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http://bitcoinist.com Tue, 14 Mar 2017 12:10:54 +0000 en-US hourly 1 http://bitcoinist.com/wp-content/uploads/2016/11/logo.png http://bitcoinist.com 32 32 http://bitcoinist.com/altcoin-bubble-bad-vinny-lingham/ http://bitcoinist.com/altcoin-bubble-bad-vinny-lingham/#respond Tue, 14 Mar 2017 12:00:01 +0000

Bubblicious: Current Altcoin Run ‘Going to End Badly,’ Says Vinny Lingham


Bitcoin entrepreneur Vinny Lingham has continued warnings about high prices causing “bubbles” throughout cryptocurrency. Lingham:...

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Bitcoin entrepreneur Vinny Lingham has continued warnings about high prices causing “bubbles” throughout cryptocurrency.


Lingham: Altcoin Bubble ‘Going To Burst’

Having previously indicated a Bitcoin price above $3,000 too soon would mean “another bubble,” Lingham turned his attention to altcoins Monday, many of which have seen new all-time high prices this month.

Dash has surged almost 250% in two weeks, while Ether and Monero both set higher prices per asset than have ever been reached before.

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Ether currently trades at around $28, also representing a near 250% breakout, on the back of renewed optimism and the highly-publicized Enterprise Ethereum Alliance launched earlier this month.

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“It’s going to burst, make no mistake,” he wrote on Twitter.

Earlier, the Civic CEO described the world of cryptocurrency as being “in crisis right now” and warned that “it’s all going to end badly.”

This was initially met with skepticism, given Bitcoin’s latest show of resilience following the defeat of the Winklevoss ETF Friday, prices bouncing back to pre-loss levels within a matter of days.

“Regulators are going to step in. I’m on the sidelines. Good luck,” Lingham wrote, explaining thereafter that his comments were more about altcoins than Bitcoin itself.

Responses to Lingham elsewhere were more hostile, a Reddit user dismissing another tweet about the detrimental effect of a hard fork on Bitcoin’s price growth as “wrong and hysterical.”

Dash Devs ‘Back On Their Heels’

Lingham’s feared altcoin markets have meanwhile slowed down Tuesday after the ETF decision resulted in sweeping gains.

The top five alts gained a maximum of 5.5%, with both Dash and Monero reaching a plateau and moving within a 2% margin. Bitcoin also remained broadly steady.

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Nonetheless, Dash’s meteoric rise has taken even its development team by surprise, the latest statements suggesting price and market cap are dictating their own moves.

“At this point, I’m stretching myself,” Bitcoinist quoted Ryan Taylor, Dash’s Director of Finance, on Friday.

“We had a strategic plan that was really meant to take us up to around $100-200 million dollars (market cap) and, at this point, we have obviously quickly moved past that so fast that we’re a little back on our heels again and having to do the next planning that gets us to $1 Billion.”

What do you think about Vinny Lingham’s perspective on altcoin markets? Let us know in the comments below!


Images courtesy of Shutterstock, Dash.org, twitter, coinmarketcap.com

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http://bitcoinist.com/altcoin-bubble-bad-vinny-lingham/feed/ 0 http://bitcoinist.com/bitcoin-etf-approval-2017-dont-bet/ http://bitcoinist.com/bitcoin-etf-approval-2017-dont-bet/#respond Tue, 14 Mar 2017 08:00:58 +0000

Any Bitcoin ETF Gaining Approval in 2017? Don’t Bet On It. Here’s Why


The defeat of the COIN Bitcoin ETF turned out to be the story that wasn’t....

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The defeat of the COIN Bitcoin ETF turned out to be the story that wasn’t. Yes, it caused a sharp dip in the market, but this was filled within hours on Friday evening. Some say this is not a big deal because other ETF proposals wait in the wings. But the evidence says they will suffer a similar fate.


‘Significant Markets for Bitcoin are Unregulated’

Let’s take you back to Friday afternoon. The decision on the Bitcoin ETF was set to come down by Saturday, March 11th, so the SEC held up their end of the bargain. They did not delay the decision again, but said they will not approve the proposal. The deeper issue is why it was not approved.

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“Based on the record before it, the (SEC) Commission believes that the significant markets for bitcoin are unregulated,” the SEC said in a statement. “The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop.”

Bitcoin ETF a ‘Cause for a Pause’

This does not sound like a problem based on The Winklevoss Twins actual proposal, or a technicality. The problem the SEC seems to have is with the Bitcoin market overall. They specifically mentioned multiple global markets, plus a long time view of their progression towards regulation, which really isn’t in the offing.

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“The SEC made a strong statement and it listed its concerns, and I thought it did a very good job of explaining its rationale,” Phil Bak, the former head of ETF listings at the New York Stock Exchange told MarketWatch.

Bitcoin will mature as an investment over the coming years, but I don’t think we’ll see a change in how the SEC views it over that time. For the other firms trying to bring one to market, I’m trying to think of a nice way to say, ‘no chance in hell’ for their approval.

The Winklevoss Twins have been on this mission for almost four years and they have decided not to give up on the process. However, the reasons for denial have virtually nothing to do with the proposal, so where do they go from here?

Winklevoss Twins

“They can obviously try again, and SEC membership continually changes, but getting rejected is usually a stop, or at least cause for a pause. I don’t know what the next steps would be,” said Todd Rosenbluth, director of ETF and mutual fund research at CFRA.

“The SEC highlighted the unregulated market for bitcoin, and I don’t think the filers could do anything to change that,” Rosenbluth said.

Therefore, it appears that similar filings such as Barry Silbert’s Bitcoin Investment Trust will share a similar fate as COIN or at least until regulators get better oversight of Bitcoin and its related markets.


Images courtesy of Shutterstock, LinkedIn

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http://bitcoinist.com/bitcoin-etf-approval-2017-dont-bet/feed/ 0 http://bitcoinist.com/blockchain-banking-app-humaniq-reschedules-ico-offers-solidarity-to-chinese-investors/ http://bitcoinist.com/blockchain-banking-app-humaniq-reschedules-ico-offers-solidarity-to-chinese-investors/#respond Mon, 13 Mar 2017 16:09:48 +0000

Blockchain Banking App Humaniq Reschedules ICO, Offers Solidarity to Chinese Investors


The Luxembourg-based blockchain banking application Humaniq has decided to reschedule its ICO, from February 28...

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The Luxembourg-based blockchain banking application Humaniq has decided to reschedule its ICO, from February 28 to April 6, 2017.

[Note: This is a press release]


Humaniq’s mission is to create an Ethereum blockchain based mobile banking app that can offer financial services to those who have no access to conventional banking services. The Banking service app also provides the necessary infrastructure to allow third party insurance providers, p2p lenders and data security services to use it. Its design accounts for different perspectives presented by people from various countries and cultures.

In view of the recent guidelines issued by PBOC and other regulators, the leading Chinese Bitcoin exchanges have frozen Bitcoin withdrawals, resulting in restricted movement of the popular cryptocurrency. Considering these events, Humaniq has shown good faith in the interest of Chinese investors by moving the ICO dates to prevent any inconvenience in shifting assets within the cryptocurrency investor community.

Humaniq Logo

Humaniq CEO Alex Fork had this to say regarding the change in schedule:

I’ve been in close contact with our Chinese partners, and our internal information shows us that there is strong interest in this ICO among Chinese blockchain community members. Therefore, we’re going to show some solidarity and good faith to our friends in China, and push back the ICO so that they don’t miss out on early investor rewards.

Fork went on to clarify that the structural changes were not the reason for Humaniq’s recent change in ICO dates and that the team was ready to progress with the initiation of the app as planned. The altered dates are merely a precautionary measure in anticipation of any changing regulatory action from the Chinese government, to ensure equal opportunity for investors from the region.


Images courtesy of Humaniq, Shutterstock

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http://bitcoinist.com/blockchain-banking-app-humaniq-reschedules-ico-offers-solidarity-to-chinese-investors/feed/ 0 http://bitcoinist.com/metagold-crowdsale-begins-april/ http://bitcoinist.com/metagold-crowdsale-begins-april/#respond Mon, 13 Mar 2017 14:00:29 +0000

Game Development Studio MetaGold’s Crowdsale of In-Game Cryptotoken Begins April 3rd, 2017


The independent game development studio based out of Moscow, Russia, will soon introduce its own...

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The independent game development studio based out of Moscow, Russia, will soon introduce its own in-game cryptocurrency. The MetaGold cryptocurrency (MEG), created using custom ERC20 tokens over Ethereum blockchain will be made available in the upcoming crowdsale.

[Note: This is a press release]


MetaGold’s idea behind the creation of MEG cryptotokens is to introduce a unified online game economy across all present and future game titles created by the studio.  The company has chosen its flagship “War of Magi” game as the first platform to support the use of MEG tokens. The upcoming cross-platform multiplayer adventure game, presently designated “Project X” will be another likely candidate to take advantage of the MEG cryptocurrency.

The whole gaming ecosystem is the brainchild of MetaGold’s three-member development and distribution team which includes Michael Solomatin – the CEO and Senior Game Developer, Dmitry Kolyshko – Web Developer/System Admin/Support and Alexey Terenin – Game Developer.

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The gaming and cryptocurrency investors buying into the MEG cryptocurrency during the crowdsale will be able to make use of the tokens to buy many collectible items, including custom skins, characters, booster packs, cards, etc. Thanks to the use of Ethereum blockchain, all transactions made on the game platform and marketplace will be recorded on the distributed ledger, which will enable the players to share, trade, sell or just be a collector and safely manage the digital goods they own. The owners of MEG tokens and in-game assets can, at any point in time verify their holdings on the blockchain, making it easier for them to keep track of the transactions.

The immutable nature of blockchain makes it virtually impossible for any third party to intervene between the dealings of the players on MetaGold network. It also prevents others from seizing, modifying and deleting assets or markets in which they are exchanged.

The MetaGold team has announced its plans to create 8 million cryptotokens, of which 6 million will be distributed among the crowdsale participants. The rest 2 million MEG tokens will be divided among the founders and used for development, marketing, and promotional purposes.

The founders of MetaGold have 900,000 of the 2,000,000 MEG tokens reserved for them. The founders’ share is subject to a six-month lock-in period, starting from the last day of the crowdsale. Another 800,000 MEGs are set aside for the platform’s advisors, partners and other third parties. The remaining, 300,000 MEGs are available for various campaigns and bounty programs.

MetaGold already has a development roadmap ready, and it will be announcing the crowdsale dates soon.


Images courtesy of MetaGold, Shutterstock

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http://bitcoinist.com/metagold-crowdsale-begins-april/feed/ 0 http://bitcoinist.com/bitcoin-casino-cloudbet-big-win/ http://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#respond Mon, 13 Mar 2017 09:42:06 +0000

Player Wins 160 BTC on a Single Spin at Bitcoin-Only Casino Cloudbet.com


A player won 160 BTC in a single round from a stake of just 0.16...

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A player won 160 BTC in a single round from a stake of just 0.16 and went on to rack up a 216 BTC session balance (equivalent to over $255,000). Cloudbet have described this as “the biggest single spin win we’ve ever seen on our platform.”

[Note: This is a press release] 


March 9, 2017 – A Cloudbet casino player won a whopping 216 BTC in total prize winnings this week whilst playing Troll Hunters, a game provided by IGA Slot Provider of the Year: Play’n Go.

The 1,000 to 1 spin took place earlier this week, whilst, concurrently, the bitcoin currency has been buoyed by optimism over the US securities ETF decision. Both factors helped one player to over a quarter of a million dollars in total winnings; the win is equivalent to USD $255,312 at today’s exchange rates.

cloudbet-logo-300x100

Online gambling has proven popular with bitcoin’s rapidly growing community over the years. Now four years old, Cloudbet.com has a reputation for some of the highest limits in either the fiat or bitcoin world. Cloudbet Head of Casino, Leandro Rossi commented:

We specialize in high limits across both our casino and sportsbook, but this is the biggest single round win we’ve ever seen in over four years of operation.

Commenting on the current state of the market, Rossi continued: “For us, this signifies a new era in the relentless growth of bitcoin gambling. It’s faster, easier and more secure so big winners can get paid instantly. This attracts players, offering more liquidity and enabling higher limits than many fiat operators. We welcome high rollers so we’re delighted to see this happen and would love to see the record beaten again.”

Cloudbet casino continues to provide users with a wide range of casino games including Slots, Roulette, Blackjack, Baccarat, Video Poker, as well as global Live Dealer tables available on all devices.

Learn more about Cloudbet – www.cloudbet.com

Play Troll Hunters – www.cloudbet.com/en/casino


Images courtesy of Cloudbet, Shutterstock

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http://bitcoinist.com/bitcoin-casino-cloudbet-big-win/feed/ 0 http://bitcoinist.com/schism-mining-pool-bitcoin-unlimited/ http://bitcoinist.com/schism-mining-pool-bitcoin-unlimited/#respond Mon, 13 Mar 2017 08:30:51 +0000

Schism Inevitable? Biggest Mining Pool Switches to Bitcoin Unlimited


Antpool is officially switching to Bitcoin Unlimited as mainstream media lead warnings of a potential...

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Antpool is officially switching to Bitcoin Unlimited as mainstream media lead warnings of a potential Bitcoin hard fork.


Antpool’s Wu Jihan: ‘We Will Switch 100% to Bitcoin Unlimited’

The block size solution, now slightly ahead of SegWit in terms of mining pool support, has gained the backing of 15% of miners and the largest single mining entity following Antpool’s decision.

jihan

“We will switch our entire pool to Bitcoin Unlimited,” Bloomberg quotes founder Wu Jihan. “We can’t tell how the hard fork will play out. We will only know by the time we get there.”

The move is a boon for BU and lead proponent Roger Ver, who has campaigned intensely for the solution to achieve majority support.

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“We need to get to 60 or 70 percent of miners on board to activate Bitcoin Unlimited,” he commented Thursday. “Combined with others, I’d say we’re already close to halfway to our goal at this point.”

Ver, Media Capitalize On Uncertainty

While Bloomberg paints an alarming picture of the consequences of both consensus emerging and a continuation of the status quo, the size of Bitcoin’s mempool as of Monday is equally a cause for concern.

Despite shaking off a negative ETF decision by the US Securities and Exchanges commission Friday, and even since reversing the modest drop in value, Bitcoin is becoming inefficient and expensive, especially for microtransactions.

Payment gateway Bitpay announced last week it was drastically raising its minimum invoice amount for 4 cents to $1 – a rise of 2400% – expressly due to the increase in transaction fees.

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Ver meanwhile remains convinced that larger blocks will solve the problem without leaving Bitcoin open to monopolizing from larger mining conglomerates.

“Say you haven’t had any water to drink for a day and a half, and you also need a haircut,” he continued. “Do you drink some water or go to the barber shop? SegWit is like going to the barber shop.”

‘Core Camp’ Lacking Consensus

Core developer Peter Todd meanwhile described BU as “irredeemably broken,” adding that,

Large miners have every reason to vote the size up to push their competition out of business.

But despite being referred to as a ‘Todd’s camp’ by Bloomberg, Core in fact represents over 95% of all Bitcoin development to date.

Reacting to the piece, Core Developer Luke Jr. called the worries about a Blockchain backlog a “pack of lies” while refuting the article’s “strange” focus on miners like AntPool, “which neither are involved in hardforks, nor well-informed on them,” he commented via Twitter.

Luke Jr. concluded by reiterating the cornerstones of Bitcoin, tweeting:

As the SegWit community currently mulls the concept of a so-called user activated soft fork (UASF) as a way of subtly introducing their solution, Todd nonetheless issued a proviso that this option was not a one-size-fits-all method of dealing with the problem at hand.

todd

On Twitter, he wrote that it “is not known how safe” a UASF would be, or how one should “best deploy” them.

The comments were in response to an offer from former BTCC COO Samson Mow, who last week invited anyone capable of creating “code for a safe UASF” to come forward in return for a bounty of 1 BTC.

[Note: This article was updated to include the reactions from Core Developer Luke Jr. to the herein cited article from Bloomberg.]

What do you think about Antpool’s move to Bitcoin Unlimited? Let us know in the comments below!


Images courtesy of Steemit, Shutterstock, Twitter, Blockchain.info

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http://bitcoinist.com/schism-mining-pool-bitcoin-unlimited/feed/ 0 http://bitcoinist.com/dash-altcoin-bull-run-records/ http://bitcoinist.com/dash-altcoin-bull-run-records/#respond Sun, 12 Mar 2017 16:34:50 +0000

Dash Altcoin Continues Epic Bull Run; Sets Several All-Time Records


ETF or not, Bitcoin has recovered almost instantly to its regulatory speed bump, but no...

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ETF or not, Bitcoin has recovered almost instantly to its regulatory speed bump, but no digital currency is making bigger waves than Dash, which crushed multiple all-time records Saturday.


All-Time Higher High

Saturday will go down in history for Evan Duffield and the folks at Dash. Yesterday, the altcoin jumped in value over 40%, approaching $75 USD in market value ($74.11 was its peak) after starting the say at just over $50.

According to CoinMarketCap this is the greatest one-day performance in Dash’s history.

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Dash also easily surpassed the half-billion mark for total market capitalization value for the first time, topping out at just over $530 million. Currently, it is maintaining those gains, as it trades around $70 with a market cap of $508 million.

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The leadership at Dash is very optimistic about their prospects for continued growth in 2017. Amanda B. Johnson of Dash Detailed interviewed Ryan Taylor, Dash’s Director of Finance, on Friday. He was caught off-guard by Dash’s powerful moves in the first quarter of 2017, but he says this is all part of a larger plan of market acceptance. He explained:

At this point, I’m stretching myself. We had a strategic plan that was really meant to take us up to around $100-200 million dollars (market cap) and, at this point, we have obviously quickly moved past that so fast that we’re a little back on our heels again and having to do the next planning that gets us to $1 Billion.

NOT JUST DASH GETTING LOVE

Dash was not the only altcoin that had a record this weekend. Ethereum was up almost 15%. Early on Sunday morning, Ethereum passed $2 Billion in market cap for the first time ever. Bitcoin showed little to no movement yesterday, maintaining the levels it had Friday morning, before the SEC’s denial of the COIN ETF.

Genesis mining ethereum

“The thing that we’re struggling with more than anything right now is growth and adjusting our planning for this new level (of value,) but it’s going to allow us to do a lot more than I think most people realize,” Taylor added, when asked about what this kind of growth means, adding:

When you start to realize the kind of firepower we now have to go after growing our ecosystem, hiring people and compensating people well, to attract and keep good talent, I think that we’re gonna see another huge change in the network that will allow us to make the leap to the $1 Billion mark.

Will 2017 be the year of Dash? Let us know your thoughts below!


Images courtesy of Shutterstock, coinmarketcap,com, Dash.org

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http://bitcoinist.com/dash-altcoin-bull-run-records/feed/ 0 http://bitcoinist.com/trump-fires-bitcoin-attorney-bharara/ http://bitcoinist.com/trump-fires-bitcoin-attorney-bharara/#respond Sun, 12 Mar 2017 11:30:09 +0000

Trump Fires ‘Most Dangerous Man in Bitcoin’ U.S. Attorney Bharara


US president Donald Trump has fired Preet Bharara, the attorney known as ‘the most dangerous...

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US president Donald Trump has fired Preet Bharara, the attorney known as ‘the most dangerous man in Bitcoin.’


Silk Road Bharara: ‘I Did Not Resign’

The now former Southern District of New York (SDNY) representative is famous for jailing Silk Road founder Ross Ulbricht and handing over 174,000 bitcoins to the US government.

In what is being described as a “showdown,” Bharara was dismissed Friday after reportedly refusing to resign his position on government orders.

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He was one of 46 Obama-era appointees the Trump administration is removing from their posts.

I did not resign. Moments ago I was fired,” Bharara wrote on Twitter. He added serving the SDNY position was “will forever be the greatest honor of my professional life.”

Ignorance Was Bliss…

The infamous lawyer had made something of a name for himself as a personality prior to the debacle with the new presidential leadership.

Media reports from 2014, just after Bharara’s ‘success’ with the Silk Road haul, even suggested he was heading for a political career.

Silk Road

“­Nobody is suggesting there’s something inherently bad about ­bitcoin,” he told Fast Company in February that year.

Curiously, even Bharara stated Bitcoin gives its users “anonymity,” when it was already clear that such benefits were false.

“When you have a ­currency like this that gives you anonymity, it stands to reason that some people legitimately want privacy,” he continued. “That’s fine. But there are going to be a lot of bad guys who want to steal your money or sell people poison who are going to take advantage of the same technologies. That’s what we have to be vigilant about.”

Jury Out on Replacement

Trump’s team picks could meanwhile hint at a continued change of perspective for the troubled New York environment.

Having selected Mick Mulvaney for budget chief, a maverick known for his Bitcoin propagation in Congress, Bharara’s replacement could well have a contrasting outlook on this particular aspect of economics.

Bitcoinist compliance

Deputy Manhattan U.S. Attorney Joon Kim to fill in the position while Trump chooses a suitable candidate, reports stated Saturday.

Among the shortlist of candidates is Marc L. Mukasey, a defense lawyer representing Roger Ailes, the Fox News creator who is currently under investigation for sexual assault.

Noted Trump adversary, Atlantic editor David Frum, meanwhile commented it “might be very convenient to Donald Trump to leave the U.S. Attorneyship for SDNY vacant for a long, long, long time.”

Will the next SDNY attorney have a more Bitcoin-friendly position given Trump’s recent picks? Share below!


Images courtesy of Shutterstock, Twitter, WPIX

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http://bitcoinist.com/trump-fires-bitcoin-attorney-bharara/feed/ 0 http://bitcoinist.com/6-reasons-etf-defeat-win-bitcoin/ http://bitcoinist.com/6-reasons-etf-defeat-win-bitcoin/#respond Sat, 11 Mar 2017 18:00:39 +0000

6 Reasons Why The ETF Defeat is a Major Win For Bitcoin


Many within the Bitcoin community are pretty upset about the Winklevoss ETF being turned away...

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Many within the Bitcoin community are pretty upset about the Winklevoss ETF being turned away by the SEC. If you are among them, buck up, little camper! I’m going to reveal several reasons why Bitcoin is better off without the passage of the COIN ETF.

[This is an op-ed article. Viewer discretion is advised.]


Bitcoin Must Be Regulated…to Be Regulated

First things first, let’s review yesterday’s ruling by the Securities Exchange Commission. Here is the text from their 38-page statement:

As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.

The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.

The way this is phrased, with their approval based “surveillance,” it doesn’t sound a Bitcoin ETF is going to be approved, by the Winklevoss Twins or anyone else, anytime soon. This leads to my first issue with the ETF and the first reason this defeat is a win for Bitcoin.

An ETF will require copious amounts of banking and/or government “surveillance,” according to the SEC statement. Is that what you, a lifer within the Bitcoin community, want? 

Twins

Bitcoin transactions are already more transparent and open-source than any global economic system on the planet. They are so public that many developers are writing scripts and apps to make the system more private. Many mainstream investors and institutions avoid using Bitcoin because of its lack of privacy. Others use altcoins like Dash and Monero instead, but this tentacle of government wants, even more, oversight and “surveillance?”

Now, I’m sure the Winklevoss Twins are decent gentlemen, but who wants them having so much control over Bitcoin?

They own the Gemini exchange in New York and it is estimated that they have over 100,000 BTC themselves. Now they get full access to a Wall Street fund full of Bitcoins as well? Is that level of Bitcoin hoarding and centralization serving them or the greater Bitcoin good? Do you, or I, need the rich getting richer? I don’t. 

OTHER ETF’s PROBABLY A NO-GO TOO

I spoke with Charles Hayter, CEO & Founder of Crypto Compare in the aftermath of this decision and shared his views on the situation. We agreed that Bitcoin was better off without the ETF, with him saying,

Whether other jurisdictions will allow a Bitcoin ETF remains to be seen – but for the time being all is not well – and it seems as if the other ETF’s in the pipeline for the SEC are facing the same stone wall.

Another reason is why throw out the baby with the bathwater? Why make Bitcoin change, for the worse, so that mainstream investors get a free ride into Bitcoin’s economic system?

Why can’t they earn it like I and many of you have? Why can’t they go to an exchange and buy BTC, and move it into a hardware wallet? Why does Bitcoin’s greatness have to be compromised for the bourgeoisie? Where I come from, those who are late do not fruit cup!

DID I LOSE ANY REAL VALUE?

Next, let’s look at Bitcoin price, one of the main reasons for the despair of so many, as their precious digital investment will not “go to the moon” as quickly now. Look at the price this morning. What did you really lose?

Many were rightfully predicting that the price would nosedive to around $1,000 USD, but it is trading at almost $1,200, not much different than it was just 24 hours ago, before “the decision.”

Here is the chart over the last 24 hours, provided by Bitcoin Average:

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Do you know what I did? I bought in on Ethereum last month, before the Enterprise Ethereum Alliance caused a huge bump in value. I thought it might double the value, but it ended up adding 50% in a couple of weeks. Very happy with my gains, I cleaned out my ETH for BTC when it dipped to $1080. That’s what good investors do. They buy undervalued assets low and go long with them. I’ve already made 10% on my money because a good investor makes money when they buy, not when they sell. Go and do likewise, gents. The chart above says that many of you have, as well.

So the ETF fail just kicked out all the speculators, all the bandwagon babies, all the Johnny-come-lately’s, and what have you lost? Fifteen bucks? Big deal! In effect, the Bitcoin community has gone down to the river, beaten out digital currency with a rock, cleaned out all the dirt, and you have a legitimate Bitcoin market price, sans the inflation from day-trading pump-and-dumpers.

So what if it lost $230 in ten minutes? You know damn well you can’t kill Bitcoin, baby! It’s like “The Walking Dead!”

The free market in Bitcoin, which definitely does not exist in Gold, Silver, or FOREX, has shown you the actual market value of Bitcoin. That’s pretty damn sweet, and it’s a lot higher than much released. Bitcoin took the mainstream’s best shot and is still kicking like Bruce Lee, or Bruce Leroy (Barry Gordy’s “The Last Dragon”, circa 1985, highly recommended)!

WHO SAYS BITCOIN CAN HANDLE THE MIGRATION?

The rally in Bitcoin prices over the past several months has shown in a significant increase in the number of transactions. This increase is testing the limits of the network and resulting in much slower than normal transaction times.

For crying out loud, it takes 45 minutes for me to get an on-chain transaction done! Many people have complained to me on Twitter, and on Reddit, that their transactions aren’t going through in 3 hours, 6 hours, 12 hours? What would an ETF flood of mainstreamers do to those lead times? Is Bitcoin’s infrastructure ready for that influx? Not seeing that.

Bitcoinist_Bitcoin Donations

Like a Muslim migration flood into Sweden, I’ve seen this movie before, and it doesn’t end well. Bitcoin could become a “no-go zone” very quickly. Bitcoin is not ready for such mainstream movement into the system.

If Wall Street hit Bitcoin right now, man, you’d be sorry. I would personally recommend that Bitcoin is not ready for any such thing until this block size/SegWit/Lightning Network upgrade is full resolved and ceded in the protocol, and that’s not happening anytime soon.

YOUR INVESTMENT NOT REQUIRED FOR SUCCESS

Finally, Bitcoin has been the world’s best-performing currency over three of the last four years, without any ETF or even the incentive to gain one.

Last year, Bitcoin rose 126.2% in value without Wall Street’s help. I view the ETF as just some nitrous oxide being added to a McLaren P1. Bitcoin is going to be worth a minimum of $1,500 USD by year’s end, with or without an ETF, and 2k is still on the table.

In my opinion, Wall Street needs a Bitcoin ETF far more than Bitcoin needs Wall Street.

Wall Street

So, in closing, you’ve found a true market value, you’ve gotten rid of the financial jock sniffers, the government and banks left you because they can’t hardwire in more surveillance, and you only lost $15 in the cleansing?

Like The Rock in the 2004 flick, Bitcoin is walking tall this morning. The SEC has actually done Bitcoin a favor and cleaned up this town. Bitcoin has a lot more pressing issues to worry about. Let us begin addressing them and forget about shine from Wall Street. If that’s what you are after, you are surely missing the point of Bitcoin’s ethos.

It’s not about Wall Street. It’s about us. Grow Bitcoin by word-of-mouth, the world’s most effective marketing campaign. On the side of the Bitcoin box, it should clearly state “Wall Street not included.”

What do you think? Has the SEC done the Bitcoin community a favor or did it just take a major hit? Tell us your thoughts in the comments below.


Images courtesy of Shutterstock, Bitcoinaverage

The post 6 Reasons Why The ETF Defeat is a Major Win For Bitcoin appeared first on Bitcoinist.com.

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Winkle-loss: Top 5 Reactions to Bitcoin’s Historic ETF Rejection


As Bitcoin holds firm following the SEC rejection of the Winklevoss ETF, reactions inside and...

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As Bitcoin holds firm following the SEC rejection of the Winklevoss ETF, reactions inside and outside the community range from the sublime to the ridiculous.


ETF Rejection: No Price Panic

As the decision was announced late Friday, Bitcoin’s price tumbled over $100, but as of Saturday has steadied at around $1,180 USD.

etf

The apparent resilience to setbacks underlines a new trend for the cryptocurrency, shaking off volatility from regulatory and legislative decisions which in previous years sent prices tumbling.

As the industry looks to the future, here are some of the top reactions from well-known figures in Bitcoin and the media.

Antonopoulos – ‘The ETF was denied because bitcoin can’t be regulated’

Perhaps Bitcoin’s most famous face delivered a typically matter-of-fact appraisal of the SEC decision, highlighting in a series of tweets that legacy approval of disruptive technology is a poor perspective from which to progress.

Antonopoulos also poked fun at mainstream media reports of Bitcoin losing “legitimacy” due to the ETF.

Erik Voorhees – SEC is ‘killing innovation’

Somewhat less upbeat was ShapeShift CEO Erik Voorhees, whose immediate synopsis of Friday’s events carried a resigned tone.

Erik-Voorhees-Bitcoinist

Voorhees described the SEC as “regulators killing innovation” and “protecting banks from competition, screwing everyone else.”

Vinny Lingham – ETF rejection showed “sanity prevailing”

In a stark contrast to Voorhees, Civic CEO and industry spokesman Vinny Lingham said the decision not to approve the ETF was “sanity prevailing” – the timing was “premature,” he stated.

Lingham had previously warned of the potential damage a sudden upshoot in the Bitcoin price could do to the industry long term, especially if the $3,000 barrier were breached too soon.

Roger Ver – no comment

As yet, ‘Bitcoin Jesus’ Roger Ver has not made any public statements about the outcome of the ETF or its implication for Bitcoin’s future.

For the ardent Bitcoin Unlimited supporter, who last week continued the heated debate over the scaling issue by launching his own mining pool, it appears to be business as usual.

Roger Ver Bitcoin Uncensored block size

Ver’s tweet from Friday, which focussed on alleged “aggressive marketing” by segregated witness supporters, drew mixed responses.

Wall Street Journal – Bitcoin Now ‘Useless’

Perhaps the most provocative response of all came (predictably) from a mainstream media source.

In a piece reminiscent of classic Bitcoin obituaries of previous years, the WSJ declared Bitcoin a “useless investment” now that the ETF had been refused.

“…[T]he rejection by U.S. regulators of their plan for an exchange-traded product holding bitcoin is a good time to ask why bitcoin might have any value, and if it does whether it makes sense to hoard it,” the paper writes.

What do you think about the reactions from the community to the ETF decision? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

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