ETF Disaproved

[roland808]

There she blows....

[1715548393]

1715548393

[1715548393]

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[GMPoison]

Already down 8%.

[spazzdla]

$700 a coin HERE WE COME!

[Pab]

Bye https://www.sec.gov/rules/sro/batsbzx.htm

[swogerino]

Oh shittlz!
All that for nuthin'

[Rockie1234]

$700 a coin HERE WE COME!

I doubt that will happen. Firstly, the price is steadying around the $1,050 mark, not some sort of crash. Secondly, this is a failure, but nothing major. Just a company failing to get started. Even when Mt. Gox exited, leaving hundreds of thousands (millions?) robbed of bitcoin, the price of bitcoin only went down about 20-30%.  However, the ETF failure is a big shame, and it's not very surprising that the SEC denied this suggested amendment. After all, WHO would be disadvantaged if Bitcoin grew stronger?  

[yogg]

One commenter states that the market for bitcoin, by trade volume, is very shallow. This
commenter notes that the majority of bitcoin is hoarded by a few owners or is out of circulation.
The commenter also notes that ownership concentration is high, with 50 percent of bitcoin in the
hands of fewer than 1,000 people, and that this high ownership concentration creates greater
market liquidity risk, as large blocks of bitcoin are difficult to sell in a timely and market
efficient manner. This commenter claims that daily trade volume is only a small fraction of total
bitcoin mined.
This commenter also states that several fundamental flaws make bitcoin a
dangerous asset class to force into an exchange traded structure, including shallow trade volume,
extreme hoarding, low liquidity, hyper price volatility, a global web of unregulated bucket-shop
exchanges, high bankruptcy risk, and oversized exposure to trading in countries where there is no
regulatory oversight.

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

Yeah, thanks to such "commenters".. Did the SEC got that commenter in the Trump team ?

[marcus_of_augustus]

One commenter states that the market for bitcoin, by trade volume, is very shallow. This
commenter notes that the majority of bitcoin is hoarded by a few owners or is out of circulation.
The commenter also notes that ownership concentration is high, with 50 percent of bitcoin in the
hands of fewer than 1,000 people, and that this high ownership concentration creates greater
market liquidity risk, as large blocks of bitcoin are difficult to sell in a timely and market
efficient manner. This commenter claims that daily trade volume is only a small fraction of total
bitcoin mined.
This commenter also states that several fundamental flaws make bitcoin a
dangerous asset class to force into an exchange traded structure, including shallow trade volume,
extreme hoarding, low liquidity, hyper price volatility, a global web of unregulated bucket-shop
exchanges, high bankruptcy risk, and oversized exposure to trading in countries where there is no
regulatory oversight.

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

Yeah, thanks to such "commenters".. Did the SEC got that commenter in the Trump team ?

No. It was that loser Prof. BitKorn himself ... he of the "bitcoin is going to $10 fame".

[Victorycoin]

Would have been surprised if it were the other way round - imagine asking the authorities to put their stamp on Bitcoin. They don't dislike Bitcoin for nothing, it is actually a threat to their survival and relevance and I don't see them undoing themselves.

[marcus_of_augustus]

Would have been surprised if it were the other way round - imagine asking the authorities to put their stamp on Bitcoin. They don't dislike Bitcoin for nothing, it is actually a threat to their survival and relevance and I don't see them undoing themselves.

Why do you think they waited so long to say "No"?

[GMPoison]

Great outlook of the disapproval from someone on reddit:

Those who want Bitcoin will be "saved" from using central entities to hold them. It will motivate people to buy and hold themselves, which is a great thing and is a very positive outcome for decentralization and moving away from the existing banking cartel.

[jjacob]

$700 a coin HERE WE COME!

Nice smart recovery. Looks like we are going to stay at 4 digits, even after the ETF got rejected.
We are at $1130 now, and it is not too different from where we were a week back.

[lumeire]

$700 a coin HERE WE COME!

Nice smart recovery. Looks like we are going to stay at 4 digits, even after the ETF got rejected.
We are at $1130 now, and it is not too different from where we were a week back.

It's a good sign, but IMO the bear isn't over just yet, we're gonna play around this level at least up until next week I suppose.

[pitham1]

$700 a coin HERE WE COME!

Nice smart recovery. Looks like we are going to stay at 4 digits, even after the ETF got rejected.
We are at $1130 now, and it is not too different from where we were a week back.

It's a good sign, but IMO the bear isn't over just yet, we're gonna play around this level at least up until next week I suppose.

It is tough to decide whether the bad news has been fully factored in.
It has been close to 12 hours... Sufficient for most market participants to take in the news and decide on the strategy.

[maydna]

i can imagine if the price is down until reach $700-$800, i think the market is going to panic when they see the price is reach in lower than $1100 and it makes many trader getting prepare to sell their bitcoin. finally the market is really panic and there will be big selling from traders, i hope the price is not going to deep but if this is happen, then its the best time to buy bitcoin with cheap price and make it as our saving money until the trend is up again.

[Victorycoin]

Would have been surprised if it were the other way round - imagine asking the authorities to put their stamp on Bitcoin. They don't dislike Bitcoin for nothing, it is actually a threat to their survival and relevance and I don't see them undoing themselves.

Why do you think they waited so long to say "No"?

They were simply being cautious, Bitcoin's core attributes are not something one can easily overlook and evidently it was a struggle for them to reach the decision to disapprove the ETF. The aftermath of the rejection is that Bitcoin is now set to get even stronger, because their chief reason for saying no is actually the bedrock of our faith in Bitcoin - it is unapologetically unregulated!

[Dudeperfect]

I am ready to bet with anyone who is against my opinion that bitcoin will be above $1,200 at the end of this year. ETF's decision is important but it won't create long-term impact IMO. I can see rapid growth in the user base and new investors if bitcoin falls below the price mark $800.

[hase0278]

I am ready to bet with anyone who is against my opinion that bitcoin will be above $1,200 at the end of this year. ETF's decision is important but it won't create long-term impact IMO. I can see rapid growth in the user base and new investors if bitcoin falls below the price mark $800.

I agree with you. We might be able to see bitcoin again at 1200$ soon if things will take the right turn in my opinion, if Chinese don't dump their bitcoin once their exchanges are open we will see bitcoin again at price ranges 1100$-1200$ also there is the possibility that the price will fall to sub 1000$ but it will recover afterwards. So let's just wait what really will happen.

[Yuuto]

I am ready to bet with anyone who is against my opinion that bitcoin will be above $1,200 at the end of this year. ETF's decision is important but it won't create long-term impact IMO. I can see rapid growth in the user base and new investors if bitcoin falls below the price mark $800.

Yeah, sooner or later people will realise that the SEC is exactly the thing which bitcoin and block chain technology is designed to replace. We are all working towards a decentralised market, and the Sec in my opinion has to be replaced by a decentralised alternative as well.

The price of bitcoin is currently actually quite steady, at around 1.1k per coin. I simply do not see why what you've suggested cannot happen by the end of the year.

And the guy who said 700 here we come... Lol

[numismatist]

Would have been surprised if it were the other way round - imagine asking the authorities to put their stamp on Bitcoin. They don't dislike Bitcoin for nothing, it is actually a threat to their survival and relevance and I don't see them undoing themselves.

Why do you think they waited so long to say "No"?

Just a cliffhanger. In the sequel they will say "No" again, and again. And you can't even argue against their habit, since Bitcoin mostly positioned itself as an antagonist against their own plot.
Any ETF will never succeed.