Bitcoin Forum

Getting closer...
    
http://www.coindesk.com/winklevoss-bitcoin-etf-trade-nasdaq-coin-symbol/   

Do you really need me to explain why buying a portfolio (Bitcoin ETF) of an asset that is backed by nothing.

I just earned GLD isn't even ten years old yet (launched November 2004). What the hell did the world use before that?

Bars, chains, rings?

I'm most excited because this will allow me to get a portion of my bitcoin holding into a roth IRA. So when I become a millionaire, Iwon't have to pay taxes on it!

But it was 2004? Weren't there other gold ETFs at all?  ???

BTCF  would have been also okay.

Pretty sure the GOLD ETF thing is a new idea from the 2000's, but I could be wrong.

Everyone laughed at them when they were created... and then everyone bought them... perhaps the same will happen with COIN?

Cool, anywhere I can read a good article about this? From when I got interested in investing these things have existed and I always asssumed it had  been like this for decades  :D

Has anybody done any research about how long it takes in general to get from this point -> actually listed on the NASDAQ?

1 month? 6 months? A year? 5 years?

i can't wait to roll shares into my retirement account and sit on them for decades. no taxes, baby! moon, here we come! :D

Most people are estimating 2014Q4 or 2015Q1 but it's not a done deal, this could very well be blocked by the SEC (for some retarded reason).

They got approval from the NASDAQ though? Seeing as they've got a ticker reserved already?

personally I was way more concerned about the NASDAQ approval than the SEC, seeing as the NASDAQ has gotten a bad reputation for IPOs, and a BTC ETF IPO would have a better chance of getting screwed (especially technically) than most. To be honest I thought they wouldn't think it worth the risk, especially if they think bitcoin is "eventually doomed to fail" anyway.

No, apparently there are 100s of ETF at any point in time in various stages of the process. Every step/hurdle taken does increase the likelihood though.

Waitso it hasn't been approved by the NASDAQ yet? Then how can it have a tickersymbol?

By requesting one. Btw it's the SEC which needs to approve it and that hasn't been done yet. You can find the official request form :)

Both the NASDAQ and the SEC need to approve them. The SEC if they have a right to be an ETF in the first place, and the NASDAQ if the ETF can be on their exchange. I'm not sure of the order of these two approvals.

Well as far as I know the NASDAQ is fine with it.

How far do you know?

This sounds positive... from ETF Daily News...
"The fresh amendment naming Nasdaq: COIN as the ticker symbol was filed July 1, exactly one year after the initial filing of the S-1 form.

Despite the long process, the Winklevoss Bitcoin ETF appears to be on track for SEC approval, probably before the end of the year.

“Under the securities laws we are not permitted to discuss timing to launch or effectiveness,” Cameron Winklevoss told The Wall Street Journal.

“However, identifying the ticker symbol and the exchange are two major events that further demonstrate that we are moving forward as expected.”

I should point out to some people who are getting excited about this but, ETF's should purely be used for speculation and not actual investment, if you want to properly invest in Gold or Bitcoins make sure to just buy the actual thing yourself and either store the Bitcoins on an offline wallet or the precious metals at home.

You NEVER own the stuff traded on the commodities exchanges and ETFs etc.

And in the case of gold, you can't be sure that the ETF owns what it thinks it owns. If it's stored in Fort Knox nobody is allowed to test or even see it, and there are somewhat good reasons to believe that some of they gold bars they store is not pure, but instead filled with other metals to give it the same weight.

https://www.youtube.com/watch?v=TL8SbSpucDY

Here's some really good information on how to buy silver etc. and spot all the dodgy futures contracts, the basics are, buy from a well known mint and make sure it's physical.

i agree with you but the mainstream investor AND the big money dont want to hold their BTC. an etf is the right thing for them.
(me and you can hold their BTC :P )

Well the good thing is Bitcoin ETFs CAN prove what they own.

if this could be implemented it would be even better than amazing, if they could get the SEC approval and get it actually added however considering the number of "big companies" that might not want that to happen. This "if actually happened" might cause a good jump in the price.

She sell's sea-shells by the sea-shore :p

I think the world would be a much better place if the USD where replaced by sea-shells.

You can redeem in batches of 1000 coins I believe.  My goal is to redeem at least one batch before I die.