Bitcoin ETF to be approved(?)

Sharpcharm
Sharpcharm

If the Bitcoin ETF gets approved... it's gonna be yuge dude...

coindesk.com/bitcoin-traders-planning-etf-approval/

All urls found in this thread:

coindesk.com/bitcoin-traders-planning-etf-approval/
cointelegraph.com/news/stage-set-for-25000-bitcoin-price-macroeconomist
sec.gov/Archives/edgar/data/1579346/000119312517034708/d296375ds1a.htm
coindesk.com/ex-gemini-lawyer-sec-unlikely-to-approve-winklevoss-bitcoin-etf/

WebTool
WebTool

Buttcoin is a huge fucking bubble and a pyramide scheme. Everybody is buying bitcoins but they never intend to use them to actually buy anything. They just get them expecting to sell it to the next sucker coming along.

DeathDog
DeathDog

lol no dude hahaha

sry but u r wrong bud

basipally u r wrong

ZeroReborn
ZeroReborn

I'm hoping it will be, the amendment posted a few days ago suggests the chances are going up.

PBOC stopped withdrawals in China, the price has stayed the same, only went down a bit, right back up.

The Winklevoss ETF will be launched with a price of 10 dollars for a 0.01 share of BTC, which comes out to 1000 per BTC which is what we are sitting at now.

What do you think OP?

BunnyJinx
BunnyJinx

If you think about it as the electricity costs that go into mining it, it's almost a currency that is backed by the price of electricity.

Kind of out there explanation but I can explain it better if you want.

Ignoring my electricity argument:

It may be a bubble/pyramid scheme in the traditional economics way of looking at it.. But traditional economics/definitions are not applicable to BTC, because it is based on completely new technology that could not have been anticipated.

Spamalot
Spamalot

I'm hoping it will be too, the markets seem optimistic. It's going to be big news if the Winklevoss twins pull this off. They're going to be heroes.

I just can't imagine the Bitcoin ETF being approved though. I was reluctant to buy at around the 1000 mark, but it's getting pretty tempting.

girlDog
girlDog

Now that's proper memeing, fellas.

cum2soon
cum2soon

Can somebody give me a quick rundown of these two?

Gigastrength
Gigastrength

Just pick a number below 1000 that you are comfortable with and buy when it hits that. Or wait until right when the approval announcement comes out and buy and sell quickly while it is bubbling, then save that money and buy when it levels out. That's my plan.

Alternatively if it is not approved, I'll buy the "crash" that will happen, because it will only be temporary.

Local Bitcoins volume over the past year is climbing and going through the roof, other countries are buying.

Iran is ditching the US dollar in March. Donald Trump's website mentions stopping remittances to Mexico... There is too much bullish shit going on.

The ETF will be good for making quick cash IMO, whether it is approved or not.

Methnerd
Methnerd

In regards to BTC: they own a substantial amount of it.

They came to fame with suing/being sued for facebook which I don't really know the story of, don't really care either.

They also were in the Olympics. Pretty much two smart as fuck guys who are amazing investors.

Sharpcharm
Sharpcharm

Also: they run a bitcoin exchange called Gemini

It is amazing, very high security, but requires a lot of identification to get started. (Good thing IMO)

They have a daily auction on Gemini which sets a fair market price for BTC- doesn't have much impact on the markets/much attention now, but when/if their ETF- COIN is accepted by the SEC, their daily price auction will be a big deal.

Fried_Sushi
Fried_Sushi

I'm pretty sure this is exactly how the price of silver is manipulated, why would you be excited about this as someone who owns bitcoin?

RavySnake
RavySnake

/ourguy/

SomethingNew
SomethingNew

If the Bitcoin ETF gets approved... it's gonna be yuge dude...
if it gets approved expect prices to plumet long term. it will be shorted to shits so they can buy it up at a depressed price. same as metals.

Emberfire
Emberfire

Except for the fact that you can keep mining for more metals.

Bitcoin's supply goes down over time. Lost coins (can't access them anymore), mining reward goes down every few years. There is a limit on supply to 21 million coins, we are 15.5million mined so far i believe... it will take until 2124 (100+ years to mine the rest of the coins)

RavySnake
RavySnake

Silver markets are accessible to a much wider number of people.

Right now buying bitcoin is difficult, it took me months before I bought my first coins, then when I wanted to buy them it took me about a week to really be comfortable with buying them.

Also I personally want them to be legitimized through the gov't, with the SEC etc.. I don't want bitcoin that gov'ts deem illegal.

TurtleCat
TurtleCat

There is a 1:1 ratio of silver and gold that exists above ground, silver is used so much that there are shortages every year, gold is put in underground vaults and does nothing.

Silver 18$ an ounce
Gold 1233$ an ounce

If you think letting these same people have influence over bitcoin is a good idea you are living under a rock.

BlogWobbles
BlogWobbles

Except for the fact that you can keep mining for more metals.
through history the rate gold was mined was roughly equal to the population change thus making the supply stable and finite making gold an ideal store of value. in a few years it makes almost no difference if new anything is mined or not or in what rate. so long you let it hit the exchanges futures and options contract will multiply the supply for investors and speculators indefinitely. this is a great way to make a scarce resource look a hell of a lot less scarce so long people don't ask for delivery because the prices drop as planned.

seriously just look up what's going on the silver market! nothing bitcoin has as a feature or property that would prevent the same happening to it.

LuckyDusty
LuckyDusty

If you want the governments to control bitcoin you are missing the point entirely.

CouchChiller
CouchChiller

what the fuck are you talking about? how did you jump into that conclusion?

SniperGod
SniperGod

i don't want them to control it. They could not control except for if they break the encryption... which is totally possible given that they may have the tech for it.

I don't want it to be underground/black market, I want it to be a gov't approved method for the transfer of wealth.

CouchChiller
CouchChiller

there is no tech that can break the current encryption on Bitcoin. It is estimated that in 30 years decryption tech will be good enough to crack a btc private key within 1 year. Right now it is estimated to take trillions of years. However, it is fair to expect that within the next 30 years Bitcoin will upgrade to a stronger form of encryption.

Fuzzy_Logic
Fuzzy_Logic

there is no tech that can break the current encryption on Bitcoin.
well that may or may not be true, theoretically it's possible nsa already has quantum computers that work and already use them to break even stronger encryptions. question is would they reveal their hand and make all their opponents upgrade their crypto suits drastically for a tiny itty bitty little shitstain of a currency that actually on the other side can be used to conveniently fund black ops with full deniability?

yeah probably the incentives are not strong enough. and won't be for a good while.

the problem is tho for the nsa to simply take control of bitcoin via the 51% attack is a hell of a lot more doable. really it only takes will and money. once they manage it it will shake the bitcoin ecosystem so hard that the coin and it's likes would be dead for decades people would flee in terror from them. and they can do this without reveling any way too advanced capabilities in cryptography or quantum commuting only flexing some economic muscle.

whereismyname
whereismyname

I think that would be the most serious threat to it, if gov'ts do not support it they will definitely undermine it..

Hence, I'm for them supporting it, taxing profits, whatever it takes.

Booteefool
Booteefool

if governments took over the mining they would collect the new coins and transaction fees as a natural tax. that would be pretty awesome so long they are not playing together or enough neutral players remain to process all transactions and blacklisting addresses does not become a thing.

Bidwell
Bidwell

Everybody is buying bitcoins but they never intend to use them to actually buy anything

Please tell me you aren't this retarded.

kizzmybutt
kizzmybutt

I just bought my first 2 bitcoins..it was literally just money sitting in a savings account doing nothing so let's see what happens..don't be memeing me biz

Gigastrength
Gigastrength

Lol slow your roll there, I don't think they should take over mining, I think mining should remain a free market aspect of it, what I'm talking about is them taxing it when you trade it back to their currencies

Techpill
Techpill

dont meme yourself

hold it for the next 5 yrs at least

VisualMaster
VisualMaster

well that's a given you have to pay income tax everywhere after your gains on any trade.

also if it's free market then governments can play too. i will see who can compete with them on the other hand. not that any mining is not state monopoly licensed out to private firms under specific terms in any country.

Fuzzy_Logic
Fuzzy_Logic

I am buying 5 bitcoin. Live in Australia but can't find where to buy them - basically unsure if some places are safe or not. One Aus bitcoin site will only let me buy $2000 worth.

Supergrass
Supergrass

cointelegraph.com/news/stage-set-for-25000-bitcoin-price-macroeconomist

BUY BUY BUY!!!!!!!!!

massdebater
massdebater

The bitcoin ETF is not futures based, user.

The Winklevosses would actually have to buy the coin they put up.

Deadlyinx
Deadlyinx

I know this might be a meme though. I actually really know nothing about Bitcoin.

Could some people who know what they're talking about give me a rundown? What are the different likely events that could transpire that would cause the price to go up or down drastically in the near future? Do you think we'll have insane dips or heights followed by stabilization? Any possible permanent changes? What direction do you think is most likely for the future of Bitcoin?

Lunatick
Lunatick

that sounds like a legit site... countries have laws called KYC laws (know your customer) that exchanges and banks have to abide by. The more information that you give them the higher your limits will be. What is the exchange you are trying to use?

Alternatively, just use Localbitcoins.com that way you are dealing in cash. Never use paypal or venmo to purchase your BTC

Crazy_Nice
Crazy_Nice

It has gone up by an average of 8% a month for the last 14 months.. there are ups and downs but it is currently a bullish market. I know I will be hated, but go poke around reddit.com/r/bitcoinmarkets for trading and reddit.com/r/bitcoin for the answers you are looking for.

Lord_Tryzalot
Lord_Tryzalot

They own a good chunk of it already.. if anyone wants to know about the COIN filing:

sec.gov/Archives/edgar/data/1579346/000119312517034708/d296375ds1a.htm

the intro to that (an amendment they filed last week) gives you the gist of how they will sell the initial shares of their trust. Each share will be worth 0.01 BTC (So 10 dollars with today's price).

MPmaster
MPmaster

should post their most recent pictures OP

King_Martha
King_Martha

Thanks user, I'll take a look.

girlDog
girlDog

I've bought a couple things using bitcoin with purse.io (you get a 33% discount by doing this for any item on amazon)

So far I've saved over 200$ and bought some cool shit.

Carnalpleasure
Carnalpleasure

tfw i bought two bitcoins when they hit $1000 3 years ago
tfw i forgot the password to my wallet

StonedTime
StonedTime

you don't have the keys? darn dude that sucks, I'm sorry.

You're welcome, please do

purse.io is great!

askme
askme

You can say the same thing for gold.

Boy_vs_Girl
Boy_vs_Girl

I have a Bitcoin backed Visa debit card that I use regularly. Where is your god now?

farquit
farquit

We already know that Google and the government have quantum computers already. However, you clearly have no idea what quantum computers are given your assumptions.

Fuzzy_Logic
Fuzzy_Logic

woah thats crazy. dayum, do the winkelvoss's actually care about the price of the underlying asset, or do they just want the management fee. i guess they would care if they held btc, but what if they try to make ETF for every alt coin? give me the red pill on ETF plz boss

Nude_Bikergirl
Nude_Bikergirl

They've been saying this for fucking years

SomethingNew
SomethingNew

The SEC's approval deadline is March 11.

If the SEC fails to approve/disapprove by then, the ETF is approved by default.

Bidwell
Bidwell

***January 20***
former Winklevoss lawyer says ETF approval is "unlikely" because the Chinese own 95% of the volume:
coindesk.com/ex-gemini-lawyer-sec-unlikely-to-approve-winklevoss-bitcoin-etf/

***three days later***
Chinese bitcoin volume drops from 95% to 30% thanks to PBoC
See pic

Looking good lads.

idontknow
idontknow

Captcha ate pic.

likme
likme

the deadline is finally coming up, it's probably why we're still this high price wise

Lord_Tryzalot
Lord_Tryzalot

They will not, someone did file for an ETF for Ethereum, but that will take some time.

BTC is the most widely used and has a huge advantage as it was first on the market.

Yeah for three years, March 11th is the final deadline lol..

Such a beautiful thing to happen. People have always said the volume in China is fake. That was because they had 0 fees on trades and bots made up all the volume. A couple weeks ago, PBOC announced that there would be no more free trades, boom volume dropped, the true volume emerged.

whereismyname
whereismyname

March 11th is the final deadline lol..
final how?

w8t4u
w8t4u

final because after 3 years of delaying a decision every 60 days when decision time has come up, the time is up so it either has to be outright denied or accepted by default.

Everytime the decision has been postponed, people who are for and against the approval have been given a chance to submit comments as to why it should be approved or denied. Time for commenting and arguing is up, the decision has to be made.

PurpleCharger
PurpleCharger

if i remember correctly ecc used by bitcoin to protect wallets is more vulnerable to qc shors attack than rsa.

farquit
farquit

I have 50 dollars worth of bitcoin.

Can i do something with it?

takes2long
takes2long

get 50 blowjobs from kneepad fags!

likme
likme

Just hold onto it :) or you can get 80 bucks worth of stuff from amazon with it using purse.io

TalkBomber
TalkBomber

Actually 71, if you get a 30% discount.

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