Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[LFC_Bitcoin]

One of the critiques was from Professor Bitcorn stating that 50% of bitcoins are owned by less than 1000 people. Mark Zuckerburg alone owns almost 30% of Facebook and yet they are just fine with listing his little fund. Many companies list their stocks on the exchanges with most of the ownership belonging to two or three people.

And that high percentage number goes down over time as we all see the early adopters dump a large amount of their coins periodically.


I am willing to bet that they do not hold all future ETFs to such a high standard. I would be willing to write to the SEC during any open request for comments to ask if the new ETF fulfills all of the requirements that they rejected Bitcoin for.

Fuck that guy... what is his problem? Why is he even commenting on bitcoin after his ridiculous claims of BTC going to $10

Stolfi the filthy bastard. Idiot knew about bitcoin since the early days & didn't invest. He's just bitter AF that he didn't make serious money whilst it was staring at him in the face the whole time.

[york780]

Unbelievers are not welcome. BTC to 10k in 5 years.

[practicaldreamer]

Those that sold at $1350 and bought back at $975 - I'm absolutely facsinated at how you managed it. How did you know ?

Actually - forget it - you are talking out of your arses.

[European Central Bank]

Those that sold at $1350 and bought back at $975 - I'm absolutely facsinated at how you managed it. How did you know ?

Actually - forget it - you are talking out of your arses.

it was certainly a lot of fun to watch. since most of the exchanges crapped out they're probably talking out of their asses about their trading triumph too.

[practicaldreamer]

Re. Stolfi. He's carved out a niche for himself. Not many people understand crypto, and they welcome an "expert" like Stolfi to assure them that they needn't bother trying to understand crypto.
Stolfi is happy - and his minions are happy. Job done. A big pat on the back.

Its quite sad really.

[practicaldreamer]

While I'm at it - I'd just like to relate the fact that I think that in the aftermath of the ETF rejection the price holding at circa £1185 is very fuckin bullish indeed. Kind of makes me proud for some reason.

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

If I were gay I'd give them a big man hug 

[European Central Bank]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.

[Mahdi0]

FUCK THE ETF!

New ATH coming at ya this month or soon after. Better for all of us that this wall street bullshit did not screw things up for BTC in the long haul

[r0ach]

One of the critiques was from Professor Bitcorn

That guy doesn't seem to really know much about the technicals or fundamentals of bitcoin, but I actually agree with the ETF decision for a few reasons.  Bitcoin has no transaction finality or even eventual consistency since technically the entire chain can be re-written, and in order to make any claim of being decentralized (unlike Vitalikcoin), that's the way it has to be designed; so bitcoin does not, and probably never will, fit into any existing legal system.

[podyx]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.

Can't their ETF be approved later down the line?

[Killerpotleaf]

One of the critiques was from Professor Bitcorn

That guy doesn't seem to really know much about the technicals or fundamentals of bitcoin, but I actually agree with the ETF decision for a few reasons.  Bitcoin has no transaction finality or even eventual consistency since technically the entire chain can be re-written, and in order to make any claim of being decentralized (unlike Vitalikcoin), that's the way it has to be designed; so bitcoin does not, and probably never will, fit into any existing legal system.

thats almost like saying company XYZ can't be listed because half of the board can potentially leave to start a competing company, isn't it?

[Killerpotleaf]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.

Can't their ETF be approved later down the line?

technically ya.

but that would be a "completely different application"

i'm guessing  years from now MAYBE the SEC could be persuaded to reconsider.

[york780]

No , or they must make a new ETF and start the whole process over again. Not likely because of the money and time that they wasted on COIN. And we also have Solid X and Grewscale that are still running but they will likely also be denied because of bitcoin's small marketcap and its anomity.

[r0ach]

One of the critiques was from Professor Bitcorn

That guy doesn't seem to really know much about the technicals or fundamentals of bitcoin, but I actually agree with the ETF decision for a few reasons.  Bitcoin has no transaction finality or even eventual consistency since technically the entire chain can be re-written, and in order to make any claim of being decentralized (unlike Vitalikcoin), that's the way it has to be designed; so bitcoin does not, and probably never will, fit into any existing legal system.

thats almost like saying company XYZ can't be listed because half of the board can potentially leave to start a competing company, isn't it?

No, the term "consensus" is mostly a common shared delusion that can change into something completely different at any given time, and such a circumstance is not really compatible with a binary outcome legal system.  Bitcoin might also have to become inflationary to maintain any form of convergence after the block reward is gone, so whatever attributes were sold to ETF clients would be on false claims due to bitcoin still evolving as well.  If inflation is required, bitcoin would probably also fork off into all kinds of different chains at that point, from proof of stake to who knows what else.

It is not really written in stone that bitcoin is even a valid system yet, or that it won't be completely different and resemble nothing like how it started.  An ETF is kind of for a finished product without all the uncertainty - another reason I consider bitcoin a currency and not money.  Money doesn't fork.  I don't have to worry about Roger Ver sneaking into my silver or gold coins and forking them into...cheetos or some other unrecognizable molecular structure.

[infofront]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.

Yeah, right from the beginning, the SEC could've just said. "No way. We can't control bitcoin."

[r0ach]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

Not really, their dollar cost average is something like $100.  Even with these exchanges shallow order books, they can probably still send all their coins to every exchange on the planet and dump simultaneously while walking off into the sunset at a large profit.  I assume they will probably try to dump OTC, though.

[starmman]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.

Yeah, right from the beginning, the SEC could've just said. "No way. We can't control bitcoin."

I'm sure when market cap rises further they will be forced to change their minds - shame they didn't take the initiative earlier when given the opportunity. I guess a deflationary coin isn't what the feds want.

[Killerpotleaf]

the true reason for rejections is " we dont want help bitcoin in anyway, because we dont like it  "

[HI-TEC99]

Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.

it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.

Can't their ETF be approved later down the line?

technically ya.

but that would be a "completely different application"

i'm guessing  years from now MAYBE the SEC could be persuaded to reconsider.

The pdf with the rejection decision in says if Bitcoin gets a shitload more money thrown at it in the future the SEC might consider changing its mind. I'm sure if Bitcoin's value increases 100x the SEC will fast track another ETF.

https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf

The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop. Should such markets develop, the Commission could consider whether a bitcoin ETP would, based on the facts and circumstances then presented, be consistent with the requirements of the Exchange Act.

[york780]

Bitcoin will increase 100x in the upcoming years. Just have little pacience.