Shorts up to 24541.
Hmm.
Swap interest rate on shorts up to 0.07% per day, long swap interest down to 0.094%
Wait a minute, you telling me I could loan out a couple hundred coins and be making .14 per day? That's more than I make from mining! What's the catch? Where's the risk? You'd have to trust leaving those coins on an exchange. |
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this is a clear sign to me that this market is over-leveraged. that on ok coin was just a massive short position closing, then other panicked and closed their positions and you have this ridiculous situation that we are back from when we started this descent.  this fucker is going down again. just a matter of time. Oh yeah, no doubt about it! Clear downtrend for the last 19 days. |
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I think it's risky to trade until GBTC trading begins. I do not know how or if it will affect the market.
Like risk ever stopped the degenerate gambler day-traders? |
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Stable is the one thing you definitely don't get in the bitcoin market, maybe some hours of flatlining. If it ever is stable, you wouldn't ask the question.
When I say stability, I mean a stable sustained uptrend that reflects all of the great things happening in Bitcoin. |
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Where did this bs pump come from? It's a waste. No matter how high the price goes, the non-believers/whales/manipulators/sadists are going to keep pushing it down. Why fight it, just let them get to double digits and then we can finally go up.
It's an illusion to think that once we get to X we can all just happily buy again and go up. If we do get to double digits you will be very scared to buy and the single digit crew will be hard at work convincing you that the price can't go up until we hit $5 or whatever arbitrary number. There is no magical number where buying fills all of us with butterflies and rainbows, the doom is always palpable and looming above our heads. Only once you see through the psychology and can objectively look at it from the outside you can find good entry points to buy (or sell). Well, that sucks. Do we really need Wall Street market makers before we have a stable market? |
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Where did this bs pump come from? It's a waste. No matter how high the price goes, the non-believers/whales/manipulators/sadists are going to keep pushing it down. What if it came from the same non-believers/whales/manipulators/sadists?  Ah ha! |
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Where did this bs pump come from? It's a waste. No matter how high the price goes, the non-believers/whales/manipulators/sadists are going to keep pushing it down. Why fight it, just let them get to double digits and then we can finally go up.
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Can everyone that has bitcoins and doesn't believe in it, just sell right NOW so we can get this downtrend over with? What a waste of 2 1/2 months!
Are you sure some whales haven't just been methodically inching us down to avoid panic? And that we may have many more months of same ahead? No, I'm quite sure that's the case but can they hurry the f up? |
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Can everyone that has bitcoins and doesn't believe in it, just sell right NOW so we can get this downtrend over with? What a waste of 2 1/2 months!
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There is no place on earth beyond their reach except maybe bitcoin. |
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How cheap do these things have to get before all the miners find new jobs? This is taking forever  It will take until their building leases and data center leases expire. Even if they're losing money, it might still be better than the penalties of breaking a lease. Only people mining from home can afford to shut things off. |
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My reading still is that SecondMarket and other "Authorized Participants" have to buy bitcoins themselves in order to get shares from Greyscale. Isn t that so?
Only BIT buys and sells bitcoin. GBTC can only create shares when owners of BIT redeem their shares of BIT. You can't deposit bitcoin with GBTC. Is it true the first shareholders cannot sell their shares for twelve months and after that the shares can be freely traded? What percentage of shares (representing bitcoins) can be sold now? As I understand it, only shares of BIT that have been owned for 12 months can be transferred/deposited/redeemed/converted to shares of GBTC. Once they are GBTC, they can be freely traded on the open market without restriction. Is there any estimate of how many that can be freely traded on the open market without restriction today? It's going to be a damp squib if hardly any can be traded until another year elapses. BIT had 70,000 bitcoin at the end of 2013 so at least 700,000 shares could be put on the market right now but it seems unlikely that everyone would want to sell unless there is a hefty premium. Also, more will mature each month and by Dec 2015, 1,380,000 shares will eligible to be sold. |
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My reading still is that SecondMarket and other "Authorized Participants" have to buy bitcoins themselves in order to get shares from Greyscale. Isn t that so?
Only BIT buys and sells bitcoin. GBTC can only create shares when owners of BIT redeem their shares of BIT. You can't deposit bitcoin with GBTC. Is it true the first shareholders cannot sell their shares for twelve months and after that the shares can be freely traded? What percentage of shares (representing bitcoins) can be sold now? As I understand it, only shares of BIT that have been owned for 12 months can be transferred/deposited/redeemed/converted to shares of GBTC. Once they are GBTC, they can be freely traded on the open market without restriction. |
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Because it is not only a ticker symbol. GBTC represents only those shares of BIT that are for sale. It does not represent every share of BIT. |
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My reading still is that SecondMarket and other "Authorized Participants" have to buy bitcoins themselves in order to get shares from Greyscale. Isn t that so?
Only BIT buys and sells bitcoin. GBTC can only create shares when owners of BIT redeem their shares of BIT. You can't deposit bitcoin with GBTC. GBTC is bought and sold using USD. BIT is bought and sold using USD. BIT has to buy and sell bitcoin to keep every share of BIT backed by BTC. |
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EDIT: and BIT is the acronym of the officilal name of the fund (Bitcoin Investment Trust), while GBTC is the ticker symbol assigned by OTCQX for the BIT shares. There are no "GBTC shares".
GBTC are shares of BIT that have been deposited for sale on OTC. Therefore, not every share of BIT is represented by a share of GBTC. It's not only an acronym. GBTC is a share of BIT that is for sale. |
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how many coins does BIT hold then? any signed address known?
Their financial report says they held 1,382,400 shares or 138,240 BTC as of Dec 31, 2014. whoo i see.. USG 'licensed' stamp-approval magically legitimizing more paperwork.. Are you seriously saying that Barry Silbert and the Bitcoin Investment Trust don't actually hold the bitcoin? |
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From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension. What did you understand from that? Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong. Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT). Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT. I'm not going to explain the entire document. but where teh bitcoins??! this suonds worst than MtGox's fractional reserves.  BIT holds the bitcoin. There is no fractional reserve. Each share of BIT is backed by 1/10 of a Bitcoin and shares of BIT and GBTC are equal. how many coins does BIT hold then? any signed address known? Their financial report says they held 1,382,400 shares or 138,240 BTC held by 184 entities as of Dec 31, 2014. |
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From the 2014-09-30 financial statement on that page, I understand that now the fund is managed by Greyscale, and they no longer buy or sell bitcoins and no longer buy or sell shares for dollars (page 31+). Instead, there a 1st level broker and a few 2nd level brokers (including those 4 listed on the page). Those brokers can buy shares from Greyscale with bitcoins only, and will get bitcoins when they sell shares to Grayscale. In other words, it is now the brokers and the investors who must buy and sell the bitcoins on exchanges; Greyscale will just keep them safely until they are redeemed or stolen.
My guess is that those bids are just the 2nd level brokers testing the system, and the bids are not being filled because the only authorized sellers are the same 2nd level brokers, and they have no shares to sell. They must either buy some shares from Greyscale, or wait until some of the early BIT investors gives them their shares to sell.
I think you need to work on your reading comprehension. What did you understand from that? Just about everything you said is wrong. You are right that Greyscale is managing the fund. Everything else is wrong. Greyscale doesn't keep the Bitcoin safe, they exchange baskets of shares from the Bitcoin Investment Trust (BIT). Basically, shares of GBTC are created by exchanging BIT for GBTC and destroyed by redeeming GBTC for BIT. I'm not going to explain the entire document. but where teh bitcoins??! this suonds worst than MtGox's fractional reserves. BIT holds the bitcoin. There is no fractional reserve. Each share of BIT is backed by 1/10 of a Bitcoin and shares of BIT and GBTC are equal. |
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