Where are the coins for Winkelvoss Trust & 2nd Market Bitcoin Investment Fund? - page 3.

windjc

legendary

Activity: 2156

Merit: 1070

Quote from: calian on October 23, 2013, 10:56:13 PM

Quote from: bobdude17 on October 23, 2013, 10:52:41 PM

Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.

Remember the last time third party auditors without the necessary level of paranoia for crypto did their thing?

Quote from: Bit_Happy on June 20, 2011, 01:47:17 AM

It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database. The site was not compromised with a SQL injection as many are reporting, so in effect the site was not hacked.

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

from https://bitcointalksearch.org/topic/about-mt-gox-flaw-from-a-security-expert-19908

Thats not the same kind of audit. Lol. We are talking about the PriceWaterhouseCooper kind of audit.

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

Quote from: User705 on October 23, 2013, 10:54:10 PM

Quote from: bobdude17 on October 23, 2013, 10:52:41 PM

Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.

Why would you need to PAY an auditor to verify coins in a bitcoin address?

Because FINRA says you do.

calian

sr. member

Activity: 354

Merit: 250

Quote from: bobdude17 on October 23, 2013, 10:52:41 PM

Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.

Remember the last time third party auditors without the necessary level of paranoia for crypto did their thing?

Quote from: Bit_Happy on June 20, 2011, 01:47:17 AM

It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database. The site was not compromised with a SQL injection as many are reporting, so in effect the site was not hacked.

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

from https://bitcointalksearch.org/topic/about-mt-gox-flaw-from-a-security-expert-19908

windjc

legendary

Activity: 2156

Merit: 1070

Quote from: bobdude17 on October 23, 2013, 10:52:41 PM

Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.

Everytime you post I expect it to end with "Biiiaaatch."

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Quote from: bobdude17 on October 23, 2013, 10:52:41 PM

Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.

Why would you need to PAY an auditor to verify coins in a bitcoin address?

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

It's hard to verify gold holdings because of security concerns and metal authenticity testing. Bitcoin holdings are easy to verify. Sign a message from the address. Wouldn't surprise me if these "Trusts" throw out some BS "security" "auditing" excuse for not revealing the actual address. I read the winkelvoss prospectus. No address in there that I could find. http://www.sec.gov/Archives/edgar/data/1579346/000119312513393903/d562329ds1a.htm

bobdude17

sr. member

Activity: 454

Merit: 250

Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

Quote from: User705 on October 23, 2013, 10:31:04 PM

Recent history is littered with worthless derivatives and financial shenanigans. Bitcoin promises a solution but ... Winklevoss trust and Second Market Bitcoin Investment Fund promise safety and security but where are the coins? None of their paperwork seem to show it. If anyone has a public address for their coins please post it. Otherwise these "Trusts" are nothing more then empty paper.

Its likely not in a single address.

Its got to be backed, its an ETF, rather than an ETN.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: ?? on ??

Quote from: User705 on October 23, 2013, 10:31:04 PM

Recent history is littered with worthless derivatives and financial shenanigans. Bitcoin promises a solution but ... Winklevoss trust and Second Market Bitcoin Investment Fund promise safety and security but where are the coins? None of their paperwork seem to show it. If anyone has a public address for their coins please post it. Otherwise these "Trusts" are nothing more then empty paper.

you are right. investing in the trust is not holding btc.

it is like investing in a gold etf, you dont hold gold...

It's not like it, it's the exact same thing. That is what makes this so great. (it's unlikely I'll ever hold any ETF myself)

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Recent history is littered with worthless derivatives and financial shenanigans. Bitcoin promises a solution but ... Winklevoss trust and Second Market Bitcoin Investment Fund promise safety and security but where are the coins? None of their paperwork seem to show it. If anyone has a public address for their coins please post it. Otherwise these "Trusts" are nothing more then empty paper.

Topic: Where are the coins for Winkelvoss Trust & 2nd Market Bitcoin Investment Fund? - page 3. (Read 3333 times)