Topic: Buy bitcoins on Nasdaq - page 7. (Read 13736 times)
This has no direct effect on bitcoins, but I am happy cause it is a venture capital firm that deals with bitcoin related companies and this should help the economy.
For the record as far as I can tell this is just a preliminary filling, with numerous omissions, also I do not see anywhere where it states the exchange and definitely does not state nasdaq as the exchange.
Fixed. Not sure where I got that from.
Thanks MJGrae and DeathAndTaxes. I'm used to reading 10-Q's and 10-K's but rarely if ever look at S-1s.
Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.
It's still for the rich. You're going to need about a million to invest, give or take depending on where the price goes.
Quote
On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.
They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.
No you are mistaken. The basket is 10,000 shares = 2000 BTC but the purpose of the basket is merely to fund the IPO. This is a PUBLIC offering on NASDAQ. Once it goes public anyone with a brokerage account could buy any amount even a single share.
Really this is no different than Gold trust for example. To issue new shares or redeem existing shares requires a basket of thousands of shares however you can right now login to your brokerage account and TRADE (not ISSUE or REDEEM) a single share if you want. The ability to issue or redeem baskets of shares allows the fund to remain balanced.
For the record as far as I can tell this is just a preliminary filling, with numerous omissions, also I do not see anywhere where it states the exchange and definitely does not state nasdaq as the exchange.
They just want to try to stop the price from dropping below 50$
(repost)
i'm sorry did you not get the memo!!LOL
BITCOIN = SATOSHIS' REBOOT MODE IN EFFECT!!!
>>TRUST ME WALL STREET INSIDERS LOVE WHIPSAW VOLATILITY! weeeeeeevvvvvv
Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.
It's still for the rich. You're going to need about a million to invest, give or take depending on where the price goes.
Quote
On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.
They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.
No you are mistaken. The basket is 50,000 shares = 1,000 BTC but the purpose of the basket is merely to fund the IPO (and later allow issuance and redemption of shares). This is a filing for a PUBLIC offering
It may help to look at how physical gold trusts, existing financial product which is very similar, work. For a physical gold trust, to issue new shares or redeem existing shares requires a basket of thousands of shares. This is almost never done by anyone other that institutional investors. However any retail investor can use their "normal" brokerage account and TRADE existing shares of the trust (TRADE not ISSUE or REDEEM). One could even trade a single share (although brokerage fees make that uneconomical). The ability to issue or redeem baskets of shares allows the fund to remain balanced. Based on the S-1 this is very very similar structure just replace Gold with Bitcoin.
Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.
It's still for the rich. You're going to need about a million to invest, give or take depending on where the price goes.
Quote
On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.
They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.
The purpose of the baskets is to place the assets with primary investors who will turn around and trade them on secondary markets. There will be very few, if any, private investors who purchase any baskets. In fact, getting on the list of initial buyers of these baskets is incredibly hard and requires an enormous amount of capital. This is how all assets are marketed.
In fact, when an IPO takes place, those "baskets" have already been sold to the institutional investors and the IPO is those institutional investors offering them on the public markets for the first time.
--> Heavily involved with financial markets and even work on the trading floor of the Chicago Board of Trade.
Trust will be terminated if:
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Quote
the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable;
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
“money transmitter”
how much you wanna bet this has something to do with mt. gox !!!LMAO!!
>>WTFFF!!!
Just thought of this...
This will force the regulators hands in making a decision no?
They will have to define it as some kind of asset at the least.
Good bad or otherwise we will know soon what bitcoin is or isn't
This will force the regulators hands in making a decision no?
They will have to define it as some kind of asset at the least.
Good bad or otherwise we will know soon what bitcoin is or isn't
Don't expect regulators to work together, make sense, or even talk. It is entirely possible that SEC will define Bitcoin as a tradeable asset, CFTC define it as a "virtual commodity" and FinCEN still call Bitcoin "monetary value" (and thus subject exchangers to MSB/MT regulations). Meanwhile the states offer tortured illogical notices and guidance due to a lack of basic understanding on what Bitcoin is.
Actually I would count on the above happening. Maybe in a decade or so and hundreds of court cases you will see something resembling a logical regulator environment emerge.
Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.
It's still for the rich. You're going to need about a million to invest, give or take depending on where the price goes.
Quote
On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.
They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.
If the IPO is for 1 million shares to raise $20 million and from the S-1:
This puts their estimated fair value of Bitcoin at $100, correct?
Quote
The Shares are intended to offer investors an opportunity to participate in the Bitcoins markets through an investment in securities. On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins.
This puts their estimated fair value of Bitcoin at $100, correct?
100.45
Just thought of this...
This will force the regulators hands in making a decision no?
They will have to define it as some kind of asset at the least.
Good bad or otherwise we will know soon what bitcoin is or isn't
This will force the regulators hands in making a decision no?
They will have to define it as some kind of asset at the least.
Good bad or otherwise we will know soon what bitcoin is or isn't
Cherry picking from the S-1:
Quote
The Winklevoss Bitcoin Trust (Trust) will issue Winklevoss Bitcoin Shares (Shares) which represent units of fractional undivided beneficial interest in and ownership of the Trust. Math-Based Asset Services LLC is the sponsor of the Trust (Sponsor) and [TRUSTEE] is the trustee and custodian of the Trust (Trustee) using proprietary and patent-pending technology to administer the Trust. The Trust intends to issue additional Shares on a continuous basis.
The Shares may be purchased from the Trust only in one or more blocks of [50,000] Shares (a block of [50,000] Shares is called a Basket). The Trust will issue Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis as described in “Plan of Distribution.” Baskets will be offered continuously at the net asset value (NAV) for [50,000] Shares on the day that an order to create a Basket is accepted by the Trustee. The Trust will not issue fractions of a Basket.
The Shares may be purchased from the Trust only in one or more blocks of [50,000] Shares (a block of [50,000] Shares is called a Basket). The Trust will issue Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis as described in “Plan of Distribution.” Baskets will be offered continuously at the net asset value (NAV) for [50,000] Shares on the day that an order to create a Basket is accepted by the Trustee. The Trust will not issue fractions of a Basket.
basically what i see is Eric V doing his best to throw us under the bus so he can get rich pumping the bitcoin pyramid to his elitist Wall Street buddies!!LOLLL
i bet he used all that SatoshiDice funny money to pay for the Lawyers who wrote up that boilerplate!!LOL
>>>CAN YOU SAY: TORCHES AND PITCHFORKS?(no pun intended)!!!!
If the IPO is for 1 million shares to raise $20 million and from the S-1:
This puts their estimated fair value of Bitcoin at $100, correct?
Quote
The Shares are intended to offer investors an opportunity to participate in the Bitcoins markets through an investment in securities. On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins.
This puts their estimated fair value of Bitcoin at $100, correct?
Trust will be terminated if:
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Quote
the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable;
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Because just like they said, they are treating bitcoin as a commodity, and not a currency. To them, and for this security, bitcoin is being treated the same as gold or any other commodity that can be securitized.
Ah, yeah you're right. So I guess the million dollar question now is does the SEC & other regulatory bodies agree with them.
Trust will be terminated if:
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Quote
the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable;
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Because just like they said, they are treating bitcoin as a commodity, and not a currency. To them, and for this security, bitcoin is being treated the same as gold or any other commodity that can be securitized.
Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.
will we still get our bath salt divys????LMFAO!!!!
>>RADAR SPINNING ON THIS 1!!!!>>i reported this to the NYSE shark tank we will see what they say!!!LOL
They just want to try to stop the price from dropping below 50$
Trust will be terminated if:
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Quote
the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable;
How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin.
Because they won't be delivering bitcoin to the end-user, they will be purchasing it on behalf of the end-user for the trust where that ownership is represented as shares, no?
we need @msantori in this thread
http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/
Breaking news
Breaking news
Interesting, btc-e last is 80 btc/usd, why would (if any) this have any effect on the price?
Edit: link to the Form S-1:
http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm
yes i will modding that board for sure will be like so much fun Erics' funny money at work!!LOL
>>LOVE IN IT!!!!****FREAKING AWESOME LINK BRUDDA!!!!!!
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