What we learned from the Bitcoin ETF denial

[benperrin117]

An overview of the Bitcoin ETF and what it taught us about Bitcoin

https://www.youtube.com/watch?v=XXm5rgKpxiY

[Blawpaw]

I guess the main thing we learned with the SEC rejection for a Bitcoin ETF is that there is still a lot to be done before the governemnt can see Bitcoin has a good thing. We still need to educate the government on what is actually the potential of this new tech.

[olubams]

An overview of the Bitcoin ETF and what it taught us about Bitcoin

https://www.youtube.com/watch?v=XXm5rgKpxiY

The lesson that I see and can phantom that we have learned are the following:

1. There is always an after ETF whether it comes or not

2. The voice have been heard in places that matter and we are one step closer to adoption.

3. The strength of bitcoin is being tested against news as to volatility and so far we are not doing bad in my opinion.

[daveon]

Bitcoin is a level playing field. Cheat, lie and stealing doesn't work. Maybe government should try something other than cheating, lying, and stealing.

[~Bitcoin~]

Bitcoin is anonymous so transaction or source of bitcoin can't be tracked, SEC declined ETF because they want to have surveillance over bitcoin LOL
So we can assume that all other bitcoin ETF proposal will be rejected by SEC with same reason in future.

But who want bitcoin ETF to get approved? Bitcoin adoption will keep on growing constantly despite of government negligence towards bitcoin adoption.

[avinashponduru]

i dont think that ETF denial would show negative impact on bitcoin as some of the countries are regulating bitcoin in a legal manner. expecting a positive result

[Kprawn]

What we have learned, is that the SEC are a bunch of "Woosies" ...Who protects a small group of rich people and are shit scared of

the "unknown"  .... basically your average "Fiat" crowd. They see "Monsters" behind every bush and are blinded by the "Ghost" standing right

next to them. Gold are being or was manipulated by a few Cartels and you will find Gold ETF's....  ... Bitcoin was supposed to take the "power"

over money away from these assholes, but now people are sucking up to them for a quick profit.  .... This is why a small group of people will

have control over the majority of the riches of this world.

[BuySomeBitcoins]

The ETF decline was predictable, Bitcoin price can be manipulated, exchangers being hacked, countries restricting usage of bitcoins, bugs or exploits, the list is long.

The SEC will never approve an ETF of a crypto where somebody in africa can have hundred thousands of bitcoins (yes there are many).

Bitcoin is strong (stronger than I thought) and resisted multiple countries ban, regulations, even the ETF decline.


What we can learn from Bitcoin ETF Decline ?

Bitcoin does not need any approval, from any agency or any government, it is built to be independent, and guess what ? it is.
 


Lastly, we can all agree, that was an amazing publicity for Bitcoin, at buysomebitcoins.com we have lots of old people buying bitcoins and holding them.

[Zadicar]

I guess the main thing we learned with the SEC rejection for a Bitcoin ETF is that there is still a lot to be done before the governemnt can see Bitcoin has a good thing. We still need to educate the government on what is actually the potential of this new tech.

Educate the government about bitcoin?I think it would be still useless since now the rejection already means that they dont really like to accept bitcoin no matter what we do all know its advantages and disadvantages and government already sees that,the decide to reject because they know what would happen if they do accept it.No lesson learned here but for us bitcoin users we are really hoping for that approval but sadly it didnt happen at all.

[BuySomeBitcoins]

I guess the main thing we learned with the SEC rejection for a Bitcoin ETF is that there is still a lot to be done before the governemnt can see Bitcoin has a good thing. We still need to educate the government on what is actually the potential of this new tech.

Educate the government about bitcoin?I think it would be still useless since now the rejection already means that they dont really like to accept bitcoin no matter what we do all know its advantages and disadvantages and government already sees that,the decide to reject because they know what would happen if they do accept it.No lesson learned here but for us bitcoin users we are really hoping for that approval but sadly it didnt happen at all.

How about you get your shit together ?

First, Bitcoin was not decline by the govenement

A bitcoin based ETF was declined by SEC.gov - if you read instead of talk, you will see that Blockchain based ETF passed, yes they passed, for example "t0" by OverStock

The ETF decline was legit, the SEC exists to approve/decline proposals to protect investors, and Bitcoin is not built for WallStreet trading (go read the whitepaper).

 

[lionheart78]

One thing I learned about the Bitcoin ETF denial, and that is Bitcoin does not really need SEC ETF approval to be a stronger currency.  What Bitcoin should focus now is the scalability issue so that whenever Bitcoin got to the mainstream, there will be no hundreds of thousands or maybe even millions of transaction being unconfirmed for days.  To be approved ETF, SEC requires Bitcoin to be regulated and that is against the reason why Bitcoin is really created.

[bettercrypto]

I learned from the Bitcoin ETF denial that Bitcoin is not yet ready to be in mainstream.  There are still lots of work to be done, and it should be well regulated in order for SEC to approve Bitcoin ETF.  Aside from that I think it depends on the kind of proposal that was submitted to SEC.  The proposal should have showed that Bitcoin market can secure the funds that will be allocated to Bitcoin ETF.

[BuySomeBitcoins]

One thing I learned about the Bitcoin ETF denial, and that is Bitcoin does not really need SEC ETF approval to be a stronger currency.  What Bitcoin should focus now is the scalability issue so that whenever Bitcoin got to the mainstream, there will be no hundreds of thousands or maybe even millions of transaction being unconfirmed for days.  To be approved ETF, SEC requires Bitcoin to be regulated and that is against the reason why Bitcoin is really created.

The point of the Bitcoin ETF is not making Bitcoin stronger but accessible to traders on NYSE / NASDAQ just like other commodities, stocks and currencies.

I learned from the Bitcoin ETF denial that Bitcoin is not yet ready to be in mainstream.  There are still lots of work to be done, and it should be well regulated in order for SEC to approve Bitcoin ETF.  Aside from that I think it depends on the kind of proposal that was submitted to SEC.  The proposal should have showed that Bitcoin market can secure the funds that will be allocated to Bitcoin ETF.

Basically, you want Bitcoin to be like Paypal ? Regulations can not stop or block Bitcoin transactions, only prosecute users.

[bamboylee]

I learned that there will never be a bitcoin ETF because you cannot change the nature of bitcoin. There will be other ways to make bitcoin mainstream and get noticed by other people.

[cjmoles]

I learned that the bitcoin community is a little tougher than I thought....I was confident that the price would crash and waited too long to jump back in before it rebounded.  I don't think the world is ready for a currency that resists regulation so that's why the SEC denied the ETF.  Maybe the ETF will pass through at a later date when the world is ready....HODL

[Stedsm]

This shows that the road is too long before we ever get listed on such an exchange that would allow Bitcoins to be traded globally, but still, due to this initiative that Winklevoss brothers took, they knew that Bitcoins are sure to attract many new investors who were not knowing about it but would now be knowing, thanks to their ETF application which caught the eyes of everyone through mass media. Bitcoins have upgraded.

[monsanto]

We learned that the suits at the SEC aren't going to risk their careers on a crypto currency ETF.  We also learned, again, that almost all publicity is good publicity for bitcoin (as long as it doesn't involve exchange security).  Importantly, the ability of crypto to bring in new money apparently isn't close to being exhausted.  And we learned the SEC will wait years until the very last minute, of the very last day, of the very last deadline, to reject something.

[Pettuh4]

I guess there's a lot to be learnt but it also emphasizes the point that those in the helm of affairs wouldn't just pass anything that would hurt Bitcoin. I'm calling for the solution and hopefully we will arrive there soon.

[SyGambler]

the only thing I learned from ETF rejection is that the btc community is great considering the price now , cause many of us and a lot of youtubers were talking how the price should move to 900ish if ETF got denied , and here we are with the current price 
I was pretty sure that ETF won't get approved , but the price surprised me a lot

[BingoDog]

We have learned that governments are still not ready to fuly embrace bitcoin but also that this doesn't matter that much and that bitcoin is stable enough to survive such rejection. No big deal happened, no big dump and the perspective looks fine. That is the good lesson.