Topic: Winklevoss Bitcoin Trust on Bloomberg - page 5. (Read 10995 times)

give them some coins, problem solved.

the problem with this is that regulators have this bad habit of moving the goalposts to protect their own private interests. 

Bitcoin was designed to circumvent this which is why so many businesses that you refer to are having a hard time.  ex:  Bitinstant

Regulation is exactly what Bitcoin needs if its going to grow fast. All the major players are begging for regulation and rulings.

There is no grand plan.  Government could care less about a few billion in total bitcoins.  But you think that bitcoin can reach a few trillion without more regulation from the government?  Bitcoin is unregulateable but so are drugs and that hasn't stopped most governments from trying.

bitcoin is used for shady deals, it will continue to be used for that, because it works.

also: http://www.youtube.com/watch?v=fZfg1Gtcg08

Gee I really want to invest in this shady market, but it's not really shady, it just looks shady so could you go bust some guys doing bad things with it?

ya peoples 401k and RRSPs will save us

Filing accepted October 8, that's about when the current rally started. Coincidence?

In a way, its not too much unlike owning stock (BTC) in a company (Bitcoin Protocol) before an IPO (ETF).

NOT EXACTLY, but definitely similar in some aspects.

next step?  what are you talking about?  you act like there's some grand plan that is being executed to rob ppl of their BTC.  and who exactly is behind this?  the Winklevii in cahoots with the gubmint?  ridiculous.

if this ETF gets approved, it's to the moon.  it's too late to prevent private ownership of Bitcoin.  ask the Chinese.

You might see an initial spike and then longer term future traction, best case scenario, imo.

So basically if this goes through, we could see a massive spike in BTC prices?

Once all these derivatives are approved on top of bitcoin next step is to outlaw private bitcoin ownership itself.  The governmental logic would be why you need to own bitcoin when you can own an ETF for it.  Also gotta love the risk section of it
"The loss or destruction of a private key required to access a Bitcoin may be irreversible. The Trust’s loss of access to its private keys or its experience of a data loss relating to the Trust’s Bitcoins could adversely affect an investment in the Shares.
Bitcoins are controllable only by the possessor of both the unique public key and private key relating to the local or online digital wallet in which the Bitcoins are held. The Trust is required by the operation of the Bitcoin Network to publish the public key relating to a digital wallet in use by the Trust when it first verifies a spending transaction from that digital wallet and disseminates such information into the Bitcoin Network. The Trust safeguards and keeps private the private keys relating to such digital wallets using the Security System. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Trust will be unable to access the Bitcoins held in the related digital wallet and the private key will not be capable of being restored by the Bitcoin Network. Any loss of private keys relating to digital wallets used to store the Trust’s Bitcoins could adversely affect an investment in the Shares."
Also where is the bitcoin address with all these coins?  You'd think that would be front and center but I can't seem to find it.

edit:  $20.9 trillion as of 2nd qtr 2013

http://ici.org/research/stats/retirement/ret_13_q2

try $18 trillion. as of 2011:

http://www.ebri.org/publications/benfaq/index.cfm?fa=retfaq4

Don't you lose 5% per year

Seriously, BTC moves 5% in a day.

Basically this.

And not really lose a couple of their BTC, because they'll collect fees, which of course they can use to buy more BTC.

+1

They will use their 17k bitcoins are a starting point. They can always replenish those.

So they are going to lose a couple % of their bitcoins but accelerate the rate of their acceptance drastically..?