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US Securities and Exchange Commission rejects 9 Bitcoin ETF’s requests.

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The U.S. Securities and Exchange Commission (SEC) has rejected an aggregate of nine applications to rundown and exchange exchange-traded funds (ETFs).

The U.S. Securities and Exchange Commission (SEC) has rejected an aggregate of nine applications to rundown and exchange different Bitcoin (BTC) exchange-traded funds (ETFs) from three distinct candidates, as indicated by three separate requests distributed by the SEC today, August 22.

The dissatisfactions come one day in front of the foreseen due date, August 23, stipulated for a couple of BTC ETFs that had been put together by ProShares in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca.

The SEC has now dismissed a further seven proposed ETFs close by the ProShares combine – these being five further proposed ETFs from Direxion, additionally to list on NYSE Arca – and two recommendations from GraniteShares, for posting on CBOE.

For every one of the three dissatisfactions, the SEC has expressed that:

“The Commission is opposing this proposed control change on the grounds that, as talked about beneath, the Exchange has not met its weight under the Exchange Demonstration and the Commission’s Guidelines of Training to exhibit that its proposition is steady with the necessities of the Exchange Demonstration Section 6(b)(5), specifically the prerequisite that a national securities exchange’s tenets be intended to avert fake and manipulative acts and practices.”

The SEC has today strengthened its misgivings over deficient “protection from value manipulation” in an inadequately estimated BTC subsidiaries showcase. On account of ProShares’ two ETFs – and rehashed in the two other dissatisfaction orders – the SEC has expressed that:

“In addition to other things, the Exchange has offered no record confirmation to exhibit that bitcoin prospects markets will be ‘markets of huge size.’ That disappointment is basic on the grounds that, as clarified underneath, the Exchange has neglected to set up that different intends to anticipate deceitful and manipulative acts and practices will be adequate, and consequently observation imparting to a directed market of huge size identified with bitcoin is fundamental.”

As a Walk, 2018 enlistment explanation from the SEC noticed, “the [ProShares] Funds don’t expect to hold Bitcoin Prospects Contracts through termination, however rather plan to either close or ‘roll’ their individual positions.” This had been particularly assigned as a potential hazard for the two ETFs being referred to – notwithstanding the “extraordinary unpredictability and low liquidity” ascribed to both Bitcoin spot and subordinates markets.

In the present three requests, the SEC has anyway outstandingly expressed that:

“[The agency] accentuates that its dissatisfaction does not lay on an assessment of whether bitcoin or blockchain innovation all the more by and large, has utility or incentive as an advancement or an investment.”

The SEC’s new objections resound the worries the office had officially verbalized in its underlying dismissal of a prominent Bitcoin ETF application from the Winklevoss twins in Walk 2017:

“At the point when the spot market is unregulated – there must be critical, directed subsidiaries markets identified with the fundamental resource with which the Exchange can go into an observation sharing assention.”

This July the SEC rejected the Winklevoss’ appeal to following their underlying application’s foreswearing, in which the twins assert that crypto markets are “extraordinarily impervious to manipulation.” In their dismissal of the request, the office said that “the record before the Commission does not bolster such a conclusion.”

Toward the start of August, the SEC deferred its choice over yet another Bitcoin ETF application – this time recorded by investment firm VanEck and monetary administrations organization SolidX, for exchanging on CBOE. Quite, rather than proposing a Bitcoin prospect based reserve, the application proposed a physically-sponsored display, which will bring up the further issue of guardianship.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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