Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Rampion]

Well, $88 failed with no resistance whatsoever. I'm starting to think that the only point left with real support is going to be $50ish

[champbronc2]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

Someone wanna explain the implications?

[alxs]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

So they're bailing out ... now ... that should really help with confidence  

Bringing new money in.  I think this is a good thing.  more money for them of course...

[BitcoinAshley]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

So they're bailing out ... now ... that should really help with confidence 

You misread.
http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/
They are not "bailing out," they are offering shares of an ETF based on bitcoins. Not quite the same thing. In fact this is good for bitcoin as it could attract more institutional investors who want to be able to participate in Bitcoin on traditional markets. This is something they can understand and trust. Good old winkii twins; they've got our back.

[hmmmstrange]

Market Cap based on latest prices    994,936,710 USD

[derpinheimer]

1.25k buys on bitstamp and mtgox? Weird. Almost at the same time.

Bitstamp just lost like all of its ask depth xD

[Spaceman_Spiff]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

So they're bailing out ... now ... that should really help with confidence 

You misread.
http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/
They are not "bailing out," they are offering shares of an ETF based on bitcoins. Not quite the same thing. In fact this is good for bitcoin as it could attract more institutional investors who want to be able to participate in Bitcoin on traditional markets. This is something they can understand and trust. Good old winkii twins; they've got our back.

Depends on whether they intend to buy new bitcoins with the proceeds.  If not, its an ask of 200k bitcoins.  If yes, then indeed, this might be something big investors are interested in, and it could increase money coming into bitcoin.

[Kazu]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

Someone wanna explain the implications?

Idk, I guess they trying to allow people to buy a share of their bitcoins?

The good news: Its essentially allowing bitcoins to be traded on the NYSE (or wherever they list the shares of their trust).

The bad news: The winklevoss twins are effectively selling 200k bitcoins, albeit to an audience that doesn't contribute to the market depth on normal bitcoin exchanges.

Whether or not Winklevoss dudes want to buy Bitcoins with the proceeds, it WILL effectively allow bitcoins to be traded as people can simply arbitrage between the value of the shares and the value of actual bitcoins. If the price differs too much somebody is getting screwed.

[QuestionAuthority]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

So they're bailing out ... now ... that should really help with confidence 

You misread.
http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/
They are not "bailing out," they are offering shares of an ETF based on bitcoins. Not quite the same thing. In fact this is good for bitcoin as it could attract more institutional investors who want to be able to participate in Bitcoin on traditional markets. This is something they can understand and trust. Good old winkii twins; they've got our back.

You mean they're watching their backs. lol

[alxs]

They could also be setting a semi-fixed rate of exchange for bitcoins.  Until they get enough volatility.

Doesn't this also mean traders will be able to use all of existing tools available to them?  If listed as a stock
on the NYSE?

[phoenix1]

Does anybody want to buy 200k paper Bitcoins from the Winklevoss aka Hunt Brothers 2.0? https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

So they're bailing out ... now ... that should really help with confidence  

You misread.
http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/
They are not "bailing out," they are offering shares of an ETF based on bitcoins. Not quite the same thing. In fact this is good for bitcoin as it could attract more institutional investors who want to be able to participate in Bitcoin on traditional markets. This is something they can understand and trust. Good old winkii twins; they've got our back.

Depends on whether they intend to buy new bitcoins with the proceeds.  If not, its an ask of 200k bitcoins.  If yes, then indeed, this might be something big investors are interested in, and it could increase money coming into bitcoin.

^^ This ... are they taking profits or trying to bring in new money ... big difference. If the ETF is backed by their BTC it's a sale ...
Given that it is a limited share offering I suspect the former

[Kazu]

They could also be setting a semi-fixed rate of exchange for bitcoins.  Until they get enough volatility.

You're noobing so bad right now, at the very best its about as fixed of an exchange rate as any of the other 'fancy' etf/etns. Just look at things like the viix, changes multiple % every day even in a 'normal' market.

[hmmmstrange]

I cant wait to move my IRA mutual funds into ETF bitcoin! Tax exempt BTC holdings!!!!!!!!!!!!!!!!!!

[Dalib]

1.25k buys on bitstamp and mtgox? Weird. Almost at the same time.

Bitstamp just lost like all of its ask depth xD

but now Bitstamp goes back to 81 ...

[Rampion]

Going through $86 like a hot knife through butter.

Despair and capitulation are unavoidable. The sooner they arrive, the sooner BTC will resume a growth trend.

[Zephir]

btc-e right now 75.57$
WTH!?

[Jozzaboy]

btc-e right now 75.57$
WTH!?

I'll buy them up, hold on.

[Dalib]

yes, BTC-e Wall is at $ 75

[derpinheimer]

GG, campBx now at $0.00

Someone dumped 2k coins there all the way to 0. Poor guy probably thought there was more depth.

[ehoffman]

Going through $86 like a hot knife through butter.

Despair and capitulation are unavoidable. The sooner they arrive, the sooner BTC will resume a growth trend.

+1 on that!  I too think that a really good crash will happen.  After that, well, we may see a bullish behavior, but more prudent and slow.