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Just thought of this...
This will force the regulators hands in making a decision no?
They will have to define it as some kind of asset at the least.
Good bad or otherwise we will know soon what bitcoin is or isn't
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Trust will be terminated if: the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable; How exactly would they not be considered a money transmitter? They're acting on behalf of a third party (the investor) to purchase Bitcoin. Because they won't be delivering bitcoin to the end-user, they will be purchasing it on behalf of the end-user for the trust where that ownership is represented as shares, no? we need @msantori in this thread |
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a Basket equals a block of [50,000] Shares The initial number of Bitcoins required for deposit with the Trust to create Shares is [10,000] per Basket. The number of Bitcoins required to create a Basket, or to be delivered upon the redemption of a Basket, will gradually decrease over time, due to the accrual of the Trust’s expenses, the transfer of the Trust’s Bitcoins to pay the Sponsor’s Fee and the transfer of the Trust’s Bitcoins to pay any Trust expenses not assumed by the Sponsor. Edit: does this last portion presume that the number of bitcoins will gradually decrease over time to create a new basket because they believe the value of bitcoins will rise? or is it by some other mechanism that I am not seeing this second? |
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Cherry Picking Continued: Emphasis is mine The Trust holds “Bitcoins,” a digital commodity based on an open source cryptographic protocol existing on the online, end-user-to-end-user network hosting the public transaction ledger, known as the “Blockchain,” and the source code comprising the basis for the cryptographic and algorithmic protocols governing the issuance of and transactions in Bitcoins (the “Bitcoin Network”). I would imagine that they have consulted with attorneys regarding bitcoin being a commodity or other, not sure if this is good, bad or otherwise news. |
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Cherry picking from the S-1: The Winklevoss Bitcoin Trust (Trust) will issue Winklevoss Bitcoin Shares (Shares) which represent units of fractional undivided beneficial interest in and ownership of the Trust. Math-Based Asset Services LLC is the sponsor of the Trust (Sponsor) and [TRUSTEE] is the trustee and custodian of the Trust (Trustee) using proprietary and patent-pending technology to administer the Trust. The Trust intends to issue additional Shares on a continuous basis.
The Shares may be purchased from the Trust only in one or more blocks of [50,000] Shares (a block of [50,000] Shares is called a Basket). The Trust will issue Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis as described in “Plan of Distribution.” Baskets will be offered continuously at the net asset value (NAV) for [50,000] Shares on the day that an order to create a Basket is accepted by the Trustee. The Trust will not issue fractions of a Basket.
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Both noted  Tyrion will update when he wakes up. thanks |
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Buying 3 more shares please:
##################################################
Status: 0/unconfirmed, broadcast through 4 nodes
Date: 7/1/2013 18:21
To: KnCMiner 2 Share 1WaNTKnCJzGACWZumFTvtKbD3PU25Ey4a
Debit: -0.90 BTC
Transaction fee: -0.0001 BTC
Net amount: -0.9001 BTC
Transaction ID: 53e31d9bb29f9eda50dc0e7416de0d43a7bd8680ae47abc06983f6efd8fb14e8
##################################################
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not sure if youve heard about it but there is a stripped down version of windows xp out their somewhere, ill see if i can find a link for you.
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just recieved my coinbase purchase of 4 btc, what do you think I should spend it on?
rules are, no porn or gambling type ideas, ready.... go!
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bitminter is pointing to some other pools api url
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can these smaller boards be run via pcie, with multiple chips on them?
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block rewards should increase with diff.
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I also want to add that we haven't made the killer app yet that people "must" have.
Napster was an instant global hit because it filled a giant need, this is what we need.
Keep in mind "we are trying to disrupt the global status quo of the monetary system", read that last sentence over and over until it sinks into your head the implications and ramifications if we succeed.
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Because being a violent thug is easier.
I read a book recently called insanely simple, which clearly points to the reasons why it is so hard to make things so simple, including the answer to that which you seek.
Most people are not honest, not with other people and more importantly with themselves.
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why litecoin? And why is it a waste if some mining it are making BTC (usually much more than they'd make trying to mine BTC directly) via exchange, if that is their goal in mining a coin?
Im saying, its not a bad thing to have an alt community, Mine LTC, Yes of course, more should be mining BTC, or buying BTC, but it should be those two coins... if we all did that, supported it, and PUT AS MUCH EFFORT INTO GROWING BTC AND LTC FURTHER ACROSS THE WORLD AS YOU ALL DO IN MINING AND PROMOTING ALTS THAT DIE THE NEXT DAY, we would all make a lot more money. I agree, except for namecoin it has its place, plus i get the for free mege mining on doc hariboo's bitminter |
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congrats! and thanks for all the hard work.
has there been any work on the designs for the k1 heatsink?
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Can't pick just one so here are my top movies of all time:
Matrix 1 (2 and 3 also which finished the trilogy but 1 blew my mind)
The Animatrix
Contact
Ghost in the Shell
Higher Learning
The Usual Suspects
Gandhi
Pink Floyd's The Wall
Good Will Hunting
The Shawshank Redemption
Forrest Gump
The Silence of the Lambs
Old School:
Jaws: this movie has had the most effect on me
ET: watched this at the movie theater with my family when I was a kid.
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name of the company? url?
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Total time logged in: 16 days, 15 hours and 45 minutes.
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