Is the SEC straight fucking with us now?

[deisik]

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

They are hypocrites as they have always been

Realistically, though, they should have taken a decision they have taken. In this case, it should pretty evident to anyone with a (half) functioning brain that the primary reason that the twins filed an application for approving the Bitcoin mutual fund was their intent to move from basically a bag holder position into a bag giver position. I think if they wanted they could just manage someone else's money but then they would be personally responsible before that investor, and this is likely not what they may be looking for. Nevertheless, they have 100M dollar worth of bitcoins, so what prevents them right now from doing basically the same what the Bitcoin ETF is supposed to be doing anyway (i.e. earning cash via Bitcoin operations, for example, trading)?

[lordquanta]

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.

SEC has taken decision to protect the investors. Now it is interesting to understand who are these investors? These are high profile financial institutes, big banks who rules and regulate the market. Stock market or commodity market was never for common man, it was always a tool for these financial investors to earn profit. SEC did just that they protected the interest of investors.
Anyway bitcoin in its nature is decentralized and cannot be regulated thus it becomes a lose canon for SEC if anything goes wrong with bitcoin.

[bravehearth0319]

is bad bitcoin price crash and down price after SEC rejected
what is the future about bitcoin, what is SEC or USA can closed all exchanger

I think SEC is not trying to fucking with us now, Maybe because during the time that they've been thinking about how are they gonna have benefit into bitcoin. But I remembered what I read in the cointelegraph saying that " Thanks SEC for reminding us that Bitcoin isn't controlled by wall street. Now lets get back to business." This make sense, right? the hell we care

[youdacapt]

is bad bitcoin price crash and down price after SEC rejected
what is the future about bitcoin, what is SEC or USA can closed all exchanger

I think SEC is not trying to fucking with us now, Maybe because during the time that they've been thinking about how are they gonna have benefit into bitcoin. But I remembered what I read in the cointelegraph saying that " Thanks SEC for reminding us that Bitcoin isn't controlled by wall street. Now lets get back to business." This make sense, right? the hell we care

Certainty of SEC decision is an incentive from ETFbtc to go to Wall Street, if the decision is approved, it will bring volume greater from investor, but unfortunately it didn't happen. I welcome the rejection decision with positive feedback, bitcoin back to state as usual, where there is no regulation of the market means not kill bitcoin technological innovation.

[deisik]

is bad bitcoin price crash and down price after SEC rejected
what is the future about bitcoin, what is SEC or USA can closed all exchanger

I think SEC is not trying to fucking with us now, Maybe because during the time that they've been thinking about how are they gonna have benefit into bitcoin. But I remembered what I read in the cointelegraph saying that " Thanks SEC for reminding us that Bitcoin isn't controlled by wall street. Now lets get back to business." This make sense, right? the hell we care

Certainty of SEC decision is an incentive from ETFbtc to go to Wall Street, if the decision is approved, it will bring volume greater from investor, but unfortunately it didn't happen. I welcome the rejection decision with positive feedback, bitcoin back to state as usual, where there is no regulation of the market means not kill bitcoin technological innovation

That is a big IF on its own

I obviously don't refer here to whether this decision is approved or not (since it is not approved already), I'm doubtful that this ETF would necessarily bring more money into Bitcoin. It seems to an overall assumption across the forum to be so, but why would the institutional investors ever want that? Do we see many big fish going into Bitcoin right now (of George Soros and Warren Buffett caliber)? Apart from the Winklevoss dudes themselves, there is none, therefore, there is absolutely no reason to think that the Bitcoin ETF, should it have gotten approved, would bring in any substantial amounts of fresh money. No matter how interested we could be in that, we should remain realists, in the first place

[The_Dark_Knight]

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 markets is not a market it is an important market, personally I don't think the news itself was the reason behind it, it was just an excuse for traders to crash the market, get their profits and buy again at a cheaper price.

[dearbesz1219]

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.

I don't think that Sec is fucking with us, maybe they've been thinking a lot of things of where and how they're gonna get a benefit of bitcoin once they approve it, are they able to make bitcoin centralize? Something like that. But that's not what happen, instead bitcoin proved only that it can't be control even the government of each country, nor other private sectors.

[ekaterina77]

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.

I don't think that Sec is fucking with us, maybe they've been thinking a lot of things of where and how they're gonna get a benefit of bitcoin once they approve it, are they able to make bitcoin centralize? Something like that. But that's not what happen, instead bitcoin proved only that it can't be control even the government of each country, nor other private sectors.

You need to decide what you want from Bitcoin. Or the legalization and tranquil use of bitcoin, or to keep and use your coins secretly from the government. If the government recognizes bitcoin, then users will lose some of the virtues of bitcoin.

[GreenBits]

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.

I don't think that Sec is fucking with us, maybe they've been thinking a lot of things of where and how they're gonna get a benefit of bitcoin once they approve it, are they able to make bitcoin centralize? Something like that. But that's not what happen, instead bitcoin proved only that it can't be control even the government of each country, nor other private sectors.

On the mark. It's out of the bag already, since they can't do too much to regulate at this point, adoption for them doesn't really offer any advantages. But, the hesitant hand with definitive regulation does alot to keep the price in check when the right people get a chance to position into bitcoin like they want to (and when regulations address how corporate entitities can hold/speculate with cryptos), you will see a slew of regulation, and institutional investor interest.

[7788bitcoin]

I think SEC is also trying to learn from us and I guess bitcoin is still not matured enough for them. Two rejections gave us their message. However, time is on our side and they will soon realize this.

Let's don't give up hope and try again!

[X-ray]

I think SEC is also trying to learn from us and I guess bitcoin is still not matured enough for them. Two rejections gave us their message. However, time is on our side and they will soon realize this.
Let's don't give up hope and try again!

Learn for what? Otherwise, we must learn from the SEC decision about the Bitcoin ETF. There are some aspects were prevent SEC from accepting bitcoin for the WallStreet person

https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm#.

[deisik]

I think SEC is also trying to learn from us and I guess bitcoin is still not matured enough for them. Two rejections gave us their message. However, time is on our side and they will soon realize this.

Let's don't give up hope and try again!

Why should we try again?

Why should we try at all in the first place? I understand why some folks who have 100M dollars invested in bitcoins can be striving for an ETF, but should we ever want some SEC interfere with Bitcoin at all? As it seems to me, Bitcoin can live well enough without any ETF (and SEC, for that matter) sticking around. I don't have anything against people creating Bitcoin mutual funds or anything similar which involves managing other people money, but I'm highly suspicious of any activity which involves billing and cooing with some government agency about Bitcoin. This doesn't bode well for it

[rickadone]

In my understanding, SEC wants bitcoin get established in terms of regulation. Due to the decentralized characteristics of bitcoin ecosystem, it would be obvious that in any government's view bitcoin is still in its early stage like not having any set of rule for emergency downfall or no uniform procedures for any management related decisions across exchanges.

Bitcoiners foresee there will be no regulations needed but governments want corporate standard for regulations.

Until SEC understands how bitcoin is working, I guess there will be no changes we could expect from them on approving bitcoin ETF.

[Deja]

I believe Bitcoin doesn't depends on being listed on any centralized stock exchange and the current price reflects it, Bitcoin is a p2p network not any financial regulated bond or currency, Bitcoin and crypto ecosystem should look for a decentralized exchange giant in the future not looking into current stock market.

[Xester]

In my understanding, SEC wants bitcoin get established in terms of regulation. Due to the decentralized characteristics of bitcoin ecosystem, it would be obvious that in any government's view bitcoin is still in its early stage like not having any set of rule for emergency downfall or no uniform procedures for any management related decisions across exchanges.

Bitcoiners foresee there will be no regulations needed but governments want corporate standard for regulations.

Until SEC understands how bitcoin is working, I guess there will be no changes we could expect from them on approving bitcoin ETF.

The disapproval of SolidX ETF was the second time that occurred to bitcoin.  The first was the Twin etf and was junked also by the Securities and Exchange Commission months ago. We cannot deny that bitcoins nature itself being a decentralized currency has freed itself from any regulations and has also freed itself from the SEC's approval. We do not need ETF what we want is just bitcoin to survive.

[dearbesz1219]

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.

For me it doesn't matter if SEC fucking with us or not, Actually we supposed to be thankful to SEC anyhow. WHY? Because of what they did to ETF, SEC showed only how powerful bitcoin is, imagine because of bitcoin decentralization sec has no match in it.