Cryptocurrency

[VirtualMonkey]

Opened a paper trading account on Forex this morning...let's see if i cant get the hang of that

[Hobosapien]

Winklevoss twins' bitcoin ETF rejected for second time. Not read into the reasons why but if bitcoin ETFs are going to become a thing what do they need to do to get them accepted?

I presume the ETFs will be regulated so proof of bitcoin backing is possible and they aren't just run by shysters. i.e. a bit more accountability than what has happened with Tether tokens being backed by dollars, 1:1 tether to dollar still unconfirmed by a third party audit as far as I know.

So for now, no ETF based upsurge in the bitcoin price.

[VirtualMonkey]

Winklevoss twins' bitcoin ETF rejected for second time. Not read into the reasons why but if bitcoin ETFs are going to become a thing what do they need to do to get them accepted?

I presume the ETFs will be regulated so proof of bitcoin backing is possible and they aren't just run by shysters. i.e. a bit more accountability than what has happened with Tether tokens being backed by dollars, 1:1 tether to dollar still unconfirmed by a third party audit as far as I know.

So for now, no ETF based upsurge in the bitcoin price.

There's a lot about ETFs at the moment.
Apparently 5 applications have been postponed until September...not denied but a decision postponed.
I don't think the CBOE application is one of them though. The big difference in the CBOE app is that they have secured insurance for the crypto being held. There is a huge feeling that the CBOE ETF will be approved, the first one.
My own thoughts are that this is correct and then the other existing applications will be held up to the 'standard' that the CBOE application sets. If they can do that then they will likely be approved.
Custody solutions are also imminently inbound (if not already here).
It's all lining up nicely...just the timing...when will it happen. End of August/start of September is my gut feeling but I have no data to back that feeling

[scooterscot]

Winklevoss twins' bitcoin ETF rejected for second time. Not read into the reasons why but if bitcoin ETFs are going to become a thing what do they need to do to get them accepted?

CBOE ETF BTC holdings will be insured against theft & accidental loss i.e. exchange/wallet failure.

*if* it's accepted, CBOE and other central banks will be buying up BTC like there's no tomorrow.

[Hobosapien]

I wonder how bitcoin ETFs will play out when the overall possible total BTC is less than 21 million (through losses) and how they cope with the unpredictable transfer fees when demand ramps up, as seen late last year.

It will be good to offer an investment option to those more comfortable with traditional stocks/shares than wanting to faff around with wallets and exchanges directly.

I suppose the investors will have to accept they can't all buy a whole bitcoin (the 21 million club ) and have to make do with the equivalent of dust if it does sky rocket.

[TheGreenBastard]

*if* it's accepted, CBOE and other central banks will be buying up BTC like there's no tomorrow.

No they won't, they will buy up BTC in proportion to subscribers to their ETF.

[Lockhouse]

No they won't, they will buy up BTC in proportion to subscribers to their ETF.

In fact they will have to. How else will they create\redeem ETF units without holding the underlying assets.

[VirtualMonkey]

In fact they will have to. How else will they create\redeem ETF units without holding the underlying assets.

I get the feeling he's being picky of the ref to central banks

[scooterscot]

No they won't, they will buy up BTC in proportion to subscribers to their ETF.

So they'll buy more and more expensive BTC as customers climb onboard?

If you were my employee I'd fire you!

[VirtualMonkey]

NLUK...did this reaction happen close enough to my target to make it valid?


See how it bounced between the two levels i identified as important