Bitcoin Forum

What if Winklevoss Twins' bitcoin ETF (NASDAQ) would be the same as GBTC (Barry Silbert's Bitcoin Investment Trust, OTCMKTS):

1: NO trades two weeks after official launch, unlikely for ETF, because Winklevoss Twins can't wait to sell their bags (1 million shares = 100k bitcoins), so there would be sell orders soon as ETF goes live!

2: The ETF will only got less than total 75 bitcoins buy orders like GBTC does (GBTC only has 750 shares bid list = 75 btc demand http://www.otcmarkets.com/stock/GBTC/quote).
https://i.imgur.com/dh2qsBe.jpg


If thing comes out like this, does it mean neither wall street nor average joe (who invest with their retirement account) is waiting to get in and in fact nobody care about bitcoin?

The Silbert GBTC requires the share holders to own their share for at least 12 months before selling.
Price was $450 per coin 12 months ago, so it's unlikely anyone who bought 12 months ago are eager to sell.
The winkie ETF, as I understand it, does not have this sort of set up. Once they launch their ETF it would be like a gold or silver ETF where anyone could buy in (assuming there are still shares available).

Wall Street doesn't care about bitcoin, whether you build exchanges and ETFs where they could get in or not.

The GBTC is a fine example. Still 0 trades and only a few bids for a few grand worth.
The only Wall Street thugs that are gonna buy bitcoin will end up like the Wall Street thugs who already bought: bagholding.

They could probably sell their bags with a couple of well placed phone calls. They could also save themselves millions of dollars in legal fees and years of their lives by not bothering with the ETF.

Ergo they are committed to making it an ongoing success.

Why don't you ask hypothetical trolling questions with your main account instead of using a throwaway?

Because trolls are gonna troll. Do you spend all day on a forum relative to a topic that you despise? Probably not. What if someone paid you to register and troll that forum??

No offtopic bullshit talks, please answer the question itself.
Is "wall street or average joe can't wait to get in" a lie?

Yes, a lie by people who have interest in telling such lies like huge holders or underwater bagholders.

What are you guys doing for easter today? I'm going to the inlaws to have cheeseburgers. It's alright I guess, at least it's free food and free beer. Haha that reminds me of a funny joke from earlier this week. I was eating at a taco cart and I asked for frijoles and the dude next to me said "free beer, free tacos, frijoles" We all LOL'ed, it was grand.

A Short and Clear answer i am looking for, thank you!
Too many trolls here talking offtopic shits and ignore&afraid to answer the question

1. GBTC holders are still unable to access their shares from their trading account thus the absence of any trade so far.

2. There are no buy orders because there are no sell orders. Supply creates demand.

1: Why? 12 months has already passed.
2: NO, There are 6 bids for total 750 shares (less than 75 bitcoins), i guess that's all demands it has

1.

http://www.cnbc.com/id/102549768

It's a new security. The shares have simply not been credited to their owners trading account yet.

2. What part of supply creates demand did you not understand. Maybe people are just not interested in placing blind orders before shares are even put on the market.

Buyers are placing bids and 40% above market and the trolls are actually trying to convince people that is bearish.  It's probably about time for liftoff.

Imagine just  ONE of them gets filled at 350$

Aight.

We'll see how many bids will there be "next week"  :D

Trading isn't even expected until the week of 4/6 - it isn't late or inactive yet.  There will be trades on day one.  Orders can be created it seems but are not routing yet according to my corporate system.

its slightly off topic but I am confused when people say bitcoin will take off in price when we get the twins etf and exchange.

I can understand the exchange part ie a more trusted/secure/like a normal exchange will bring in more people though i am not sure the volumes will be great in the short term to move the price much. But it may.

however on the etf - is it not standalone? ie fiat being risked on bitcoin movements with out it being turned into bitcoin? It may help recognition/exposure of bitcoin etc  but cannot see how it would significantly move the price even if its more popular then GBTC.

what am I missing here?

I guess the primary sell is that it makes bitcoin safely accessible and that opens up a huge amount of extra possible investment.

There are a ton of professional financiers who would be bound by rules to only invest in properly approved funds. It also means private investors can put money in through brokers and tax free channels, the ones they're already comfortable using.

If you're intrigued by the idea, you might throw half a per cent of your stash at it through a fund. The idea of dicking around with wallets and cold storage is definitely not going to turn most people on.

hi thanks understand now. it might then also in a year or two sort out one way or another to some extent several debates that rage on this forum eg does bitcoin have any store of value?  will altcoins disappear? 

The COIN etf if approved opens up btc investment to a multi trillion dollar capital pool. It allows non accredited investors to buy in using a tax efficient wrapper.

It will be potentially be the most incredible surge in the history of bitcoin. 

Final Fantasy 15

Not really. The entire 100k coins could be bought for 26 million USD. A laughable amount of funds in a sea of US capital reserves. Any further coins need to be bought from the market.

If you cannot imagine a scenario where a few hundred million dollars of investment capital chase a rising btc price then I will enjoy it for myself.

It is a fantasy until the ETF is approved. But it could rapidly become a reality. And it will be front run by those in the know.

I won't comment on whether it's "a lie" or not. But to use a hypothetical question to arrive at a possible answer is just moronic. Seriously, you can do  better than that. There are tons of logically sound reasons why the ETF might not succeed. There are tons of logically sound reasons why bitcoin will not succeed.

Instead, you choose such a logically flawed question.

It wont end up the same as Gbtc. The real fear is that the law never becomes clearly defined and it is never approved/never launches. Winklevoss already made it very clear they wont go forward without regulatory acceptance. Worst case scenario is we stay in this stalemate we have had for the last year or so.

The Winklevoss pair seem to be focusing now on being z-list celebs...
http://pagesix.com/2015/03/23/cameron-winklevoss-shows-off-his-brazilian-model-girlfriend/

Perhaps ETF regulation got boring.

However, other news suggests things are not going so well, as they are having to rent out their plush pad...
http://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-winklevoss-twins-20150323-story.html

Do you people ever worry that your idols are not going to produce the goods?

Why would they go and sell their big stashes they managed to buy over time??? If they're going as far as opening an ETF, I bet they really believe in BTC in the long term. They won't really care for that little profit (or loss currently, actually) Bitcoin gives them right now. They will want to wait.

Well if they are already pretty rich off facebooks pay off, why would they sell their ETF`s off?

It doesnt make sense, esp, when they are already mega rich and they dont put down only a small portion of their money into their own exchange and the ETF creation they trying to do both at the same time.

It seems more they want to dominate this space, so they have the ability to do both exits when they choose to do so.

Exactly. If they're doing this, they'll make sure to do this right and not cave in at the first signs of trouble or prices not going to the moon immediately. Cutting ones' losses doesn't make any sense in this case...

The reason the ETF would be created is to dump their shares (bagholding coins), it's just this simple.

Regarding the joke of GBTC's forever excuses: