Is the SEC straight fucking with us now?

[Xester]

Why are they taking SO long to take a god damn decision? Why can't these old fucks hurry up and tell us what's up? It's friday night, I don't feel like siting on my computer for the rest of the day, just give us a god damn verdict you pricks, and you better approve or else you'll look like retards eventually by not accepting this post-bitcoin reality. You can't stop it.

Well eventually bitcoin ETF was dumped by the United States of Americas Security and Exchange Commission or SEC. I dont get the clear reason why they disapprove the bitcoin ETF. In my opinion it is possibly because of bitcoins volatility and the SEC is worrying that this kind of bitcoin nature will cause many investors to big a loss amount when the sudden volatility occurs.

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[Iranus]

Why are they taking SO long to take a god damn decision? Why can't these old fucks hurry up and tell us what's up? It's friday night, I don't feel like siting on my computer for the rest of the day, just give us a god damn verdict you pricks, and you better approve or else you'll look like retards eventually by not accepting this post-bitcoin reality. You can't stop it.

Well eventually bitcoin ETF was dumped by the United States of Americas Security and Exchange Commission or SEC. I dont get the clear reason why they disapprove the bitcoin ETF. In my opinion it is possibly because of bitcoins volatility and the SEC is worrying that this kind of bitcoin nature will cause many investors to big a loss amount when the sudden volatility occurs.

It's definitely partially that, but I think their main reasons were concerns with fraud and protecting the safety of their investors.

The reasons they gave are unfortunately based around the fundamental nature of Bitcoin which makes me less confident that they'll ever approve the ETF in the future.  They said "the rules of a national securities exchange [should] be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest".  They also noted that "those markets should be regulated".

[panju1]

Why are they taking SO long to take a god damn decision? Why can't these old fucks hurry up and tell us what's up? It's friday night, I don't feel like siting on my computer for the rest of the day, just give us a god damn verdict you pricks, and you better approve or else you'll look like retards eventually by not accepting this post-bitcoin reality. You can't stop it.

Well eventually bitcoin ETF was dumped by the United States of Americas Security and Exchange Commission or SEC. I dont get the clear reason why they disapprove the bitcoin ETF. In my opinion it is possibly because of bitcoins volatility and the SEC is worrying that this kind of bitcoin nature will cause many investors to big a loss amount when the sudden volatility occurs.

Yes, it is their primary job to protect investors. They have just played safe in this case by rejecting the ETF.
You cannot blame them for doing their job.

[deisik]

It's denied for those of you that didn't see the $200 crash and can't seem to google anything. They fucked around and in the end said they wouldn't do it because it didn't abide by their 4580 rules ... who gives a fuck. Bitcoins are unregulated but they want them to be regulated before it's approved. It's never going to happen, but the ETF will happen eventually.

I don't understand all this indignation and frustration at the SEC rejection

Or did you guys really hope that ordinary people which typically don't have a clue about financial markets in particular and investments in general would be allowed to rush into Bitcoin, thus making Bitcoin prices skyrocket? The SEC is not there to let you, self proclaimed "early adopters", quickly jump from zero to hero, from rugs to riches at someone else's expense. You should have been extremely lucky to jump on the Bitcoin bandwagon really early and stay through all the pain to reap the fruits when the right time comes

[Zadicar]

Why are they taking SO long to take a god damn decision? Why can't these old fucks hurry up and tell us what's up? It's friday night, I don't feel like siting on my computer for the rest of the day, just give us a god damn verdict you pricks, and you better approve or else you'll look like retards eventually by not accepting this post-bitcoin reality. You can't stop it.

Well eventually bitcoin ETF was dumped by the United States of Americas Security and Exchange Commission or SEC. I dont get the clear reason why they disapprove the bitcoin ETF. In my opinion it is possibly because of bitcoins volatility and the SEC is worrying that this kind of bitcoin nature will cause many investors to big a loss amount when the sudden volatility occurs.

Yes, it is their primary job to protect investors. They have just played safe in this case by rejecting the ETF.
You cannot blame them for doing their job.

This is also the thing that puts in my mind in the rejection of ETF and honestly i do think this stuff already when we are still waiting on their decision and now those speculations and insights are true and they did reject which i really expect from them since they do know the effects if they would decide to accept it.

[pereira4]

Those bastards did what I expected. Delaying the damn thing for hours, waited for the markets to close so people can't buy the dip, and then boom there you go, the crash happens.

It was great to see bitcoin recover so quickly. Bitcoin comes out stronger than before thanks to the ETF rejection after all. Fuck them bureaucrats, we dont need them to go the moon.

[harizen]

It was great to see bitcoin recover so quickly. Bitcoin comes out stronger than before thanks to the ETF rejection after all. Fuck them bureaucrats, we dont need them to go the moon.

As it was already told, even no ETF related thing happen, bitcoin will definitely move forward.

The price increase that happen starting from $500 couple of years ago up to today at $1,000 above mark doesn't have that ETF speculation thing so basically it's just an event but not to take as the main thing that will make bitcoin price to crash deeply like others trolls said. They even think that dissapproval by the SEC will be the end of this price rally trend. Look at how price just recover for only minutes after it was brought down to below $1,000.

We can clearly see how strong the resistance is at above $1,000. This is really what you called a literal "established support".

[deisik]

Those bastards did what I expected. Delaying the damn thing for hours, waited for the markets to close so people can't buy the dip, and then boom there you go, the crash happens.

It was great to see bitcoin recover so quickly. Bitcoin comes out stronger than before thanks to the ETF rejection after all. Fuck them bureaucrats, we dont need them to go the moon

You seem to be misunderstanding the whole shebang

What you consider as Bitcoin coming out stronger is no more than Bitcoin manipulators letting the market go off leash for some time (i.e. right now). Did you notice how the price had surged a few hours before the SEC announced their decision? It was iconic (so to speak) example of genuine market manipulation. People had been waiting for a sign that somehow SEC was going to approve this wretched ETF. They saw the price rising and bought into this believing that insiders were buying up bitcoins before the price hit the sky. While in reality they had been stripped off of their money as per usual. If there were no such manipulation, the price wouldn't have gone down even 50 dollars after the decision was finally announced. Most likely, it would just remain where it is now, i.e. around 1,200 dollars per coin

[David Rabahy]

What's the big deal?  GBTC has been/is available right now.  Yes, the GBTC 2% per year fee is obnoxious and I would have preferred the 0.4% per fee on COIN but so it goes.  If any investors want in bad enough then they can already get in via GBTC.  The lower annual fee of COIN isn't that big a deal.

[The_Dark_Knight]

I don't want to badmouth anyone. No way around it, I'm afraid.  

This is what governments always do.

They use things like legalized marijuana, gay marriage, healthcare and bitcoin ETF's as bargaining chips.

They stall and sabotage progress until the public is desperate enough to accept a bill legalizing marijuana/gay marriage/healthcare reform/bitcoin ETF's funded by 20 tax hikes which diminish Constitutional rights & freedom.

Its what happened with obamacare. They waited and stalled healthcare reforms for decades until americans were desperate enough to accept anything. And what they got were 20 tax hikes, ridiculous regulations which decreased market competition and setup healthcare more into a system of state sanctioned monopolies, which prohibited industry advancement and increased costs, with very few improvements on healthcare for consumers.

I was foolish to be optimistic about the SEC approving it.

The whole point of bitcoin is to be a counter force to the currencies of the governments, while ETF approval would have put more money in the bitcoin economy and our pockets, so what if it was denied? Anyone that wants to invest in bitcoin can do so now, we did not lost a thing by the decision.

[LeGaulois]

Most of us are disappointed with the SEC decision, but let's be honest. We were just thinking about our own ass, hoping a big incrase of the bitcoin price and basically just don't give a shit about others things... I am finally not surprised with the decision to be honest. It could have helped with seeing some big investors coming but just "could". It is a conditionnal statement and not a "directive" that would happened if the decision was ok.
At the end, do we really need the SEC approval for the future of bitcoin ? No

[buwaytress]

Well that was it.  Sadly SEC just saw Bitcoin market not complying with their standard policies to be approved.  And they do not want to adjust for Bitcoin sake.  Aside from seeing flaw from inconsistency of proposal, the history of unregulated market make it worst.  Anyway, just another set back of Bitcoin but well I think we need to move on now.

Here is added news about it.

Meh, I don't see it as a setback, but the market obviously did.  However, as I write this we're rebounding nicely.  This is actually like just another volatile day in bitcoinland.  Down $100, up $100.  I don't see the real importance of having an ETF other than allowing gigantic whales to enter an otherwise very small market.  But we'll see.  We could go sub-$1000 soon.

More like down 200 up 150 the way I logged in and was surprised by the (very) temporary effect of this news. It is slightly strange that something only in the US would move the market the way it did. Sure it wasn't just the appreciation of the USD in general?

[Xester]

Most of us are disappointed with the SEC decision, but let's be honest. We were just thinking about our own ass, hoping a big incrase of the bitcoin price and basically just don't give a shit about others things... I am finally not surprised with the decision to be honest. It could have helped with seeing some big investors coming but just "could". It is a conditionnal statement and not a "directive" that would happened if the decision was ok.
At the end, do we really need the SEC approval for the future of bitcoin ? No

That is right and we cannot really blame the Sec for not approving the ETF. Before any approval any applications will undergo a rigid process and study if they will pass the standard requirement of the SEC. But since the ETF did not received approval we should just accept that the SEC is just doing its job and are just concerned about the safety of the public.

[deisik]

Well that was it.  Sadly SEC just saw Bitcoin market not complying with their standard policies to be approved.  And they do not want to adjust for Bitcoin sake.  Aside from seeing flaw from inconsistency of proposal, the history of unregulated market make it worst.  Anyway, just another set back of Bitcoin but well I think we need to move on now.

Here is added news about it.

Meh, I don't see it as a setback, but the market obviously did.  However, as I write this we're rebounding nicely.  This is actually like just another volatile day in bitcoinland.  Down $100, up $100.  I don't see the real importance of having an ETF other than allowing gigantic whales to enter an otherwise very small market.  But we'll see.  We could go sub-$1000 soon.

More like down 200 up 150 the way I logged in and was surprised by the (very) temporary effect of this news. It is slightly strange that something only in the US would move the market the way it did. Sure it wasn't just the appreciation of the USD in general?

The US dollar seems to be rock solid nowadays (i.e. neither here nor there)

Therefore, Bitcoin price swings are entirely due to its own change in value. Regarding the temporary effect of the news about the SEC not approving the ETF, that should have really been expected. Apart from the obvious price manipulation just before and right after the news came out, there shouldn't have been much change anyway. Primarily because a negative decision had already been priced in and accounted for. If the ETF had been approved, however, that would certainly push the price a lot higher, but without the approval we are basically where we were and things go on as per usual

[Idrisu]

If you are not following the news?  ETF was soothed down by American security and exchange commission on 10th march 2017. But did you know that market could not even move as the prophets of doom has prophesied before the news was broken last week. Bitcoin is a decentralized crypto currencies and treat as stock will undermined it value as money.

[Junko]

Apparently Bitcoin, the Honey Badger of currencies, doesn't give a fnck about the SEC or ETF denial. It just keeps on keeping on. It wasn't dependent on an ETF approval in the previous 8 years of its existence. Why should it have to be now?

[HaXX0R1337]

If you are not following the news?  ETF was soothed down by American security and exchange commission on 10th march 2017. But did you know that market could not even move as the prophets of doom has prophesied before the news was broken last week. Bitcoin is a decentralized crypto currencies and treat as stock will undermined it value as money.

I guess the thread is started before the SEC rejected the ETF and he could not possibly know the news which was delivered .If the SEC was fucking with bitcoin they should have rejected long back and since they rejected it at the day of decision makes me think that they are really confused and wanted to wait a bit to accept it and once it is approved it will be a major decision and could have some major implications in the economy.

[2dogs]

Apparently Bitcoin, the Honey Badger of currencies, doesn't give a fnck about the SEC or ETF denial. It just keeps on keeping on. It wasn't dependent on an ETF approval in the previous 8 years of its existence. Why should it have to be now?

True words.

I for one am happy that they rejected the EFT.
That would have made it very easy to manipulate, just like the gold EFT.

[jaysabi]

Why are they taking SO long to take a god damn decision? Why can't these old fucks hurry up and tell us what's up? It's friday night, I don't feel like siting on my computer for the rest of the day, just give us a god damn verdict you pricks, and you better approve or else you'll look like retards eventually by not accepting this post-bitcoin reality. You can't stop it.

Well eventually bitcoin ETF was dumped by the United States of Americas Security and Exchange Commission or SEC. I dont get the clear reason why they disapprove the bitcoin ETF. In my opinion it is possibly because of bitcoins volatility and the SEC is worrying that this kind of bitcoin nature will cause many investors to big a loss amount when the sudden volatility occurs.

It's because the SEC's mandate is to protect investors, and there's no way they can do that with bitcoin. They cite the fact that the exchanges that bitcoin currently trades on are unregulated and subject to manipulation, and that there's no way to discern the forces behind bitcoin price movements due to it's anonymous nature, as major reasons a bitcoin ETF would be not suitable for them to approve at this time. Keep in mind, there are still two other bitcoin ETF proposals that have been submitted to them and are still pending, but you should anticipate the same result. I don't find it terribly important, this alone is not a large stumbling block in bitcoin's future compared to the ones it creates itself.

[jaysabi]

Those bastards did what I expected. Delaying the damn thing for hours, waited for the markets to close so people can't buy the dip, and then boom there you go, the crash happens.

It was great to see bitcoin recover so quickly. Bitcoin comes out stronger than before thanks to the ETF rejection after all. Fuck them bureaucrats, we dont need them to go the moon.

Bitcoin doesn't have trading hours, and the markets don't close for bitcoin trading. It's standard operating procedure for major decisions like this to be released after market close on a Friday to give traders a chance to digest the news over the weekend to tamp down on volatility, but that doesn't even matter in this case since bitcoin doesn't have trading hours and the exchanges never close. Nothing the SEC did stopped anyone from buying the dip, and to those who did, congratulations on your easy gain in the hours that followed.