What is the best real-time source for Bitcoin's value?
SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
61–70 of 357 posts
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#62What is the best real-time source for Bitcoin's value?
https://cryptowat.ch/ is great. The front page gives a good overview of bitcoin and other cryptocurrencies. Click on one to see charts.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#63"The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that co…
Which is exactly right, but couldn't the same argument be used against a gold etf?
Significant markets for gold are very much regulated, and exchanges listing gold ETFs have surveillance agreements with them.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#64Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#65This is a good thing for Bitcoin. The ETF rules in my opinion gave too much power to miners. The rules stated that the ETF would follow the chain with the most work after just 48 hours.
Miners need income, because mining is actively expensive. In the long term, this means they have to mine on the chain with the most valuable block reward. This means the economy really gets to decide the longest chain, not the miners.
But the ETF likely would have been large enough to tip the scales. Miners can stomach 48 hours of loss to push an agenda.
And it's probably not good to have such a huge portion of the economy in one place anyway. An ETF will make more sense when bitcoin has more maturity.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#66So what are the expected benefits of a bitcoin ETF? Many of the traditional benefits of ETFs are obsolete when you can just buy and hold an equivalent amount of bitcoin
The biggest benefit I can think of is that some institutional investors have restrictions on the types of securities that they can buy.
Someone could solve this by creating a company to buy lots of bitcoin, and then having an IPO to list that company on a public market. Then pension funds would be allowed to buy it, Jane Doe could buy some in her IRA, etc.
Any reason this wouldn't be just as good as an ETF?
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#67What is the best real-time source for Bitcoin's value?
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#68Earlier quoted context omitted.
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.
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Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#69Coinbase is down.
Coinbase/GDAX is incredibly unreliable during "big news" moments like this. Time and time again this happens, and they haven't quite figured out their scaling issue yet.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#70Here'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…
> Is it meant to be a payment method or is it an investment
Ideally it should be both.
> This means that the only real reason to spend Bitcoin or otherwise use it as a payment is for situations where that's the only option and right now, and for the foreseeable future, that means assorted illegal or at best borderline illegal products
There are plenty of legal products you can buy.
> Perhaps a blockchain-based cryptocurrency might in the future resolve these issues, but otherwise it's a doomed product that I wouldn't put a single penny (or watt of household electricity) into.
The only real issue you're pointing out is the finite supply (volatility will sort itself out in time) which for example Monero answers with a "tail emission" meaning there is an ever increasing amount of coins.