GBTC Bitcoin Investment Trust Observer - page 47.

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: Alley on April 16, 2015, 07:58:14 PM

2 more bids posted for $40 share.

Question is, at what volume to we start to take these prices, let alone the 'ETF', seriously? Not Joking
If someone is willing to pay $400 for 10BTC (100 shares) with the market at $226, who gives a shit? He's an idiot
1000BTC? Still a fool
10,000 BTC? Start's to look a bit more sane, but still stupid
etc ...

Point being, unless there is a significant $/BTC volume of transactions the price is meaningless, and just another tool to be used to potentially mislead people. If there is no significant liquidity pool and turnover, it's like BTC, except you don't hold it yourself, have bigger spreads and higher slippage. Where do I sign? Roll Eyes

If it's a raging success I will totally own being completely wrong, but I have serious doubts that this little experiment will have a positive impact on the BTC price and is more likely to lead to bad news than good.

Alley

legendary

Activity: 910

Merit: 1000

2 more bids posted for $40 share.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: marcus_of_augustus on April 15, 2015, 07:51:52 PM

Quote from: jehst on April 15, 2015, 07:03:38 PM

Quote from: marcus_of_augustus on April 13, 2015, 05:03:32 PM

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

No, the amateur part is Barry's communications. BIT and Grayscale hired people to transfer the shares and didn't ask how long it would take. A google search will tell you that it takes up to 6 weeks to get shares transferred. But they went on twitter and told the press and people at dinner parties that GBTC was going "live" and that it was going to be trading in Q4 of 2014 or Q1 of 2015. The amateur part is constantly making irresponsible remarks that aren't true in an attempt to hype bitcoin/BIT related projects.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

Ok point made, Wall St. is a bunch of amateurs wearing suits, see GFC 2008.

Fact remains, it has all the appearances that they are fumbling around with bitcoin which settles globally, irrevocably in <60min.

Well, yeah. There shouldn't be snail mailed paperwork and six week waits and offices piled high with stupid ass forms in 2015. But that's still the modus operandi of governments and large institutions around the world. We have one foot in the digital age and one foot still in the paper-age.

Paper fiat money and central banks and Wall Street are basically walking, talking, dinosaurs. They're going to watch themselves fade into irrelevance over the next 50 years or so. Or maybe they'll hang on pathetically like a braindead vegetable on life support. Suits me just fine.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: jehst on April 15, 2015, 07:03:38 PM

Quote from: marcus_of_augustus on April 13, 2015, 05:03:32 PM

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

No, the amateur part is Barry's communications. BIT and Grayscale hired people to transfer the shares and didn't ask how long it would take. A google search will tell you that it takes up to 6 weeks to get shares transferred. But they went on twitter and told the press and people at dinner parties that GBTC was going "live" and that it was going to be trading in Q4 of 2014 or Q1 of 2015. The amateur part is constantly making irresponsible remarks that aren't true in an attempt to hype bitcoin/BIT related projects.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

Ok point made, Wall St. is a bunch of amateurs wearing suits, see GFC 2008.

Fact remains, it has all the appearances that they are fumbling around with bitcoin which settles globally, irrevocably in <60min.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: Chef Ramsay on April 15, 2015, 07:28:44 PM

Quote from: jehst on April 15, 2015, 07:03:38 PM

Quote from: marcus_of_augustus on April 13, 2015, 05:03:32 PM

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

This must be the next bitcoin bubble Barry was talking about^, a whole $5 dollars worth. Grin

Yeah, can't you tell? Wall Street is moving in right now in a big way.

"We're three to six months away from Wall Street dollars moving into Bitcoin in a big way,"
- Barry Silbert, Dec 2013
http://www.entrepreneur.com/article/230346

"Just learned at a private dinner there will be a new SEC Regulated @Bitcoin ETF Fund launched on @Nasdaq in the next 4 weeks !!!"
George Kikvadze, January 2015, after having dinner with Barry Sillbert.
https://twitter.com/bitfurygeorge/status/558097302678962176

Barry's main hobby is sitting around dreaming up what kind of bullshit he can type on twitter or feed to the press.

Chef Ramsay

legendary

Activity: 1568

Merit: 1001

Quote from: jehst on April 15, 2015, 07:03:38 PM

Quote from: marcus_of_augustus on April 13, 2015, 05:03:32 PM

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

This must be the next bitcoin bubble Barry was talking about^, a whole $5 dollars worth. Grin

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: marcus_of_augustus on April 13, 2015, 05:03:32 PM

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

No, the amateur part is Barry's communications. BIT and Grayscale hired people to transfer the shares and didn't ask how long it would take. A google search will tell you that it takes up to 6 weeks to get shares transferred. But they went on twitter and told the press and people at dinner parties that GBTC was going "live" and that it was going to be trading in Q4 of 2014 or Q1 of 2015. The amateur part is constantly making irresponsible remarks that aren't true in an attempt to hype bitcoin/BIT related projects.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: coinableS on April 14, 2015, 09:07:59 PM

Quote from: jehst on April 14, 2015, 07:54:10 AM

I'm hearing now that the transfer will start "imminently."
Not sure what that means.

Where are you hearing this?

There was this post. I do not know if the person has any official connection to the fund.

EDIT: there were also some tweets by Barry Silbert.

coinableS

legendary

Activity: 1442

Merit: 1186

Quote from: jehst on April 14, 2015, 07:54:10 AM

I'm hearing now that the transfer will start "imminently."
Not sure what that means.

Where are you hearing this?

thezerg

legendary

Activity: 1246

Merit: 1010

If anyone has ever wondered whether "permissionless innovation" is really so important to the economy, just show them this debacle.

First and foremost is the incredible loss of calendar time.
Second, I wonder how many man hours of time has been wasted filling out paperwork to apply for this.
Third, how much time and taxpayer money is spent reviewing that paperwork and not making a decision?

Will the Mt. Gox creditors see a dime of the money confiscated by the US government because their US accounts were not opened properly? If not, its hard to argue that the purpose of that law is consumer protection...

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

I'm hearing now that the transfer will start "imminently."
Not sure what that means.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

I suppose everyone has seen this document, available at the OTCQX site:

http://www.otcmarkets.com/financialReportViewer?symbol=GBTC&id=133827

Quote

BITCOIN INVESTMENT TRUST
OTC MARKETS GROUP
INFORMATION AND DISCLOSURE STATEMENT

Grayscale Investments, LLC (the “Sponsor”), on behalf of Bitcoin Investment Trust, is responsible for the content of this Information and Disclosure Statement, which has been prepared to fulfill the disclosure requirements of the OTCQX U.S. Premier marketplace. The information contained in this Disclosure Statement has not been filed with, or approved by, the U.S. Securities and Exchange Commission (the “SEC”) or any state securities commission. Any representation to the contrary is a criminal offense.

After the financial report there is a lengthy and detailed official description of the fund and its rules.

(It seems I am a criminal, since I referred earlier to this (or some similar document) as "the SEC filing". Sorry for that.)

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: gotmilk_ on April 13, 2015, 02:51:01 PM

Update!

https://twitter.com/GrayscaleInvest?original_referer=https%3A%2F%2Fcryptocrypt.org%2Findex.php%3Ftopic%3D15.1750&tw_i=587702979760881664&tw_p=tweetembed

An update is supposed to give you more information. This does not. As I said, they are doing share transfer paperwork.

It's going to take a while. This is a process and these papers need to be snail-mailed and then they must undergo a merit-based review by someone who doesn't have time for your shit.

derpinheimer

legendary

Activity: 896

Merit: 1000

Quote from: gotmilk_ on April 13, 2015, 08:28:30 AM

Quote from: jl2012 on April 09, 2015, 08:59:10 AM

Just want to say that BIT has not updated their page since late March

Someone with twitter account should ask Barry about that. Anyone?

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

No, the shares have not been transferred to the brokerage accounts of eligible shareholders. They are still doing the paperwork. Even if they want to, shareholders can't put up asks until the shares are transferred.

Amateur, yes. But this is bitcoin.

Huh... So your friend is still waiting? I thought we are in 21. century. Kinda unbelievable how much time this takes Roll Eyes

Btw. top bid is now 36$.

And its $3,600...

gotmilk_

sr. member

Activity: 442

Merit: 250

Update!

https://twitter.com/GrayscaleInvest?original_referer=https%3A%2F%2Fcryptocrypt.org%2Findex.php%3Ftopic%3D15.1750&tw_i=587702979760881664&tw_p=tweetembed

gotmilk_

sr. member

Activity: 442

Merit: 250

Quote from: jl2012 on April 09, 2015, 08:59:10 AM

Just want to say that BIT has not updated their page since late March

Someone with twitter account should ask Barry about that. Anyone?

Quote from: jehst on April 13, 2015, 07:59:13 AM

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

No, the shares have not been transferred to the brokerage accounts of eligible shareholders. They are still doing the paperwork. Even if they want to, shareholders can't put up asks until the shares are transferred.

Amateur, yes. But this is bitcoin.

Huh... So your friend is still waiting? I thought we are in 21. century. Kinda unbelievable how much time this takes Roll Eyes

Btw. top bid is now 36$.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: gotmilk_ on April 13, 2015, 07:06:04 AM

Will we finally see some asks today?

No, the shares have not been transferred to the brokerage accounts of eligible shareholders. They are still doing the paperwork. Even if they want to, shareholders can't put up asks until the shares are transferred.

Amateur, yes. But this is bitcoin.

gotmilk_

sr. member

Activity: 442

Merit: 250

Will we finally see some asks today?

ebruwifxnx

full member

Activity: 156

Merit: 100

Quote

Well, the whole fund is basically created using a loophole, isn't it? I guess it's just things we have to deal with until a 'real' ETF comes around. Better than nothing, I guess

Who knows when that will happen :/. Winklevoss twins said they are waiting until regulation before they go ahead with both Gemini or the ETF.

Topic: GBTC Bitcoin Investment Trust Observer - page 47. (Read 262371 times)