Winklevoss Twins to List Bitcoin Fund on Nasdaq

theonewhowaskazu

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Quote from: ElectricMucus on May 09, 2014, 08:47:48 AM

Oh right, they want to become "Bitcoin Incorporated", and issuing shares on Nasdaq - I can't see a problem with that, except what kind of revenue is this Company supposed to generate and from what? Cheesy

They're forming an ETF not a company. Most commodity/currency ETFs don't have any income. GLD, USO, etc...

If they wanted income that badly though, all they have to do is lend out some of those BTC, like EU does with euros.

adamstgBit

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Quote from: kireinaha on May 08, 2014, 06:03:57 PM

Quote

“The price could ~~decrease~~ increase tremendously after the market closes, and you won’t be able to do anything about it,” Mr. Luria said.

Just hodl, you noob!

i just had to fix that Cheesy

TERA

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Quote from: ElectricMucus on May 09, 2014, 08:47:48 AM

What's news here? The winkledouches announcement?
I mean, yes, I expect them to "intend" to do many things.

Or is there something actually happening of the sort of some kind approval from the regulators allowing the ETF?

Agree. Every time I read a PR from the Twinkies, it includes something about it appears that progress is being made and something is going to happen in the future. However, it is actually entirely a speculation and a hope created by themselves. They use their own logic to deduce what the SEC is thinking and present this as if it were a fact.

They're also always writing something something incredibly bullish based on their opinions but presented as some kind of fact. For example their latest twitter "now that China is priced in"... what??? Is he Chinese? Is a professional global currency/arbitrage analyst? How could he possibly know if China is 'priced in' especially with the exchanges still running and accepting bank deposits? I think btc business owners tend to be very unprofessional. If he actually ran a company regulated by the SEC, he'd probably get in trouble.

ElectricMucus

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What's news here? The winkledouches announcement?
I mean, yes, I expect them to "intend" to do many things.

Or is there something actually happening of the sort of some kind approval from the regulators allowing the ETF?
Oh right, they want to become "Bitcoin Incorporated", and issuing shares on Nasdaq - I can't see a problem with that, except what kind of revenue is this Company supposed to generate and from what? Cheesy

blatchcorn

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Quote from: TERA on May 09, 2014, 06:23:50 AM

Full wall street adoption is when I can buy an actual bitcoin with my brokerage account.

And this is a baby step towards that

CADguy

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Quote from: kireinaha on May 08, 2014, 06:24:34 PM

Quote from: jamesc760 on May 08, 2014, 06:15:52 PM

From the article, if the SEC has allowed it to come so far means the Winklvoss ETF will become reality soon.

haha love it

TERA

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Full wall street adoption is when I can buy an actual bitcoin with my brokerage account.

blatchcorn

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One step closer to full Wall Street adoption. It is all slow and steady progress

knightcoin

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Stand on the shoulders of giants

Quote from: BitCoinDream on May 09, 2014, 04:53:25 AM

So the tradition exchange is acknowledging Bitcoin beyond gaming money. When will be able to trade Bitcoin on NASDAQ ?

I think everybody plays "monopoly money" at some level ...

BitCoinDream

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The revolution will be digital

So the tradition exchange is acknowledging Bitcoin beyond gaming money. When will be able to trade Bitcoin on NASDAQ ?

medUSA

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I am not sure whether this Bitcoin ETF is a good thing...

First of all, I see the Winklevoss brothers selling a load of their bitcoin, off the exchange, without putting pressure on the bitcoin price. The price of the ETF will most likely rise in the near term because Wall Street fund managers, who previously were restricted from buying bitcoin from an exchange, may want mild exposure to bitcoins. Then I see their opportunity to manipulate the exchange price of bitcoin through this ETF, and/or future derivatives of this ETF.

knightcoin

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Stand on the shoulders of giants

so, bitcoin crypto string streaming on NASDAQ cables ...

so here is my digital "Salvador Dali" style ...paint art hehehe

Hunyadi

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Quote from: TERA on May 09, 2014, 01:41:13 AM

Just what we need - more CFD-type trading assets so that "investors" can trade paper bitcoins from off in the distance without actually participating in and growing the bitcoin economy. These people are not going to buy anything, not going to circulate any coins, not going to add to the liquidity of the economy, not going to hold theirp rivate keys, and not going to get any of the financial freedom and security benefits from using bitcoin. What is the point? To pump the price up by introducing scarcity?

Wake me up when you can buy actual bitcoins on comex.

What does trading do to make bitcoin economy grow? Of course this is great for the bitcoin economy. When there are more money and people involved, even through ETF, is good. More awareness etc.

Ibian

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This is a good thing. The worst that will happen is the price remains unaffected and we get massive public exposure.

And yes, speculation and investment is part of what makes bitcoin bitcoin. Deal with it. It's a necessary step

TERA

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Just what we need - more CFD-type trading assets so that "investors" can trade paper bitcoins from off in the distance without actually participating in and growing the bitcoin economy. These people are not going to buy anything, not going to circulate any coins, not going to add to the liquidity of the economy, not going to hold theirp rivate keys, and not going to get any of the financial freedom and security benefits from using bitcoin. What is the point? To pump the price up by introducing scarcity?

Wake me up when you can buy actual bitcoins on comex.

Elwar

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Quote from: Bitcoin_is_here_to_stay on May 08, 2014, 07:39:04 PM

I am not sure it will be great for btc price, though - the twins have already ~100,000 btc, they will be basically selling their stash to investors. And some - many? - people considering buying btc on exchanges may decide to buy from the twins directly, to avoid the hassle of dealing with exchanges, cold storage etc.

So basically, the news is that early adopters will soon put 100,000 btc for sale - and that it may - or may not- attract enough new adopters to not to affect the price adversely.

These are Bitcoin backed securities. Which means that the stocks sold will have to provably be backed by actual bitcoins.

So those bitcoins (200,000) will be held to back the securities.

This will bring in investors that can only deal with Wall Street funds. Big businesses and funds that would never buy bitcoins in a way that one person with the password or private key can steal all of the company's bitcoins.

This really does nothing for Bitcoin itself other than drive up the price.

favelle75

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Quote from: kireinaha on May 08, 2014, 06:03:57 PM

Quote

“The price could decrease tremendously after the market closes, and you won’t be able to do anything about it,” Mr. Luria said.

Just hodl, you noob!

Ha ha ha, nice. Cheesy

hello_good_sir

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Many people invest using traditional or roth IRA funds. If this fund gets listed on an exchange then it will be easy for people to use their IRAs to invest in Bitcoin.

Bitcopia

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Quote from: Bitcoin_is_here_to_stay on May 08, 2014, 07:39:04 PM

I am not sure it will be great for btc price, though - the twins have already ~100,000 btc, they will be basically selling their stash to investors. And some - many? - people considering buying btc on exchanges may decide to buy from the twins directly, to avoid the hassle of dealing with exchanges, cold storage etc.

So basically, the news is that early adopters will soon put 100,000 btc for sale - and that it may - or may not- attract enough new adopters to not to affect the price adversely.

I highly doubt they're planning to liquidate their position to fund this ETF. But even if they were, this would have a much more balanced effect on the market than liquidating through alternative means.

Any way you look at it, this ETF will cause the price of BTC to go higher.

abacus

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a clockwork miner

If it really happens, at the end of the day it seems to me a good news, with some exceptions.

I think that there are many people that would never get involved in Bitcoin without a fund or something similar on an official stock exchange.
I see it like Bitcoin is expanding in new "markets", bringing new people to bitcoin "awarness". And we tend to consider that a good thing.

On the other side, it's clear that these people are interested at Bitcoin only as an investment, and that wasn't exactly one of the reasons behind the Bitcoin idea.

Topic: Winklevoss Twins to List Bitcoin Fund on Nasdaq (Read 2723 times)