PLEASE HELP: Campaign to get a bitcoin "niche ETF" - page 2.

jojkaart

member

Activity: 97

Merit: 10

Quote from: 2112 on July 03, 2012, 10:19:29 AM

Such ETF would be immediately in violation of the rules for the stock exchange trading and therefore a waste of sponsor's funds used to form it.

You could create a corporation that aims to maintain the parity of its stock with the exchange value of bitcoin. And such corporation could trade on pink sheets bulletin board system.

The main problem seems to be Gavin Andresen who continues to sign the checkpoints the bitcoin code:

https://github.com/bitcoin/bitcoin/blame/master/src/checkpoints.cpp

In effect he acts as a chief tresurer of Bitcoin yet he never signed off on an audit. He even closed his own private Bitcoin company before it could accrue enough liability to go under the generally accepted accounting principles.

Labeling him as a chief treasurer for signing the checkpoints strikes me as seriously odd. He's nothing more than a rubber stamp for the blockchain here. He can't really put anything in there that isn't accepted by the majority of users. If he did, it'd be immediately obvious and he'd lose the trust of the community.

EDIT: Also, all the accounting happens in public, so it's auditable by anyone wishing to do so.

2112

legendary

Activity: 2128

Merit: 1073

Such ETF would be immediately in violation of the rules for the stock exchange trading and therefore a waste of sponsor's funds used to form it.

You could create a corporation that aims to maintain the parity of its stock with the exchange value of bitcoin. And such corporation could trade on pink sheets bulletin board system.

The main problem seems to be Gavin Andresen who continues to sign the checkpoints the bitcoin code:

https://github.com/bitcoin/bitcoin/blame/master/src/checkpoints.cpp

In effect he acts as a chief tresurer of Bitcoin yet he never signed off on an audit. He even closed his own private Bitcoin company before it could accrue enough liability to go under the generally accepted accounting principles.

kangasbros

hero member

Activity: 812

Merit: 1006

It is a regulatory headache and so on, they won't do it before they see some serious money.

cryptoanarchist

legendary

Activity: 1120

Merit: 1003

I would give those companies creating a bitcoin etf about the same chance as a snowball's in hell.

dacoinminster

legendary

Activity: 1260

Merit: 1031

Rational Exuberance

Got this from WisdomTree:

Quote

We received your e-mail inquiry in regard to additional WisdomTree ETF's. We have filed for various new funds which are currently in a quiet period. Therefore we are unable to release any details of those funds at this time.

If you have any further questions regarding WisdomTree, please feel free to email or call 1-866-909-9473 and we will be happy to assist you.

Sincerely,

Anthony

My reply:

Quote

Hey Anthony,

If a bitcoin ETF is NOT among those funds, please pass on our extreme interest in such an ETF to the appropriate people.

Thanks!

From Global X:

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Hi, I’m not sure where you heard anything about a bitcoin ETF, but at the moment I can tell you we have nothing in our pipeline in that area. Most ETFs have to invest the majority of their assets in actual securities – stocks or bonds – and may be able to gain exposure to currencies through different instruments. Unless there are specific publicly traded companies that are involved in this space, I’m not sure if an ETF would even be possible to construct at the moment. If you have any additional questions please let me know, thanks.
-Alex

Quote

Hey Alex,

Thanks for the info. Please pass on word to the appropriate people of our extreme interest in such an ETF.

Thanks!

From Proshares:

Quote

Thank you for your interest in ProShares. We appreciate the opportunity to answer your questions and look forward to the opportunity to work together.

ProShares currently does not have a geared Exchange Traded Fund (“ETF”) that tracks the bitcoin market. We greatly appreciate your feedback and will share your interest with our product development team.

If you would like to sign up to receive e-mail updates whenever new ProShares products are announced, please click here or on the “Get Email Updates” link on the ProShares homepage at proshares.com.

If you would like to further discuss our products, please call us at 866-776-5125 and one of our Registered Representatives will be happy to assist you.

Sincerely,

Paul

From iPath:

Quote

Thanks for your inquiry. Currently, there is nothing we can provide as to a Bitcoin ETN being created. We have no products that track the Bitcoins.

Thanks,

iPath Team

Quote

Sorry to hear that. Please pass on to the appropriate people how extremely interested we are in investing in such an ETF!

Thanks!

From PowerShares:

Quote

We do not have any plans to launch a bitcoin ETF. Please feel free to call in if you would like to discuss any of our other ETF products.

800.983.0903

Regards,

Jay

Quote

Sorry to hear that.

Please pass on to the appropriate people that we are dying to invest in such an ETF!

jojkaart

member

Activity: 97

Merit: 10

Could the initial investment required be gotten through some sort of crowdfunding system? like kickstarter?

dacoinminster

legendary

Activity: 1260

Merit: 1031

Rational Exuberance

Here is what I sent to all the email addresses above:

Quote

Hi,

I heard a rumor that your company might be starting a bitcoin ETF, and I am REALLY excited to invest in it. All of my investor friends have been waiting for someone to create an ETF for investing in distributed currencies, since investing in them directly is very difficult.

Please tell me:

Is it true? Will there be a bitcoin ETF? If so, when will it launch? When can we get our hands on the details?

Thanks!

apetersson

hero member

Activity: 668

Merit: 501

i have looked briefly into what is required to run a bitcoin etf. this would need a significant amount of funding since you need at least 2 companies , management and public traded etf. since the actual operation of the etf could be very very cheap(automated) unlike SLV, SPY etc.. this could operate with minimum fees.
if someone figures out how to start it up this will certainly boost the bitcoin price.
i can imagine even some conservative technology funds will allocate small % to bitcoin if they are easily accessible via ETF. compared to the current market capitalisation this could be huge.

kangasbros

hero member

Activity: 812

Merit: 1006

Really cool idea

I'm sceptical that any of the companies will do it, but it would be awesome...

dunand

hero member

Activity: 637

Merit: 502

I would invest in it.

dacoinminster

legendary

Activity: 1260

Merit: 1031

Rational Exuberance

There are niche ETFs for almost everything now. You can invest in specific industries and sub-industries by way of ETFs, along with numerous currencies and commodities.

Why not push these ETF companies to create a bitcoin ETF? There's no technical reason they can't do it, and I know that I for one could invest a lot more money in bitcoin if I could use my Fidelity 401k (which lets me invest in ETFs).

So, I compiled a list of companies that might release a niche ETF for bitcoin, and the best way to contact them:

_______Name_______

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