Quote from: Lucius on August 23, 2018, 09:06:47 AM

Quote from: avikz on August 22, 2018, 11:28:26 PM

As some of you may already know about it, that SEC finally rejected the ETF that was proposed by Proshare Capital Management LLC. The rejected came in today and SEC released the official document confirming the same.

SEC document Link: https://www.sec.gov/rules/sro/nysearca/2018/34-83904.pdf

Now my point is that, it is actually good for the market. The market was living on a false hope and SEC finally pulled the plug out. No more false hope will certainly help to recover the market. Newbies were excited about the news of ETF without knowing the fact. Let me point out a few for noobs.

1. The proposed ETF was meant for institiutional investors and not for common people like us.

2. The underlying asset for the proposed ETF was CME future contracts. No physical bitcoins were proposed to be purchased resulting zero impact.

3. SEC used your excitement to control the market price of bitcoin to some extent. With every delay announcement, market took a dip because you guys thought this ETF will be a great addition to the market. Wrong!

Now the ETF has been rejected by SEC, please don't let your emotion to ruin the market. The less numbers of regulated products around crypto, the better! The decision will help the market survive without intervention of SEC. So rejoice and cheer!

SEC is rejected proposals from ProShares, but also at the same time from GraniteShares and Direxion. Before that they rejected Winklevoss ETF also, and all of these proposals have not actually had a real chance. Only ETF that should have some impact on BTC price is from VanEck SolidX Bitcoin Trust, and this ETF is BTC physically-backed, so if big investors buy shares in fund they need to be backed by real BTC.

It is true that this is for big players, but if they decide to invest in BTC, market will react with price increase. Many would like that BTC ETF never happens, but there is no way to stop interested parties to continue submiting new proposals.

This story is far from over, next "big date" is September 30 - new date for CBOE VanEck SolidX ETF, but probably it will be rejected again and postponed for December or even next year.

Right you are! But SEC is going to reject it as well knowing that physical bitcoins will be bought for that ETF. How can SEC let fiat money coming to bitcoin market? That will not serve their purpose of blowing us dry! So they will keep delaying the proposals until they win over the newbie emotions. That's a badass game. Market had reacted to their decisions earlier and there's no sign that it will not react again! One thing we need to understand that, we don't need them, instead they need us! Also all of these proposed ETFs are build for institutional investors and not for common people like us!