Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 22283. (Read 26708159 times)
March 26, 2015, 04:28:21 PM
Would be interesting to send an e-mail to the real Jorge Stolfi and ask if this is his account. Most of "his" posts are designed to confuse. Rather than inform, which I thought was his aim.
March 26, 2015, 04:27:53 PM
From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension.
What did you understand from that?
Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong.
Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT).
Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT.
I'm not going to explain the entire document.
but where teh bitcoins??!
this suonds worst than MtGox's fractional reserves.
BIT holds the bitcoin. There is no fractional reserve. Each share of BIT is backed by 1/10 of a Bitcoin and shares of BIT and GBTC are equal.
how many coins does BIT hold then? any signed address known?
Their financial report says they held 1,382,400 shares or 138,240 BTC as of Dec 31, 2014.
whoo i see.. USG 'licensed' stamp-approval magically legitimizing more paperwork..
@gentlemand: #factsheet
March 26, 2015, 04:27:33 PM
how many coins does BIT hold then? any signed address known?
I assume they've now switched to the shares which makes it over 130,000
http://bitcointrust.wpengine.netdna-cdn.com/wp-content/uploads/2015/03/Fact-Sheet_Mar15.pdf
March 26, 2015, 04:26:50 PM
how many coins does BIT hold then? any signed address known?
Last estimate: 135,634 BTC
https://bitcointalksearch.org/topic/gbtc-bitcoin-investment-trust-observer-337486
March 26, 2015, 04:26:45 PM
From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension.
What did you understand from that?
Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong.
Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT).
Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT.
I'm not going to explain the entire document.
but where teh bitcoins??!
this suonds worst than MtGox's fractional reserves.
BIT holds the bitcoin. There is no fractional reserve. Each share of BIT is backed by 1/10 of a Bitcoin and shares of BIT and GBTC are equal.
how many coins does BIT hold then? any signed address known?
Their financial report says they held 1,382,400 shares or 138,240 BTC held by 184 entities as of Dec 31, 2014.
March 26, 2015, 04:25:34 PM
1. Create decentralized currency with no need for trusted third parties where users transfer value directly to each other.
2. Create ETFs and funds where trusted third parties hold the funds for you.
3. ? ? ? ? ?
4. Profit!!!
2. Create ETFs and funds where trusted third parties hold the funds for you.
3. ? ? ? ? ?
4. Profit!!!
these guys are 'licensed' geniuses. too bad they were so smart to buy in the middle of a bubble.
please stop talking about them.
March 26, 2015, 04:24:47 PM
1. Create decentralized currency with no need for trusted third parties where users transfer value directly to each other.
2. Create ETFs and funds where trusted third parties hold the funds for you.
3. ? ? ? ? ?
4. Profit!!!
2. Create ETFs and funds where trusted third parties hold the funds for you.
3. ? ? ? ? ?
4. Profit!!!
these guys are 'licensed' geniuses. 
March 26, 2015, 04:23:02 PM
1. Create decentralized currency with no need for trusted third parties where users transfer value directly between each other.
2. Create ETFs and funds where trusted third parties hold the funds for you.
3. ? ? ? ? ?
4. Profit!!!
2. Create ETFs and funds where trusted third parties hold the funds for you.
3. ? ? ? ? ?
4. Profit!!!
March 26, 2015, 04:22:39 PM
From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension.
What did you understand from that?
Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong.
Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT).
Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT.
I'm not going to explain the entire document.
but where teh bitcoins??!
this suonds worst than MtGox's fractional reserves.
BIT holds the bitcoin. There is no fractional reserve. Each share of BIT is backed by 1/10 of a Bitcoin and shares of BIT and GBTC are equal.
how many coins does BIT hold then? any signed address known?
March 26, 2015, 04:20:26 PM
From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension.
What did you understand from that?
Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong.
Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT).
Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT.
I'm not going to explain the entire document.
but where teh bitcoins??!
this suonds worst than MtGox's fractional reserves.
BIT holds the bitcoin. There is no fractional reserve. Each share of BIT is backed by 1/10 of a Bitcoin and shares of BIT and GBTC are equal.
March 26, 2015, 04:18:11 PM
why are we discussing some fund that bought a lot of coins in 600 + range and is trying now to unload them to greater fools?
SSSSSHHHJust scream "WALL STREET IS GETTING IN!!!!" with us!!
March 26, 2015, 04:16:04 PM
why are we discussing some fund that bought a lot of coins in 600 + range and is trying now to unload them to greater fools?
March 26, 2015, 04:15:17 PM
From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension.
What did you understand from that?
Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong.
Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT).
Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT.
I'm not going to explain the entire document.
but where teh bitcoins??!
this suonds worst than MtGox's fractional reserves.
March 26, 2015, 04:12:16 PM
this is pure speculation on my part, but in my eyes a new wave of sockpuppets is a clear indicator that things are normal in bitcoinland.
Not sure if moon is ahead, but this market has been going sideways for quite some time.
i don't know if i should read this as a stability sign, or something else, a calm period before the storm perhaps.
I bet some daytraders are not happy though.
Not sure if moon is ahead, but this market has been going sideways for quite some time.
i don't know if i should read this as a stability sign, or something else, a calm period before the storm perhaps.
I bet some daytraders are not happy though.
March 26, 2015, 04:10:44 PM
Wake me up when Bitcoin hit 200$ pr coin - I go to "bear"-sleep until then... (ps I have set the alarm.)
March 26, 2015, 04:01:22 PM
BITCOIN INVESTMENT TRUST IS HERE!
DID YOU BUY?
YES? GOOD!
TIME TO "SELL THE NEWS"!
DID YOU BUY?
YES? GOOD!
TIME TO "SELL THE NEWS"!
March 26, 2015, 03:59:38 PM
i own nothing but bitcoin and i feel so damn good 
March 26, 2015, 03:58:49 PM
March 26, 2015, 03:58:01 PM
*NLC crap*
Seriously WTF? Could we PLEASE persuade Theymos to bring back the newbie prison? My ignore list goes to DA MOON just by ignoring sockpuppets!
Do you not think that such a post just serves to further validate them? Learn to 'silently discard' as we say in the protocol world.
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