luckygenough56
Legendary
Offline
Activity: 1526
Merit: 1012
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March 26, 2015, 08:47:34 PM |
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dump this
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sAt0sHiFanClub
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March 26, 2015, 08:48:42 PM |
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Holy crap $200 for 0.1 BTC... Buy they don't really mean anything without a seller.
It is gone, price crashed back to 500 $/BTC 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 part did he get wrong?
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empowering
Legendary
Offline
Activity: 1078
Merit: 1441
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March 26, 2015, 08:49:02 PM |
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This DOOOM is too salty, bring me another.
Make it Shnappy.
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AlmostThere881
Newbie
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Activity: 1
Merit: 0
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March 26, 2015, 08:49:09 PM |
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JorgeStolfi
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March 26, 2015, 08:49:48 PM |
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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?
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hyphymikey
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March 26, 2015, 08:53:38 PM |
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Do bears not read the news? Who in their right mind would sell right now?
Never mind, someone picking up more shorts. Which is probably worse than selling at this point.
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macsga
Legendary
Offline
Activity: 1484
Merit: 1002
Strange, yet attractive.
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March 26, 2015, 08:54:20 PM |
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*NLC crap*
Seriously WTF? Could we PLEASE persuade Theymos to bring back the newbie prison? My ignore list goes to DA MOON just by ignoring sockpuppets!
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tarmi
Legendary
Offline
Activity: 1232
Merit: 1011
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March 26, 2015, 08:56:27 PM |
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Do bears not read the news? Who in their right mind would sell right now?
Never mind, someone picking up more shorts. Which is probably worse than selling at this point. another bull tarp closing. thank you bulls.
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sAt0sHiFanClub
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March 26, 2015, 08:58:01 PM |
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*NLC crap*
Seriously WTF? Could we PLEASE persuade Theymos to bring back the newbie prison? My ignore list goes to DA MOON just by ignoring sockpuppets! Do you not think that such a post just serves to further validate them? Learn to 'silently discard' as we say in the protocol world.
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ChartBuddy
Legendary
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Activity: 2310
Merit: 1801
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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March 26, 2015, 08:58:49 PM |
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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March 26, 2015, 08:59:15 PM |
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dakota neat
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March 26, 2015, 08:59:38 PM |
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i own nothing but bitcoin and i feel so damn good
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BITIsHere!!!!
Newbie
Offline
Activity: 2
Merit: 0
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March 26, 2015, 09:01:22 PM |
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BITCOIN INVESTMENT TRUST IS HERE!
DID YOU BUY? YES? GOOD!
TIME TO "SELL THE NEWS"!
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Bitcoiner_cph
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March 26, 2015, 09:10:44 PM |
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Wake me up when Bitcoin hit 200$ pr coin - I go to "bear"-sleep until then... (ps I have set the alarm.)
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SZZT
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March 26, 2015, 09:12:16 PM |
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this is pure speculation on my part, but in my eyes a new wave of sockpuppets is a clear indicator that things are normal in bitcoinland.
Not sure if moon is ahead, but this market has been going sideways for quite some time. i don't know if i should read this as a stability sign, or something else, a calm period before the storm perhaps.
I bet some daytraders are not happy though.
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hdbuck
Legendary
Offline
Activity: 1260
Merit: 1002
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March 26, 2015, 09:15:17 PM |
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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.
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tarmi
Legendary
Offline
Activity: 1232
Merit: 1011
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March 26, 2015, 09:16:04 PM |
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why are we discussing some fund that bought a lot of coins in 600 + range and is trying now to unload them to greater fools?
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BITIsHere!!!!
Newbie
Offline
Activity: 2
Merit: 0
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March 26, 2015, 09:18:11 PM |
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why are we discussing some fund that bought a lot of coins in 600 + range and is trying now to unload them to greater fools?
SSSSSHHH Just scream "WALL STREET IS GETTING IN!!!!" with us!!
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rolling
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March 26, 2015, 09:20:26 PM |
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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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