Topic: After Nine Bitcoin ETF Rejections! What is the Solution to Mainstream Adoption? - page 2. (Read 1694 times)

Absolutely.SEC approving bitcoin ETF will not be a solution.Almost majority of bitcoin holders now have bought bitcoin considering it as a high ROI giving asset.It was in past when people bought bitcoin to support this wonderful technology and also to use it as a payment system instead of banks.Only if the mentality of bitcoin holders switch back to use it as a payment method,then only we could expect bitcoin to enter main stream usage.Just buying bitcoins and making it idle will not help. Quote

What made you think that ETF will take us towards the mainstream adoption?? If you are still thinking so, please check your facts! In all 9 of the ETFs that were rejected, only one of them were proposed to be backed by physical bitcoin. Rest all 8 ETFs were proposed to be backed by trading notes and bitcoin futures of CME group. If you think these are mainstream adoption, then you are living in a fool's paradise.

The mainstream adoption can only be fueled by the clear legal framework which is largely missing in majority of the countries. Merchants will only show interest in accepting bitcoin, only if they see clear legal grounds created by their government, otherwise not! Japan, Germany and Malta have already paved the way for mainstream adoption, but I don't see any other country with the similar status. ETF is only here to fill the pockets and purpose of the corporates, not us!

ETF is one of the solutions to increase the fame of bitcoin when the price skyrocket once again, but it's not the solution for mainstream adoption. Believe it or not, bitcoin created not meant to be a mainstream means of payment due to some limitations.

Although we want it to be, bitcoin isn't ready yet and many changes required, but the most important is a country acceptance. We can't use it as much as we want if the government does not acknowledge it as a legal payment method, and layman won't accept bitcoin in their business, merchants or store.
The solutions? Deal with the government and bitcoin core.

Nothing, bitcoin will rise up itself without ETF implementation because ETF has nothing change the price of the bitcoin.
Before bitcoin raised up in the market by itself and no ETF implementation so it is possible that it will happen again.
The price movement that we can help the market make green is not to panic selling even how many FUD news comes, stay strong and hold your portfolio not to sell you bitcoin. In that way, we can help market and even how many ETF application we don't need that.

Exactly, if this goes to an acceptance then every big players and governments will just play the price of bitcoin,  authority will be upon them since the system will be regulated if application will be accepted,  there are advantages and disadvantages about this issue but in my side I would likely to have it accepted but not regulated.

You got interested in crypto at a bad time. ETF has nothing with crypto. And ETF sucks. I don't know how much emphasis I have put on the statement that has basically said that ETF sucks, but I have said that alot in the past weeks.

Crypto adoption is irrelevant, for most cryptos are outright useless shitcoins. What matters is bitcoin adoption,and for that people need to understand how it works and accept it as a currency. Until then,keep dreaming about adoption.

Aside from Turkey, we have Venezuela and Zimbabwe as well. Its already proven that bitcoin can be used as hedge against countries we suddenly have deep economic instability for whatever reasons. Yes, merchant adoption should be the top on my list as well. There are a lot accepting bitcoins, but we need more in order to get started this whole mainstream adoption.

About the SEC, I'm totally against any ETF for now because the market have shown to be very volatile and more investors are likely to lose money here in they are not careful. Another reason why I don't like ETF's is not the custodian will be very influential thus manipulation is not reduced but it can be worst.

Apart from merchant adoption we need to expect the the business people's adoption and governments move towards the cryptocurrencies. As of now we did not find the big reach from the government side at all.
I see this SEC decision these much time but there is no any positive view from their move.
If they accepted the ETF this month also then we can decide that it will not be a right to pass with them.

You mention merchant adoption, i agree with that. I have read about mfchain, Utrust and Bakkt. Which other projects are working on merchant adoption? Though i have notice very high volume of BTC from countries with difficult economic stability like Turkey.

Since you agree with the fact that regulation is needed, why do you then think it will have no impact on the value of bitcoin? Many are making money from crypto through speculations though, many on this thread have agreed that SEC approval does not equal mainstream adoption. How will regulation be achieved?

All I see about ETF is a quick adoption for investors and a quick buck for those who invested early. I don't see ETF helping us make Bitcoin a currency that we could use everyday. I only see it as a way for the price to either increase or decrease. I'm still not sure what would be the best solution but some adoptions are already taking place.

ETF was indeed a step in that direction. The one very specific reason why people still can't identify with crypto is that of its unregulated and dissociated characters. With more institutional investors coming into crypto space and having a sort of a common ground and drive for mainstream application, will give more rigidity to the industry. But for now, we are largely speculative and bullish about crypto with no substance to stand on.

First of all, I'd say that ETF rejections really has nothing to do with mainstream adoption whatsoever.

While an approval would definitely be nice, it's not going to all of a sudden mean that actual bitcoin usage will increase. In fact, the only category of users that will see an increase will probably be financial institutions such as investment banks. ETFs are aimed at these types of people, who deal with investments. Average bitcoiners will never even directly deal with an ETF, which is why I think it's been overhyped and quite irrelevant.

What needs to happen for mainstream adoption is really some sort of incentive to use it. I believe that would be bitcoin as a international currency on the internet, while being a store of value. To achieve this, there needs to be surges in merchant adoption which we're already seeing, however, this will take more time before it could become anything "mainstream". But bitcoin could already be considered to be quite "mainstream" in terms of helping people get their money out of fiat in some countries with strict capital control, even though it could be considered to not be so elsewhere.

As contribution to what you have stated above. Cryptocurrency as we all know storm the world in a speculative manner, individuals were basically concern about how much they can leverage this to earn massively, but less aware of the original use case 'censorship resistance' that is 'financial autonomy' for every individual as it is stated in the first white paper.
This very wrong notion towards crypto invention has made it possible for its use for fraudulent activities anonymously. For this can be a very good reason that resulted in the SEC rejection. The big question is if the emphasis on crypto regulation is to reduce cybercrime, fraudulent act. Will it solve cryptocurrency volatility? will it influence mainstream adoption? What should be of great concern is, making "Blockchain technology" prove its high reliability to gain more acceptance from government and big financial players, and this could only be achieved through:

1. Make clear of cryptocurrency through education: this could be achieved when crypto projects continue leading discussions about this 'technology' organizing conferences, blog post, video clips, if possible a movie etc. In summary public awareness campaign is important.

2. Easing security concerns: making individuals/ investors to be in charge of their funds as opposed to the conventional banking system, for Linkchain team is working hard to bring this to reality.
And If the crypto 'bitcoin' can be restored to the original use case and these above mentions are tactically applied then, we will be several inches closer to mainstream adoption.

ETFs was never meant to become a way for mainstream adoption this is just a way for financial institution to finally put BTC as an investable asset and financial institutions is not the biggest market we need to adopt. If we want BTC to become a currency or a payment method of choice we need more people to use it as what its made for and not rely on ETFs being approved by SEC there are other ways this can succeed and one of them is through legislation which is happening right now in a lot of countries. If we have a proper law we can start to see that a lot of people will personally use BTC.

I absolutely agree with your point, the more people use bitcoin the more it value will increase

You mention Pundi X and Utrust as some projects working on this, i have seen mfchain, but currently checking out bakkt project which claim their solution will fully collateralized the buying and selling of bitcoin. Do you think that mfchain or any other project stand a chance to providing this solutions 1. volatility 2. scalability 3. Regulation 4. privacy. Knowing fully well that cryptocurrency was design to be decentralized and many users prefer to remain ananimous, with cryptocurrency traders benefiting from this volatility, and recently pump and dumps happening in the crypto space?

The professor argues that cryptocurrency is already been used as a store of value, it further needs to be used as a unit of account and medium of exchange, which can only be archived through a friendly and conducive regulatory environment. The report further stress that technical issues as regards to scalability, volatility, and privacy will need to be addressed. I just read the first five pages, though professor is optimistic that cryptocurrency will attain adoption  within the next ten years...

Correct, as if miraculously bitcoin was going to be adopted by all and sundry
if ETF was going to be accepted.

Regulations can only affect the entry and exit points of bitcoin and crypto but
the currency itself cannot be regulated.

More adoption will come as more and more people realise what butcoin can
offer but it will be slow. Im not sure i want bitcoin to be mainstream, can it be
mainstream with a limited supply? What definition would people put on MAINSTREAM?

Not really, Bitcoin adoption has been growing (slowly) over the past few years without needing any ETF. The only positive thing that the ETF could do for Bitcoin is to allow an influx of fresh capital from institutional investors, it doesn't mean that if it gets approved Bitcoin will suddenly go mainstream.

Merchants want security and also something that is legit, and I think regulations will further add more legitimacy to Bitcoin making merchants adopt a new payment method like Bitcoin. We also need people to trust Bitcoin (regulations can also help with that), they need to realize that they can be their own bank, no more centralized bullshit.