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Author Topic: Did Wall Street just get hit with the biggest April Fools Joke Ever on Bitcoins  (Read 3886 times)
the founder
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April 01, 2013, 05:49:10 PM
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Did Wall Street just get hit with the biggest April Fools Joke Ever on Bitcoins

With Bitcoins Crossing $100 dollars each, and the Bitcoin Pizza Index crossing $1 million dollars, did Wall Street just get hit with the biggest Bitcoin April Fools Day Joke ever.

The fact that Bitcoins took off the way they did isn’t what the joke is, the joke is that most likely most of Wall Street never got to profit from it.

There are no ETF’s for bitcoins, there are no Mutual Funds that invest in Bitcoins, in fact Wall Street is almost completely void of any bitcoin investments, backing, or VC funding Bitcoins.

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April 01, 2013, 06:56:42 PM
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This is good wall street isn't involved.

If they did get involved, they would buy up 5 million bitcoins and start a stock exchanged commodity fund on NYSE, which would dictate the price of bitcoins like they do gold/silver now, and we would all be at the mercy of bankers and hedge fund speculators
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April 01, 2013, 07:00:36 PM
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This is good wall street isn't involved.

If they did get involved, they would buy up 5 million bitcoins and start a stock exchanged commodity fund on NYSE, which would dictate the price of bitcoins like they do gold/silver now, and we would all be at the mercy of bankers and hedge fund speculators

If they did lock up half the bitcoins in a known location, and allowed the institutional investors to invest in them, then for one thing the price would skyrocket, but I think the price would also be more stable after the initial jump? Would it cut down on the volatility, or would it amplify the volatility?

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April 01, 2013, 07:02:06 PM
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I believe considering they don't own half the bitcoins now, it's going to be very costly for them to buy any large amounts at this time.    It would do something like send the price from 20 to 100 dollars... uhhh.....  seriously kidding... that wasn't enough money invested to buy large amounts... though it appears that some big players dabbled... if they went hell bent.. IE: ETF's , Mutual Funds, Etc..  you'd be seeing bitcoins at 1 trillion not 1 billion.




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April 01, 2013, 07:03:50 PM
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Part of me is also suprised nobody has done this yet. The vast majority of bitcoin traders are just speculating and investing and don't actually want or need the physical coins. If some wallstreet hacks did do this you could simply log on with your online banking software and instantly trade bitcoin commodity to your heart's content and there wouldn't be any goxxing going on dropping the value. But on the other hand we'd be at the mercy of big banks and hedge fund managers.

I guess your right the price would skyrocket but I could see it jumping all over the place like gold does at $16 drops in a few seconds.
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April 01, 2013, 07:09:54 PM
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If Wall Street did get involved then I wouldn't be surprised if other stock exchanges around the world followed suit.

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April 01, 2013, 07:11:25 PM
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If Wall Street did get involved then I wouldn't be surprised if other stock exchanges around the world followed suit.

It would be cheap to administer. Not like gold where you need professional audited max security storage. A bitcoin commodity fund you'd need printed paper and a safety deposit box.
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April 01, 2013, 08:10:12 PM
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I guess you would get investors for a $1million bitcoin investment fund, then as you collect admin fees buy more coins to grow it, and get more investors until you own enough BTC to influence the physical trading price like these guys do with PHY.U (gold) and PHYS (silver) on the NYSE/TSX http://sprottphysicalbullion.com/sprott-physical-gold-trust/

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April 01, 2013, 08:49:35 PM
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No btc tracker on the stock market please. That will attract shorters, and that causes more speculation and pumps and dumps.
But the btc market is still too thin for it anyway
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April 01, 2013, 09:02:24 PM
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No btc tracker on the stock market please. That will attract shorters, and that causes more speculation and pumps and dumps.
But the btc market is still too thin for it anyway

It is probably unavoidable in a world where you can go short on the number of corners in the first half of a Romanian soccer game.

Having said that allowing short selling does help with liquidity. Also it can be a cost efficient hedge for businesses who hold too many bitcoins for their liking and want to insure against a crash that would leave them broke.



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