[BTC-TC] BTC Growth: Capital Growth via Hedge Fund-Style Investing

[stripykitteh]

The price has been relatively stable since the shares sold out so the fund is probably the right size for now. I was a little slow getting some coins together and just missed getting shares at the IPO price but haven't had to pay too much of a premium to grab a few. Looking forward to the journey and learning something as well.

[canth]

The price has been relatively stable since the shares sold out so the fund is probably the right size for now. I was a little slow getting some coins together and just missed getting shares at the IPO price but haven't had to pay too much of a premium to grab a few. Looking forward to the journey and learning something as well.

Yep. I was patient and got to add another investment at the IPO price last night. I too am glad to be on board and looking to see what we can learn from our involvement.

[ffssixtynine]

Some more shares below the IPO value at the mo. Too late for me

[xchrisxsays]

Some more shares below the IPO value at the mo. Too late for me

What do you mean "too late for you"?

[ffssixtynine]

Some more shares below the IPO value at the mo. Too late for me

What do you mean "too late for you"?

Bought in as much as I wanted.

[xchrisxsays]

Some more shares below the IPO value at the mo. Too late for me

What do you mean "too late for you"?

Bought in as much as I wanted.

Oh ok. I get the feeling this stock is going to have a significant increase in value after the first NAV report. I get the very distinct impression Dr. Mulhauser knows how to work this market.

[vandinn]

Some more shares below the IPO value at the mo. Too late for me

What do you mean "too late for you"?

Bought in as much as I wanted.

Oh ok. I get the feeling this stock is going to have a significant increase in value after the first NAV report. I get the very distinct impression Dr. Mulhauser knows how to work this market.

Sometimes, if the whole market is going down, it's hard to make a profit even for someone who knows how to work it. ;-)

[stripykitteh]

Some more shares below the IPO value at the mo. Too late for me

What do you mean "too late for you"?

Bought in as much as I wanted.

I bought as much as I wanted, too. It is tempting to buy a little more, but I would like to see how the fund travels for a bit before committing further.

[E.Sam]

Sorry if this has been already asked, but is there a specific date for the first NAV report?

[DrGregMulhauser]

Sorry if this has been already asked, but is there a specific date for the first NAV report?

I haven't set a specific date yet, but I would expect it to be roughly 1 month after the fund kicked off.

[E.Sam]

Sorry if this has been already asked, but is there a specific date for the first NAV report?

I haven't set a specific date yet, but I would expect it to be roughly 1 month after the fund kicked off.

Great, thanks for the swift answer.

[arctos]

How will NAV reporting be verifiable?

[DrGregMulhauser]

How will NAV reporting be verifiable?

I would recommend that anyone interested in participating in the fund should first read through the listing documents provided at the exchange -- including the FAQ -- and perhaps also the earlier discussions in this thread, to get a better understanding of how we'll be reporting.

[tyrion70]

How will NAV reporting be verifiable?

I would recommend that anyone interested in participating in the fund should first read through the listing documents provided at the exchange -- including the FAQ -- and perhaps also the earlier discussions in this thread, to get a better understanding of how we'll be reporting.

TL;DR ;-)

Short answer: He won't
Long answer:

As a general rule, hedge funds do not disclose full trading histories, and they disclose snapshots of specific holdings only weeks or even months in arrears, if at all, so as to minimise the adverse impact on returns caused by publicizing their ongoing investment strategies. Participants who rely on portfolio snapshots to infer underlying investment strategies, or who otherwise require detailed updates on portfolio changes, should probably not invest in hedge funds in general and should not participate in a Bitcoin-denominated fund operating in a hedge fund style.

That being said; Greg if I might suggest; it might be a good idea to have holdings verified every once in a while by a trusted third party? Otherwise you're making it very easy to run a Ponzi out of this..

[Peter Lambert]

That being said; Greg if I might suggest; it might be a good idea to have holdings verified every once in a while by a trusted third party? Otherwise you're making it very easy to run a Ponzi out of this..

You mean having an audit done by a third party? That would certainly boost investor confidence.

Greg, I know you said you will not give details about your investments, but the description is rather unclear about what specific investments would be used? What in the bitcoin world is available right now that you consider worthwhile for investing in?

[stripykitteh]

Oh ok. I get the feeling this stock is going to have a significant increase in value after the first NAV report. I get the very distinct impression Dr. Mulhauser knows how to work this market.

At the risk of turning this into a circle jerk I think you are right. There is a large amount of blood that's going to be spilled over the next few weeks in mining securities, particularly from a well-known one. Many people are wanting to get off that particular bus, and they only have limited means of doing so.

Ironically I sold all my shares in that company to buy into this asset.

[DrGregMulhauser]

That being said; Greg if I might suggest; it might be a good idea to have holdings verified every once in a while by a trusted third party? Otherwise you're making it very easy to run a Ponzi out of this..

Potential participants who read through the full document and this forum thread will have already read my response to the Ponzi question, and they will also be aware that I have no interest whatsoever in trying out various schemes or suggestions to prop up confidence in a pseudonym. They will be aware that they are dealing with a real live person, with a real name and real accountability and real laws to follow. And they will be aware that as a UK limited company, we have a legal obligation to keep proper records and to submit accounting to the UK government, as we have been doing for more than a decade.

[DrGregMulhauser]

Greg, I know you said you will not give details about your investments, but the description is rather unclear about what specific investments would be used? What in the bitcoin world is available right now that you consider worthwhile for investing in?

As indicated in the listing documents, I believe the opportunities are severely limited; but they're not entirely absent. Potential participants in the fund who need to know specific investment strategies in advance -- or need to know about them while they're still being executed -- should not participate in the fund and should probably steer well clear of hedge funds in general.

[tyrion70]

That being said; Greg if I might suggest; it might be a good idea to have holdings verified every once in a while by a trusted third party? Otherwise you're making it very easy to run a Ponzi out of this..

Potential participants who read through the full document and this forum thread will have already read my response to the Ponzi question, and they will also be aware that I have no interest whatsoever in trying out various schemes or suggestions to prop up confidence in a pseudonym. They will be aware that they are dealing with a real live person, with a real name and real accountability and real laws to follow. And they will be aware that as a UK limited company, we have a legal obligation to keep proper records and to submit accounting to the UK government, as we have been doing for more than a decade.

EDIT to more clarify my question.

Jeez Greg, you make it sound as if I haven't read the whole god damned document which I did.. I was just offering you a suggestion because a lot of people here (including myself) would like to see a bit more openness.. I'm not asking for your passport, I'm not asking you to disclose your full portfolio to the world. I'm hoping you will answer "me" this time instead. You sounded a bit condescending there.

Back to my question. As a UK limited company you will have to keep proper records of your profits (management fees) because you have to pay taxes on that. I refer to your own words in that matter:

As the document indicates, my understanding of the current position of HMRC is that gains are taxable when converted to fiat. To the extent that the aim of the fund is to achieve capital growth in Bitcoin, that understanding, if correct, would imply that the fund would not owe the UK government capital gains tax.

From that quote I conclude that you have no obligation whatsoever to keep records of bitcoin denominated assets as long as you don't convert them to fiat. You will not have to report your bitcoin assets end of year. If you plan to do that nonetheless please let me know because those reports should be open to the public and would satisfy my initial question.

[DrGregMulhauser]

...you're making it very easy to run a Ponzi out of this...

...it's obvious you are missing a degree in people skills as far as I'm concerned.

...I asked you a polite question, and I find your answer far from it...

I appreciate the feedback.