good news on the ETF. Also the SEC are reviewing their previous decision about ETF so maybe we will see a good news on September. Bitnain’ IPO is really a different story in cryptomarket, its a Chinese company but I don’t see that IPO can affect the market much?

And how exactly are we going to avoid them? If they really want to get in, they'd influence the SEC to approve an ETF, and our opinion wouldn't matter. Also, if Bitcoin is so weak that it can get rekt by price manipulation from it's opponents (banksters, elites), than the whole idea was flawed from the beginning, because there's nothing we can do about it, we can't close exchanges or censor transactions we don't like. But I don't think that it's the case, Bitcoin can not be destroyed by price manipulation, and those who will try will fail and lose money, just like those who tried to spam the network.

From test to test to test
I see that many of these tests will eventually lead to the maturity of the Bitcoin community
This is what is needed to get rid of the panic.

I don't think Bitmains IPO is going to have much of an effect on the price of Bitcoin.  I do think the ETF news will.  Not because it should but because the media is going to hype it up and every blogger will write about it. 

Bitmain IPO will be failed  because Softbank and Tencent have denied participating in Bitmain’s latest funding round (https://www.ccn.com/tencent-softbank-deny-investing-in-bitmains-latest-funding-round). This is what i want it to be.

They will come in and cause massive disruption and volatility. I think this is an exit plan for Jihan Wu and Micree Zhan.

Still hoping for something positive from the pending etf
 Last year hoped the same etf got rejected and Bitcoin start jumping.

Actually the SEC retracted their rejections of the latest ETFS but I have to say there is more FUD right now in general because the price manipulators of Bitcoin and other altcoins is still very big and they still want to crash the market in order to enter big time with bigger purses to purchase more of all the coins and the tokens at very cheap prices. We need to ignore parts of the news and media and read between the lines as it were in order to really see the agenda behind the FUD and what it is trying to create in the market.

I don't see how that will replace the ETF boom if SEC had approved it.


It would have been nice if you had attached the link to the news about SEC planning to reconsider bitcoin ETF.

Yes. The Chinese are fond of twists and turns in this cryptocurrency influence.

There's actually one more petition on this bitcoin ETF snd this will be the last petition that will reviewed by end of September. So this will be a win or lose situation for all of us.

But honestly, I see this as a manipulation like they're using ETF to create fuds when in fact ETF isn't needed by bitcoin and neither us. They'll just using this for their personal agenda. Really, weak hands will gonna cry if they'll sway by this.

I think that bitman expects success in the ipo, but it will not mean that we are waiting for green days. This will only mean that the industry is still alive and will have success in the future, nothing more.

I don't think that would mean a flaw in Bitcoin. It might just indicate how powerful the banking elite is.

Do you believe any of the theories about price manipulation of gold and silver via the futures markets? That might be coming to the Bitcoin markets, with some of the derivatives that are being devised for institutions.

It might be inevitable, and it won't "destroy" Bitcoin of course. But these new instruments are nothing to celebrate.

Attributing a single cause to bitcoins price change is not a good analysis. Exchange Traded Funds alone was not to be a factor in determining bitcoins price but it was hyped by investors? Now is Bitmain IPO, and is gonna be given another hype to break traders heart.

People have been linking the ETF decisions to price because there is an expectation (perhaps a false one) that approval would create huge institutional demand for BTC -- or for derivatives tied to BTC. I think the hype and disappointment around the rumors has a short-term effect on price, but won't fundamentally change things.

The Bitmain IPO is a separate matter entirely. It has no connection to the BTC price. In fact, the success or failure of Bitmain is becoming less relevant to Bitcoin all the time. Their miners are becoming less and less competitive, and they are planning to transition much of their business away from ASIC manufacturing and towards AI development.

the new IMO and Bitmain IPO does not at all scare core bitcoin or blockchain technology enthusiasts as it is just another test that they have designed their minds to conquer whenever and wherever it presents itself. i know the test will come up with positive results at the end of the day.

I do not see. The Chinese IPO will affect anything at Bitcoin or the market for crypto currency trading. Recently, we saw several deviations of the ETF in recent days, the SEC revised the decision to abandon the Bitcoin ETF. I just saw this information, maybe they will soon review and take bitcoin ETF. Bitcoin will soon get up But I think that the CBOE ETF will have a big effect.