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Author Topic: Bitcoin ETF: SEC Receives 84% Negative Feedback on Application  (Read 14564 times)
davis196
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March 21, 2019, 06:01:48 AM
 #21

This whole ETF thing has gone from being so much desired with people eagerly waiting for it to a thing that only gets a meh! or a yawn!. Probably by the time one of them finally get the green light there will be no one left to clamp their hands.

And, why do we need those ETF? For "investor's money'"? For "Wallstreet"?
I remember how many were enthusiasts when CBOE launched its future options, about the same number as the ones blaming them afterward for dragging down the price..




That's right.We need a global mass bitcoin adoption before some ETF approval decision.
Having bitcoin ETF approved will prove the point that bitcoin is a "digital gold"/speculative tool and nothing more.We want bitcoin to be a fully functional currency used by millions of online/offline businesses and all their customers.This is the only way bitcoin will gain enough trust,so the institutional investors/Wall Street will adopt it.

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March 21, 2019, 09:27:14 AM
 #22

I see that some of the negative comments revolve around market manipulation and people losing money. I tend to agree with the assessment that there is market manipulation. But there is also market manipulation (by the big banks) in the forex market that goes unpunished. People losing money is hardly an argument also. Nobody is forcing anybody to invest or trade for short term gains.

That being said, I don't think that Bitcoin needs an ETF. ETF can be a hidden source of inflation and additional manipulation. So we are better off without it.

Of course there's market manipulation. Sellers want to get as high a price as possible and buyers want to maximize their purchases by getting in at the lowest price possible.

So it works both ways. Everyone was happy to take advantage of highly inflated prices in 2017 and early 2018, weren't they? I don't recall anyone complaining. But when it's on the other side, people lose money and cry foul. So typical.

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March 21, 2019, 01:14:24 PM
 #23


The industry’s enthusiasm for a Bitcoin ETF (exchange-traded fund) appears to be waning — if you judge that by the dearth of new comment letters to the Securities and Exchange Commission in support of the investment vehicle.

The SEC received just seven comment letters from the public in response to a solicitation for feedback it had requested in February 2019. Of those, six urged the agency to reject the application. (That’s around 84%.)


Reference: https://www.ccn.com/bitcoin-etf-sec-receives-84-negative-feedback-on-application
I think we should abandon this idea once and for all. Bitcoin was not created for the sole purpose of trading. And it's not a security. Bitcoin is money and should be used more in this genuine sense. Not to mention that SEC is the same organization that basically failed to do their job and let the crisis of 2008 hit the world. They keep saying they're good at what they do, but they're not. They ignored serious flaws making the real estate market a bubble, and now they just decided to stick to traditional stuff and not experiment with anything new. It's okay for us as the community, really. We don't need a regulated market of bitcoin traders anyway. We need people who believe in the future of this technology and its impact on everyday life.

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March 21, 2019, 01:35:29 PM
 #24

Meh, I just grew tired of waiting for this so called Bitcoin ETF's, however, I was quite surprised to see that it got 84% negative feedback on the application. I see someone trying to play mind games again, it could have been manipulated for all we know. However, as I have said, the excitement from all of this has waned out, so I don't know if people are still expecting a possible ETF's as it looks like SEC will not approved at this point with the same reasons as the previous rejected applications, - market is prone to manipulation.

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March 21, 2019, 01:36:46 PM
 #25

I think bitcoin does not need the ETF at all because without the ETF the crypto market continues to run, only if the ETF accepts it, the bitcoin will be more trusted by investors because so far the discussion in bitcoin-related ETFs is a matter of market manipulation, even though the manipulation can only by a number of large banks that we do not know that the bank has plunged into the cryptocurrency market.
What is the problem with BTC being trusted by investors? Right now we have whales, the only way to make market more stable is to increase the amount of those whales and the general market cap.
None of the major markets consist only from minor users.

Right. Though i doubt a lasting effect, i think a lot of investors outside the crypto community are looking in from the outside. And an approved etf will boost confidence in putting new money on the market. Don't see any harm in that.

 
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March 21, 2019, 05:52:10 PM
 #26

People are all writing about the negative feedback and no one gives a damn about the fact that it was SIX negative feedback, just SIX, nobody cares. Bitcoin ETF will not be the salvation for bitcoin for sure, you will not see bitcoin going to 20 thousand dollars or more in price as soon as Bitcoin ETF gets accepted, of course the price will move upwards a bit and maybe who knows it will move past one resistance and that is great but it won't be a huge deal.

Nobody in bitcoin business really cares about it and honestly I think it will only affect like 10% of whole crypto users anyway and god knows how much of that 10% will use it anyway. So, this is something that is important for maybe 2% of all of crypto users, the rest 98% will continue their lives like nothing happened.

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March 23, 2019, 06:31:17 PM
 #27

It is kind of press manipulation
There was only seven responds on SEC webiste
six of them were negative one was positive
There was above thousand comments previously around 90% was positive
It looks like people don't want to repeat his comments
It is only procedure SEC will do what SEC will like to do

 
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March 23, 2019, 07:20:53 PM
 #28

I think that the important piece is that it was based on only 7 opinions. What does it tell us?
For the most part, the public ignored the SEC. Out of thousands of US citizens who know what cryptocurrencies are, only 7 people/institutions gave feedback. To me it says a lot. Maybe nobody cares? Maybe nobody believe in the SEC seeking real help and knowledge? Maybe the community knows they will do what they want anyway, and their idea with public feedback is just good acting?

It looks like people don't want to repeat his comments
It is only procedure SEC will do what SEC will like to do

That's what I thought as well.

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March 23, 2019, 10:13:16 PM
 #29

Something I have noticed is the fact that there is less talk about ETF even on this forum, meanwhile Cryptos adoption is growing gradually ,It is better we have adoption driven by retail adoption than by some etf. Cryptos does not really need an etf as the institutions handling of crypto will remove it from the reach of the average Joe in the street
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March 24, 2019, 04:53:46 AM
 #30

I see that some of the negative comments revolve around market manipulation and people losing money. I tend to agree with the assessment that there is market manipulation. But there is also market manipulation (by the big banks) in the forex market that goes unpunished. People losing money is hardly an argument also. Nobody is forcing anybody to invest or trade for short term gains.

That being said, I don't think that Bitcoin needs an ETF. ETF can be a hidden source of inflation and additional manipulation. So we are better off without it.
I agree with you. Why do we need ETF funds while the BTC is on the right track and working normally. I feel that the ETF only has negative effects on Bitcoin.
currently the decentralized market is still very good and investors still earn a lot of money from the market.
no one will want to change it anymore.

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March 24, 2019, 05:19:43 AM
 #31

People are all writing about the negative feedback and no one gives a damn about the fact that it was SIX negative feedback, just SIX, nobody cares. Bitcoin ETF will not be the salvation for bitcoin for sure, you will not see bitcoin going to 20 thousand dollars or more in price as soon as Bitcoin ETF gets accepted, of course the price will move upwards a bit and maybe who knows it will move past one resistance and that is great but it won't be a huge deal.

Nobody in bitcoin business really cares about it and honestly I think it will only affect like 10% of whole crypto users anyway and god knows how much of that 10% will use it anyway. So, this is something that is important for maybe 2% of all of crypto users, the rest 98% will continue their lives like nothing happened.

Number does not matter but it will really matter what opinion these 6 people have expressed. If you count number then only "1" person is President but he got authority and make changes that million people cannot do.

Anyway , I am not at all the fan of bitcoin ETF, it is just money grab attempt by corporations and nothing to do with bitcoin.
Do you know , they are going to be paper ETF(you can just print 100 million bitcoins in paper or whatever please you)

It will be good if you read the below discussion.
https://bitcointalk.org/index.php?topic=4861485.msg

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March 24, 2019, 06:19:18 AM
 #32

I think bitcoin does not need the ETF at all because without the ETF the crypto market continues to run, only if the ETF accepts it, the bitcoin will be more trusted by investors because so far the discussion in bitcoin-related ETFs is a matter of market manipulation, even though the manipulation can only by a number of large banks that we do not know that the bank has plunged into the cryptocurrency market.
What is the problem with BTC being trusted by investors? Right now we have whales, the only way to make market more stable is to increase the amount of those whales and the general market cap.
None of the major markets consist only from minor users.

I don't think market will remain stable over a period of time. Let's say we handled over BTC by investors, don't you think it will become stable? Yes it is, on the terms if they want that price on certain period, but they can also pulled it down on their desired price.

It's all about inflation. I'm pretty sure SEC considered this, that's why the result is like this. It isn't time yet I guess for ETF.

Everything is being manipulated by the whales in this market. ETF will be approved but When ?
Well, ETF approval will take place just before the bull run is about to start. Investors and whales will have collected a lot of bitcoins and altcoins by that time. They will give the EFT approval news and it will be start of bull run. Maybe we see more than 1000$ increment of price of bitcoin on a single day when this news become viral.

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March 24, 2019, 02:20:12 PM
 #33

i think no more etf's acceptance or rejection is not very important. because it has been continually declined, therefore investors no longer care. but the steady rise of bitcoin, and the termination of futures it was good..  in my opinion etf will be accepted..

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March 24, 2019, 02:23:19 PM
 #34

I think that the important piece is that it was based on only 7 opinions. What does it tell us?
It can tell us few things. First is that people are confused that previous application is withdrawn, and new is submitted shortly thereafter. People who post comments before, most likely will not do it again because they will considered that a waste of time. Secondly, even the birds on the branch know that SEC do not care to much (or in general) for some comments, especially about something like it is bitcoin ETF. To live in the belief that the opinion of a small person can change something, means living in an illusion.

Thirdly, we should consider that very little time has passed from new application, and that this ETF case will probably last for maximum 240 days, which means that the number of comments will surely increase. (currently 12)

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March 24, 2019, 02:54:07 PM
 #35

i think no more etf's acceptance or rejection is not very important. because it has been continually declined, therefore investors no longer care. but the steady rise of bitcoin, and the termination of futures it was good..  in my opinion etf will be accepted..
People here may not care much about an ETF, but others do see an ETF approval as a major catalyst for Bitcoin and thus crypto in general. It admittedly would be cool to have, but we won't get it in its current form.

The only type of ETF that we can expect to be approved in the nexy couple of years is an ETF solely functioning as cash settled price tracker. These type of products are just as useless as the futures contracts we already have.

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March 24, 2019, 06:34:39 PM
 #36

I think that the important piece is that it was based on only 7 opinions. What does it tell us?
It can tell us few things. First is that people are confused that previous application is withdrawn, and new is submitted shortly thereafter. People who post comments before, most likely will not do it again because they will considered that a waste of time. Secondly, even the birds on the branch know that SEC do not care to much (or in general) for some comments, especially about something like it is bitcoin ETF. To live in the belief that the opinion of a small person can change something, means living in an illusion.

Thirdly, we should consider that very little time has passed from new application, and that this ETF case will probably last for maximum 240 days, which means that the number of comments will surely increase. (currently 12)


Those are very good points.

As for the comments, some of those counted as negative by the survey are actually pretty simple and childish. It's obvious that by asking for public opinion they were hoping for something more elaborate than "I don't want it, don't let it happen", but this is exactly what they got.

Hello,

I would like the committee to disapprove the proposed ETP. It has no value as a financial product let alone as a currency.

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March 24, 2019, 07:29:49 PM
 #37

Well, ETF approval will take place just before the bull run is about to start. Investors and whales will have collected a lot of bitcoins and altcoins by that time. They will give the EFT approval news and it will be start of bull run. Maybe we see more than 1000$ increment of price of bitcoin on a single day when this news become viral.

How do you know it will be approved before the bull run? It's empty speculation based on nothing but wild thoughts.

The SEC has been very clear with how they look at this market, and there is no way that we can satisfy them without players such as Bakkt and Nasdaq entering the space and actually generate solid volumes. Bakkt has to deal with regulatory doubts and concerns when it comes to the custodial part of their service, which will very likely need a couple of more monthe to satisfy the CFTC. In the 'worst case' scenario it could take all the way till next year with how Bakkt doesn't seem to enjoy much priority within the CFTC board.
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March 24, 2019, 11:54:14 PM
 #38

I myself dont personally dont have much interest in the bitcoin ETF and I have also said several time that I dont see the SEC accepting the ETF because it will literally be a terms which some powerful people will use to control or manipulation crypto market. In the case of CBOE and CME we also see some people who use the advantage of it to causes market down trend.
I think from the very start they really don't have plans to approve it, there were applications already before this noise made by the WV twins but still rejected. And most of the applications last year were rejected too and now that they ask for feedback, still negative.

With the delay and other reasons that SEC is coming up with the application of bitcoin ETF, we tend to lose interest to it. Now, most are coming up with that idea that we really don't need it.

Absolutely. Just like what i think, This scenarios is the result because of the SEC itself, last year they keep to buy some time about Bitcoin ETF just to make it looks like bad, and of course most of people already boring with this kind of news
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March 25, 2019, 12:05:07 AM
 #39

Quote
The industry’s enthusiasm for a Bitcoin ETF (exchange-traded fund) appears to be waning — if you judge that by the dearth of new comment letters to the Securities and Exchange Commission in support of the investment vehicle.

The SEC received just seven comment letters from the public in response to a solicitation for feedback it had requested in February 2019. Of those, six urged the agency to reject the application. (That’s around 84%.)

Inappropriate use of percentages, first of all, I'd say.

I don't necessarily think that the interest in bitcoin ETFs are waning due to these negative responses, which are not binding in any way since they are just comments. I think that the market is finally somewhat recognising the fact that the exchange traded funds, even if they were to be approved, will most likely be used by institutions and will not benefit the bitcoin blockchain or its users. This is in contrast of the market previously hyping up ETFs as if they were going to solve bitcoin's long term scalability problems or something.

I certainly don't believe it's very likely that an approval will occur in the near future given the previous precedents with the SEC's decision. Most people saying that it will somehow get approved this time round or whatnot are purely speculating, and have no tangible proof to back it up.
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March 25, 2019, 02:42:31 AM
 #40

I myself dont personally dont have much interest in the bitcoin ETF and I have also said several time that I dont see the SEC accepting the ETF because it will literally be a terms which some powerful people will use to control or manipulation crypto market. In the case of CBOE and CME we also see some people who use the advantage of it to causes market down trend.
I think from the very start they really don't have plans to approve it, there were applications already before this noise made by the WV twins but still rejected. And most of the applications last year were rejected too and now that they ask for feedback, still negative.

With the delay and other reasons that SEC is coming up with the application of bitcoin ETF, we tend to lose interest to it. Now, most are coming up with that idea that we really don't need it.

Absolutely. Just like what i think, This scenarios is the result because of the SEC itself, last year they keep to buy some time about Bitcoin ETF just to make it looks like bad, and of course most of people already boring with this kind of news
this is not the first time that ethics has been rejected, because it was previously rejected. in my opinion there is also a big scenario behind it, but I'm sure they will be pushed and will accept it later

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