Bitcoin ETF: SEC Receives 84% Negative Feedback on Application

tippytoes

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Quote from: South Park on March 26, 2019, 01:09:40 PM

There was a time in which people were very excited about the possibility about this been approved, but that is no longer the case, the SEC has rejected so many applications that most people have given up the hope that we are going to see a bitcoin ETF anytime soon, in fact it is very likely that if in the future the SEC finally decides to approve an ETF that people are not going to even notice and the impact on the price is going to be minimal.

People are already tired of waiting so they decided to stop playing games with them. The continuity of bitcoin usage will always be here no matter what. And with or without ETF, big companies are still pursuing their blockchain projects and so with the increasing number of crypto users. I believe that is more important for the time being.

exstasie

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Quote from: fabiorem on March 26, 2019, 02:01:43 PM

That's good news.

Yep, it means the ETF hype is officially dead. That's the type of sentiment I like to see to indicate we're near the end of the bear market.

Quote from: fabiorem on March 26, 2019, 02:01:43 PM

Maybe SEC and BAKKT were the reason why the chinese turned off their machines in November, causing this dive to the 3k levels.

I think hash rate was just following price. Bitmain did divert some hash power to the BSV/BCH split but miners were mainly shutting down because the price crashed.

fabiorem

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That's good news.

Maybe SEC and BAKKT were the reason why the chinese turned off their machines in November, causing this dive to the 3k levels. With these instruments (and also CBOE futures) removed, they can turn on their machines, and we will be back on track.

South Park

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I am terrible at Fantasy Football!!!

There was a time in which people were very excited about the possibility about this been approved, but that is no longer the case, the SEC has rejected so many applications that most people have given up the hope that we are going to see a bitcoin ETF anytime soon, in fact it is very likely that if in the future the SEC finally decides to approve an ETF that people are not going to even notice and the impact on the price is going to be minimal.

marcelocoin

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hi =D

I honestly say bitcoin and altcoins never needed an ETF, but I do know that it is good for everyone in a way, but bitcoin is there, with or without ETF!

shesheboy

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Quote from: fauzan Ichsan on March 24, 2019, 09:42:31 PM

this is not the first time that ethics has been rejected, because it was previously rejected. in my opinion there is also a big scenario behind it, but I'm sure they will be pushed and will accept it later

What ethics ? You mean etf ? No it wasnt rejected before but they only cancelled it . maybe your right , there might be a big reason behind this rejection but i also agree that they might accept bitcoin later on because bitcoin is still growing and they dont want to be left behind among other institutions that are already teamed up with bitcoin .

Quote from: sandra_x on March 23, 2019, 05:13:16 PM

Something I have noticed is the fact that there is less talk about ETF even on this forum, meanwhile Cryptos adoption is growing gradually ,It is better we have adoption driven by retail adoption than by some etf.

You arent alone with that because that is also what i notice . etf hype have subsided for a while because people do also got bored about their false promises . bitcoin is still growing on its own which is a good thing because the growth is natural . we can say that bitcoin can live on its own and how much more if etf is accepted ? The rise can grow more evenly .

fauzan Ichsan

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Quote from: Huskarls on March 24, 2019, 06:54:14 PM

Quote from: sunsilk on March 19, 2019, 04:15:00 PM

Quote from: posi on March 19, 2019, 03:09:24 PM

I myself dont personally dont have much interest in the bitcoin ETF and I have also said several time that I dont see the SEC accepting the ETF because it will literally be a terms which some powerful people will use to control or manipulation crypto market. In the case of CBOE and CME we also see some people who use the advantage of it to causes market down trend.

I think from the very start they really don't have plans to approve it, there were applications already before this noise made by the WV twins but still rejected. And most of the applications last year were rejected too and now that they ask for feedback, still negative.

With the delay and other reasons that SEC is coming up with the application of bitcoin ETF, we tend to lose interest to it. Now, most are coming up with that idea that we really don't need it.

Absolutely. Just like what i think, This scenarios is the result because of the SEC itself, last year they keep to buy some time about Bitcoin ETF just to make it looks like bad, and of course most of people already boring with this kind of news

this is not the first time that ethics has been rejected, because it was previously rejected. in my opinion there is also a big scenario behind it, but I'm sure they will be pushed and will accept it later

magneto

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Quote

The industry’s enthusiasm for a Bitcoin ETF (exchange-traded fund) appears to be waning — if you judge that by the dearth of new comment letters to the Securities and Exchange Commission in support of the investment vehicle.

The SEC received just seven comment letters from the public in response to a solicitation for feedback it had requested in February 2019. Of those, six urged the agency to reject the application. (That’s around 84%.)

Inappropriate use of percentages, first of all, I'd say.

I don't necessarily think that the interest in bitcoin ETFs are waning due to these negative responses, which are not binding in any way since they are just comments. I think that the market is finally somewhat recognising the fact that the exchange traded funds, even if they were to be approved, will most likely be used by institutions and will not benefit the bitcoin blockchain or its users. This is in contrast of the market previously hyping up ETFs as if they were going to solve bitcoin's long term scalability problems or something.

I certainly don't believe it's very likely that an approval will occur in the near future given the previous precedents with the SEC's decision. Most people saying that it will somehow get approved this time round or whatnot are purely speculating, and have no tangible proof to back it up.

Huskarls

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Quote from: sunsilk on March 19, 2019, 04:15:00 PM

Quote from: posi on March 19, 2019, 03:09:24 PM

I myself dont personally dont have much interest in the bitcoin ETF and I have also said several time that I dont see the SEC accepting the ETF because it will literally be a terms which some powerful people will use to control or manipulation crypto market. In the case of CBOE and CME we also see some people who use the advantage of it to causes market down trend.

I think from the very start they really don't have plans to approve it, there were applications already before this noise made by the WV twins but still rejected. And most of the applications last year were rejected too and now that they ask for feedback, still negative.

With the delay and other reasons that SEC is coming up with the application of bitcoin ETF, we tend to lose interest to it. Now, most are coming up with that idea that we really don't need it.

Absolutely. Just like what i think, This scenarios is the result because of the SEC itself, last year they keep to buy some time about Bitcoin ETF just to make it looks like bad, and of course most of people already boring with this kind of news

1Referee

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Quote from: noormcs5 on March 24, 2019, 01:19:18 AM

Well, ETF approval will take place just before the bull run is about to start. Investors and whales will have collected a lot of bitcoins and altcoins by that time. They will give the EFT approval news and it will be start of bull run. Maybe we see more than 1000$ increment of price of bitcoin on a single day when this news become viral.

How do you know it will be approved before the bull run? It's empty speculation based on nothing but wild thoughts.

The SEC has been very clear with how they look at this market, and there is no way that we can satisfy them without players such as Bakkt and Nasdaq entering the space and actually generate solid volumes. Bakkt has to deal with regulatory doubts and concerns when it comes to the custodial part of their service, which will very likely need a couple of more monthe to satisfy the CFTC. In the 'worst case' scenario it could take all the way till next year with how Bakkt doesn't seem to enjoy much priority within the CFTC board.

coolcoinz

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Quote from: Lucius on March 24, 2019, 09:23:19 AM

Quote from: coolcoinz on March 23, 2019, 02:20:53 PM

I think that the important piece is that it was based on only 7 opinions. What does it tell us?

It can tell us few things. First is that people are confused that previous application is withdrawn, and new is submitted shortly thereafter. People who post comments before, most likely will not do it again because they will considered that a waste of time. Secondly, even the birds on the branch know that SEC do not care to much (or in general) for some comments, especially about something like it is bitcoin ETF. To live in the belief that the opinion of a small person can change something, means living in an illusion.

Thirdly, we should consider that very little time has passed from new application, and that this ETF case will probably last for maximum 240 days, which means that the number of comments will surely increase. (currently 12)

Those are very good points.

As for the comments, some of those counted as negative by the survey are actually pretty simple and childish. It's obvious that by asking for public opinion they were hoping for something more elaborate than "I don't want it, don't let it happen", but this is exactly what they got.

Hello,

I would like the committee to disapprove the proposed ETP. It has no value as a financial product let alone as a currency.

Sarah
Sent using Zoho Mail

BitHodler

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Quote from: Bitcoin-Turkiye on March 24, 2019, 09:20:12 AM

i think no more etf's acceptance or rejection is not very important. because it has been continually declined, therefore investors no longer care. but the steady rise of bitcoin, and the termination of futures it was good.. in my opinion etf will be accepted..

People here may not care much about an ETF, but others do see an ETF approval as a major catalyst for Bitcoin and thus crypto in general. It admittedly would be cool to have, but we won't get it in its current form.

The only type of ETF that we can expect to be approved in the nexy couple of years is an ETF solely functioning as cash settled price tracker. These type of products are just as useless as the futures contracts we already have.

Lucius

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Quote from: coolcoinz on March 23, 2019, 02:20:53 PM

I think that the important piece is that it was based on only 7 opinions. What does it tell us?

It can tell us few things. First is that people are confused that previous application is withdrawn, and new is submitted shortly thereafter. People who post comments before, most likely will not do it again because they will considered that a waste of time. Secondly, even the birds on the branch know that SEC do not care to much (or in general) for some comments, especially about something like it is bitcoin ETF. To live in the belief that the opinion of a small person can change something, means living in an illusion.

Thirdly, we should consider that very little time has passed from new application, and that this ETF case will probably last for maximum 240 days, which means that the number of comments will surely increase. (currently 12)

Bitcoin-Turkiye

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i think no more etf's acceptance or rejection is not very important. because it has been continually declined, therefore investors no longer care. but the steady rise of bitcoin, and the termination of futures it was good.. in my opinion etf will be accepted..

noormcs5

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Quote from: ?? on ??

Quote from: Beerwizzard on March 20, 2019, 02:03:21 PM

Quote from: daarul50 on March 20, 2019, 01:30:20 PM

I think bitcoin does not need the ETF at all because without the ETF the crypto market continues to run, only if the ETF accepts it, the bitcoin will be more trusted by investors because so far the discussion in bitcoin-related ETFs is a matter of market manipulation, even though the manipulation can only by a number of large banks that we do not know that the bank has plunged into the cryptocurrency market.

What is the problem with BTC being trusted by investors? Right now we have whales, the only way to make market more stable is to increase the amount of those whales and the general market cap.
None of the major markets consist only from minor users.

I don't think market will remain stable over a period of time. Let's say we handled over BTC by investors, don't you think it will become stable? Yes it is, on the terms if they want that price on certain period, but they can also pulled it down on their desired price.

It's all about inflation. I'm pretty sure SEC considered this, that's why the result is like this. It isn't time yet I guess for ETF.

Everything is being manipulated by the whales in this market. ETF will be approved but When ?
Well, ETF approval will take place just before the bull run is about to start. Investors and whales will have collected a lot of bitcoins and altcoins by that time. They will give the EFT approval news and it will be start of bull run. Maybe we see more than 1000$ increment of price of bitcoin on a single day when this news become viral.

r1s2g3

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Quote from: el kaka22 on March 21, 2019, 12:52:10 PM

People are all writing about the negative feedback and no one gives a damn about the fact that it was SIX negative feedback, just SIX, nobody cares. Bitcoin ETF will not be the salvation for bitcoin for sure, you will not see bitcoin going to 20 thousand dollars or more in price as soon as Bitcoin ETF gets accepted, of course the price will move upwards a bit and maybe who knows it will move past one resistance and that is great but it won't be a huge deal.

Nobody in bitcoin business really cares about it and honestly I think it will only affect like 10% of whole crypto users anyway and god knows how much of that 10% will use it anyway. So, this is something that is important for maybe 2% of all of crypto users, the rest 98% will continue their lives like nothing happened.

Number does not matter but it will really matter what opinion these 6 people have expressed. If you count number then only "1" person is President but he got authority and make changes that million people cannot do.

Anyway , I am not at all the fan of bitcoin ETF, it is just money grab attempt by corporations and nothing to do with bitcoin.
Do you know , they are going to be paper ETF(you can just print 100 million bitcoins in paper or whatever please you)

It will be good if you read the below discussion.
https://bitcointalksearch.org/topic/bitcoin-etf-is-it-really-needed-4861485

SvonioneFromMangoCoinz

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Quote from: butka on March 19, 2019, 02:09:09 PM

I see that some of the negative comments revolve around market manipulation and people losing money. I tend to agree with the assessment that there is market manipulation. But there is also market manipulation (by the big banks) in the forex market that goes unpunished. People losing money is hardly an argument also. Nobody is forcing anybody to invest or trade for short term gains.

That being said, I don't think that Bitcoin needs an ETF. ETF can be a hidden source of inflation and additional manipulation. So we are better off without it.

I agree with you. Why do we need ETF funds while the BTC is on the right track and working normally. I feel that the ETF only has negative effects on Bitcoin.
currently the decentralized market is still very good and investors still earn a lot of money from the market.
no one will want to change it anymore.

sandra_x

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Something I have noticed is the fact that there is less talk about ETF even on this forum, meanwhile Cryptos adoption is growing gradually ,It is better we have adoption driven by retail adoption than by some etf. Cryptos does not really need an etf as the institutions handling of crypto will remove it from the reach of the average Joe in the street

coolcoinz

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I think that the important piece is that it was based on only 7 opinions. What does it tell us?
For the most part, the public ignored the SEC. Out of thousands of US citizens who know what cryptocurrencies are, only 7 people/institutions gave feedback. To me it says a lot. Maybe nobody cares? Maybe nobody believe in the SEC seeking real help and knowledge? Maybe the community knows they will do what they want anyway, and their idea with public feedback is just good acting?

Quote from: Pab on March 23, 2019, 01:31:17 PM

It looks like people don't want to repeat his comments
It is only procedure SEC will do what SEC will like to do

That's what I thought as well.

Pab

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It is kind of press manipulation
There was only seven responds on SEC webiste
six of them were negative one was positive
There was above thousand comments previously around 90% was positive
It looks like people don't want to repeat his comments
It is only procedure SEC will do what SEC will like to do

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