[JUST IN] Grayscale wins lawsuit against the SEC

Uruhara

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After seeing Grayscale win in its lawsuit against the SEC. So I think about getting a Bitcoin ETF approved is just a matter of time. But one thing that the SEC can still do is that they will continue to delay their approval of the bitcoin ETFs that have been proposed by many large companies there. The SEC realized they could not refuse this filing. So the only way they can take this is to delay approval. And yes, it's true that the SEC has now postponed the results of their decision on all companies applying for a Bitcoin ETF. Which caused the price of bitcoin to correct again when the announcement was broadcast.

But the SEC will eventually approve it. Because they definitely wouldn't be able to continue delaying any longer.

The SEC drama is still ongoing. And this makes bitcoin price fluctuations in the market a little wild. But I like it. Because I still need some more accumulation in the corrected price. So nice job SEC. i like this drama. I hope the drama is over when I finish accumulating. Wink

Wind_FURY

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Quote from: DooMAD on August 31, 2023, 02:46:00 PM

Quote from: Wind_FURY on August 31, 2023, 09:38:48 AM

I would be lying to myself if I would say that I'm not excited that BlackRock wants to be involved in Bitcoin and use it as an investment vehicle. BUT at the same time, we truly can't deny the FACT that custodial entities, if large enough, could be very dangerous for the future of the network.

ETFs are a slightly different concept to conventional custodians, though. They are effectively issuing shares based on the assets that they hold, rather than accepting deposits of the asset in question from their clients. And because they don't take deposits, it's unlikely they could engage in anything resembling fractional reserve, so that's not really a concern like it is with Bitcoin exchanges and webwallets.

Perhaps they are, but we are talking about BlackRock, one of the worldwide largest asset managers. It has ownership rights to most U.S. banks, own shares in most of U.S. pharma, they adminster 10% of all major stocks worldwide, they own shares in most of mass media companies in the U.S., and it is also the biggest asset manager that owns shares in major tech companies.

Shocked

The total assets it manages is probably half of the United States GDP.

Plus it is now a major share-holder in 4 out of 5 largest Bitcoin mining companies, https://finbold.com/blackrock-is-a-major-shareholder-in-4-of-the-5-largest-bitcoin-miners/

I'm excited for Bitcoin-the-investment, but concerned for Bitcoin-the-network.

LoyceV

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Quote from: franky1 on August 31, 2023, 10:48:26 AM

you can also when redeeming bitcoin use other tax loopholes like giving yourself a personal loan. and other methods the elites use to not pay tax on funds. such as trust funds

That's only worth it starting from a certain amount. I'm too poor to not pay taxes (at least in this country).

DooMAD

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Quote from: Wind_FURY on August 31, 2023, 09:38:48 AM

I would be lying to myself if I would say that I'm not excited that BlackRock wants to be involved in Bitcoin and use it as an investment vehicle. BUT at the same time, we truly can't deny the FACT that custodial entities, if large enough, could be very dangerous for the future of the network.

ETFs are a slightly different concept to conventional custodians, though. They are effectively issuing shares based on the assets that they hold, rather than accepting deposits of the asset in question from their clients. And because they don't take deposits, it's unlikely they could engage in anything resembling fractional reserve, so that's not really a concern like it is with Bitcoin exchanges and webwallets.

pawanjain

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Nothing lasts forever

That is surely a good news and I guess it was little late when I got the news but as soon as I heard it I saw the price.
The price was up by $2000 and I thought it would pump more but since last 2 days the price is stagnant.
It has in fact come down to $26.8k. So the news was not sufficient to recover from the dump after all.

wallet4bitcoin

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The win by Grayscale is a win for the space. We have green candles hoisted across the altcoin space as well as BTC price as a result of the win against SEC. This is just another validation second to that of XRP.

It speaks of victory for the crypto space in entirety as people no longer consider their fear a thing when investing in the space. A wave of confidence has blown across the crypto community and the best is about to get started.

franky1

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Quote from: LoyceV on August 31, 2023, 08:53:06 AM

Quote from: franky1 on August 31, 2023, 08:32:46 AM

some individuals want to use their personal disposable income to hoard coin privately by themselves, they also want their employment retirement plan to invest into the exposure of bitcoin which can only be done via official regulated financial tools like ETF

That would indeed the only "valid" reason to use a Bitcoin ETF. I like to get the tax benefits of pension investments, but currently can't get that with Bitcoin.

you can also when redeeming bitcoin use other tax loopholes like giving yourself a personal loan. and other methods the elites use to not pay tax on funds. such as trust funds

speak to a tax accountant.

bittraffic

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Quote from: Wind_FURY on August 31, 2023, 09:38:48 AM

Quote from: BlackHatCoiner on August 31, 2023, 05:49:42 AM

Quote from: LoyceV on August 30, 2023, 04:34:40 AM

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

Let's accept it already. Regulations aren't in favor of the Bitcoin spirit. If we truly like the concept of a decentralized, denationalized, free enterprise money, then accepting the governmental compromises is inevitable. Achieving the desired outcome, which is more or less to make Bitcoin official, involves sacrifices. Otherwise we will continuously remain the unofficial, non-systemic currency.

I would be lying to myself if I would say that I'm not excited that BlackRock wants to be involved in Bitcoin and use it as an investment vehicle. BUT at the same time, we truly can't deny the FACT that custodial entities, if large enough, could be very dangerous for the future of the network.

It's going that way whether we like it or not. Institutions and regulatory bodies are up to controlling the crypto market worse than 51 attack but because it's a free market, they can buy all BTC if they really want to. In just a decade they realized they couldn't beat BTC so they joined. It's going to make the prices go to Mars but there is a catch.

There is a huge chance that GBTC will be converted into Spot ETF as they say. We'll just have to wait for SEC's decision, I think 40 days?

Wind_FURY

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Quote from: BlackHatCoiner on August 31, 2023, 05:49:42 AM

Quote from: LoyceV on August 30, 2023, 04:34:40 AM

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

Let's accept it already. Regulations aren't in favor of the Bitcoin spirit. If we truly like the concept of a decentralized, denationalized, free enterprise money, then accepting the governmental compromises is inevitable. Achieving the desired outcome, which is more or less to make Bitcoin official, involves sacrifices. Otherwise we will continuously remain the unofficial, non-systemic currency.

I would be lying to myself if I would say that I'm not excited that BlackRock wants to be involved in Bitcoin and use it as an investment vehicle. BUT at the same time, we truly can't deny the FACT that custodial entities, if large enough, could be very dangerous for the future of the network.

LoyceV

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Quote from: franky1 on August 31, 2023, 08:32:46 AM

some individuals want to use their personal disposable income to hoard coin privately by themselves, they also want their employment retirement plan to invest into the exposure of bitcoin which can only be done via official regulated financial tools like ETF

That would indeed the only "valid" reason to use a Bitcoin ETF. I like to get the tax benefits of pension investments, but currently can't get that with Bitcoin.

franky1

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Quote from: BlackHatCoiner on August 31, 2023, 05:49:42 AM

Quote from: LoyceV on August 30, 2023, 04:34:40 AM

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

adding to blackhat point(shock) but more so explaining to loyceV
some individuals want to use their personal disposable income to hoard coin privately by themselves, they also want their employment retirement plan to invest into the exposure of bitcoin which can only be done via official regulated financial tools like ETF

BlackHatCoiner

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Quote from: LoyceV on August 30, 2023, 04:34:40 AM

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

Let's accept it already. Regulations aren't in favor of the Bitcoin spirit. If we truly like the concept of a decentralized, denationalized, free enterprise money, then accepting the governmental compromises is inevitable. Achieving the desired outcome, which is more or less to make Bitcoin official, involves sacrifices. Otherwise we will continuously remain the unofficial, non-systemic currency.

YUriy1991

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Quote from: bbc.reporter on August 30, 2023, 09:43:15 PM

Quote from: LoyceV on August 30, 2023, 04:34:40 AM

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Also, I thought that the community wanted mainstream adoption, however, when the real rulers and institutional investors begin to lobby for more and stricter regulations, more KYC, more transparency on transactions and more control on the cryptospace, everyone starts complaining hehehe. This is a very head shaking human occurrence hehe. This is what mainstream adoption will certainly be. The cryptospace before 2017 will not be similar to the cryptospace after 2023. It will be a rich man's playground very much similar to traditional finance.

Yes, The cryptospace before 2017 will not be similar to the cryptospace after 2023 and the bottom line is that the reason why these BTC exist and have become so popular is that they avoid control by central banks and governments as well Grin

.

bbc.reporter

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Quote from: LoyceV on August 30, 2023, 04:34:40 AM

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Also, I thought that the community wanted mainstream adoption, however, when the real rulers and institutional investors begin to lobby for more and stricter regulations, more KYC, more transparency on transactions and more control on the cryptospace, everyone starts complaining hehehe. This is a very head shaking human occurrence hehe. This is what mainstream adoption will certainly be. The cryptospace before 2017 will not be similar to the cryptospace after 2023. It will be a rich man's playground very much similar to traditional finance.

dansus021

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First legal ETF in the US but I am still waiting for approval for BlackRock and Fidelity Investment since both of them are crazy fund manager with total trilion dollar so approved both will make bitcoin price stonk.

and like my previous post about the Sec loses much money and cases from XRP, Binance and Coinbase and now Grayscale Cool

will see when this lawsuit game end

GreatArkansas

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Quote from: SquirrelJulietGarden on August 30, 2023, 08:01:54 PM

Quote from: sunsilk on August 30, 2023, 03:37:41 PM

(....)

Rest of this year will be boring but we have to hold our bitcoin and don't sell it because of disappointment. Whales only wait for weak hands to shake their bitcoin with cheap prices.

2024 will be a good year for Bitcoin, a halving in April and perhaps a first Bitcoin Spot ETF in the USA. With a won lawsuit of Grayscale against SEC, more hope that first Bitcoin Spot ETF will be approved next year. It might be approved in late months of 2024 when a new bull run, after April halving, already goes through a few months to be heated up enough. Then big news with first Bitcoin Spot ETF will help Bitcoin to make a new all time high, a peak for a new bull run.

Like a clockwork then!
This is also what I can see in the remaining months of this year. I'll be more bullish at the very start of the year 2024 it's also because I am waiting for the next Bitcoin block halving like previous block halvings we had.

SquirrelJulietGarden

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Quote from: sunsilk on August 30, 2023, 03:37:41 PM

It will be back to $30k but for now, it's starting a bit of overwhelmed so it has to correct a little. While this lawsuit that has won against SEC for the ETF, other companies prolly have taken a huge chance and have more hope on this one.

Rest of this year will be boring but we have to hold our bitcoin and don't sell it because of disappointment. Whales only wait for weak hands to shake their bitcoin with cheap prices.

2024 will be a good year for Bitcoin, a halving in April and perhaps a first Bitcoin Spot ETF in the USA. With a won lawsuit of Grayscale against SEC, more hope that first Bitcoin Spot ETF will be approved next year. It might be approved in late months of 2024 when a new bull run, after April halving, already goes through a few months to be heated up enough. Then big news with first Bitcoin Spot ETF will help Bitcoin to make a new all time high, a peak for a new bull run.

sunsilk

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Quote from: bitzizzix on August 29, 2023, 01:22:44 PM

Quote from: sunsilk on August 29, 2023, 12:45:15 PM

Oh, that's why I'm surprised to see that there's a sudden push and green on the charts. Thanks!

I hope that this is just the start of the signal for the bull run. And upon winning the lawsuit against SEC, the chance and positivity of having a Bitcoin ETF from other applicants are also likely to get pushed.

What's next for the market? $30k to $100k? I miss the people that talks about the moon lol.

I was also very surprised, because I just saw the Bitcoin price hit 28k before and maybe a few hours ago I saw it was still 26k. And this is really surprising and exciting news after Grayscale finally officially won their lawsuit, and this news will make Bitcoin price continue to rise up to 30k in the near future.
and Victory against SEC is one of the good news for investors and regain their faith in Bitcoin, and their doubts have cleared and will come back to collect more Bitcoin to continue 100k.

It will be back to $30k but for now, it's starting a bit of overwhelmed so it has to correct a little. While this lawsuit that has won against SEC for the ETF, other companies prolly have taken a huge chance and have more hope on this one.

Quote from: Silberman on August 29, 2023, 02:04:15 PM

Obviously I miss it too but this is simply because it is not the right time yet for this to happen, a bull run is not made by a single event, instead it is a combination of factors, and the starting signal for this to happen is the halving, so while this is a positive news I do not think this is going to signal the start of long and sustained upward trend, however it is nice to see the price recovering as with this the bitcoin I bought a week ago is already producing profits for me.

Yeah, there will be more of this and we need more of that. The combination of these events will push the price after the halving. And that's the factor that will have everything signalled.

If we've been in the drop recently, it won't last and there's going to be some recovery needed.

LeGaulois

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Quote from: LoyceV on August 30, 2023, 04:34:40 AM

Follow the money.

The only thing that matters is their bank account. They do not really care about "not your keys, not your coins".
At best, they will tell you it helps Bitcoin to be more adopted. LOL, like if the average Joe working for the minimum wage has money to put in ETF.

No, no, no, the truth is they are only interested to see the price incrasing, no matter what is needed to see it happen. They were saying the same things with regulations. Remember it.
"not your keys, not your coins" is just a marketing tool like "bitcoin o the moon" used to create the hype.

Trully man, they're like the refugees coming in Europe with a boat

panganib999

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So that was why the price shot up to 28k yesterday to for a bit. Amazing stuff. Although I'm not quite sure what implications this would bring into the world of crypto altogether besides the fact that this will open doors for wall street wankers to dip their toes in and invest in crypto like the rest of us. Which in itself is nothing quite short of fantastic and scary at the same time since every stock that hits the wall street gets to be adopted pretty quickly by the public, but at the same time they are also prone to getting manipulated for profit, which isn't going to be great for us.

Regardless, for the meantime I guess let's just celebrate this small victory?

Topic: [JUST IN] Grayscale wins lawsuit against the SEC (Read 539 times)