Topic: GBTC Bitcoin Investment Trust Observer - page 85. (Read 262357 times)
Wait till Thursday's reporting
Updated. No real action since last update
I'm actually happy to learn that yesterday's jump was not second market...
I find it be more concerning if they seemed to be the only group accumulating.
Updated. No real action since last update
I'm actually happy to learn that yesterday's jump was not second market...
Did they not just lose a bank? Might be holding out until they re-establish.
Updated. No real action since last update
I'm actually happy to learn that yesterday's jump was not second market...
Updated. No real action since last update
I'm actually happy to learn that yesterday's jump was not second market...
Updated. No real action since last update
Any update?
Do they have an alternative bank account? Are they still buying and selling?
Do they have an alternative bank account? Are they still buying and selling?
I have not read anything yet. Many people here think they might get somewhere in the summer (mid August-ish). They seem to be decent guys that have owned up to what they have (100k btc) and what they plan to do with it (Possibly selling 5 shares to 1 bitcoin). Hopefully they get it soon.
Any update?
Do they have an alternative bank account? Are they still buying and selling?
Do they have an alternative bank account? Are they still buying and selling?
That is not the point. Bank closing institutional customer's account because they do not "like" their perfectly legal investment is very surprising to me. Unless there is more to the story and the account was closed for more/other reasons?
IIRC a Japanese bank closed MtGOX's account too, not clear why. And an Australian bank closed the accounts of Australian bitcoin exchanges.This old article (Nov/2013) may be relevant:
http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/
Could be simply "why are we serving a customer whose business is to undercut our business."
Could be the popular perception that "bitcoin is the currency of illegal drugs, weapons, and pedophiles."
Could be that the BIT's legal status is murky. What is their legal nature and strcuture? Does SecondMarket hold the bitcoins themselves, or are they a proxy for some other company?
Wait.. I think I'm seeing a pattern here: Banks don't like bitcoin. What a shocker.
That is not the point. Bank closing institutional customer's account because they do not "like" their perfectly legal investment is very surprising to me. Unless there is more to the story and the account was closed for more/other reasons?
One would assume that the technology and concept of bitcoin was hardly more exertive to assess than some of the more complex products like CDOs that have been re-bundled for the millionth time.
I think things like control might be more of a factor.
With complex CDOs one could argue, that there was an incentive to sell, buy, rebundle and sell again as much as possible to people that were not able to assess the tremendous risks, blinded simply by the sheer complexity of the product. But then again, the tinfoilhat sometimes leads one to assume high intelligence where there is only greed.
I think things like control might be more of a factor.
With complex CDOs one could argue, that there was an incentive to sell, buy, rebundle and sell again as much as possible to people that were not able to assess the tremendous risks, blinded simply by the sheer complexity of the product. But then again, the tinfoilhat sometimes leads one to assume high intelligence where there is only greed.
I see now why they are not buying with such gusto anymore.
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.
I'm at a loss for words. This is just incredible. Shameful. USA, get your shit together.
Exactly. Have we become China yet or what? Since when hedge funds are suppose to invest in super safe securities and how it is their bank business what Second Market invests in? Sounds almost like April Fool's news
Yes, they were perfectly happy to invest in CDOs that had, incidentally, triple A ratings.
Wait.. I think I'm seeing a pattern here: Banks don't like bitcoin. What a shocker.
I see now why they are not buying with such gusto anymore.
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.
I'm at a loss for words. This is just incredible. Shameful. USA, get your shit together.
Exactly. Have we become China yet or what? Since when hedge funds are suppose to invest in super safe securities and how it is their bank business what Second Market invests in? Sounds almost like April Fool's news
This is a direct consequence of the retarded monopoly created by the state through banking licenses.
I do not think it will have much impact on Second Market - they will just move their account to another bank - but this is really strange and surprising.
I see now why they are not buying with such gusto anymore.
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.
I'm at a loss for words. This is just incredible. Shameful. USA, get your shit together.
Exactly. Have we become China yet or what? Since when hedge funds are suppose to invest in super safe securities and how it is their bank business what Second Market invests in? Sounds almost like April Fool's news
This is a direct consequence of the retarded monopoly created by the state through banking licenses.
I see now why they are not buying with such gusto anymore.
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.
I'm at a loss for words. This is just incredible. Shameful. USA, get your shit together.
Exactly. Have we become China yet or what? Since when hedge funds are suppose to invest in super safe securities and how it is their bank business what Second Market invests in? Sounds almost like April Fool's news
The wording is 'one of their bank accounts'. I assume they'd have to have a committed bank on board to be talking seriously about an exchange.
I guess the SecondMarket Exchange launch for the summer will be postponed since they lost their banking relationship
I see now why they are not buying with such gusto anymore.
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.
I'm at a loss for words. This is just incredible. Shameful. USA, get your shit together.
I see now why they are not buying with such gusto anymore.
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Coindesk has news that says that at least one of their bank accounts was cancelled. What a bummer.
http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/
Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.
She said:
“[The bank] gave us notice yesterday that they wanted to end that banking relationship, in part because our transitions around bitcoin, even though we’re not an MSB or an exchange, [it] raised our risk profile and it was too much work for them to figure it out.”
She said:
“[The bank] gave us notice yesterday that they wanted to end that banking relationship, in part because our transitions around bitcoin, even though we’re not an MSB or an exchange, [it] raised our risk profile and it was too much work for them to figure it out.”
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