Here's why buying this dip may not be the best bet - AMBCrypto
Here's why buying this dip may not be the best bet - AMBCrypto
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On the new batch of comments to the SEC about the SolidX ETF, some honorable mentions, and some negative comments
The SEC just posted a new batch of 286 comments on the SolidX ETF, bringing the total to 1147. I am skimming through them and posted some of the best already to this sub. The vast majority are short comments, obviously submitted in response to some mail-in campaign. The names sound very much like the invented ones of spam emails that I have been receiving for years. A telling detail is the lack of a middle initial. They also mostly repeat the same arguments, and many are obviously written by people who don't understand what is the ETF, only that if that SEC thing approves it then the bitcoin price will go to the moon. I have just seen a dozen that start with the same phrase "I hearby[sic] state my acceptance and full support..." Some are so sloppy that they submit with one name but sign with a different name. Here are some honorable mentions:
Secured by math: "Please allow Bitcoin ETF as Bitcoin is an implementation of the perfect math and therefore based on the truth. Math has brought prosperity for mankind"
The New Age approach: [In Spanish] "Cordial salute. The new age of aquarius, which is the age of conscience and light, brings with it bread under the arm, in the second world war when the enigma code was deciphered to end the devastating war, we were at the door of the new age, and cryptography was making its first redeeming steps. Why resist what is good and favorable, when thanks to cryptography the second world war ended, and now it gives us again the hand, to an anti-corrupted technology, which wants to end a war disguised as crime, drug traffic, and political corruption, war that is carried out in silence and keeps obstaclizing the good development of mankind. Blockchain the technology of the new age of aquarius. Approved."
Johnny I: "an asset as it sits on the highly volatile market where distribution of coins are unevenly formed by small number of holders across the world (1% of addresses own 80-90% mined coins) who could manipulate prices effortlessly over the fake news. Also, sky-rocketing mining cost and inevitable hike of transfer fee (soon it will be only source of revenue for miners) will cast doubt to sustainability for a public investment tool. Bitcoin ETF would only serve as investing fads."
Mark Szyszkowski, CCRCP.org: "[...] Where is the intrinsic value derived from? What is the backing of Bitcoin? What is the definition of purely cyber infrastructure? Who runs it? How is expansion allocated and its technology upgraded? What inherent technological security risks does it have? [...]"
D. B.: "The Proposed Rule Change does not appear to detail the policy and procedure in event of a bitcoin blockchain fork. "
William Morrison: "The abundance of comments submitted on subject of this ETF speaks clearly: there is a mass of unsophisticated retail investors---most with no previous investing experience---looking to get rich quick or make back losses from the Bitcoin market plunge over the last half year. And of course the many savvy retail and institutional investors more than happy to take advantage of them. [...] For all the comments urging the importance of the United States being at forefront of blockchain or distributed ledger technology and innovation by allowing a Bitcoin ETF, few if any are able to explain why it is hinged on expansion on the wholly speculative nature of this asset class. [...] it is telling that the mention-able examples of companies succeeding in this sector are mining equipment manufacturers (https://www.cnbc.com/2018/02/23/secretive-chinese-bitcoin-mining-company-may-have-made-as-much-money-as-nvidia-last-year.html) and online cryptocurrency exchanges (https://www.businessinsider.com/binance-cryptocurrency-exchange-profit-prediction-2018-7). In other words, casinos are the biggest profit-makers in the market of gamblers."
Ken I Maher: "[...] There is improvement from 2 years ago when 96% of volume occurred unregulated in China but this leaves 86% of market activity still under no official established regulation against fraudulent trading activity or manipulation. US bitcoin exchanges still blindly and automatedly follow the dominant unregulated markets due to their own thinness of volume and liquidity. [...] More incredible is the emergence of USDT (Tether) a cryptocurrency token issued by a single exchange that claims to be 'pegged' to USD value and unprovenly to be backed by USD reserve. It now commands over 130% of global trading volume compared to all fiat pairs. [...]"
Kash Ranks: "In a world where making a daily living is hard enough, how can you in good conscience, allow a speculative/scam instrument like Bitcoin to exist let alone approve an ETF. Blockchain has its merits but Coins are nothing more than a digital scam which is robbing people of their hard earned money and enabling speculative fervor."
Ran Lagil: "[...] can one claim that the price action of the bitcoin spot market in the unregulated exchanges, which holds the vast majority of volume, as acknowledged by the SEC, doesn’t affect the XBT future market? Of course not. In any financial market where arbitrage is available, the price change in one source will affect the rest of the market. [...] Please find the bellow image which demonstrate the volume manipulation in the ETCBTC market in the world largest Crypto Exchange - Binance. [...]"
Peter Quinn: "Bitcoin is a pure speculation vehicle with no traditional value or commercial/industrial use. It has no fundamentals, is exceptionally volatile and is easily manipulated due to poor market liquidity and no market regulation. A CBOE listed ETF that is proposing to be a passive Bitcoin holding vehicle is nothing more than trying to get a broader pool of investors involved in something that would never be allowed for listing on a regulated stock exchange if it was a company. [...] Additionally, much of the purported size of Bitcoin is an illusion, with "market cap" as reported on private websites such as Coinmarketcap.com taking all coins ever in existence multiplied by an average of the last traded price in dollars. Volume is commonly reported as all Bitcoins traded in dollar value even if, as is the case, most of them did not trade against hard currency at all, instead trading against other cryptocurrencies or Tether, a purported 1:1: USD backed cryptocurrency that has been used to artificially pump the price and is more comparable to counterfeit money. [...]"
Sam Ahn: "I am opposed to the whole idea of bitcoin, because bitcoin does not have intrinsic value and SEC was created to prevent sale of pieces of the blue sky. [...] Bitcoin is a commodity money, which cannot be a store of value without having its own value established before becoming money. "
The following post by arganam is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ BitcoinMarkets/comments/7p5ie4 The original post's content was as follows:
I've noticed that the exchanges are quietly screwing us in ways that few are paying attention to. With all the other distractions, nobody seems to notice how bad the exchange fees are. Here are some examples: ETH 0.01 >$10 - Binance - actual cost ~$0.20 CND 70 >$10 - Binance - actual cost ~$3.00 XEM 20 >$35 - Cryptopia - actual cost ? XMR 0.05 ~$20 - Kraken - actual cost ? ETH 0.01 >$10 - Kucoin - actual cost ~$0.20 ETH 0.05 >$5 - Kraken - actual cost ~$0.20 AIX 5 > $15 - Kucoin - actual cost ~$3.00 These bastards are robbing us all blind. Post your examples. I saw some horrendous ones on Bitfinex the other day too but I don't remember what they were. We need to determine which exchanges are not screwing us and shift our business there.
Bitcoin’s latest price drop below its crucial support level of $11500 has once again re-ignited the question of ‘buying the dips’. However, not all dips are alike, and buying the dip may not always be your best bet. @CryptoWhale was among those who recently commented on the narrative of “buying the dip.” Source: Twitter Some […] This is why I find it so strange how much hate there is towards instant (0-conf) transactions, at the very least you can not be robbed blind days/weeks/months later I have managed credit card processing for a game company in the past and the amount of charge-backs was horrendous plus we had to keep a $10,000 reserve in our merchant account in case of charge-back As the author of the original tweet puts it, “[Bitmex] has robbed all his casino go’ers blind [and now] there’s no one left to sit down at the table…which is definitely healthy for those ... At press time, Bitcoin’s price was $10,165, a price point that was 21.9% higher than the cryptocurrency’s supposed Fair Value. Ergo, buying the dip may not always be the best bet. If you don’t watch out, you may get robbed blind. With blockchain and digital ledgers we also can make sure the Casino’s aren’t robbing us blind like in the past. Cryptography and the blockchain enable us as players to check and see if the games are Provably Fair. In the past they robbed us blind. Cryptocurrency is truly amazing. Top Online Bitcoin Casinos is a third party that ranks the online Casinos that allow players to bet using ... Bitcoin cash is a cryptocurrency created in August 2017, arising from a fork of Bitcoin. This general worth improve has produced a handful of Bitcoin billionaires. These are the early adopters who recognized a profitable alternative and started accumulating or mining in the early days and held on. Stay up to date with the newest advertising, gross sales, and service tips and information ... I try sending my entire balance back to Binance and I get the same exact error: " Insufficient funds. The account you tried to send transaction from does not have enough funds. Required 1040540000000000 and got: 0." I tried sending 600 TRX to Binance (thinking maybe I wasn't leaving enough room for a transfer fee) and I get the same message ...
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