Winklevoss Bitcoin Trust on Bloomberg

[EatonABooger]

This will be so BIG that we (the bitcoin community) need an official weekly update from an insider? or someone who knows the progress of the approval process.
My biggest concern is getting busy and distracted on life issues and missing the announcement of the ETF launch.
I am serious... this will be huge.  Immediately, most of the working class, semi-retired and full retired folk that are searching for a place to put their large stash of 401k and roth money, will be buyers.

Just in my little circle of professionals, there is a very large amount of saved money just sitting in bonds and cash (guaranteed income funds) that is just looking for somewhere to go.  My peers are too conservative to get into bitcoin in its current "wild-west" environment, but are quite excited to hear that they may soon be able to invest in bitcoin with the security of the SEC/wall street.  Were talking about hundreds of thousands of US$ in just my little middle class circle of acquaintances.  I can imagine that if this is the case in just a small percentage of the US, especially once the media does its thing with it, we will have to prepare for a large step function in the price of BTC.

If anyone learns of a method to track and keep updated with the progress of this ETF, please share.  Maybe even a special email or distribution network may be in order.  Just a thought.

P.S. I am not real confident that the Winklevoss website will do the task of keeping the public updated and informed.  I am too suspicious that the information will be kept between "insiders" until it is too late.

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[notme]

Lol at trusting wall street over silicon valley.

[rocks]

My peers are too conservative to get into bitcoin in its current "wild-west" environment, but are quite excited to hear that they may soon be able to invest in bitcoin with the security of the SEC/wall street. 

Sigh... So people won't invest in an asset through a mechanism with 0% fees, but are more inclined to invest in the same asset with 2%/yr fees.

And people wonder why the bankers keep winning. The bankers keep winning because the average person allows them to.

[prophetx]

My peers are too conservative to get into bitcoin in its current "wild-west" environment, but are quite excited to hear that they may soon be able to invest in bitcoin with the security of the SEC/wall street. 

Sigh... So people won't invest in an asset through a mechanism with 0% fees, but are more inclined to invest in the same asset with 2%/yr fees.

And people wonder why the bankers keep winning. The bankers keep winning because the average person allows them to.

you cannot take money out of a 401k or IRA without 10% tax penalties so no it is not 0%

[wachtwoord]

i'm jobless and homeless...

Homeless as in "not a home owner" and not as in "living in streets" I hope?

[wachtwoord]

i'm jobless and homeless...

Homeless as in "not a home owner" and not as in "living in streets" I hope?

"not a home owner"   

A load of my mind

Anyway, then I'm homeless too. I don't want to own something really overvalued in a leveraged fashion for more than my net worth ...

[adamstgBit]

i'm jobless and homeless...

Homeless as in "not a home owner" and not as in "living in streets" I hope?

"not a home owner"    

A load of my mind

Anyway, then I'm homeless too. I don't want to own something really overvalued in a leveraged fashion for more than my net worth ...

I just don't want to pay taxes on it, and have something the govt can take just for the fuck of it...

brain wallets all the way!~

you should become a home owner! housing really does only ever go up in value.

everyone needs a nice place to live.

move to canada.

[wachtwoord]

you should become a home owner! housing really does only ever go up in value.

Price != value

everyone needs a nice place to live.

You don't have to own where you live.

move to canada.

There are worse places

[prophetx]

so what's the deal is this baby getting the green light or is this going to get delayed as well  due to the gubbamint shutdown? when did they all come back to work? we would need to count about 21 days from that day...

i think usually the SEC gets a few weeks to reply if they have further questions.

what are your guys thought on the short term impact?  will this cause price to go up or down as more supply floods the market?  

or really this is a new supply to an unmet demand, so is this trust structured in a way that they start buying more BTC as they fill up?

[vpitcher07]

so what's the deal is this baby getting the green light or is this going to get delayed as well  due to the gubbamint shutdown? when did they all come back to work? we would need to count about 21 days from that day...

i think usually the SEC gets a few weeks to reply if they have further questions.

what are your guys thought on the short term impact?  will this cause price to go up or down as more supply floods the market?  

or really this is a new supply to an unmet demand, so is this trust structured in a way that they start buying more BTC as they fill up?

This will make btc skyrocket just from an adoption perspective alone.. The greater the adoption of bitcoin, the greater the price...

[Shallow]

Has this gone live yet?

[BitchicksHusband]

Has this gone live yet?

Sometime next year most likely.

[darkmule]

My peers are too conservative to get into bitcoin in its current "wild-west" environment, but are quite excited to hear that they may soon be able to invest in bitcoin with the security of the SEC/wall street. 

Sigh... So people won't invest in an asset through a mechanism with 0% fees, but are more inclined to invest in the same asset with 2%/yr fees.

And people wonder why the bankers keep winning. The bankers keep winning because the average person allows them to.

Seriously, it's the same asset however it's packaged.  We trust Bitcoin because we know how it works and we know how to keep other people from stealing it.  Why is it a bad thing that your grandmother can buy it now using ways of buying things that she understands?

This Winklevoss trust is a GOOD thing.  

[Rupture]

Hopefully some bigshot investors get on board

[rocks]

My peers are too conservative to get into bitcoin in its current "wild-west" environment, but are quite excited to hear that they may soon be able to invest in bitcoin with the security of the SEC/wall street. 

Sigh... So people won't invest in an asset through a mechanism with 0% fees, but are more inclined to invest in the same asset with 2%/yr fees.

And people wonder why the bankers keep winning. The bankers keep winning because the average person allows them to.

Seriously, it's the same asset however it's packaged.  We trust Bitcoin because we know how it works and we know how to keep other people from stealing it.  Why is it a bad thing that your grandmother can buy it now using ways of buying things that she understands?

I agree that anything which helps people join the BTC train who otherwise would not have is a good thing. The ETF is also worthwhile for money locked in 401K type accounts.

My comment was more that it is a shame many people would rather pay 2%/year than take 1 hour to learn bitcoin and do something simple like sign up at coinbase. 2%/yr adds up and is a tremendous amount over a decade or two...

[adamstgBit]

you should become a home owner! housing really does only ever go up in value.

Price != value

no but i'm still right.

everyone needs a nice place to live.

You don't have to own where you live.

renting is a wast of money. living with your parents = loser.

move to canada.

There are worse places

Canada is the best place to live, especially for bitcoiners

[User705]

everyone needs a nice place to live.

You don't have to own where you live.

renting is a wast of money. living with your parents = loser.

There are no places in the "developed" world where you can truly own your real estate.  People confuse a piece of paper that obligates them to pay various taxes and fees in exchange for occupancy with actual ownership.  Not too mention the fact that interest payments on loans or communal homeowner fees in planned developments are basically another form of rent.

[wachtwoord]

renting is a wast of money. living with your parents = loser.

Why? I'm planning to rent for a long time

Yes it's expensive, but investing more than your net worth into overpriced real estate is such a bad idea ...

[David Rabahy]

secondmarket is only open to rich people tho. Winklevoss Bitcoin Trust  would be open to all.

what is this equityinstitutional.com

i thought secondmarket.com was going to handle the bitcoins on their own.

Plenty of folks are rich enough *if* they include their retirement funds.  As an alternative, paying the penalty and taxes to withdraw retirement funds prematurely is a pretty painful way to get into Bitcoin but with the kind of potential it could very well be worth it -- one does not need to be rich enough to use this approach just committed/brave.

I left a voice message with the Equity Institutional person directly and an awaiting a callback.  They are a trust company.  They can hold things, e.g. Bitcoins, in trust for folks.

SecondMarket is apparently partnering with Equity Institutional (and others) to connect Bitcoin investors with trust companies.  I'm sure SecondMarket will want a fee for making this connection but pretty quickly folks will find their own way to the trust companies.

SecondMarket is sticking to their $25K (USD) minimum.  They rejected my request to bring in just ~$14K (USD) at first.  They also insist on documentation showing one is an Accredited Investor, i.e. net worth excluding main residence >$1M (USD).  Even if I can make both hurdles do I want to pay their 1.5% front end, 2% annual and 1.5% back end fees besides the additional fees the trust company charges for their services?  The SecondMarket unit investment trust (UIT), Bitcoin Investment Trust http://www.bitcointrust.co/ (with a suspicious Columbian domain), will be something less than 100% Bitcoin (obviously they will have to have some cash on hand).  Finally, they indicate they will liquid by March 2014 (at that point allowing folks to get out) but how can we be sure?

I asked SecondMarket, "Will you provide the Bitcoin address or addresses where the trust holdings will reside so that I can use something like Blockchain.info to confirm balances?"

SecondMarket responded, "For security reasons, we will not be able to share the addresses. As you may have read, we have partnered with great service providers including Ernst and Young on the audit side and Sidley Austin on the legal side to oversee our storing of bitcoin."

[BitchicksHusband]

renting is a wast of money. living with your parents = loser.

Why? I'm planning to rent for a long time

Yes it's expensive, but investing more than your net worth into overpriced real estate is such a bad idea ...

My real estate has already tripled in less than 15 years.  In the non-bitcoin world, that's pretty hard to do.