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RE: Bitcoin ETF DENIED - Check Todays Price Action!
I cant' believe how people are reacting to this news. I am actually celebrating. If we need governmental approval for bitcoin, I think it's time we re-read Satoshi's whitepaper.
Things like cheering for an ETF (a centrally operated fund which can enable fractional reserve to creep into the ecosystem) are great for highlighting who is in crypto for reasons other than ideals.
Edit: That's a bit harsh. I'm sure there are reasons to think an ETF could be good for Bitcoin. But the high trust mechanisms of traditional finance and being under the thumb of the state are things we should stay away from, IMO.
The thing about the sec approving an etf would mean btc would get a lot more attention. Which would mean more people would stop using fiat currency and the banks would lose power. It would be a good thing for everyone except the banks. More btc adoption would bring light to coins like monero anyway which cant even be traced. Btc regulation sounds like a bad thing but its not.
No. Btc or any other kind of smart money (i like this one, got inspired by @pfunk) is the alternative of the current broken system of banks and any other financial institution. If you believe that btc would receive more attention because of this, you are wrong. Btc has already got media attention. Even Steem was featured in forbes, guardian and other mainstream media. You really don't need govern supporting bitcoin, this would mean the fall of federal reserve and no more control over the economy. there is a bigger picture to blockchain than simply seeing btc as good financial tool.
I just figure it would be a stepping stone to more adoption. I don't think btc has media attention really. It has a few mentions here and there but no serious reporting imo. I dont really know much about etf's in general though so maybe Im just talking out of my ass kappa.
i see regular reports in marketwatch news outlet :)
I don't see how that follows. Gold ETF's did not get ordinary people using gold again, because no ordinary person cares or talks about ETF's. It's purely a financial vehicle used by a small minority of people. Gold ETF's also increased the volatility of gold, as well as increased the rate of fractional reserve. It did however help the price rise as well. Aside from rising price, none of those things would be good for Bitcoin.
There are other, preferred ways for Bitcoin to gain adoption. For example if they fixed the whole transaction backlog thing...
Aside from rising price? Isn't that what you would want to hear as a holder of gold... or bitcoin?
I dunno, I'm in it for the money.
I wouldn't be happy as a holder of Bitcoin to see the price rise at the expense of the values of the system. A rising price isn't what would change the world. And I can say that from experience, because it happened in 2016.
Nobody likes gold because you have to use a middle man and have to keep that shit in a bank. Bitcoin just needs to get a domino effect going to gain more popularity. Im thinking the etf would just be one of the dominoes. Everyone knows what gold is where hardly anyone on earth has any idea what bitcoin is. If the government isn't trying to regulate bitcoin it means they do not see it as a threat yet. When they start panicking and try to regulate it it means we are winning the battle. With decentralized exchanges regulation is meaningless anyway. Getting setup with bitcoin is 100x easier than figuring out how to buy gold.
agree to agree.
I was cheering it on because the inflow of capital would have pushed the price to 2k+
Agreed, fully. I said the same thing to myself. I never expected it to pass. If it were to pass, I mean, really, what in the hell would happen!? How can you regulate decentralization? Then again, why would you want to? It's like adding 2 and 2, anticipating 3. It just doesn't work and kind of defeats the entire purpose of its existence.