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SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]

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Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]

#93

Post by jacquesm »

djrogers wrote: post #53
TwoBit wrote: post #43

Earlier quoted context omitted.

How is Bitcoin significantly different from gold? I suppose gold does get used for something.

Nobody is pushing for vending machines or retailers to take gold...

https://en.wikipedia.org/wiki/Gold_to_Go

Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]

#96

Post by dragonwriter »

paulpauper wrote: post #40
maxerickson wrote: post #24

Earlier 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.

> 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.

There are countries for which that may be true, but there are other countries with currency to hedge against those events.

Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]

#97

Post by frgtpsswrdlame »

paulpauper wrote: post #28

This is the same committee that approved VXX and UVXX ,which have lost 99.999% of their value There is an OTC fund that holds Bitcoin...but at a large premium to NAV

VXX and UVXY buy and hold contracts in a contango futures market. They are always going to decrease over long time periods. That is their design.

Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]

#98

Post by Analemma_ »

EGreg wrote: post #59
chollida1 wrote: post #18

Bitcoin 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 put a 50x leveraged short contract trade 10 mins before that at BitMex, and just before it plummeted, it quickly went up to 1327 and I got wiped out. So I didn't get to make a huge return!

Consider that your expensive lesson about the dangers of short-selling even when you're absolutely sure the price will go down.

Re: SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]

#100

Post by Analemma_ »

slg wrote: post #80
chollida1 wrote: post #18

Bitcoin 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…

>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.
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