rolling
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March 26, 2015, 09:44:04 PM |
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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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HI-TEC99
Legendary
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Activity: 2772
Merit: 2846
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March 26, 2015, 09:47:11 PM |
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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?
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rolling
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March 26, 2015, 09:53:19 PM |
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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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ElectricMucus
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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March 26, 2015, 09:54:36 PM |
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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? which bitcoins? who holds what? does barry silbert holds BIT's bitcoins? i dunno. show the bitcoins before asking people to invest. this is ridiculous. It's roughly the same thing as with Mark Karpeles, only Berry Silbert is slimmer, better dressed and has no cat (I think).
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tarmi
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Activity: 1232
Merit: 1011
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March 26, 2015, 09:57:55 PM |
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will a massive dump make you stop talking about Berry?
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ChartBuddy
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Merit: 1801
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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March 26, 2015, 09:59:03 PM |
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rolling
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March 26, 2015, 10:00:27 PM |
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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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HI-TEC99
Legendary
Offline
Activity: 2772
Merit: 2846
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March 26, 2015, 10:02:48 PM |
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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.
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rolling
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March 26, 2015, 10:08:35 PM |
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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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Kupsi
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Activity: 1193
Merit: 1003
9.9.2012: I predict that single digits... <- FAIL
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March 26, 2015, 10:10:12 PM |
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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. ~92,300 coins were in the BIT a year ago. https://bitcointalk.org/index.php?topic=337486.msg6449073#msg6449073
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bad trader
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March 26, 2015, 10:10:23 PM |
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I guess the odds are good we go down from here? OKCoin:
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Morecoin Freeman
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March 26, 2015, 10:15:27 PM |
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I guess the odds are good we go down from here?
Yes.
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HI-TEC99
Legendary
Offline
Activity: 2772
Merit: 2846
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March 26, 2015, 10:16:03 PM |
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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. I found this post in the secondmarket thread that says they had to stop the redemption process because of a SEC rule. They should have had legal experts scrutinizing the rule book for months before to stop this happening. ...
AIUI no one can redeem shares atm. They had to suspend redemption because of a technicality in the SEC rules - I think it's because you're not allowed to be simultaneously offering new shares and at the same time offering to redeem old shares.
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SkyValeey
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March 26, 2015, 10:19:45 PM |
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I love traps for todamoon-bulltards
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damiano
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Activity: 1246
Merit: 1000
103 days, 21 hours and 10 minutes.
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March 26, 2015, 10:26:13 PM |
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only 1,100 back to 254.. just sayin
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Fatman3001
Legendary
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Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
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March 26, 2015, 10:31:47 PM |
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I love traps for todamoon-bulltards
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Xiaoxiao
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Activity: 1274
Merit: 1000
The Golden Rule Rules
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March 26, 2015, 10:32:05 PM |
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It's all going down from here for the next 7-10 days? Could not rebound past 255... market is getting real scared. Small uptrend clearly broken.
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