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  1. #1
    Top Domains's Avatar
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    Default Bitcoin Plunges After ETF Rejected by US Regulators

    Well, this is certainly part of the industry now even if it's still catching on...

    http://www.reuters.com/article/us-bi...-idUSKBN16H2NU

  2. #2
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    Of all the kneejerk reaction that Bitcoin has - dropping after the ETF permission denied actually makes sense.
    Don't tell me that BTC investing is going to start making sense?


    Not the end of the world at all - but some of the recent price rise was definitely due to speculation / hope of wider approvals.

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    Money comes in, money goes out,,, although that last big gain had me thinking some could have stayed in lol, but i use it as strictly a payment processor.
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    Quote Originally Posted by TheGooner View Post
    Don't tell me that BTC investing is going to start making sense?
    Wish I'd bought some years ago, but now to me it just feels like...gambling.

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    MMM
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    Quote Originally Posted by TheGooner View Post
    Not the end of the world at all - but some of the recent price rise was definitely due to speculation / hope of wider approvals.
    Not sure, since the price is already back above $1200.
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    Quote Originally Posted by MMM View Post
    Not sure, since the price is already back above $1200.
    Still a few more investment vehicles due for decisions so expect more bumps and jumps..


  7. #7
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    It only shows how useless are rumors of the internet. The chance of approval was always very very tiny. The initial drop was caused by weak hands and now some bitcoins that were sold cheaply are in hands of bitcoin believers, who will most likely not sell => bitcoin supply is even more restricted => price will go up again.

    I did not pay attention that much to ETF. I expected denial and drop, but not under 1000USD as many did. But this strong comeback is just wow.

    ETF would have been nice, but yeah, bitcoin is too crazy for official economy. Btw. ETF approval would have brought BTC to few thousands IMO. But this price will happen. Maybe sooner than expected. Just it will go through different way.

    Btw. if you like internet rumors: some people (=people who have more free time than money so they just post random thoughts) expect further bloodshed on Monday. I see the opposite. New fiat money comes in on Monday. What I was worried about was lack of liquidity, because the SEC decision came on Friday 4 PM EST. It meant that money from banks could not reach exchanges and the potential squeeze could happen. Thank god this was not the case and the smart money bought very cheap bitcoins.
    Last edited by Sherlock; 11 March 2017 at 9:54 am.
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    what is recent surprise for me is DASH https://coinmarketcap.com/currencies/dash/; currently #3 of cryptocurrencies in valuation.

    I never believed in altcoins and if, then in some more anonymous than bitcoin like Monero. Dash is interesting, because it rewards even big holders/node creators along with miners and recently started to have some minor real use (ofc much smaller than bitcoin). Together with scaling debate it caused DASH surge by ~ 700% in few months or 3000% in a year+.

    A lot of money from disappointed rich bitcoiners/big blockers go in now. I guess also because everyone is rich with pure bitcoin holding.

    Disclaimer: This does not mean I am promoting DASH. If any altcoin, I would still buy Monero. And I still do not own any altcoin.
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    I love bitcoin. Best thing to happen for affiliate payments since this industry started in my opinion. Having said that, why would anyone let their money sit in there for hours nevermind days, weeks, months? Get your money out as soon as possible so that you don't lose much. If you want to use the money to invest than you are better off getting it transferred to your bank account and then investing in better things like stocks(ie get yourself a SP500 Index Fund and let it ride for the next 30 plus years). At least if you lose money investing in stocks you can use it as a tax writeoff lol. Makes no sense to gamble on bitcoin imo. But, hey, to each their own. Good luck.
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