211–220 of 357 posts
Something useful like bitcoin etf gets rejected. But look at some of the stocks that are allowed to trade... Magnegas for example has been an ongoing fraud for 17 years. Fake delivery of machines to Kazahkstan. It would be easy to prove this a fraud but the SEC does not care.
Something useful like bitcoin etf gets rejected. But look at some of the stocks that are allowed to trade... Magnegas for example has been an ongoing fraud for 17 years. Fake delivery of machines to Kazahkstan. It would be easy to prove this a fraud but the SEC does not care.
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While technically nothing changed, the SEC approving an ETF directly tied to bitcoin would have changed how Bitcoin is perceived by a lot of people. > Nothing about the currency actually changed. You can say this about about everything: "while nothing about the pound changed, brexit caused the price to go down."
Brexit had real world impact on how the currency would be used in the future and the strength of the economy of the country that stands behind it. The SEC decision does none of that.
That's because Bitcoin isn't directly tied to any economy. But just as Brexit had a real world impact on the pound, the SEC decision had a real world impact on bitcoin: It is directly tied to how people perceive Bitcoin, which is an import aspect just as well.
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>Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. That is a loss of 25% of its value. This announcement does nothing to hurt the utility of Bitcoin or its application as a medium of exchange. That drop certainly seems like a speculative investment bubble popping.
Yup. Any "currency" that can plummet in value by 25% because of a minor SEC ruling is not ready to be a store of value.
Coinbase is down.
I've just been trying out Coinbase recently and I'm pretty annoyed with them. For one, Canadians can't sell & withdraw money, and their buy/sell limits are ridiculously annoying. On top of this, their fees are very expensive and just right now, they have an outage in the middle of an important news. This is like failing at all the core important bits. Is there a more serious thing than Coinbase that exists?
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The SEC declining to approve some investment vehicle is not unusual at all. Compare that to the USD, where nothing short of global nuclear war is going to cause a 10-minute 25% swing.
On 2001-09-11 gasoline tripled, food doubled, and bottled water as much as quadrupled or quintupled in dollar pricing in parts of the US in less than a day. Yes, there were in fact $4/gallon, $5/gallon, and even $8/gallon gasoline and diesel prices posted, many by noon. This also increased the price of everything shipped by truck for a while, too. Prices came off that peak quickly, but took months to years to revert…
The price of a christmas tree drops precipitously the ~9PM on christmas eve every year, that says nothing about the value of a dollar.
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Yup. Any "currency" that can plummet in value by 25% because of a minor SEC ruling is not ready to be a store of value.
Those who stored some value when it was below $1 are not doing too bad...
I suspect you could probably put all the people in the world that got rich from buying at $1 and holding in a school classroom together for a chat and not be very crowded.
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> some classic market manipulation ploys began appearing Cryptocoin markets are a haven for scams and manipulations. When I was into it I was hearing of a new scam almost every week. I don't think there is any correlation with Winklevoss let alone causation. Unless you have some evidence or references to present?
So I guess it's no different than the stock market.
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Can you mark the exact moment the ruling was made public? Could this image contain evidence of trading w/ insider knowledge of the SEC ruling?
This is an incredibly interesting observation. I wonder if this has shown in other non-BTC graphs as well
This was etherium, which is also very interesting; etherium and BTC have been highly correlated over the last few months. I suspect that the crazy dip is just bots trading on that fact and the immediate correction is humans.
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When the Winklevoss twins became aware of BTC (or at least shortly after they started talking about it publicly), some classic market manipulation ploys began appearing. It could be coincidental, but I've always been suspicious that the Winklevoss twins were the first people of a mind and with the capital to start gaming the BTC market as one can any other financial institution. The Winklevii are not people I'd like…
Can you go into more detail on what kinds of market manipulation ploys exist?
Sell coins, create negative news & watch the price go down, buy coins at the new low.
Same as what unscrupulous people have been doing since the beginning of commerce.