[2018-08-26] US SEC to Soon Review Decision Rejecting Nine Bitcoin ETFs

1Referee

legendary

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Quote from: squatter on August 26, 2018, 01:20:58 PM

To be honest, I wouldn't be surprised if an ETF launch ended up like the CME futures launch last year.

If so then that's a win for everyone valuing Bitcoin's fundamentals instead of the paper value of their Bitcoin holdings.

Honestly speaking, I don't think we can consider CME's futures to be a flop, especially when you also look at the massive margins traders have to put aside just to long or short Bitcoin. It's not BitMex where you only lose your initial sum. These futures can literally cost you millions of dollars if the market conditions turn against your position. Traders rightfully are cautious with how easy to manipulate Bitcoin is.

Funny is how people here are afraid of the futures markets, while futures traders are equally afraid of Bitcoin. Cheesy

squatter

legendary

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STOP SNITCHIN'

Quote from: hugeblack on August 26, 2018, 08:42:14 AM

There is a lot of talk about ETF. After the rejection, a lot of false hope has ended. I do not know why some people are trying to revive this issue.
Even if it accepted, the benefits would be for the investor rather than ordinary people. "Maybe the only benefit is the price hike."
The price will rise sooner or later, so there is no need to rush until you get your profits.

I'm not even convinced there would be a price hike. Even if the SEC approves a new security, how do we know investors are going to flock to the market? I've already been hearing about hedge funds investing in cryptocurrency for years.

And more importantly, the futures-based ETFs don't actually affect supply at all. I think the commodity-backed ones have already acquired the BTC backing their trusts. To be honest, I wouldn't be surprised if an ETF launch ended up like the CME futures launch last year.

Samarkand

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Quote from: dreamhouse on August 26, 2018, 10:29:04 AM

...
I don't get why they approved the trading of future of BTC and not the BTC ETF itself, it does not make sense to me. They should either approve both or reject both to be consistent.

If I understand the situation correctly, we are talking
about different government agencies here.

Bitcoin futures were approved by the CTFC (Commodity Futures Trading Commission)
while the BTC ETF applications are subject to approval by the SEC (Securities and Exchange
Commission).

Therefore they don´t necessarily follow the same strategy.
Besides, futures and ETFs serve a very different purpose for
potential investors. I´d argue that these products aren´t
really comparable (e.g. the hedging of other positions / holdings
is a major reason for the use of futures while an ETF isn´t
really suitable for hedging).

dreamhouse

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Quote from: mazdafunsun on August 26, 2018, 09:17:02 AM

Quote from: hugeblack on August 26, 2018, 08:42:14 AM

Quote from: https://www.reddit.com/r/Bitcoin/comments/99n8g3/in_case_you_didnt_read_it_the_sec_disapproved_the/

IN CASE YOU DIDN'T READ IT: The SEC disapproved the ETF because "unidentifiable participants can influence the market." If someone manipulates the broad Bitcoin market, the SEC requires that they be identifiable. THERE WILL NEVER BE AN SEC-APPROVED BITCOIN ETF. Get it out of your minds and move on.

There is a lot of talk about ETF. After the rejection, a lot of false hope has ended. I do not know why some people are trying to revive this issue.
Even if it accepted, the benefits would be for the investor rather than ordinary people. "Maybe the only benefit is the price hike."
The price will rise sooner or later, so there is no need to rush until you get your profits.

Not your keys, Not your coins.

Exactly, even if they will re evaluate the proposals there is no way they are going to approve one because of the fundemetal problem you already pointed out.
A lot of people are getting desperate for new price hype , they still have past image of crypto explosions in their head.

I don't get why they approved the trading of future of BTC and not the BTC ETF itself, it does not make sense to me. They should either approve both or reject both to be consistent.

mazdafunsun

full member

Activity: 490

Merit: 123

Quote from: hugeblack on August 26, 2018, 08:42:14 AM

Quote from: https://www.reddit.com/r/Bitcoin/comments/99n8g3/in_case_you_didnt_read_it_the_sec_disapproved_the/

IN CASE YOU DIDN'T READ IT: The SEC disapproved the ETF because "unidentifiable participants can influence the market." If someone manipulates the broad Bitcoin market, the SEC requires that they be identifiable. THERE WILL NEVER BE AN SEC-APPROVED BITCOIN ETF. Get it out of your minds and move on.

There is a lot of talk about ETF. After the rejection, a lot of false hope has ended. I do not know why some people are trying to revive this issue.
Even if it accepted, the benefits would be for the investor rather than ordinary people. "Maybe the only benefit is the price hike."
The price will rise sooner or later, so there is no need to rush until you get your profits.

Not your keys, Not your coins.

Exactly, even if they will re evaluate the proposals there is no way they are going to approve one because of the fundemetal problem you already pointed out.
A lot of people are getting desperate for new price hype , they still have past image of crypto explosions in their head.

hugeblack

legendary

Activity: 2646

Merit: 3911

Quote from: https://www.reddit.com/r/Bitcoin/comments/99n8g3/in_case_you_didnt_read_it_the_sec_disapproved_the/

IN CASE YOU DIDN'T READ IT: The SEC disapproved the ETF because "unidentifiable participants can influence the market." If someone manipulates the broad Bitcoin market, the SEC requires that they be identifiable. THERE WILL NEVER BE AN SEC-APPROVED BITCOIN ETF. Get it out of your minds and move on.

There is a lot of talk about ETF. After the rejection, a lot of false hope has ended. I do not know why some people are trying to revive this issue.
Even if it accepted, the benefits would be for the investor rather than ordinary people. "Maybe the only benefit is the price hike."
The price will rise sooner or later, so there is no need to rush until you get your profits.

Not your keys, Not your coins.

Vladdirescu87

sr. member

Activity: 966

Merit: 264

There is hope that the US Securities and Exchange Commission (SEC) might change its decision to deny nine Bitcoin-related Exchange Traded Funds (ETFs). Brent Fields, the SEC secretary revealed in a letter to New York Stock Exchange (NYSE) that the commission chairman and commissioners are considering to review and revise the action authorized and delegated to its staff, adding that until that time the current decision is pertinent.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/us-sec-to-review-decision-rejecting-nine-bitcoin-etfs/

Topic: [2018-08-26] US SEC to Soon Review Decision Rejecting Nine Bitcoin ETFs (Read 166 times)