'Once it is exchange-traded, this instrument will effectively become a primary market for BTC due to superior liquidity and current "BTC exchanges" will just take its price and follow it.'
This is my feeling on this news as well. If approved and begins to work, its potential liquidity could be huge.
Doesn't this open up all of the existing trading tools and options without any new software or websites to trade on to every single trader out there?
Topic: 2013-07-01 WSJ - Winklevoss Twins File to Launch Bitcoin Exchange-Traded Product - page 3. (Read 5067 times)
July 01, 2013, 08:04:16 PM
July 01, 2013, 07:56:23 PM
what a pipedream
What exactly? It may be challenging to get the filing approved, but far from impossible. Once it is exchange-traded, this instrument will effectively become a primary market for BTC due to superior liquidity and current "BTC exchanges" will just take its price and follow it.
Moistcoin, brought to you by humanitee.
The more I read into it, the happier I become. Good luck, Winklefriends.
July 01, 2013, 07:49:21 PM
what a pipedream
What exactly? It may be challenging to get the filing approved, but far from impossible. Once it is exchange-traded, this instrument will effectively become a primary market for BTC due to superior liquidity and current "BTC exchanges" will just take its price and follow it.
July 01, 2013, 07:33:17 PM
what a pipedream
July 01, 2013, 07:32:55 PM
If I'm reading the filing correctly, this is essentially an ETF with BTC as a base asset. So, if this gets approved and listed, everyone will be able to buy bitcoins in any amount through their favorite broker. Institutional investors into BTC, anyone?
Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.
And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.
Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.
And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.
Agreed, this makes the trust a net buyer of bitcoin for as long as the trust is alive, $1000.00 here we come?
July 01, 2013, 07:30:45 PM
If I'm reading the filing correctly, this is essentially an ETF with BTC as a base asset. So, if this gets approved and listed, everyone will be able to buy bitcoins in any amount through their favorite broker. Institutional investors into BTC, anyone?
Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.
And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.
Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.
And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.
July 01, 2013, 07:13:00 PM
Other thread going on over here: https://bitcointalksearch.org/topic/buy-bitcoins-on-nasdaq-248013
July 01, 2013, 07:11:07 PM
Someone's bullish 
Here's the filing: http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm
Quote from: http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/
Here’s one of the more interesting S-1 filings of the year.
In a filing with the SEC 5304.OK +1.25%, the Winklevoss Bitcoin Trust, headed by Cameron and Tyler Winklevoss, said it will sell around $20 million worth of shares, which will each represent a fraction of a single bitcoin, the digital currency the twins have invested in.
Bitcoin has become the best known virtual currencies since its release in 2009. The currency was created by a person or group known as Satoshi Nakamoto (whose true identity is unknown) and is primarily used by online merchants, though some mostly smaller brick-and-mortar retailers have recently begun to accept bitcoins for payment. People can “mine” bitcoins using complex algorithms that require intensive computing power, though they can also buy the currency on exchanges and through services like BitInstant and Coinbase. The total number of bitcoins that can be created is capped at 21 million, and currently more than 11 million have been mined, according to various websites. Bitcoin has attracted attention from companies like Western Union, MoneyGram and eBay’s Paypal, which have said they are evaluating whether it makes sense to allow their customers to use the currency on their platforms.
In a filing with the SEC 5304.OK +1.25%, the Winklevoss Bitcoin Trust, headed by Cameron and Tyler Winklevoss, said it will sell around $20 million worth of shares, which will each represent a fraction of a single bitcoin, the digital currency the twins have invested in.
Bitcoin has become the best known virtual currencies since its release in 2009. The currency was created by a person or group known as Satoshi Nakamoto (whose true identity is unknown) and is primarily used by online merchants, though some mostly smaller brick-and-mortar retailers have recently begun to accept bitcoins for payment. People can “mine” bitcoins using complex algorithms that require intensive computing power, though they can also buy the currency on exchanges and through services like BitInstant and Coinbase. The total number of bitcoins that can be created is capped at 21 million, and currently more than 11 million have been mined, according to various websites. Bitcoin has attracted attention from companies like Western Union, MoneyGram and eBay’s Paypal, which have said they are evaluating whether it makes sense to allow their customers to use the currency on their platforms.
Here's the filing: http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm
Quote from: http://www.reddit.com/r/Bitcoin/comments/1hgdy5/edgar_winklevoss_bitcoin_trust_registers_1/cau1u5k
And by the way, creating these paper markets is how they control the price of alternative commodity currencies like gold. Nobody bothers actually buying or selling the actual metal when they can just go to the paper market... which puts the paper market in control of the underlying commodity! And it's not like it's difficult to naked short a paper market to drive prices anywhere you want.
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