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Author Topic: Bitcoin Investment Trust Launched by Major Crowdfunding Company Secondmarket!!  (Read 4764 times)
Endgame
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September 26, 2013, 01:11:51 PM
 #21

This is great news and brings bitcoin one step closer to the financial mainstream.
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September 26, 2013, 03:05:38 PM
 #22

Does anyone know how they purchase the bitcoins, do they have a ton of bitcoins and they are selling parts of that? or are they going to take the money and directly buy bitcoins? Cause if it is the latter than that could send prices down, depending on how much they raise.

How would buying btc on the market lower the price?

Big whales like this can buy huge amounts of bitcoins on exchanges and cause panic sells. So it would be best if they brought coins at low amounts over time.

What? You must be confused. Someone buying huge amounts of bitcoins would drive the price UP. Do you think that someone selling a huge amount of bitcoins would cause a panic buy?

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September 26, 2013, 03:07:08 PM
 #23

Does anyone know how they purchase the bitcoins, do they have a ton of bitcoins and they are selling parts of that? or are they going to take the money and directly buy bitcoins? Cause if it is the latter than that could send prices down, depending on how much they raise.

How would buying btc on the market lower the price?

Big whales like this can buy huge amounts of bitcoins on exchanges and cause panic sells. So it would be best if they brought coins at low amounts over time.

What? You must be confused. Someone buying huge amounts of bitcoins would drive the price UP. Do you think that someone selling a huge amount of bitcoins would cause a panic buy?

his brain works backwards.
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September 26, 2013, 03:43:04 PM
 #24

Does anyone know how they purchase the bitcoins, do they have a ton of bitcoins and they are selling parts of that? or are they going to take the money and directly buy bitcoins? Cause if it is the latter than that could send prices down, depending on how much they raise.

How would buying btc on the market lower the price?

Big whales like this can buy huge amounts of bitcoins on exchanges and cause panic sells. So it would be best if they brought coins at low amounts over time.

What? You must be confused. Someone buying huge amounts of bitcoins would drive the price UP. Do you think that someone selling a huge amount of bitcoins would cause a panic buy?

his brain works backwards.

buy, buy, sell as fast as you can - what? rofl

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September 26, 2013, 04:00:46 PM
 #25

Be interesting to see if anybody invests. I'm not sure.

My take is that a lot of older generation's wealthy folk will shun Bitcoin from the go as they simply cannot get their head around the concept. Some of these guys spent so many years watching things come and go and beating the same old stick that it has become almost impossible to acclimatise their brain to new ideas and technology, especially in finance. The young & wealthy are more likely to be curious, investigate and invest themselves through more direct routes. Then again I'm sure SecondMarket had enough interest to put the plan through the motions so I'm skeptical of my own skepticism. Hopeful.
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September 26, 2013, 04:05:58 PM
 #26

Be interesting to see if anybody invests. I'm not sure.

My take is that a lot of older generation's wealthy folk will shun Bitcoin from the go as they simply cannot get their head around the concept. Some of these guys spent so many years watching things come and go and beating the same old stick that it has become almost impossible to acclimatise their brain to new ideas and technology, especially in finance. The young & wealthy are more likely to be curious, investigate and invest themselves through more direct routes. Then again I'm sure SecondMarket had enough interest to put the plan through the motions so I'm skeptical of my own skepticism. Hopeful.

Soros can't probably get his head around Facebook, yet he invested in it and this is a guy who was a boy during WW2.

Wealthy people invest in paradigm shifts and Bitcoin is a paradigm shift in the financial world. Bill Gates called Bitcoin "A technological tour de force". Old investors are paying attention and will invest in the next thing because that's where the growth and money is.

However, there are plenty of younger billionaire hedge fund investors out there. Old guys like Buffett, Icahn, Soros are just part of the pack.


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gweedo
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September 26, 2013, 04:14:14 PM
 #27

Does anyone know how they purchase the bitcoins, do they have a ton of bitcoins and they are selling parts of that? or are they going to take the money and directly buy bitcoins? Cause if it is the latter than that could send prices down, depending on how much they raise.

How would buying btc on the market lower the price?

Big whales like this can buy huge amounts of bitcoins on exchanges and cause panic sells. So it would be best if they brought coins at low amounts over time.

What? You must be confused. Someone buying huge amounts of bitcoins would drive the price UP. Do you think that someone selling a huge amount of bitcoins would cause a panic buy?

his brain works backwards.

buy, buy, sell as fast as you can - what? rofl

What I meant was this is trust and people will be selling and buying. It doesn't matter since they have coins already and will not be purchasing them, so currently will have no influence on the markets.

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
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September 26, 2013, 04:18:21 PM
 #28

Be interesting to see if anybody invests. I'm not sure.

My take is that a lot of older generation's wealthy folk will shun Bitcoin from the go as they simply cannot get their head around the concept. Some of these guys spent so many years watching things come and go and beating the same old stick that it has become almost impossible to acclimatise their brain to new ideas and technology, especially in finance. The young & wealthy are more likely to be curious, investigate and invest themselves through more direct routes. Then again I'm sure SecondMarket had enough interest to put the plan through the motions so I'm skeptical of my own skepticism. Hopeful.

Soros can't probably get his head around Facebook, yet he invested in it and this is a guy who was a boy during WW2.

Wealthy people invest in paradigm shifts and Bitcoin is a paradigm shift in the financial world. Bill Gates called Bitcoin "A technological tour de force". Old investors are paying attention and will invest in the next thing because that's where the growth and money is.

However, there are plenty of younger billionaire hedge fund investors out there. Old guys like Buffett, Icahn, Soros are just part of the pack.

yes. 

also alot of these older wealthy will actually listen and take the advice of the younger wealthy generation, even if they don't understand Bitcoin, as they realize the world is changing.
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September 26, 2013, 08:10:57 PM
 #29

yes.  
also alot of these older wealthy will actually listen and take the advice of the younger wealthy generation, even if they don't understand Bitcoin, as they realize the world is changing.

Ahh, the ignorance of youth. We think we know everything, yet we know nothing. We think that because something is new to us, it is new to everyone. Let me FTFY

Quote
also alot of these younger wealthy will never listen and take the advice of the older wealthy generation, even if they don't understand Bitcoin, as because they don't realize the world is has always been changing.

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September 26, 2013, 08:33:29 PM
 #30

So, if I understand this correctly, this is about the same thing as what the Winklevoss brothers were trying to do?
Herp
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September 26, 2013, 08:37:59 PM
 #31

So, if I understand this correctly, this is about the same thing as what the Winklevoss brothers were trying to do?

Yeah, just that it won't be accessible to low income investors.

http://video.cnbc.com/gallery/?video=3000201609&startTime=0&endTime=404


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█████████████████████████████
███████████████████████████████████████
███████████████████████████████████████
DECENT
FOUNDATION



██
██
██
██
██
██
██
██
██

██
██
██


[D]ecentralized application
[E]liminated third parties
[C]ontent distribution



██
██
██
██
██
██
██
██
██

██
██
██


[E]ncrypted & secure
[N]o borders
[T]imeless reputation



██
██
██
██
██
██
██
██
██

██
██
██



██
██
██
██
██
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September 26, 2013, 09:00:33 PM
 #32

So, if I understand this correctly, this is about the same thing as what the Winklevoss brothers were trying to do?

Yeah, just that it won't be accessible to low income investors.

http://video.cnbc.com/gallery/?video=3000201609&startTime=0&endTime=404
Thanks!  Good video too.
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September 26, 2013, 10:58:29 PM
 #33

franky1 should stop posting out of shame for quite some time now. Can't believe people can be this ignorant.

The Bitcoin Investment Trust(BIT) is owned by a subsidiary of Secondmarket, Alternative Currency Asset Management.
im not even sure why im replying to a guy with under 100 activity and 3 months membership, but here is it as simple as possible:

READ THEIR WEBSITE - http://www.bitcointrust.co/
Quote
Launched in 2013, the BIT is sponsored by Alternative Currency Asset Management (ACAM), a wholly-owned subsidiary of SecondMarket Holdings, Inc. and an affiliate of SecondMarket, Inc. (custodian, marketing and distribution partner).

ACAM are not working as OWNERS of BIT, but as management consultants that have sponsored some guy to handle the private keys.

put it into real world terms. if you OWN a surfboard shop and a well known brandname SPONSORS you, and provides advertising and management consultants to help boost sales. when the surf shop goes into debt.. do the debt collectors chase the well known brand.. no

in actual fact the sponsors can tell the courts they too invested millions into the surf shop and lots of labour time too, and they want to make a claim for losses against the surfshop..

now who actually owns the surfshop... well the investors that have shares in the surfshop ofcourse...

my point being if you want to throw $100k at bitcoin, BUY BITCOINS. not these shares.

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September 26, 2013, 11:10:52 PM
 #34

So, if I understand this correctly, this is about the same thing as what the Winklevoss brothers were trying to do?

Yeah, just that it won't be accessible to low income investors.

http://video.cnbc.com/gallery/?video=3000201609&startTime=0&endTime=404
Thanks!  Good video too.

good and very helpful thanks for this

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September 27, 2013, 12:05:25 AM
 #35

come one, come all.

at least those over $200K.

LOL

"It's not perfect, so it's basically bad news.  Sell your bitcoins while you can!"   Roll Eyes
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September 27, 2013, 12:11:10 AM
 #36

come one, come all.

at least those over $200K.

LOL

"It's not perfect, so it's basically bad news.  Sell your bitcoins while you can!"   Roll Eyes

looks like i am out of date already.

it's minimum $25K.
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September 27, 2013, 12:15:56 AM
 #37

come one, come all.

at least those over $200K.

LOL

"It's not perfect, so it's basically bad news.  Sell your bitcoins while you can!"   Roll Eyes

looks like i am out of date already.

it's minimum $25K.

It's still great news.  These are the people with $$$$$$.  Not $.
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September 27, 2013, 01:02:59 AM
 #38

come one, come all.

at least those over $200K.

LOL

"It's not perfect, so it's basically bad news.  Sell your bitcoins while you can!"   Roll Eyes

looks like i am out of date already.

it's minimum $25K.
$200k would be yearly income required to be considered an accredited investor (or net worth over $1mil)
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September 27, 2013, 03:01:26 AM
 #39

accredited investor (or net worth over $1mil)

In one of the interviews (maybe this CNBC one, I didn't go back to listen to it again to verify) Silbert refers to BIT being open only to "sophisticated investors".    I wasn't familiar with that term.  Here it is:

Quote
Typically, a sophisticated investor must have either a net worth of $2.5 million or have earned more than $250,000 in the past two years to qualify.
- http://www.investopedia.com/terms/s/sophisticatedinvestor.asp

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September 27, 2013, 03:18:29 AM
 #40

And the sophisticated investor net worth calculation excludes primary residence.  On the theory that where you live is consumption, not investment.

Be interesting to see if anybody invests. I'm not sure.

My take is that a lot of older generation's wealthy folk will shun Bitcoin from the go as they simply cannot get their head around the concept. Some of these guys spent so many years watching things come and go and beating the same old stick that it has become almost impossible to acclimatise their brain to new ideas and technology, especially in finance. The young & wealthy are more likely to be curious, investigate and invest themselves through more direct routes. Then again I'm sure SecondMarket had enough interest to put the plan through the motions so I'm skeptical of my own skepticism. Hopeful.

Some hedge fund money managers and fund runners can enjoy this too, just not to the degree of an on exchange ETF, but this does give them more legal cover (and a deeper pocket they can sue) if there is something fishy.

It adds confidence.  It brings in new buyers, it creates some increased awareness, and someone else's lawyers can fight some of the battles that may arise.  Lots of good things here, just like most of what the Winklevoss team is doing is good for Bitcoin generally.

What it doesn't do is the grass-roots work of developing the Bitcoin economy, and it doesn't do much for most of us.  I have some fair bit or retirement money that I would like to have in bitcoin but IRAs and 401Ks have limits on how you can invest them.

When bitcoins will be represented in investment trusts and funds that these sorts of accounts can hold, it will be a win.  This brings that a step closer.  Bigger news would be a major online retailer having an option to buy using bitcoin thus taking advantage of the lower transaction costs.  Usage stimulates the Bitcoin economy more than trading.  Trading relies on usage for supporting the valuations.

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