ETF Disaproved

[Victorycoin]

$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 is so interesting to note that bitcoiners have so much faith in Bitcoin and held on to their coins inspite of the ETF disapproval. The much talked about sell-off, dump and even outright death of Bitcoin should the ETF fail is now like the millennium bug. As I write, Bitcoin is back at  $1,191.83 at Coindesk, everyone fasten your seat belts for some cruise

All the forces in the world are not so powerful as an idea whose time has come. Victor Hugo
Read more at: https://www.brainyquote.com/quotes/quotes/v/victorhugo136258.html

[Humanxlemming]

$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 is so interesting to note that bitcoiners have so much faith in Bitcoin and held on to their coins inspite of the ETF disapproval. The much talked about sell-off, dump and even outright death of Bitcoin should the ETF fail is now like the millennium bug. As I write, Bitcoin is back at  $1,191.83 at Coindesk, everyone fasten your seat belts for some cruise

All the forces in the world are not so powerful as an idea whose time has come. Victor Hugo
Read more at: https://www.brainyquote.com/quotes/quotes/v/victorhugo136258.html

Yeah all bitcoiners still not selling her bitcoin and also not a panic seller, we need to keep to 4 digits price of bitcoin to recover all the lose down price, im thingking why ETF disaprove anyone can explain it

OT!!!  Just saying to all bitcoiners make our bitcoin as brother/sister altrough make it as family and don't let other people still it

[aesma]

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 ?

Everything said is true, is it not ?

I think the main problem is the hoarding. Not that I blame hoarders, at my small level I'm hoarding too.

[yogg]

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.

Everything said is true, is it not ?

I think the main problem is the hoarding. Not that I blame hoarders, at my small level I'm hoarding too.

Well, when I read this part I quoted, and replace BTC with USD or EUR, it's still true, except for the numbers.
50 percents of the USD is in the hands of fewer that even 100 people ...

I do not understand why these arguments are to blame BTC whilst they apply to how things currently are ...

[U2]

Shit. I saw the price and knew it had been declined. There was a decent recovery afterwards though. It's a good thing bitcoiners don't give a shit about the SEC regulations. Unregulated bitcoins are the best bitcoins.

[AdolfinWolf]

$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 is so interesting to note that bitcoiners have so much faith in Bitcoin and held on to their coins inspite of the ETF disapproval. The much talked about sell-off, dump and even outright death of Bitcoin should the ETF fail is now like the millennium bug. As I write, Bitcoin is back at  $1,191.83 at Coindesk, everyone fasten your seat belts for some cruise

All the forces in the world are not so powerful as an idea whose time has come. Victor Hugo
Read more at: https://www.brainyquote.com/quotes/quotes/v/victorhugo136258.html

Yeah all bitcoiners still not selling her bitcoin and also not a panic seller, we need to keep to 4 digits price of bitcoin to recover all the lose down price, im thingking why ETF disaprove anyone can explain it

OT!!!  Just saying to all bitcoiners make our bitcoin as brother/sister altrough make it as family and don't let other people still it

I don't see the ETF being denied as a big problem if were looking at the price it has already recovered for 50%, and i'm sure we'll be back at 1250 in a couple weeks. What concerns me more is that bitcoin is going to be seen as something like gold these days, and not an actual currency, ( in terms of transaction fees for example which are very high) So i'm hoping we can see segwit very soon, which will hopefully result in more adoption as bitcoin as a currency, not an investment.

[bitcoinvest]

Believe it or not still have mixed feelings about this recovery, in my mind i expected to have a second dump that would be very logical.
Instead we have stable situation and i think that this can be meaning that IF would be another dump will be really bad this time, or we are so strong than we recovered easy after bots relaxed

[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"?

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.

Yeah, I wouldn't be so sure of that. SEC is merely an enforcement arm of the state, not judicial or legislative. It's like going to the cops and asking if you can smoke a dooby in front of them ... unless the cops are you buddies (or dealers) they're gonna throw you in their cruiser.

SEC doesn't write the laws or even adjudicate on it. They are merely expected to interpret and enforce the Acts of Law.

Do not be surprised if the SEC get sued by the Winklevoss or some other court action going to higher authorities is now going to get set in motion. Hence the reason why it went all the way to a forcing a refusal out of SEC. A simple 'withdrawn' ETF request has no standing in law. Then again SEC is going to be soon populated with Trump appointees who will be especially against over-regulation and may simply overturn these Obama appointees politicised decisions anyway.

[aesma]

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.

Everything said is true, is it not ?

I think the main problem is the hoarding. Not that I blame hoarders, at my small level I'm hoarding too.

Well, when I read this part I quoted, and replace BTC with USD or EUR, it's still true, except for the numbers.
50 percents of the USD is in the hands of fewer that even 100 people ...

I do not understand why these arguments are to blame BTC whilst they apply to how things currently are ...

I don't think so. Billionaires own companies, they own stock, they own real estate, they don't own millions of 100$ bills.

BTC is hoarded like a commodity, not like a currency.