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Security and Exchange commision says NO to Bitcoin

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posted on Mar, 10 2017 @ 07:17 PM
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Today on march the 10th, The U.S. Securities and Exchange Commission denied a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin, the digital currency.
Bitcoin Investors Cameron and Tyler Winklevoss have been working on the paperwork to convince the SEC to bring Bitcoin to the regulated market.
The price for Bitcoins plunged as much as 18 percent in a reaction to the news.
Earlier this month, Bitcoin reached a record price of nearly 1300 dollar. Investors in the digital currency were convinced that Bitcoin would be accepted for an ETF holding.
Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government.






posted on Mar, 10 2017 @ 07:24 PM
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originally posted by: SirBlackKnight
Today on march the 10th, The U.S. Securities and Exchange Commission denied a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin, the digital currency.
Bitcoin Investors Cameron and Tyler Winklevoss have been working on the paperwork to convince the SEC to bring Bitcoin to the regulated market.
The price for Bitcoins plunged as much as 18 percent in a reaction to the news.
Earlier this month, Bitcoin reached a record price of nearly 1300 dollar. Investors in the digital currency were convinced that Bitcoin would be accepted for an ETF holding.
Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government.




Fine by me, I'm spread in crypto and continue to buy. The returns since February of 2016 until now have been great.

Who needs the SEC? Decentralization ftw!!



posted on Mar, 10 2017 @ 07:37 PM
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a reply to: ManufacturedDissent

Why bit coin and not gold/silver?

Not trolling, I have no idea what the advantages of bit coin is.
edit on 10-3-2017 by seasonal because: (no reason given)



posted on Mar, 10 2017 @ 07:43 PM
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a reply to: SirBlackKnight


Bitcoin cannot be manipulated, so its no surprise they said no. But anyone can see that the rise in the non manipulated Bitcoin points to hyperinflation. Gold and silver would say the same , but its shorted at the moment.



posted on Mar, 10 2017 @ 08:07 PM
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a reply to: SirBlackKnight

Not surprised one bit (pun intended) the SEC rejected the request, there's no way they'd let a decentralised and uncontrollable currency which is incredibly difficult to trace individual transactions on the "official" market.

Watch the price fall even more over the next few weeks, it was way too high anyway to be sustainable for more people to adopt, it's not going to die, far too many invested but the price will certainly lower to something more reasonable over time.

Besides there's still a hell of a lot of internal bickering and a lack of direction with where to take the coin, mainly between those who want to see the coin grow and be more efficient and the miners who just want more profit or at least maintain what profit they currently make, it's the whole reason we have so many alt coins.



posted on Mar, 10 2017 @ 08:12 PM
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Lol how dare someone else make money out of thin air

Must be unsettling to know places take other people's made up money


I see eth is still holding over 18 tho that makes happy but if it stays this high the cheap cards will be gone from eBay ... atleast tell the next time it drops



posted on Mar, 10 2017 @ 08:34 PM
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a reply to: anonentity

I don't know much about Bitcoin but it and everything can be manipulated.

www.zerohedge.com...

The Exchanges easily manipulate Bitcoin and have often just out right stolen the investors money and because it isn't a monitored or Centralized form of currency, those investors have no recourse, often they have no idea who they just gave their money to.

www.nytimes.com...

There are numerous other articles and real stories of people who lost everything. Bitcoin can also be used in the murky Dark Web world for other dangerous clandestine activities like money laundering, illegal porn, drugs and the list goes on. So can regular currency but it is somewhat traceable and regulated. Bitcoin in my opinion is a scam, an electronic Ponzi Scheme and maybe you get lucky and maybe you don't.



posted on Mar, 10 2017 @ 09:26 PM
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a reply to: DJMSN


Unfortunately you might be right, I don't trust something that you cant hold in your hand anyway. bitcointalk.org...


edit on 10-3-2017 by anonentity because: (no reason given)



posted on Mar, 11 2017 @ 01:17 AM
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It can and will and has been manipulated- the question is only who stands to profit.

Did the cia ever dump their stash, stolen from silk road?

Fbii? Nsa? Other orgs with deep pockets? Chinese? Korean? Dare I say, Russian?

Lots of fast cash for black projects to be had manipulating a new currency.

I only wish I wasn't forced to dump my stash before now.



posted on Mar, 11 2017 @ 03:25 AM
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a reply to: lordcomacI



If these boys are moving in on it I would personally forget it. www.forbes.com... 4



posted on Mar, 11 2017 @ 06:18 AM
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Who needs it anyway. You have GBTC.

What would be the difference between that and an ETF? (Does anybody know?)



posted on Mar, 11 2017 @ 08:48 AM
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a reply to: anonentity

I am the same way which is why I don't understand people who buy the gold bullion. I can purchase a gold coin and have it and enjoy the craftsmanship of the coin itself and still spend it if I need too. The gold bars and bullion they sell on some of these sites is suspect in my opinion too as all you get is a gold certificate which states you own it, but if those people pick up shop in the middle of the night or go bankrupt that piece of paper is just that...a piece of paper.

I like the idea of Bitcoin but something which is just Wild on the internet with no controls and not one entity at least responsible for oversight is just an invitation to con artists and thieves and I am wary.



posted on Mar, 11 2017 @ 09:40 AM
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originally posted by: seasonal
a reply to: ManufacturedDissent

Why bit coin and not gold/silver?

Not trolling, I have no idea what the advantages of bit coin is.


Gold and silver is a great physical commodity. A few guys I trade with are very much in favor of silver. I haven't paid to much attention to those 2 but I've been told if I were to buy them to buy actual physical gold or silver not the notes.



posted on Mar, 11 2017 @ 09:53 AM
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The advantage to bit coin is it is decentralized. Meaning there is no ged, everyone can download the block chain, which is a fancy word for on-going public ledger.

Every transaction since the genesis block is on the blockchain. Meaning in order to fudge the numbers oNE would have to alter ever blockchair on every computer in the world at once. It's impossible.

The other advantage is for oversight. The amount of bit coin released per block is known (it's in the algorithm ) so inflation in the sense of printing more coin won't happen. There is a finite amount of bitcoin and no new coins will be created after 2054 (I think that's the right year).

So as a means of transparency theres nothing like it. The dollar is centralized to the Fed and we have to assume they aren't just printing dollars left and right (which they probably are).

Another advantage is there are no borders with bitcoin. A government can't seize your wallet or prevent you from sending money anywhere in the world. They can make it illegal but not stop it.

Then there is the transaction fees and time. If I send 1000 across the world it will cost me in the cents and it will be to the receiver fast than a bank who is limited to their internal systems and vetting.

Satoshi, the creator of bitcoin, was a genius and he has remained anonymous which is pretty cool imho.

Bitcoin, or blockchain tech, is the next logical step in finance. Think about it like this, these centalized institutions are more or less then same thing they were a hundred years ago. Even after 2008 crash we continued to bail out and use these institutions that caused the crash to begin with. BLlock chain flips the game upside down and returns money and transparency to the people.

Matter of time, silicon valley is coming for wall street, and they are waaaaaay ahead of the game in regards to the future of finance.




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