The SEC's rejection of the Winklevoss Bitcoin Trust ETF last Friday was a cold slap in the face to Bitcoin in general. Their reasoning for the rejection as I read it was the lack of transparency and regulation.
They also stated "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." In another words they basically called Bitcoin a scam and a Ponzi scheme.
The optimum word that they reiterated was the word "commodity". What I believe they were intimating by this reiteration was the fact that Bitcoin has no intrinsic value. There's no there, there. Just because an individual is willing to pay a premium to own a product does not qualify or classify it as a tangible commodity. Especially when you consider that there is no legitimate asset or product to justify it's price.
That being said I believe this puts My Big Coin in a very strong position to emerge as "the" premier Digital Currency, if they play their cards right. Their claim that it is backed by gold, if factual, makes My Big Coin a legitimate form of currency and it's premium price can be easily substantiated and confirmed.
My question is. "Is My Big Coin the only Digital Currency backed by gold that is available right now?" Perhaps one of you good researcher's that post on this board can find out.
As a full disclosure, I own 200,000 shares of SSPT. I've been holding it since 2010. So I have skin in the game. And like most of you that follow this board I'm looking for the best possible outcome concerning this equity. https://www.cryptocoinsnews.com/sec-rejects-winklevoss-bitcoin-etf/ https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf