Coinbase is down.
During the chaos, Gemini (also owned by Winklevoss) had no issues.
SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
241–250 of 357 posts
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#242The Bitcoin markets don't have to be regulated for this ETF to be tradable. The Winklevoss could still list their ETF on the OTC Markets and anyone with a brokerage account would still be able to trade it. There's already a Bitcoin Investment trust that is currently tradable on the OTC market though as one commenter mentioned it's currently trading at a premium.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#243Earlier quoted context omitted.
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…
There is a difference between localized price gouging and the value globally of a dollar.
If I charge $1000 to eat a cracker from my cupboard, the value of a dollar didn't suddenly decrease by 99.99%.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#244i don't know why people get surprised it was obvious from the begining sec won't approve the request i am afraid it was just a trader manipulatioin
Surely you made a lot of money shorting the market today then, right?
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#245Bitcoin 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'd say this is just a correction from over bought levels. Even better the correction is based on actual negative news, which is a sign of market strength (vs going down on no substantial news).
What kind of logic is that? Just because it goes down on negative news doesn't mean it wouldn't go down on other rumors.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#246Earlier quoted context omitted.
I'd say this is just a correction from over bought levels. Even better the correction is based on actual negative news, which is a sign of market strength (vs going down on no substantial news).
What kind of logic is that? Just because it goes down on negative news doesn't mean it wouldn't go down on other rumors.
I'm saying perhaps it shows a sign of maturity. Don't get me wrong, anybody who thinks Bitcoin is a solid investment instrument as a whole is not informed. Bitcoin investing by definition is highly speculative and you should have an appetite to sustain massive swings.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#247Earlier quoted context omitted.
Woah wait when did the pound lose 25% of its value due to a SEC ruling?
There were two separate events, adding up to 25%. The first happened instantly as the Brexit result became known. The second happened on Oct 7 at the opening of trading when there was nobody around who wanted to buy... I find that Bitcoins are an effective hedge against conventional wisdom.
I wouldn't call Brexit a "minor ruling".
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#248Earlier quoted context omitted.
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.
I am not sure why you put the word currency in quotes. There have also been many state issued currencies that have done similar - see Thai Baht, Argentine Peso, Russian Ruble, Venezuelan Bolivar etc.
Volatility isn't the issue. Bitcoin isn't technically a currency because it can't currently be used directly to pay public debts or taxes in any nation state. Bitcoin is just another commodity like copper or crude oil.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#249Earlier quoted context omitted.
Bitcoin is a share of a conversion from electricity to waste heat.
gold is a share of a conversion of energy to dug up earth, and sometimes nasty mercury tailings.
Gold actually has practical applications. Just go to wikipedia and find out what part of the CPU of the computer you are using to write your comment upon is made of.
Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]
#250Earlier quoted context omitted.
a property ownership is also a text file
Ehhh, I call BS. If for some reason all of a cities property records were lost, they would rebuild them via community testimony and consensus at worst case. Which clearly demonstrates it works in the opposite direction of what you are implying. Also property ownership tends to have inherit utility, something bit coin does not.
Bitcoin has inherit utility in allowing immutable and globally accessible data storage, people assign the rest of the value to it. Just like property, except if people with bigger guns come it doesn't matter as it will become theirs if they want