Topic: Winklevoss bitcoin etf coming soon...maybe by oct 12 (Read 3998 times)

Well, a very solid and well-documented opinion. Cautious but honest, yet positive about Bitcoin's future.
Main point being Bitcoin is yet too small for an open-ended ETF as it may inflate the price quite quickly, but the bubble will most probably pop soon after that. Gave me plenty of food for thought.

Still they keyword here is 'if'. But seeing that Winlevoss were so determined to open exchange under BitLicense - which is considered the worst cryptocurrency legislation attempt so far.
Then maybe they will be fighting and willing to compromise with that ETF too. Even with heavy regulation this might be better fin project than everything we witnessed so far.

Waiting patiently 

New letter from ARK to SEC re COIN ETF.
https://www.sec.gov/comments/sr-batsbzx-2016-30/batsbzx201630-23.pdf

Cautious, but take home message is that if such ETF is approved, demand might be overwhelming and btc will spike.
Well, OK, then  

GOLD went from $400ish to $1800 on GLD approval.
I expect at least 8-10X spike (to $5000-6000) if COIN is approved (within 3-5 years)

because it's a totally new type of asset class. it's not putting a regular commodity in a wrapper. there's a lot of potential risk.

Do we know why they are not approving the ETF? It seems like a logical move to trade it like stocks if that is what the customers demand. I would think that they would let the market decide if it fails or succeeds.

It's not easy to get an ETF approved. And especially not when it comes to a Bitcoin related ETF that might draw attention from institutional investors around the globe. But then again, I don't focus on these things since all news about things that need to get approved either get delayed insanely, or simply don't be what people were expecting it to be when launched. People should just focus on something more worthy of their time.

it is good for the price,tension is almost palpable
it has been palpable for quite some time,though -18 months minimum if I'm not mistaken (talking about Winklevoss etf here)
hope it affects the market more than their last project had
but the roadmap between exchange rules change and ETF is not set,it could take months or years,we don't know

it is always good to hear positive speculation about bitcoin, it feels good.

but at the same time, i always treat positive speculation just like negative speculation. they are only two sides of the same thing hype and FUD! i like to use my own experience and speculate it myself instead of getting caught in any of these.

and this particular thing was supposed to happen so many other times before and yet nothing like that has happened

The puppet-masters of this world aka the elite are not ready to allow big money into Bitcoin. Maybe never...

as expected they stalled a bit longer, but they did not reject it either, so that's good news.

now lets see what happens this time. 

yeah. this is very possible. the whole ethereum shitshow really showed the world a thing or two and none of it was positive. gold is gold, oil is oil, a stock remains a stock. I don't know if you can guarantee the same for a crypto.

 neither the sec nor the winklevii can stop a fork happening or a technical disaster. that is one giant question mark that I don't think anyone can answer.

I consider ETF to be unlikely to receive approval because it is NOT clear how to define bitcoin as an underlying asset.

I give you the largest altcoin example: if it had etf, is it now a sum of two chains or only one of the chains? maybe , depending of when you bought (pre or post split)? how then the value is transmitted to you? like a warrant, like additional shares, etc?
I presume that if you buy ETF at the day there is only one chain, you should be entitled to a sum of all chains it might (or not) be eventually split into. I don't have the time to look over the proposal to find out if they addressed this.

The Auctions are doing fine, https://www.reddit.com/r/Bitcoin/comments/576on5/gemini_auction_day_22_1718_btc_63799/  I think we are asking too much, too early on. Yes, the other things they have promised is taking too long, but they are doing something in the meantime.

Let's hope for the best on the rest for this year. ^smile^

Bitcoin ETF (COIN) is postponed again. Whatever.
I don't think it will ever gets to approval.
Maybe, it is not such a bad thing considering persistent lack of security on exchanges as witnessed by Bitfinex hack.

Gemini's volume was pathetic to begin with, but it's now at 6th place, above bitstamp and bitfinex. I had written it off as a failure, but it's taking off now. I had also written the ETF off as a failure, but might be wrong about that too. It could take a long time, but turn out to be successful.

I am not sure it will never be approved but at this moment it is not very likely it will get approved. Perhaps a year or so, because bitcoin in the financial makes is growing and growing .Many forex trading companies already offer bitcoin trading, which means in the financial markets bitcoin is a name to be reckoned with. And if big money is trading to pull such a trick, many investors will jump in, the same with any stat up.

http://www.bloomberg.com/news/articles/2016-09-21/bitcoin-to-get-first-ever-daily-auctions-on-winklevoss-s-gemini

This is a very definitely an SEC-pleasing move. This is the same method that the GLD ETF uses to set their daily price.

They will NEVER approve any bitcoin ETF, unless something changes down the line.

which part aren't people realising?

this doesn't have anything to do with approving an etf.

the only thing they're approving is the exchange rule change. if they approve that then only then they'll start to think about the etf. that might be years away.

Yes, I 'm not really afraid of the stalling, I just hope they approve eventually.

If they approve at some point, now or in the next 200 days, that would probably be really good for bitcoin and possibly trigger the next ATH.

In fact it might be good that they stall, because bitcoin is not ready for mass adoption right now because of the 1MB blocksize limit which should have been removed Q1 2016 if you ask me.

They were a little bit too late to jump on the Bitcoin bandwagon when the price had been in the two digits range. Let these slowpokes have a little bit more time this time to fill up their pockets before hitting the Start button. Unlike most bitcoiners, they have families and friends, after all. And friends may have families too. It's a family business, isn't it?

I have read that the SEC could stall this for up to 240 days!? That's including the stalling they have already done.

I beg to differ Kwuk.  I was here in 2011 (under another name), personally mined some at home with Radeon 5850 cards (noisy ! ), also bought and traded quite a lot in those heady days for various real world goods, helping to encourage adoption, *and I sold a *small percentage of them at just over $1000/coin, *and had *no trouble getting my $ out from the exchange I used (not Gox).   Sadly I cant tell you how much I made without giving away too much information, but suffice to say I'm quite happily smiling, and I still have most of my coins.

And Im not even that interested in just trying to make more fiat $ by playing bitcoin day-trading games (as many try to).  Im financially comfortable with my regular income..  I sold some mainly to prove to myself and a few skeptical others that I *could push some buttons and turn these digital token into cash if I wanted to.  They were convinced

I am *more interested in the potential of Bitcoin to introduce some "new blood" and new ideas to try into the worlds financial systems, and hopefully force some evolution into the merry-go-round of Fiat Currencies with their proven-to-fail-over-and-over-again history of doing the same thing and expecting a different result.   I see them as "shares" in a Global company that is doing things I like to see done for a better future, not just trading cards to try and squeeze out a quick fiat profit.

Just because you're a loser with no future vision who got sweaty palms and dumped his load (@$10 I heard ?) and have been spouting sour grapes while trying to make $ by shorting Bitcoin ever since, doesn't mean everyone is.

It never really did... just because everyone was using one exchange that got messed up by a bot doesn't mean it was actually valued that high by people... Even people qho claim to have sold at the top (funny how many claimed that in the first place) were never able to get their fiat out. *POOF* aaaand it's gone. The real value people trading those ranges got was exactly or near $0.

When something interesting is launching, people directly think it will make the price sky rocket. With several great things being announced and released, the price hasn't done a single thing. Traders don't seem to care, and institutional traders seem to care even less.

This has been in the pipeline for way too long.
People will believe it when it actually fructifies.

No.

Not if there are anymore Bitfinex type companies just waiting to happen.Then it could be a success story from these "missed opportunity" facebookers.

I personally don't have any experience with these ETF's or trading on the stock market but if it is backed by a reputable corporation unlike these failures of the exchange markets, then you can be sure that I will look into this golden opportunity further.

people are too greedy for margin and too careless with their coins to use gemini. I think it's gonna take somewhere between 10-20 more goxings before it finally sinks into their thick skulls.

No no no.
I'm pretty sure the final decision will be made next year in february as SEC has the option to extend the whole case for another 200 days.
So nothing is coming soon buddy!!
And is worst case it will be rejected!
But sooner or later we will see an ETF getting approved.

Heard it all before, I'll believe it when I see it. This has been spoken about for a couple of years now.
No doubt the price would go up if their ETF was given approval but when/if it ever happens we don't know.

that's exactly the reason of why i don't take anything coming from the twins serious. they are loud mouths that have not proved a single thing at this point.

Only if Chinese are allowed to get in on the ETF, which is not possible under current SEC rules.

Or, if China decides to "free" bitcoins in China.

Winklevoss twin's ETF is "little too late" to the game.

Current situation seems awfully similar to hype before previous project of Winklevoss - Gemini was announced.
People were saying back then - after Geminin will go live it will dominate market and price of BTC will skyrocket for sure.
And we all know what happened. Gemini is online and I personally don't know anyone who used it. Also it had zero impact on bitcoin price.

I never take any notice of these dates, they're always delayed. This supposed ETF has been in the pipeline for years, I'm not sure if they'll ever get approval.

nope.

the only decision pending is the one about the rule change for the bats exchange that opens the door to the application. it's got nothing to do with the etf itself. if that rule change is approved then the etf starts to be considered and there's no time frame for that at all.

I know I have been waiting this long to get something solid in the works for this.

So this breaking news is basically 'Let's get ready to get ready!'.

I say big deal.  I don't see a big effect on bitcoin because of this,  but I will admit I could be wrong.  But this is a way of betting on bitcoin with leverage, without actually owning bitcoin.  Isn't this kinda what most bitcoiners are against?

Ok....whatever u say boss..
U sound like one of those guys who said bitcoin would never go to $1000 when it was trading @$12 .....hehe

It's been "coming soon" for 2+ years now 
Just like BIT, it will be irrelevant for a long time. Maybe one day it will gain serious interest outside of people on this forum thinking it is their saving grace

SEC said it would make a decision regarding winklevoss bitcoin etf by Oct 12....Solidx also has an etf in the works and it has insurance...if either of these is approved ....bitcoin price will skyrocket as new institutional money on the sidelines decides to get in on the bitcoin game.

August 23, 2016.
On June 30, 2016, Bats BZX Exchange, Inc. (“BZX”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [1] and Rule 19b-4 thereunder,[2] a proposed rule change to list and trade Winklevoss Bitcoin Shares issued by the Winklevoss Bitcoin Trust under BZX Rule 14.11(e)(4). The proposed rule change was published for comment in the Federal Register on July 14, 2016.[3] The Commission has received five comment letters on the proposed rule change.[4]

Section 19(b)(2) of the Act [5] provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.

Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,[6] Start Printed Page 59257designates October 12, 2016, as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR-BatsBZX-2016-30).