BITCOIN: S.E.C decision to reject the Bitcoin ETF proposal is great news for Bitcoin.
BITCOIN REJECT OF ETF PROPOSAL
There appears to be some confusion as to whether the decision yesterday made by the S.E.C. to reject to the proposal for the BITCOIN ETF is good or bad for BITCOIN and I just wanted to put out this quick 1:28 minute video to help clarify why I believe this is great news for BITCOIN.
In order to understand what this decision really means you have understand what ETFs are.
ETFs (Exchange Traded Funds) are funds that allow an Asset to be traded without having to own the physical under lying Asset.
By allowing this you are in essence allowing the trading of the risk detached from the Asset that the risk is attached to.
FINANCIAL DERIVATIVES
The trading of this risk is carried out by introducing what are know as Financial Derivatives.
A Financial Derivative is simply a 50/50 bet of a future event, nothing more, nothing less.
These financial instruments were first introduced in the mid 1980's and have since distorted The Market way beyond recognition.
In simple terms these Financial Derivatives are in charge of The Market, and The Market is not in charge of these Financial Derivatives.
By allowing the BITCOIN to be traded as an ETF would have in essence been the same as going back 35 years and tarnishing what is currently an Investment Asset that is at the cutting edge of technology and putting into the same melting pot of garbage Financial Products.
GOLD AND SILVER DERIVATIVES
If you wanted to see what would really have happened to BITCOIN if this proposal had been allowed to go ahead, take a look at the festering pile of "Horse Dung Derivatives" that are sat on top of Gold and Silver that no one wants any more.
Yesterday's decision is the ultimate way of BITCOIN putting two fingers up to the system and saying "...we don't want your Garbage Derivatives..!!"
A BITCOIN ETF would have stripped out the core value of BITCOIN and with this decision now clearly behind us BITCOIN can do what only BITCOIN knows best..!!
It is free once again to strengthen the fact that it has identified that the Global Financial System is severely broken and on the verge of a catastrophic implosion.
Remain BULLISH BITCOIN.
Thanks again for reading.
Stephen
If I wanted a billion in gold in hand, I would need to find someone willing to sell 1 million in gold today, again tomorrow and every day after that for just shy of 3 years. The price of gold would be impacted (then brought down by the paper market).
If I wanted a billion in bitcoin in hand, I would need to find someone willing to sell 1 million in bitoin today, again tomorrow and every day after that for just shy of 3 years. The price of bitcoin would be impacted.
Now there is no paper bitcoin market to manipulate the price down - ie; an ETF
I'm a little confused. In the second part you say "If I wanted a billion in bitcoin in hand, I would need to find someone willing to sell 1 million in gold today,". I don't quite understand that. Stephen
And good luck finding the first million dollars worth of bitcoin for sale the first day, let alone the second, third...
It was a typo. But, I am saying "Physical" bitcoin as opposed to a hypothetical ETF bitcoin.
There are actually contracts, margins and essentially "Shorting" and "Puts" being ordered on Bitfinex (I used to loan my btc out) - so there are bitcoins being traded that don't exist. In other words, there are bets being made on the price without physical delivery going on. But, if it were done on a grand scale on Wall Street, the price would be manipulated to the same extent as gold and silver are today.
Thanks for catching my error!
Ahh. That makes sense now. Have a great weekend. Stephen
I agree that the 10 March 2017 decision by the SEC to deny the Bitcoin ETF is good for Bitcoin. I am not anxious to see the market riggers get a chance to manipulate Bitcoin (even if it is a little manipulation).
Listening and reading a few other posts/videos on this subject, they say there is another Bitcoin ETF decision to be made by the end of March.
Now we know what kind of volatility in the Bitcoin price that these decisions cause.
Have a great weekend,
Steem on,
Mike
Cheers Mike and likewise. Hopefully Bitcoin will stay clear of the corruption and expose the rigged system for what it really is. As always thanks for the support. Stephen
World Financial Roller Coaster is NOT over YET...
Expect Volatility
Diversify
1 Green Good
5 Red Bad
thank you
have a good weekend
Frank
P.lease Fasten Your Seat Belt...
S.ave the date
"Expect Volatility." Could not agree more Frank. It will be a MASSIVE week next week. Wednesday is Debt Ceiling day and that will be EXCITING..!! Have a fantastic weekend. Stephen
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I read the book "The Accidental Billionaires: The Founding of Facebook:" by Ben Mezrich:
and the only people to come out of that story, with any sort of moral center was the Winklevoss twins. So just based on that book, I have a lot of time for the Bitcoin Twins. Saying something is great because it failed to join a club it wanted to, does not make any sense. The Bitcoin twins will not give up until Bitcoin joins the Establishment. And this will ensure their stock and all the Bitcoins they have invested in,will rise. "It's Logic For Duck's."
Lets leave the, " I Don’t Want to Belong to Any ETF Club That Will Accept Me as a Member," joke to Groucho Marx.
Somehow or other it is going to happen.
Thanks for your comment. The issue goes way way way way deeper than the Bitcoin ETF. The real reason why the S.E.C. rejected their application is that it would expose the more deeper problems of the Derivatives in the system. There is a massive problem that is about to be blown wide open and Bitcoin is best kept out of the way. This was NEVER going to happen and will NEVER happen. Bitcoin ETF is less than 0.00000001% of the problems the system has. Stephen
Well Stephen, I do appreciate your expertise on this.
But we have seen the strangest things happen that would have seemed impossible just a few years ago.
What is the William Hill Odds on Bitcoin getting the ETF green light.
I would stick some Steem on that;D~
I wouldn't count too much on the bookies. They had Brexit and Trump both as outsiders. They are part of the game to fleece the sheepeople. BITCOIN ETF will never happen. It can't..!! Stephen
Agree on this 100%
Thank you. I appreciate the support. Have a fantastic weekend. Stephen