I am glad to see the cyberpunk future of hackers impersonating government agencies in order to pump and dump digital currency has finally arrived.
Unlike the long history of price manipulation in traditional markets?
SEC has not approved Bitcoin ETFs [fixed]
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Re: SEC has not approved Bitcoin ETFs [fixed]
#82Yeah this is really bad for BTC longs. now it will probably be delayed. it's obvious that there is too much fraud and manipulation.. The SEC cannot in good conscious allow an ETF to protect investors (yes, ETFs which have lost all value like UVXY have been approved). Whoever did this furcked over wall street and these funds. Wow. never a dull moment.
You don't seem to understand the purpose of UVXY. It's not meant to be held for longer periods of time, it's a financial product for traders to make short term volatility plays.
Yeah but a lot of people have probably lost a lot by holding and not understanding how it works or underestimating the decay. Same for leveraged gold miners, which have also lost all value. A BTC etf is probably safer than UVXY.
Re: SEC has not approved Bitcoin ETFs [fixed]
#83This is so wild. Assuming it was financially motivated, wouldn't the involved party stand to benefit more by shorting and posting that the ETF was denied?
no, because they make money on both ways: on the pump and then shorting. The account being hacked lowers odds of approval.
You could still make money on the way down and then the way back up. And you’d probably move the market more than the ~3% that it was moved because the market consensus already gives a high probability to an approval this month.
I get your point that it may not rebound quite as much because the hack itself lowers the odds of approval, but imagine the optics of Gary Gensler saying “it's not true that we denied the ETFs” -- bitcoin boosters would read that as a signal that it will be approved.
Re: SEC has not approved Bitcoin ETFs [fixed]
#84Earlier quoted context omitted.
Each ETF needs to be approved by the SEC. You are welcome to submit an application for your restaurant reservations. Historically the SEC has refused these grants for Bitcoin ETFs on the basis that the underlying asset does not have well-established spot markets and credit mechanisms. See for example [1]. Greyscale finally sued the SEC for applying arbitrary and capricious standards, and prevailed in federal court. B…
> Also goes to evidence that Bitcoin markets might be a bit too sensitive to manipulation to be suitable for inclusion in an ETF I don’t understand how you came to that conclusion. $2k is a relatively small fluctuation. Do you think other securities wouldn’t be subject to the same fluctuations given positive news? If not, there shouldn’t be laws against it like there are now
$2k is ~5%; that's enough in a short enough time to trigger equity market circuit breakers and temporarily pause trading. Bitcoin has no such controls because there is no NMS regulation applied here, which is one of the SEC's fears around allowing Bitcoin ETFs.
I generally don't agree with this guidance as it is not universally applied to ETFs that the SEC has allowed historically, but it does buttress their case to a degree.
EDIT: bad math; closer to 4% price move -- although the rebound from the spike might break the threshold, current SEC rules use a trailing price band so wouldn't trigger here.
Re: SEC has not approved Bitcoin ETFs [fixed]
#85POW crypto should be globally banned on ecological grounds.
Then so should GPU powered generative AI. Just kidding.
Just because you do not derive utility from something does not mean it a waste and should be banned.
Re: SEC has not approved Bitcoin ETFs [fixed]
#86POW crypto should be globally banned on ecological grounds.
People say this all the time, but why don't they say that about videogames? or actual mining? I also think access to and freedom to use electricity as you wish is really underrated as a freedom. Maybe consider that if you start this precedent people will end up policing your energy use too
Re: SEC has not approved Bitcoin ETFs [fixed]
#87Earlier quoted context omitted.
You think they're going to approve an ETF for a premined unregistered security scam? Ethereum is to Bitcoin as dogshit is to gold.
Ethereum is kind of too big to fail at this point.
No it isn't. It has two use cases, a stablecoin platform and a platform for token scams. It's losing market share all the time to other rubbish like Solana. Why would anyone in their right mind hold chuck-e-cheese arcade token Ethereum as actual money. Hint: they won't.
Re: SEC has not approved Bitcoin ETFs [fixed]
#88The price of BTC initially jumped 3% on the hacked tweet. That's $25bn+ of market cap. The irony is the SEC itself is probably now responsible for the largest crypto pump and dump in history.
Twitter/X is not an authoritative source of news, regardless of whether it is an "official" account doing the Tweeting or not. Anyone can get a blue check by paying $8/mo.
And getting 500 thousand followers. Easy peasy.
Re: SEC has not approved Bitcoin ETFs [fixed]
#89Yeah this is really bad for BTC longs. now it will probably be delayed. it's obvious that there is too much fraud and manipulation.. The SEC cannot in good conscious allow an ETF to protect investors (yes, ETFs which have lost all value like UVXY have been approved). Whoever did this furcked over wall street and these funds. Wow. never a dull moment.
Who in the world is still long on crypto?
In the past few years we've seen ample evidence that crypto is largely a complete scam, and likewise strong evidence that none of crypto's hoped for value will come to fruition (we didn't see it useful for fighting inflation, it's not being used to avoid sanctions, it certainly isn't being used as a currency, etc).
The fact that crypto still has any market value, and that companies like coinbase not only exist but have had a stellar year defies the imagination.
I get a few years back when there was still a lot of speculation/optimism, but clearly today everyone see that it is just a con. Today even my most cynical view of markets seems naive.
Re: SEC has not approved Bitcoin ETFs [fixed]
#90I see, ai and crypto currencies pulling in all the good folks.