Bitcoin Forum
September 24, 2021, 02:29:37 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 5 6 7 8 »  All
  Print  
Author Topic: Buy bitcoins on Nasdaq  (Read 13568 times)
the founder
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250


Bitcoin


View Profile WWW
July 01, 2013, 10:50:56 PM
 #1

http://blogs.wsj.com/moneybeat/2013/07/01/winklevoss-twins-file-to-launch-bitcoin-exchange-traded-product/

Breaking news

Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me  Say thank you here:  1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
1632450577
Hero Member
*
Offline Offline

Posts: 1632450577

View Profile Personal Message (Offline)

Ignore
1632450577
Reply with quote  #2

1632450577
Report to moderator
1632450577
Hero Member
*
Offline Offline

Posts: 1632450577

View Profile Personal Message (Offline)

Ignore
1632450577
Reply with quote  #2

1632450577
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
btceic
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


♫ A wave came crashing like a fist to the jaw ♫


View Profile WWW
July 01, 2013, 10:52:37 PM
Last edit: July 01, 2013, 11:15:11 PM by btceic
 #2


Interesting, btc-e last is 80 btc/usd, why would (if any) this have any effect on the price?


Edit: link to the Form S-1:
http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm

♫ This situation, which side are you on? Are you getting out? Are you dropping bombs? Have you heard of diplomatic resolve? ♫ How To Run A Cheap Full Bitcoin Node For $19 A Year ♫ If I knew where it was, I would take you there. There’s much more than this. ♫ Track Your Bitcoins Value
the founder
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250


Bitcoin


View Profile WWW
July 01, 2013, 10:58:26 PM
 #3

Now your 401k can invest in bitcoins,  retirement funds, every wall street trader...  this is opening floodgates.


Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me  Say thank you here:  1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
btceic
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


♫ A wave came crashing like a fist to the jaw ♫


View Profile WWW
July 01, 2013, 11:02:37 PM
 #4

Cherry picking from the S-1:

Quote
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.

♫ This situation, which side are you on? Are you getting out? Are you dropping bombs? Have you heard of diplomatic resolve? ♫ How To Run A Cheap Full Bitcoin Node For $19 A Year ♫ If I knew where it was, I would take you there. There’s much more than this. ♫ Track Your Bitcoins Value
bbit
Legendary
*
Offline Offline

Activity: 1330
Merit: 1000


Bitcoin


View Profile
July 01, 2013, 11:04:32 PM
 #5

Now your 401k can invest in bitcoins,  retirement funds, every wall street trader...  this is opening floodgates.


Really pretty slick news to hear!  Grin


           █████████████████     ████████
          █████████████████     ████████
         █████████████████     ████████
        █████████████████     ████████
       ████████              ████████
      ████████              ████████
     ████████     ███████  ████████     ████████
    ████████     █████████████████     ████████
   ████████     █████████████████     ████████
  ████████     █████████████████     ████████
 ████████     █████████████████     ████████
████████     ████████  ███████     ████████
            ████████              ████████
           ████████              ████████
          ████████     █████████████████
         ████████     █████████████████
        ████████     █████████████████
       ████████     █████████████████
▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
▬▬ THE LARGEST & MOST TRUSTED ▬▬
      BITCOIN SPORTSBOOK     
   ▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
             ▄▄▄▄▀▀▀▀▄
     ▄▄▄▄▀▀▀▀        ▀▄▄▄▄           
▄▀▀▀▀                 █   ▀▀▀▀▀▀▀▄▄
█                    ▀▄          █
 █   ▀▌     ██▄        █          █               
 ▀▄        ▐████▄       █        █
  █        ███████▄     ▀▄       █
   █      ▐████▄█████████████████████▄
   ▀▄     ███████▀                  ▀██
    █      ▀█████    ▄▄        ▄▄    ██
     █       ▀███   ████      ████   ██
     ▀▄        ██    ▀▀        ▀▀    ██
      █        ██        ▄██▄        ██
       █       ██        ▀██▀        ██
       ▀▄      ██    ▄▄        ▄▄    ██
        █      ██   ████      ████   ██
         █▄▄▄▄▀██    ▀▀        ▀▀    ██
               ██▄                  ▄██
                ▀████████████████████▀




  CASINO  ●  DICE  ●  POKER   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
   24 hour Customer Support   

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
btceic
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


♫ A wave came crashing like a fist to the jaw ♫


View Profile WWW
July 01, 2013, 11:10:21 PM
 #6

Cherry Picking Continued:

Emphasis is mine

Quote
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.

♫ This situation, which side are you on? Are you getting out? Are you dropping bombs? Have you heard of diplomatic resolve? ♫ How To Run A Cheap Full Bitcoin Node For $19 A Year ♫ If I knew where it was, I would take you there. There’s much more than this. ♫ Track Your Bitcoins Value
SamS
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
July 01, 2013, 11:16:32 PM
 #7


Also known as how do you exit an illiquid market without destroying the price...

Bitcoin: 16i8sQWjZo3QPhhSfWupJff5PtwTxxpRJJ
Ripple:  rL7mRCDYBXsVSM2obdvEjwft5fPUmxv3ra
btceic
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


♫ A wave came crashing like a fist to the jaw ♫


View Profile WWW
July 01, 2013, 11:21:36 PM
 #8

Quote
a Basket equals a block of [50,000] Shares


Quote
The initial number of Bitcoins required for deposit with the Trust to create Shares is [10,000] per Basket.

Quote
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?

♫ This situation, which side are you on? Are you getting out? Are you dropping bombs? Have you heard of diplomatic resolve? ♫ How To Run A Cheap Full Bitcoin Node For $19 A Year ♫ If I knew where it was, I would take you there. There’s much more than this. ♫ Track Your Bitcoins Value
CurbsideProphet
Hero Member
*****
Offline Offline

Activity: 672
Merit: 500


View Profile
July 01, 2013, 11:24:53 PM
 #9

Cherry Picking Continued:

Emphasis is mine

Quote
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.

Right now it's only their opinion.

Quote
The Sponsor believes that, on balance, the important features of Bitcoins and other Digital Math-Based Assets are those that are characteristics of commodities and therefore has referred to and discussed these assets as such. It is not known whether US or foreign regulators will share this view, adopt a single, different view or espouse a variety of differing views; this regulatory uncertainty creates risks for the Trust and its Shares.

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
CurbsideProphet
Hero Member
*****
Offline Offline

Activity: 672
Merit: 500


View Profile
July 01, 2013, 11:28:52 PM
 #10

Trust will be terminated if:

Quote
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.

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
WaverleyStreet
Newbie
*
Offline Offline

Activity: 14
Merit: 0



View Profile
July 01, 2013, 11:33:01 PM
 #11



yes i will modding that board for sure will be like so much fun Erics' funny money at work!!LOL

>>LOVE IN IT!!!!****FREAKING AWESOME LINK BRUDDA!!!!!!
btceic
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


♫ A wave came crashing like a fist to the jaw ♫


View Profile WWW
July 01, 2013, 11:33:28 PM
 #12

Trust will be terminated if:

Quote
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

♫ This situation, which side are you on? Are you getting out? Are you dropping bombs? Have you heard of diplomatic resolve? ♫ How To Run A Cheap Full Bitcoin Node For $19 A Year ♫ If I knew where it was, I would take you there. There’s much more than this. ♫ Track Your Bitcoins Value
candoo
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500


Vertrau in Gott


View Profile
July 01, 2013, 11:35:41 PM
 #13

They just want to try to stop the price from dropping  below 50$

Einer trage des andern Last, so werdet ihr das Gesetz Christi erfüllen.
WaverleyStreet
Newbie
*
Offline Offline

Activity: 14
Merit: 0



View Profile
July 01, 2013, 11:37:10 PM
 #14

Now your 401k can invest in bitcoins,  retirement funds, every wall street trader...  this is opening floodgates.




will we still get our bath salt divys????LMFAO!!!!


>>RADAR SPINNING ON THIS 1!!!!>>i reported this to the NYSE shark tank we will see what they say!!!LOL
MJGrae
Full Member
***
Offline Offline

Activity: 134
Merit: 100

Sold.


View Profile
July 01, 2013, 11:39:00 PM
 #15

Trust will be terminated if:

Quote
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 just like they said, they are treating bitcoin as a commodity, and not a currency. To them, and for this security, bitcoin is being treated the same as gold or any other commodity that can be securitized.
CurbsideProphet
Hero Member
*****
Offline Offline

Activity: 672
Merit: 500


View Profile
July 01, 2013, 11:42:16 PM
 #16

Trust will be terminated if:

Quote
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 just like they said, they are treating bitcoin as a commodity, and not a currency. To them, and for this security, bitcoin is being treated the same as gold or any other commodity that can be securitized.

Ah, yeah you're right.  So I guess the million dollar question now is does the SEC & other regulatory bodies agree with them.

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
CurbsideProphet
Hero Member
*****
Offline Offline

Activity: 672
Merit: 500


View Profile
July 01, 2013, 11:44:26 PM
 #17

If the IPO is for 1 million shares to raise $20 million and from the S-1:

Quote
The Shares are intended to offer investors an opportunity to participate in the Bitcoins markets through an investment in securities. On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins.

This puts their estimated fair value of Bitcoin at $100, correct? 

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
WaverleyStreet
Newbie
*
Offline Offline

Activity: 14
Merit: 0



View Profile
July 01, 2013, 11:45:50 PM
Last edit: July 02, 2013, 12:57:09 AM by WaverleyStreet
 #18

Cherry picking from the S-1:

Quote
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.


basically what i see is Eric V doing his best to throw us under the bus so he can get rich pumping the bitcoin pyramid to his elitist Wall Street buddies!!LOLLL

i bet he used all that SatoshiDice funny money to pay for the Lawyers who wrote up that boilerplate!!LOL


>>>CAN YOU SAY: TORCHES AND PITCHFORKS?(no pun intended)!!!!
btceic
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


♫ A wave came crashing like a fist to the jaw ♫


View Profile WWW
July 01, 2013, 11:48:51 PM
 #19

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

♫ This situation, which side are you on? Are you getting out? Are you dropping bombs? Have you heard of diplomatic resolve? ♫ How To Run A Cheap Full Bitcoin Node For $19 A Year ♫ If I knew where it was, I would take you there. There’s much more than this. ♫ Track Your Bitcoins Value
Mytche
Newbie
*
Offline Offline

Activity: 56
Merit: 0



View Profile
July 01, 2013, 11:50:33 PM
 #20

If the IPO is for 1 million shares to raise $20 million and from the S-1:

Quote
The Shares are intended to offer investors an opportunity to participate in the Bitcoins markets through an investment in securities. On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins.

This puts their estimated fair value of Bitcoin at $100, correct? 

100.45
Pages: [1] 2 3 4 5 6 7 8 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!