2013-07-04 contrariancompliance.com: Winklevii Warn Bitcoin May Become Illegal

[juanbllanos]

http://contrariancompliance.com/2013/07/04/winklevii-warn-investors-in-their-etf-that-bitcoin-may-become-illegal/

[Akka]

Proper Title formating please. Look at the title in my post.

[BitChick]

At least they are giving "full disclosure."

I guess that is part of the reason I was unsure about investing in BTC at the beginning: government intervention.

[Viscera]

What BS. I'm amazed there are people still Dum enough to buy paper promises of gold, let alone BTC. Why would you buy a promise for the same price as having your own? I hope they make a fortune and then go bust, people foolish enough to buy paper promises deserve nothing.

[Phinnaeus Gage]

What BS. I'm amazed there are people still Dum enough to buy paper promises of gold, let alone BTC. Why would you buy a promise for the same price as having your own? I hope they make a fortune and then go bust, people foolish enough to buy paper promises deserve nothing.

PlanetaryJim comes to mind.

[Bitcopia]

Warning that bitcoin may become illegal as a precedent to buying an ETF is like warning that people might crash their cars into yours as a precedent to buying a new car.

I'm failing to see the "news" in this...

[superduh]

i also heard that someday internet may be illegal as well just like it is in north korea

[vokain]

Warning that bitcoin may become illegal as a precedent to buying an ETF is like warning that people might crash their cars into yours as a precedent to buying a new car.

I'm failing to see the "news" in this...

The news is just reporting what the public wants to hear, despite how irrelevant it is to the actual matter at hand.

[kjlimo]

Warning that bitcoin may become illegal as a precedent to buying an ETF is like warning that people might crash their cars into yours as a precedent to buying a new car.

I'm failing to see the "news" in this...

The news is just reporting what the public wants to hear, despite how irrelevant it is to the actual matter at hand.

Perhaps this is why I've been able to buy such cheap bitcoins on CampBX this past week?

Gotta love gobbling up these double digit coins.... here we come 4 digits!

[CurbsideProphet]

Total non-story.  Read any company's SEC filing and you will find a laundry list of potential risks (both real and far fetched).  This is nothing more than the twins and their lawyers doing some CYA disclosures.

[freedomno1]

So fear rally
Sneaky Winklevii Sneaky
So they can own more than 1% lol

[solex]

Total non-story.  Read any company's SEC filing and you will find a laundry list of potential risks (both real and far fetched).  This is nothing more than the twins and their lawyers doing some CYA disclosures.

Absolutely correct. The OP is FUD as the SEC filing has to include warnings for investors. Cryptocurrency is new so there are many unknowns. Similar warnings must have accompanied the PartyPoker float, with respect to online gambling. Indeed any completely new business has the risk of a heavy-boot regulatory response.

[dwdoc]

What BS. I'm amazed there are people still Dum enough to buy paper promises of gold, let alone BTC. Why would you buy a promise for the same price as having your own? I hope they make a fortune and then go bust, people foolish enough to buy paper promises deserve nothing.

You mean "Dum" paper like currency, stocks and bonds?

[kiba]

Sent PM For date fixage.

[juanbllanos]

Proper Title formating please. Look at the title in my post.

Thanks for the feedback.  Will follow the guideline in future.

[BitChick]

Proper Title formating please. Look at the title in my post.

Thanks for the feedback.  Will follow the guideline in future.

Umm.  You can edit your title and put in the date anytime FYI.

[juanbllanos]

Total non-story.  Read any company's SEC filing and you will find a laundry list of potential risks (both real and far fetched).  This is nothing more than the twins and their lawyers doing some CYA disclosures.

Absolutely correct. The OP is FUD as the SEC filing has to include warnings for investors. Cryptocurrency is new so there are many unknowns. Similar warnings must have accompanied the PartyPoker float, with respect to online gambling. Indeed any completely new business has the risk of a heavy-boot regulatory response.

Is it really that common to see a prospectus warning that the asset investors will be betting on may become illegal?  I'd be happy to see other examples.  That was my only point.

[solex]

Total non-story.  Read any company's SEC filing and you will find a laundry list of potential risks (both real and far fetched).  This is nothing more than the twins and their lawyers doing some CYA disclosures.

Absolutely correct. The OP is FUD as the SEC filing has to include warnings for investors. Cryptocurrency is new so there are many unknowns. Similar warnings must have accompanied the PartyPoker float, with respect to online gambling. Indeed any completely new business has the risk of a heavy-boot regulatory response.

Is it really that common to see a prospectus warning that the asset investors will be betting on may become illegal?  I'd be happy to see other examples.  That was my only point.

OK. Sorry. I really meant the headline for the article which you had to quote in the OP. The Ws were obliged to make the warning which people will (and are) taking right out of context.
 
I found a reference to the partypoker IPO which I had in mind for a similar example:

"Their prospectus issued on Wednesday stated that their activity may be considered illegal in the US and "There is a significant risk that criminal or civil judgments may be sought against the group of directors."

http://blog.pokerwords.com/2005/06/party-poker-ipo-again.html

[ProfMac]

What BS. I'm amazed there are people still Dum enough to buy paper promises of gold, let alone BTC. Why would you buy a promise for the same price as having your own? I hope they make a fortune and then go bust, people foolish enough to buy paper promises deserve nothing.

Because I can buy bitcoin with my IRA / 401(k)

[odolvlobo]

Total non-story.  Read any company's SEC filing and you will find a laundry list of potential risks (both real and far fetched).  This is nothing more than the twins and their lawyers doing some CYA disclosures.

Absolutely correct. The OP is FUD as the SEC filing has to include warnings for investors. Cryptocurrency is new so there are many unknowns. Similar warnings must have accompanied the PartyPoker float, with respect to online gambling. Indeed any completely new business has the risk of a heavy-boot regulatory response.

Is it really that common to see a prospectus warning that the asset investors will be betting on may become illegal?  I'd be happy to see other examples.  That was my only point.

I agree. While there is nothing new (to us, at least) about the challenges that Bitcoin faces and the laundry list of risks is typical, a security traded on a major exchange that lists illegality as a risk is noteworthy.