Bitcoin is back

Bitcoin shrugged off the SEC’s decision to deny the Bitcoin ETF. Bitcoin is now back to prices seen…earlier this month. The absolute horror.

Bitcoin has been declared dead more times than Freddy, Jason and the T800 combined. 125 times in fact.

Here is why the SEC really rejected Bitcoin. A few select quotes:

The SEC doesn’t protect retail investors from anything, least of all bitcoin. It protects big megabanks from prosecution and competition. How can we be sure? Because pump and dump scams are everywhere. A nothing company with zero employees can merge into a shell by technical SEC rules and then start blasting ads to first time investors. This is all perfectly fine. Banks don’t buy into these scams. Retail dumb money does. No protection there.

But Credit Suisse for example can go on and issue double leveraged short term VIX futures shares like the TVIX that are more volatile and explosive than a bucket of antimatter. A bitcoin ETF though would be “too dangerous” for consumers, but the TVIX, the bane of all aggressive novice shorters who dream of making it rich quick, that’s perfectly wonderful, because it’s issued by Credit Suisse.

A bitcoin ETF is way too dangerous, but triple leveraged bear and bull ETFs issued by investment management behemoths with literally trillions of dollars under management, are fine and ubiquitous. Any teenager old enough to open a brokerage account can click a button and buy any of them and the fund decay all goes to the Big Boys. They’re fine because they are backed by Big Money, the same guys who can so easily influence who gets nominated to financial regulatory agencies.

So, good riddance to the SEC.

The biggest threat to Bitcoin is Bitcoin. Bitcoin is software that has a consensus mechanism built in to handle upgrades. To keep it simple, consensus can be reached in a couple of ways and requires majority of miners, users or exchanges to agree on what software version to run. Today a version called Bitcoin Unlimited was attacked via a bug shutting down a majority of miners running the Bitcoin Unlimited version of software.

Why did this happen? Because the selfish fucks at Bitcoin Unlimited want Bitcoin to be Visa over fucking night. They are willing to kill the goose that lays the golden eggs and they shill daily for a hard fork of Bitcoin. They released untested code and got hammered for it. That this happened today is a great thing. Bitcoin Unlimited loses credibility and the case for SegWit, or at least a controlled and well tested fork, is reinforced. Suck it Bitcoin Unlimited.

Gramatik has a song out about Satoshi Nakomoto, the anonymous creator of Bitcoin. “We buying whips with cryptocurrency.”


About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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  1. Good post.
    I bought the dip.
    Do you dabble with in other coins?
    I have a little ethereum & had a tiny bit of Dash as a spec, which I sold most of.

    I wish I got on board when Reggie did.

    OT Costco – I heard an interview from a vitamin maker who sells to Costco. He said Costco inspected his facility 2x / yr. No other big buyers ever did.

  2. I am a long term holder of Monero although I sold 2/3 of it this week into the bubble. I’ll reacquire when it falls to earth.

    I saw Reggie at a Bitcoin conference last year. I used to love the way he covered markets. Then he created his own altcoin that has failed and I rarely read his stuff anymore. He’s a great researcher. He needs to give up on his Veritaseum coin and focus on markets again.

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