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Bitcoin ‘crashes’ after the SEC rejects the Winklevoss twins’ ETF

[Ed. Note: From our perspective, and as discussed in this interview, this decision is GOOD for the long term health of Bitcoin, and the price decline in Bitcoin today will likely prove to be a temporary setback – and opportunity.]

by Johnathan Garber, Business Insider:

Bitcoin is crashing after the Securities and Exchange Commission rejected Tyler and Cameron Winklevoss’ proposal for an exchange-traded fund. The cryptocurrency plunged more than 16% in the moments after the decision was released and is now down 14%, or $192, at $1,000 per bitcoin.

“As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest,” the SEC said in its release.

“Based on the record before it, the commission believes that the significant markets for bitcoin are unregulated,” it continued. “Therefore, as the exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs — agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market — the commission does not find the proposed rule change to be consistent with the Exchange Act.”

2017 has been a volatile year for the cryptocurrency. It gained more than 20% in the first week of the year before crashing 35% on rumblings that China would begin cracking down on trading.

But the cryptocurrency has been able to shrug off news that China’s biggest exchanges started charging a flat fee of 0.2% per transaction, in addition to blocking customer withdrawals. It rallied more than 30% over the past month in the face of that news, as traders speculated the SEC would approve at least one of the three bitcoin ETFs.

Bitcoin rallied 120% in 2016 and was the top-performing currency in each of the past two years. Even with Friday’s sell-off, bitcoin is still higher by about 10% this year.

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17 comments to Bitcoin ‘crashes’ after the SEC rejects the Winklevoss twins’ ETF

  • CAJUN

    WHATCHA GONNA DO WHEN THE LIGHTS GO OUT ???

    • SGT

      4:42 pm CST: The price has already bounced back to $1119.

      • knowtoomuch

        It’ll (tem-po-ra-ry) go (down) to 800-900$, just like Vinny predicted :

        https://cointelegraph.com/news/vinny-lingham-makes-new-bitcoin-price-prediction-in-wake-of-bitcoin-etf-decision

        Without a doubt a GREAT buying opportunity !

        About Eric’s posts in general : he’s right on PM’s but at the other hand he’s mistaking on bitcoin/altcoins badly.

        Look, see the ‘money spectrum’ as a universe with teh centre FILLED with dollars, euros, yens, yuans, whatever.

        But at the right you have DE-centralized CURRENCIES like Gold or Silver.

        On the LEFT side (since ’08) there is/are Bitcoin & Altcoins.

        And OF COURSE the PM’s will have the last say.

        For me it’s just a mather of finding ‘the right moment’ to SELL of my Crypto-Crap (just) in time to stock up on PM’s.

        Da Dutch Perfect Deal ; to F*CK the ‘Tullip Crisis’ 😉

        • Eric

          “And OF COURSE the PM’s will have the last say.”

          That’s exactly why I did my research on crypto-currencies and STAYED OUT.

          Bypassed them and went straight to the Gold mine.

          There are PLENTY of things to TRADE.

          Have no interested in digital blips backed by nothing. But if you guys can capitalize on them, more power to you.

          I have enough experience at trading to know that volatility can make you rich, but it can also ruin you.

    • KRELL427

      So does can cat when you throw it off a 20 storey building.😀

  • knowtoomuch

    Read “MONEY” in stead of “CURRENCIES” in my post above.

    Please ..!

  • knowtoomuch

    And “venge” in stead of “F*CK” 😉

  • knowtoomuch

    But let’s go back to the REALLY important stuff e.i. your future (/actual submission to Da Juice ) :

    ***************

    “Boycott Amazon”

    Jew publisher outlaws
    WW2 historical truth

    NEW WORLD ORDER PROHIBITS ANY OPPOSITION TO THEIR LIES

    By John Kaminski
    [email protected]
    http://therebel.is/news/kaminski

    Our cancer-stricken freedom of speech just took a turn for the worse. The noose just got a little tighter.

    Jew publisher Amazon has just banished most books that tell the truth about World War II. This story is very different from the tale the Jews tell — and that most Americans believe — which caused 50 million deaths and shaped the Jew-dominated world today in which one may not speak critically of the world’s ‘chosen’ race.

    This Deep State consists of those who have made a lot of money from the graft they earned from the wars the United States has inflicted on most of the rest of the world. The only countries not adversely affected have been those who are complicit in these non-stop crimes.

    Despite its convenience, no one should buy anything from Amazon because owner Jeff Bezos wants you to know only what the Jews want you to know about the world. Amazon’s decision makes it a major enemy of freedom of speech in the world.

    Trump mystery deepens

    We have no fix on reality, no clear focus. We have what the media tell us, and what we see with our own eyes. They differ significantly.

    If Trump is a pawn of Israel, why is he being sabotaged by the Deep State, which has been in power since the Ford Administration? Theories abound. Does not Israel own the Deep State? Yet Trump is a fast friend of Israel. Many philosophers have warned the world of Jews bearing progressive peace proposals, which invariably result in the destruction of countries agreeing to them.

    This is a neat trick causing cognitive dissonance in which everyone remains undecided about what to do, at the same time the Jews consolidate their toxic stranglehold over the social reality of the world.

    Is the 2016 election meant to be declared null and void by a witless Congress? This would set the stage for a more overt Jew to be appointed commissar of the Corporate States of America, which would facilitate a speedier solution to the problem of disagreeable non Jews who simply refuse to smell the roses and act with truculence and obedience toward their Jewish overlords.

    The decision by Amazon to enforce the lies the Jews have foisted on us about World War II and the recent bill in Congress making it a crime to speak critically about Jews are two lead pipe hints that a total ban on Jew criticism is headed our way.

    Which means that all the crimes Jews have committed will never be solved (although it’s pretty much that way already).

    When it becomes a crime to criticize Jews, no one will be innocent of anything.

    Already the evening news is dominated by reports of anti-Semitism and proposals for new committees to oversee that negative discussion about Jews results in social castration for those who dare utter such imprudent invective. These object lessons are taken seriously by those who believe what they observe on TV is factually accurate, although Trump has rightly implied that Jews are probably responsible for this highly publicized outbreak of hateful graffiti, since they have constantly done this sort of thing in the past.

    What do you think?

    Thoughts bounce back at you off the walls of an ever shrinking room.

    Conclusions you would not like to come to suddenly become inevitable and unavoidable.

    Yet still we seek diversion, rather than concrete solutions to questions we can’t answer. We focus on trivialities and miss the main points related to our imminent destruction.

    Where are you going to run to when there’s nowhere left to run?

    We have been taught to kill ourselves. Cigarettes, Cokes, fluoride, French fries . . . is this the best formula we could find to keep us alive for the maximum amount of time? No, we didn’t choose these. They were chosen for us, as the best way to stimulate maximum consumption and the erosion of individual health to increase medical industry profits.

    Worse than that, all our belief systems are fake. Seven billion people walking around, all believing that they are in possession of the perfect belief system that will guarantee their eternal life. And if they don’t have a system, they are permanently depressed and constantly in danger of doing themselves in.

    In a storm, any port will do. So people postpone thinking about this until the time of their lives when it makes no sense to think about anything else. And then they choose the first bearded messiah who comes along, and wonder forever if they’ve made a good deal.

    Stop trusting criminals

    The media are the criminals who perpetrate our oppression, by misleading us, by taking false status quo facts and making us believe they are real. Priests produce a similar kind of fraud.

    We give our lives and our children’s deaths to fabricated fantasies. You can believe nothing from the mouths of the people who control you, except your parents, of course, because they love you, or at least are supposed to. Those who do get back plenty of love; those who don’t die alone.

    This is why keeping both your parents close to you is so very important. It impedes the Jews’ master plan to fracture families and make the government your all-powerful parent.

    No amount of technological improvisation is going to solve our problems with our present thinking and our latest tools.

    We can’t solve our problems because we’re asking the wrong questions.

    The questions we ask are all based on a fallacious model of reality.

    The question of whether Donald Trump is real and means what he says appears to be being answered by the intensity of the opposition by the so-called Deep State. The real question is, is that the scam? Declaring democracy unworkable, then declaring a dictatorship with a reliable flunkie like Paul Ryan at the helm.

    No matter what these moral defectives decide to do, as long we continue to ignore Jewish control of all of our life systems, our future will continue to get darker by the day. Jews infest all corners of politics, media, medicine and the law. They simply will not allow exposing their blackmail control of all governments.

    A real 9/11 investigation brings down the whole U.S. government because everyone in Congress knows it was an inside job.

    A real Pizzagate probe achieves the same result. Perverts at the top. The government can’t survive that kind of publicity, no matter how much the Jews try to legalize pedophilia.

    There will be no real U.S. government run by Americans until an investigation of 9/11 reveals the heart of ugliness that has killed so many innocent people — the U.S. government and the Israeli Mossad worked together to destroy the Twin Towers and trigger this Satanic string of wars in which the Godless Americans destroy noble leaders in order to steal their countries’ resources, of which oil is the most sought after.

    Spare me the patriotic palaver. The United States is the evil empire, run by Jews and intent on turning the whole world into a polluted prison camp. The Amazon decision reveals that the great Jewish prison of the future creeps closer to us every day.

    And most clueless Americans continue to say, “Hey, what’s the problem?”

    ***************

    John Kaminski is a writer who lives on the Gulf Coast of Florida, constantly trying to figure out why we are destroying ourselves, and pinpointing a corrupt belief system as the engine of our demise. Solely dependent on contributions from readers, please support his work by mail: 6871 Willow Creek Circle #103, North Port FL 34287 USA.

    But re-read these lines of John Kaminski :

    “No amount of technological improvisation is going to solve our problems with our present thinking and our latest tools.

    We can’t solve our problems because we’re asking the wrong questions.

    The questions we ask are all based on a fallacious model of reality.”

    I mean, EVEN if you’re becoming filthy rich with silver or bitcoin, WHAT does it change from the Kosher (=luciferian) Program tou’re and your (grand) children are on ?

    As soon as they are 15 they’ll f*ck around and if any”thing” comes of it, they’ll decide to remove this “shit”, right ???

    THAT’s why God HATES this generation;

    Because they HATED HIM by forgetting His Law of (Real!) Love ! ! !

    So F*CK “gold, silver & bitcoin !

    ( NO SPIRITUAL FREEDOM THERE ! )

  • knowtoomuch

    ■ “Holocaust-Deprogramming Course” / after having scrolled down the first quarter of the total page, you’ll see the subtitle “Irrefutable Facts ; Auschwitz a Work Camp” . Begin reading there.
    Amazing info on the totally FAKE “gas chambers” of Auschwitz, the VERY LAST “gas location” of “the 22 of Nurnberg” :

    https://holocaustdeprogrammingcourse.com/

  • knowtoomuch

    So Sean, without offending you, really, but if you EVER decide to attack the “Ultimate Matrix Lie”,just ask John Kaminski in stead of other (partially informed) guests.

    Because Kaminski is the guy to talk to.

    He has known Eustace Mullins, drove him around, talked to him numerous times.

    Eustace Mullins,who was a student of Ezra Pound ; the VERY first (american) person to analyse the (jew run) “Federal Reserve”.

    THAT’s why “they” incarcerated “Ezra” in a psychiatric “hospital” for YEARS during WW-2.

    Just ‘google’ Ezra Pound or Eustace Mullins !

    ( and ask JOHN KAMINSKI for an interview ! )

  • knowtoomuch

    Just some more info, back from july 2012 (!) on “(kosher) NSA spying” on people :

    http://truthtellers.org/alerts/NSASpyCenter.html

  • knowtoomuch

    So WHAT about “their” socalled “Nooahide Laws” thet “they” have been MANDATING on your country about 10 years ago, the US, Sean ?

    http://truthtellers.org/alerts/comingjewishutopia.html

    And WHAT if I came up with a link proving a (black) woman who almost became a Congress Member, stating that “every wannabee Congress Member” has FIRST to VOW on “the State of Israel” BEFORE (even) having to become a “member of the (american) Congress” ???

    So FIRST having to vow loyalty to an “external nation” BEFORE BEING ABLE to become a “Member of Congress” of the U.S. ???

    Just ask me, Sean !

    • Windrunner58

      You may “know too much” but when you type in a novel, no one reads. Shorter comments are more easily read. You can get to the point without the history of the world.

      Just sayin…..

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