AnCaps
ANARCHO-CAPITALISTS
Bitch-Slapping Statists For Fun & Profit Based On The Non-Aggression Principle
 
HomePortalGalleryCalendarFAQRegisterLog in
 

 Bitcoin’s Very Important Day Has Turned Into a Shitshow

View previous topic View next topic Go down 
AuthorMessage
Nemo

avatar

Location : Wabbit Hole
Job/hobbies : Cayman Islands Actuary

PostSubject: Bitcoin’s Very Important Day Has Turned Into a Shitshow   Fri Mar 10, 2017 4:40 pm

An investment fund was denied, and price is plummeting.







In February, bitcoin reached its highest value ever in the history of the currency, and earlier this month was priced higher than gold. Investors and enthusiasts were elated, but cautious. The steep rise in value was largely attributed to an anticipated ruling by the Securities and Exchange Commission on a proposed bitcoin investment fund, headed up by the Winklevoss twins.

On Friday, the SEC denied the fund. Now, bitcoin's future seems less certain than it did just days ago, and its massive price gains hang in the balance.

The Winklevoss Bitcoin Trust, if approved, would have held bitcoins and issued shares to investors, who would have gotten a return only if the price of bitcoin rose. According to an SEC filing explaining the department's decision on Friday, the trust was denied because the vast majority of the bitcoin ecosystem is currently unregulated.

Simply put, the SEC's decision largely hinged on the principle that the assets underlying a fund should be resistant to price manipulation. And, the SEC filing claims, since a large number of bitcoin exchanges—where coins are traded—are unregulated and outside the US, the Winklevoss Trust can't meet this requirement.

Bitcoin is already seeing the disastrous effects of a misfired round of speculation. While the price of a single bitcoin was trending above $1300 just hours before the SEC's decision, the price immediately plummeted to just above $1000 in the minutes after.

All this is to say: Pray for the bitcoiners.

https://motherboard.vice.com/en_us/article/bitcoins-very-important-day-has-turned-into-a-shitshow-etf-denied?utm_source=mbtwitter
_________________
Anarcho Capitalists Retail , Molyneux Cult Watch Souvenir Mall , OZschwitz Downunder BoutiqueAnarcho-Capitalists,AnCaps Forum,Anti-State,Anti-Statist,Inalienable Rights Defenders,Non-Aggression Principle,Non-Initiation of Force Principle,Rothbardians,Anarchist,Capitalist,objectivism,Ayn Rand,Anarcho-Capitalism,Anarcho-Capitalist,politics,libertarianism,Ancap Forum,Anarchist Forum,Vulgar Libertarians,Hippies of The Right,Forum for Anarcho-Capitalist,Forum for Anarcho-Capitalists,Forum for AnCap,Forum for AnCaps,Libertarian,Anarcho-Objectivist,Freedom, Laissez Faire, Free Trade, Black Market, Randroid, Randroids, Rothbardian, AynArchist, Anarcho-Capitalist Forum, Anarchism, Anarchy, Free Market Anarchism, Free Market Anarchy, Market Anarchy
Back to top Go down
CovOps

avatar

Female Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : Über Serious

PostSubject: Re: Bitcoin’s Very Important Day Has Turned Into a Shitshow   Sat Mar 11, 2017 6:20 am

LOL!

Timbeeeeeeeeerrrr!!!
_________________
Anarcho-Capitalist, AnCaps Forum, Ancapolis, The Dark Side, Post-Apocalypse, OZschwitz Contraband
Back to top Go down
 

Bitcoin’s Very Important Day Has Turned Into a Shitshow

View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
 :: Anarcho-Capitalist Categorical Imperatives :: AnCaps' Laissez-faire Free Trade Zone-