ETF Rejected

[d5000]

I'm not unhappy with that outcome, for two reasons.

First, I think Bitcoin is about decentralization and "anarchy", not about being a simple stock in a market. An ETF would have converted it into some kind of "official" speculation tool. I think a further growth on the speculation on the Bitcoin isn't important, it's more important to focus on an adoption in real-world usage.

And second, I think it wasn't the right moment for a FOMO rally like the one many predicted in the case of an ETF approval. Such a rally would have inevitably boosted transaction volume, and the bottlenecks because of the unsolved scaling discussion would have been much more visible. Media attention would have focused on the "limits" of Bitcoin, not on the potentials. And yes, I think Bitcoin's scalability problem can be solved - even without sacrificing the on-chain transactions paradigm (sidechains and altchains are the way to go for me, and LN for micropayments).

[staggerpines]

I want to buy some bitcoin, but coinbase is down for maitenance surprise surprise. 

[alyssa85]

I want to buy some bitcoin, but coinbase is down for maitenance surprise surprise. 

Well the exchanges are part of the problem - despite KNOWING that today would be a heavy trading day, they still weren't ready, which means the market isn't functioning properly because so many exchanges are down. Amateurs.

[Lionidas]

holding up not too bad 1144 stamp

Nope, blockchain.info just showed $1080 from $1253 it has been all day long.

Funny thing is on Yobit ETH and DASH are going up to 0.0166btc and 0.045btc  from 0.0144btc and 0.040btc respectfully.

[nomorepaper]

Just had a very unique experience. Was watching the gdax ticker and my bitcoin sitting at $1276 when things became an old cartoon. Do you remember when they showed the cash register and it was dropping so fast it became to hard for your eyes to make out the number? Well at $980 a $300 drop in about 1 minute that's what I just witnessed. That about of money in that amount of time wow. Best rollercoaster ride ever. Forget Six Flags. Hold tight!

[croTek4]

How do you manipulate the bitcoin price? Let an ETF sell them electronically... selling them 200:1 reserve ratio. This is not bad news.

Absolutely! This is great news. The bitcoin will have much more value without an etf.

[jonald_fyookball]

SEC decision is probably a good thing.  The Winklevoss could not demonstrate that
they could secure the Bitcoins strongly enough.

Can you imagine what a disaster it would be if the ETF was approved and later
had to declare bankruptcy because they couldn't produce the Bitcoins when
a whale wanted them?  

That would be a scandal of epic proportions.

[xezirone]

Alright China, time to open the markets so they can sell off too. I want to see a $200 BTC!!!

Yeah i'm totally agree with you, the time they open their markets it will be a big sell off too!!
Really i thought the ETF was going to be approved

[markj113]

[markj113]

SEC decision is probably a good thing.  The Winklevoss could not demonstrate that
they could secure the Bitcoins strongly enough.

Can you imagine what a disaster it would be if the ETF was approved and later
had to declare bankruptcy because they couldn't produce the Bitcoins when
a whale wanted them?  

That would be a scandal of epic proportions.

There would be a cash alternative get out clause like Comex.

[mrcash02]

The price started dropping even before the announcement. Who still thinks there isn't information leak?

Everyone should be prepared for this, we had two possibilities. The price going up a lot with the approvation and the dump with disapprovation, now we just need to do the best with what we have, in this case the low Bitcoin price, time to buy BTCs and hold for the next events.

[BitFinnese]

SEC decision is probably a good thing.  The Winklevoss could not demonstrate that
they could secure the Bitcoins strongly enough.

Can you imagine what a disaster it would be if the ETF was approved and later
had to declare bankruptcy because they couldn't produce the Bitcoins when
a whale wanted them? 

That would be a scandal of epic proportions.

Indeed I can call this rejection a blessings in disguise for Bitcoin, though we can really see a dump from here.  Those who speculated Bitcoin will be approved and buy Bitcoin thinking it will rise in price is now selling because of the fear of losing. 

How do you manipulate the bitcoin price? Let an ETF sell them electronically... selling them 200:1 reserve ratio. This is not bad news.

Absolutely! This is great news. The bitcoin will have much more value without an etf.

True, no regulation = wild fluctuation and there is no one limiting the price of BTC.  The best place for traders!

I'm not unhappy with that outcome, for two reasons.

First, I think Bitcoin is about decentralization and "anarchy", not about being a simple stock in a market. An ETF would have converted it into some kind of "official" speculation tool. I think a further growth on the speculation on the Bitcoin isn't important, it's more important to focus on an adoption in real-world usage.

And second, I think it wasn't the right moment for a FOMO rally like the one many predicted in the case of an ETF approval. Such a rally would have inevitably boosted transaction volume, and the bottlenecks because of the unsolved scaling discussion would have been much more visible. Media attention would have focused on the "limits" of Bitcoin, not on the potentials. And yes, I think Bitcoin's scalability problem can be solved - even without sacrificing the on-chain transactions paradigm (sidechains and altchains are the way to go for me, and LN for micropayments).

I do believe that regulation and Bitcoin does not go well.  This regulation is just contrasting Bitcoins definition of being decentralized.

[ArticMine]

The SEC does make some very valid points in their rejection without even considering the fact that the majority of the Bitcoin hashrate is behind the Great Firewall of China. Manipulation of Bitcoin prices on Chinese exchanges and the spread between XBT/CNY and XBT/USD could be considered a consequence of this. The concerns raised by the SEC here should also be of concern to those who believe BItcoin should exist outside of any government regulation.

[Yakamoto]

Not really surprised about this turnout to be honest, definitely some insider trading though, assuming you start looking at the charts and seeing what was going on before the announcement was publicized, at least according to the sources I have.

Down the price goes, to the $900/$1,000 we know and expect. Kind of sucks, but whatever. Maybe one day in the future.

[eddie13]

The price started dropping even before the announcement. Who still thinks there isn't information leak?

Everyone should be prepared for this, we had two possibilities. The price going up a lot with the approvation and the dump with disapprovation, now we just need to do the best with what we have, in this case the low Bitcoin price, time to buy BTCs and hold for the next events.

What low bitcoin price? Still looks pretty high to me..
Sure for a minute there if you were lucky enough to catch it..

[SHAWN-MIDWAYS]

The price started dropping even before the announcement. Who still thinks there isn't information leak?

Everyone should be prepared for this, we had two possibilities. The price going up a lot with the approvation and the dump with disapprovation, now we just need to do the best with what we have, in this case the low Bitcoin price, time to buy BTCs and hold for the next events.

What low bitcoin price? Still looks pretty high to me..
Sure for a minute there if you were lucky enough to catch it..

earlier today i saw the price trade over 1250 dollars and after getting this rejection news i see the price is now below 1100 dollars...not good scenes at the moment
but whatever the case bitcoins will recover after this panic wave comes to pass.

[darkangel11]

I'm not unhappy with that outcome, for two reasons.

First, I think Bitcoin is about decentralization and "anarchy", not about being a simple stock in a market. An ETF would have converted it into some kind of "official" speculation tool. I think a further growth on the speculation on the Bitcoin isn't important, it's more important to focus on an adoption in real-world usage.

And second, I think it wasn't the right moment for a FOMO rally like the one many predicted in the case of an ETF approval. Such a rally would have inevitably boosted transaction volume, and the bottlenecks because of the unsolved scaling discussion would have been much more visible. Media attention would have focused on the "limits" of Bitcoin, not on the potentials. And yes, I think Bitcoin's scalability problem can be solved - even without sacrificing the on-chain transactions paradigm (sidechains and altchains are the way to go for me, and LN for micropayments).

I couldn't agree more. Bitcoin didn't need the ETF, it was the traders, who were looking for an opportunity to earn some easy money. It's never that easy.
The price started going up last year long before anyone heard about the ETF. I see no reason to lose confidence in good old hypecoin because of some failed project to make it a stock.

[HarryKPeters]

The price started dropping even before the announcement. Who still thinks there isn't information leak?

Everyone should be prepared for this, we had two possibilities. The price going up a lot with the approvation and the dump with disapprovation, now we just need to do the best with what we have, in this case the low Bitcoin price, time to buy BTCs and hold for the next events.

What low bitcoin price? Still looks pretty high to me..
Sure for a minute there if you were lucky enough to catch it..

earlier today i saw the price trade over 1250 dollars and after getting this rejection news i see the price is now below 1100 dollars...not good scenes at the moment
but whatever the case bitcoins will recover after this panic wave comes to pass.

With the blocksize debate, miners controlling fees and becoming greedy. This is exactly what Bitcoin needs.
Like stated by the SEC, the market is still young and there is room in the future for a succesful ETF.

Luckily things will go back to normal and we can focus on the blocksize again.

[CyberKuro]

Yup just saw it on cnbc let the dump begin and if it goes low enought i might buy 1 bitcoin  

Well, I expected it could go down to around $800-$900 per BTC1. It is a good chance coming again to buy at the dip, I'm pretty sure it will hit below $1000 today or tomorrow. Too many flaws and problems to solve in bitcoin community before it could go forward through SEC approval.

[KennyR]

Everything unexpected has took place. The rejection of Etf has crashed the price movement downward. With the detailed description given the rejection price has fall below $1000 touching $975 from where it tumble to grow. Now seems to have a stable growth getting closer to $1100.