Time for people to start using https://byteball.org
SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
41–50 of 357 posts
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#42Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. Wow. From the ruling.... > First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. > Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulat…
I don't look at bitcoin as a currency I look at it as a fungible reserve like Gold or a Rolex. Both of those things usually appreciate in value, especially in uncertain times; I'll be using this price decrease to buy more I think.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#43Here's the basic thing: Bitcoin is fatally flawed. Is it meant to be a payment method (in which case an ETF or otherwise treating it as an investment vehicle is roughly as nonsensical as having an ETF that deals with blank checks) or is it an investment (and if it's an investment, what on earth are people investing in?). The volatility of Bitcoin plus the constrained supply leading towards upwards pressure on the pri…
How is Bitcoin significantly different from gold?
I suppose gold does get used for something.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#44Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. Wow. From the ruling.... > First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. > Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulat…
So yeah, it looks like this ruling will prevent any commodity linked ETF from being approved without surveillance on a regulated exchange.
So that's not likely not gonna happen ever. The ruling kills any other bitcoin/virtual asset ETF from getting approved as well.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#45Earlier quoted context omitted.
Why is it seen as a safe haven? Like if the internet got broken up, Bitcoin would be even harder to use safely.
it's much more liieky a country will default or fal ito chaos (5 countries nearly did in 2011 during the European debt crisis) than the internet suddenly ceasing to exist or being broken up.
A small country defaulting isn't global destabilization.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#46Here's the basic thing: Bitcoin is fatally flawed. Is it meant to be a payment method (in which case an ETF or otherwise treating it as an investment vehicle is roughly as nonsensical as having an ETF that deals with blank checks) or is it an investment (and if it's an investment, what on earth are people investing in?). The volatility of Bitcoin plus the constrained supply leading towards upwards pressure on the pri…
Ahh, the old "bittorrent is only used for piracy" argument.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#47Earlier quoted context omitted.
safer than many foreign currencies, which have lost 30-99% of their value relative to the USD since 2013
As opposed to Bitcoin, where the statement is sometimes along the lines of "lost 30% of its value since 20:13 "?
In 2013, depositors in Bank of Greece lost 50% of their deposits above $100k, overnight, by decree. Not saying Bitcoin is perfect, but the alternatives are often not better.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#48Here's the basic thing: Bitcoin is fatally flawed. Is it meant to be a payment method (in which case an ETF or otherwise treating it as an investment vehicle is roughly as nonsensical as having an ETF that deals with blank checks) or is it an investment (and if it's an investment, what on earth are people investing in?). The volatility of Bitcoin plus the constrained supply leading towards upwards pressure on the pri…
> deflation is a bad thing as it creates an incentive to not spend
Positive interest rates would be bad by the same logic
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#49Coin Center executive director Jerry Brito:
> The Winklevoss ETF proposal was rejected because the SEC found that the significant markets for Bitcoin tend to be unregulated overseas markets that are potentially subject to price manipulation. But this creates a chicken and egg problem. How do we develop well-capitalized and regulated markets in the U.S. and Europe if financial innovators aren’t allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#50Earlier quoted context omitted.
safer than many foreign currencies, which have lost 30-99% of their value relative to the USD since 2013
As opposed to Bitcoin, where the statement is sometimes along the lines of "lost 30% of its value since 20:13 "?
Nice joke, but short term volatility aside, bitcoin has been fairly stable for the last year or two, compared to the early days.