Buy bitcoins on Nasdaq

[CurbsideProphet]

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

It's still for the rich.  You're going to need about a million to invest, give or take depending on where the price goes.

On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.

They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.

[DeathAndTaxes]

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

Don't expect regulators to work together, make sense, or even talk. It is entirely possible that SEC will define Bitcoin as a tradeable asset, CFTC define it as a "virtual commodity" and FinCEN still call Bitcoin "monetary value" (and thus subject exchangers to MSB/MT regulations).  Meanwhile the states offer tortured illogical notices and guidance due to a lack of basic understanding on what Bitcoin is.

Actually I would count on the above happening.  Maybe in a decade or so and hundreds of court cases you will see something resembling a logical regulator environment emerge.

[WaverleyStreet]

Trust will be terminated if:

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.

“money transmitter”

how much you wanna bet this has something to do with mt. gox !!!LMAO!!

>>WTFFF!!!

[MJGrae]

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

It's still for the rich.  You're going to need about a million to invest, give or take depending on where the price goes.

On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.

They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.

The purpose of the baskets is to place the assets with primary investors who will turn around and trade them on secondary markets. There will be very few, if any, private investors who purchase any baskets. In fact, getting on the list of initial buyers of these baskets is incredibly hard and requires an enormous amount of capital. This is how all assets are marketed.

In fact, when an IPO takes place, those "baskets" have already been sold to the institutional investors and the IPO is those institutional investors offering them on the public markets for the first time.


--> Heavily involved with financial markets and even work on the trading floor of the Chicago Board of Trade.

[DeathAndTaxes]

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

It's still for the rich.  You're going to need about a million to invest, give or take depending on where the price goes.

On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.

They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.

No you are mistaken.  The basket is 50,000 shares = 1,000 BTC but the purpose of the basket is merely to fund the IPO (and later allow issuance and redemption of shares).  This is a filing for a PUBLIC offering on NASDAQ.  If they wanted to have a private offering for high net worth individuals, no registration would be necessary they could operated under a Reg D exemption.  If approved and listed on an exchange it would be available to anyone with a brokerage account in any amount even a single share (0.2 BTC worth).  Now pre-IPO access will be limited to high net worth individuals and institutional investors but honestly that is the case for just about any IPO.

It may help to look at how physical gold trusts, existing financial product which is very similar, work. For a physical gold trust, to issue new shares or redeem existing shares requires a basket of thousands of shares.  This is almost never done by anyone other that institutional investors.  However any retail investor can use their "normal" brokerage account and TRADE existing shares of the trust (TRADE not ISSUE or REDEEM).  One could even trade a single share (although brokerage fees make that uneconomical). The ability to issue or redeem baskets of shares allows the fund to remain balanced.  Based on the S-1 this is very very similar structure just replace Gold with Bitcoin.

[WaverleyStreet]

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

(repost)


i'm sorry did you not get the memo!!LOL

BITCOIN = SATOSHIS' REBOOT MODE IN EFFECT!!!

>>TRUST ME WALL STREET INSIDERS LOVE WHIPSAW VOLATILITY! weeeeeeevvvvvv

[btceic]

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

It's still for the rich.  You're going to need about a million to invest, give or take depending on where the price goes.

On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.

They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.

No you are mistaken.  The basket is 10,000 shares = 2000 BTC but the purpose of the basket is merely to fund the IPO.  This is a PUBLIC offering on NASDAQ.  Once it goes public anyone with a brokerage account could buy any amount even a single share.  

Really this is no different than Gold trust for example.  To issue new shares or redeem existing shares requires a basket of thousands of shares however you can right now login to your brokerage account and TRADE (not ISSUE or REDEEM) a single share if you want.  The ability to issue or redeem baskets of shares allows the fund to remain balanced.  

For the record as far as I can tell this is just a preliminary filling, with numerous omissions, also I do not see anywhere where it states the exchange and definitely does not state nasdaq as the exchange.

[CurbsideProphet]

Thanks MJGrae and DeathAndTaxes.  I'm used to reading 10-Q's and 10-K's but rarely if ever look at S-1s.  

[DeathAndTaxes]

For the record as far as I can tell this is just a preliminary filling, with numerous omissions, also I do not see anywhere where it states the exchange and definitely does not state nasdaq as the exchange.

Fixed.  Not sure where I got that from.

[gweedo]

This has no direct effect on bitcoins, but I am happy cause it is a venture capital firm that deals with bitcoin related companies and this should help the economy.

[Arvicco]

If I'm reading the filing correctly, this is essentially an ETF with BTC as a base asset. So, if this gets approved and listed, everyone will be able to buy bitcoins in any amount through their favorite broker. Institutional investors into BTC, anyone?

Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.

And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.

[WaverleyStreet]

Trust will be terminated if:

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.

short answer: NOT A CHANCE IN HELL!!

>>WTF!!!!

[WaverleyStreet]

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

Don't expect regulators to work together, make sense, or even talk. It is entirely possible that SEC will define Bitcoin as a tradeable asset, CFTC define it as a "virtual commodity" and FinCEN still call Bitcoin "monetary value" (and thus subject exchangers to MSB/MT regulations).  Meanwhile the states offer tortured illogical notices and guidance due to a lack of basic understanding on what Bitcoin is.

Actually I would count on the above happening.  Maybe in a decade or so and hundreds of court cases you will see something resembling a logical regulator environment emerge.

Bitcoin promoters are just like the geek version of pennystock cults with all the hype, pumping and lack of integrity!!LOL

>>WTF!!!

[WaverleyStreet]

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

It's still for the rich.  You're going to need about a million to invest, give or take depending on where the price goes.

On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins, and each initial Basket was made up of [10,000] Bitcoins.

They're only selling them in "baskets" so the minimum purchase is 10,000 BTC.

No you are mistaken.  The basket is 50,000 shares = 1,000 BTC but the purpose of the basket is merely to fund the IPO (and later allow issuance and redemption of shares).  This is a filing for a PUBLIC offering on NASDAQ.  If they wanted to have a private offering for high net worth individuals, no registration would be necessary they could operated under a Reg D exemption.  If approved and listed on an exchange it would be available to anyone with a brokerage account in any amount even a single share (0.2 BTC worth).  Now pre-IPO access will be limited to high net worth individuals and institutional investors but honestly that is the case for just about any IPO.

It may help to look at how physical gold trusts, existing financial product which is very similar, work. For a physical gold trust, to issue new shares or redeem existing shares requires a basket of thousands of shares.  This is almost never done by anyone other that institutional investors.  However any retail investor can use their "normal" brokerage account and TRADE existing shares of the trust (TRADE not ISSUE or REDEEM).  One could even trade a single share (although brokerage fees make that uneconomical). The ability to issue or redeem baskets of shares allows the fund to remain balanced.  Based on the S-1 this is very very similar structure just replace Gold with Bitcoin.

Gold is a tangible asset here we have nothing proven except Silk Road and Eric Vs' SatoshiDice!!!LOL

>>WTF!!!

[WaverleyStreet]

If I'm reading the filing correctly, this is essentially an ETF with BTC as a base asset. So, if this gets approved and listed, everyone will be able to buy bitcoins in any amount through their favorite broker. Institutional investors into BTC, anyone?

Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.

And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.

Eric V. and friends are controlling somewhere around half of all BTC -Bitcoins ever produced so he has many to get rid of that's why it's backdoor reboot command executed via satoshi himself!!!LOL

>>WTF!!!

[Zaih]

If I'm reading the filing correctly, this is essentially an ETF with BTC as a base asset. So, if this gets approved and listed, everyone will be able to buy bitcoins in any amount through their favorite broker. Institutional investors into BTC, anyone?

Trust investors will be also able to convert this instrument into underlying BTC in 10K increments. Again, this gives a clean and easy access to BTC for institutional investors.

And for every additional 50K units the trust issues, it has to buy 10K BTC on the open market. Once this works, resulting demand for BTC will be absolutely unimaginable for anyone involved in BTC trading right now. 260 usd/btc bubble top? We haven't seen nothing yet, mark my words.

Eric V. and friends are controlling somewhere around half of all BTC -Bitcoins ever produced so he has many to get rid of that's why it's backdoor reboot command executed via satoshi himself!!!LOL

>>WTF!!!

Your crazy.. 

[johnyj]

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

The beautiful thing with bitcoin is that you may never need to liquidate them, you just simply spend them if the acceptance is enough wide, means only money inflow, no outflow

[WaverleyStreet]

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

The beautiful thing with bitcoin is that you may never need to liquidate them, you just simply spend them if the acceptance is enough wide, means only money inflow, no outflow

now you are catching on---i agree that's why i collect every kind of "coin" i can get>> get it?LOL

>>NICEEEEE

[vokain]

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

The beautiful thing with bitcoin is that you may never need to liquidate them, you just simply spend them if the acceptance is enough wide, means only money inflow, no outflow

i agree that's why i collect every kind of "coin" i can get>> get it?LOL

>>NICEEEEE

Nice to see reason simply oozing through these forums. You do realize the Winklevii have investments in other Bitcoin businesses, they will not shoot themselves in the foot and compromise their investment.

[WaverleyStreet]

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

The beautiful thing with bitcoin is that you may never need to liquidate them, you just simply spend them if the acceptance is enough wide, means only money inflow, no outflow

i agree that's why i collect every kind of "coin" i can get>> get it?LOL

>>NICEEEEE

Nice to see reason simply oozing through these forums. You do realize the Winklevii have investments in other Bitcoin businesses, they will not shoot themselves in the foot and compromise their investment.

Warren B and friends sey no like bitcoin pumpjobbers~ he say ~> BTC = Rat Poison

>>DO YOU NEED A LINK???*MUST SEE!*