Topic: GBTC Bitcoin Investment Trust Observer - page 66. (Read 262357 times)
BIT is second market's version of COIN without the long SEC approval process. It's supposed to go live this quarter, per Barry, about 6 weeks ago.
So far BIT has only been opened to rich high net worth people. Once BIT gets listed [on the OTC market] anyone will be able to buy it, basically the same thing as COIN.
COIN of course will be the premium version but BIT should bring in a lot of new investor money and increase liquidity.
The syndicate was organized by SecondMarket, but it has nothing to do with SMBIT.
In principle, SMBIT should buy bitcoin only when some investor buys SMBIT fund shares. After months of stagnation, there were some large buys by SMBIT over the past month.
In principle, SMBIT should buy bitcoin only when some investor buys SMBIT fund shares. After months of stagnation, there were some large buys by SMBIT over the past month.
What are large buys exactly?
And where is this info listed.
BIT should go live very very soon. I think Barry held off to get this batch of coins cheaply before BIT goes live and drives the price up significantly.
I also think this is what gave Barry Silbert the guts to bid higher than everyone else; he knows BIT is a done deal.
Check page 1 of this thread. user @jl2012 has been tabulating and interpreting the data posted by SMBIT on their site.
You may be confusing Barry Silbert's SMBIT fund with the Winklevoss twins' COIN ETF.
The COIN ETF is still waiting for approval by the SEC. No expected date for a decision.
SMBIT has been alive since 2013-09-25, but is not traded on any open market. A client has to buy SMBIT shares in dollars from the company that manages the fund; the company then buys BTC for him (1 share = 0.1 BTC, at the current BTC market price) and keeps them safe. After six months the client has the option to continue holding the shares or to liquidate them, i.e. sell them back to the company for dollars (still 1 share = 0.1 BTC at the current BTC market price; minus some storage and processing fees). Clients are not allowed to sell the shares to anyone else.
SMBIT had promised that "soon" there would be some open market for their shares, so that clients could trade them among themselves. I believe the original promised date for that was Q2 2014; is this right? That hasn't happened yet. (Is that what you meant by "go live"?)
The syndicate was organized by SecondMarket, but it has nothing to do with SMBIT.
In principle, SMBIT should buy bitcoin only when some investor buys SMBIT fund shares. After months of stagnation, there were some large buys by SMBIT over the past month.
What are large buys exactly?
And where is this info listed.
BIT should go live very very soon. I think Barry held off to get this batch of coins cheaply before BIT goes live and drives the price up significantly.
I also think this is what gave Barry Silbert the guts to bid higher than everyone else; he knows BIT is a done deal.
Bought by the syndicate, to be distributed to individual bidders. Some will probably stay with BIT, but some will probably go elsewhere.
The syndicate was organized by SecondMarket, but it has nothing to do with SMBIT.
In principle, SMBIT should buy bitcoin only when some investor buys SMBIT fund shares. After months of stagnation, there were some large buys by SMBIT over the past month.
Bought by the syndicate, to be distributed to individual bidders. Some will probably stay with BIT, but some will probably go elsewhere.
Data since Nov 2014 updated with new normalization factor
Damn second market, you crazy.
Maybe buyers waiting to get in on the auction?
Maybe buyers waiting to get in on the auction?
After this auction bitcoin will bomb again... and again... and again... and again... and again... and again... and again... and again... until 
...until it hits the price you want to buy at?
Or until his T-R-O-L (L) and F-U-D keys are worn out. ;-)
After this auction bitcoin will bomb again... and again... and again... and again... and again... and again... and again... and again... until
...until it hits the price you want to buy at?
Haven't looked into this for a month and a half or so... this looks really bullish in my books! There's some decent buying pressure apparently. I gotta say, I believe it is a good time to buy, at least if you're in for the long run. People investing that much money usually have some experience and don't lose their nerves on the first bulltrap.
No big move.update later
What normalizing factor did you use?
The raw numbers for last week and this were:
137,347 (without the NF)
137,506
It might be helpful to include the raw numbers on the main chart or at least include the NF used.
P.s. Don't have 12/1, sorry.
The normalizing factor is based on the latest actual holding figure of 31 Oct:
NF = 106840 / (100000*36.69/33.59) = 0.9781
After this auction bitcoin will bomb again... and again... and again... and again... and again... and again... and again... and again... until
No big move.update later
What normalizing factor did you use?
The raw numbers for last week and this were:
137,347 (without the NF)
137,506
It might be helpful to include the raw numbers on the main chart or at least include the NF used.
P.s. Don't have 12/1, sorry.
Updated. I missed the data point of 1 Dec. Does anyone have it?
No big move.update later
Just wait for the jl2012 or others... Would be great if we could get an update of Actual Holding 
Next 6KBTC is due. Where they are?
Putting it towards the auction instead on Thursday?
Next 6KBTC is due. Where they are?
Putting it towards the auction instead on Thursday?
Next 6KBTC is due. Where they are?
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