Buy bitcoins on Nasdaq - page 8. | Bitcointalksearch.org

CurbsideProphet

hero member

Activity: 672

Merit: 500

Trust will be terminated if:

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.

CurbsideProphet

hero member

Activity: 672

Merit: 500

Quote from: btceic on July 01, 2013, 06:10:21 PM

Cherry Picking Continued:

Emphasis is mine

Quote

The Trust holds “Bitcoins,” a digital commodity based on an open source cryptographic protocol existing on the online, end-user-to-end-user network hosting the public transaction ledger, known as the “Blockchain,” and the source code comprising the basis for the cryptographic and algorithmic protocols governing the issuance of and transactions in Bitcoins (the “Bitcoin Network”).

I would imagine that they have consulted with attorneys regarding bitcoin being a commodity or other, not sure if this is good, bad or otherwise news.

Right now it's only their opinion.

Quote

The Sponsor believes that, on balance, the important features of Bitcoins and other Digital Math-Based Assets are those that are characteristics of commodities and therefore has referred to and discussed these assets as such. It is not known whether US or foreign regulators will share this view, adopt a single, different view or espouse a variety of differing views; this regulatory uncertainty creates risks for the Trust and its Shares.

btceic

sr. member

Activity: 392

Merit: 250

♫ A wave came crashing like a fist to the jaw ♫

Quote

a Basket equals a block of [50,000] Shares

Quote

The initial number of Bitcoins required for deposit with the Trust to create Shares is [10,000] per Basket.

Quote

The number of Bitcoins required to create a Basket, or to be delivered upon the redemption of a Basket, will gradually decrease over time, due to the accrual of the Trust’s expenses, the transfer of the Trust’s Bitcoins to pay the Sponsor’s Fee and the transfer of the Trust’s Bitcoins to pay any Trust expenses not assumed by the Sponsor.

Edit: does this last portion presume that the number of bitcoins will gradually decrease over time to create a new basket because they believe the value of bitcoins will rise? or is it by some other mechanism that I am not seeing this second?

SamS

member

Activity: 70

Merit: 10

Also known as how do you exit an illiquid market without destroying the price...

btceic

sr. member

Activity: 392

Merit: 250

♫ A wave came crashing like a fist to the jaw ♫

Cherry Picking Continued:

Emphasis is mine

Quote

The Trust holds “Bitcoins,” a digital commodity based on an open source cryptographic protocol existing on the online, end-user-to-end-user network hosting the public transaction ledger, known as the “Blockchain,” and the source code comprising the basis for the cryptographic and algorithmic protocols governing the issuance of and transactions in Bitcoins (the “Bitcoin Network”).

I would imagine that they have consulted with attorneys regarding bitcoin being a commodity or other, not sure if this is good, bad or otherwise news.

bbit

legendary

Activity: 1330

Merit: 1000

Bitcoin

Quote from: the founder on July 01, 2013, 05:58:26 PM

Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.

Really pretty slick news to hear! Grin

btceic

sr. member

Activity: 392

Merit: 250

♫ A wave came crashing like a fist to the jaw ♫

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 founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Now your 401k can invest in bitcoins, retirement funds, every wall street trader... this is opening floodgates.

btceic

sr. member

Activity: 392

Merit: 250

♫ A wave came crashing like a fist to the jaw ♫

Quote from: the founder on July 01, 2013, 05:50:56 PM

http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/

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

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/

Breaking news

Topic: Buy bitcoins on Nasdaq - page 8. (Read 13726 times)