GBTC Bitcoin Investment Trust Observer

[derpinheimer]

Just want to say that BIT has not updated their page since late March

Someone with twitter account should ask Barry about that. Anyone?  

Will we finally see some asks today?  

No, the shares have not been transferred to the brokerage accounts of eligible shareholders. They are still doing the paperwork. Even if they want to, shareholders can't put up asks until the shares are transferred.

Amateur, yes. But this is bitcoin.

Huh... So your friend is still waiting? I thought we are in 21. century. Kinda unbelievable how much time this takes  


Btw. top bid is now 36$.

And its $3,600...

[1713490693]

1713490693

[jehst]

Update!  

https://twitter.com/GrayscaleInvest?original_referer=https%3A%2F%2Fcryptocrypt.org%2Findex.php%3Ftopic%3D15.1750&tw_i=587702979760881664&tw_p=tweetembed

An update is supposed to give you more information. This does not. As I said, they are doing share transfer paperwork.

It's going to take a while. This is a process and these papers need to be snail-mailed and then they must undergo a merit-based review by someone who doesn't have time for your shit.

[marcus_of_augustus]

Will we finally see some asks today?  

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

[JorgeStolfi]

I suppose everyone has seen this document, available at the OTCQX site:

http://www.otcmarkets.com/financialReportViewer?symbol=GBTC&id=133827

BITCOIN INVESTMENT TRUST
OTC MARKETS GROUP
INFORMATION AND DISCLOSURE STATEMENT

Grayscale Investments, LLC (the “Sponsor”), on behalf of Bitcoin Investment Trust, is responsible for the content of this Information and Disclosure Statement, which has been prepared to fulfill the disclosure requirements of the OTCQX U.S. Premier marketplace. The information contained in this Disclosure Statement has not been filed with, or approved by, the U.S. Securities and Exchange Commission (the “SEC”) or any state securities commission. Any representation to the contrary is a criminal offense. 

After the financial report there is a lengthy and detailed official description of the fund and its rules.

(It seems I am a criminal, since I referred earlier to this (or some similar document) as "the SEC filing". Sorry for that.)

[jehst]

I'm hearing now that the transfer will start "imminently."
Not sure what that means.

[thezerg]

If anyone has ever wondered whether "permissionless innovation" is really so important to the economy, just show them this debacle. 

First and foremost is the incredible loss of calendar time.
Second, I wonder how many man hours of time has been wasted filling out paperwork to apply for this.
Third, how much time and taxpayer money is spent reviewing that paperwork and not making a decision?


Will the Mt. Gox creditors see a dime of the money confiscated by the US government because their US accounts were not opened properly?  If not, its hard to argue that the purpose of that law is consumer protection...

[coinableS]

I'm hearing now that the transfer will start "imminently."
Not sure what that means.

Where are you hearing this?

[JorgeStolfi]

I'm hearing now that the transfer will start "imminently."
Not sure what that means.

Where are you hearing this?

There was this post. I do not know if the person has any official connection to the fund.

EDIT: there were also some tweets by Barry Silbert.

[jehst]

Will we finally see some asks today?  

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

No, the amateur part is Barry's communications. BIT and Grayscale hired people to transfer the shares and didn't ask how long it would take. A google search will tell you that it takes up to 6 weeks to get shares transferred. But they went on twitter and told the press and people at dinner parties that GBTC was going "live" and that it was going to be trading in Q4 of 2014 or Q1 of 2015. The amateur part is constantly making irresponsible remarks that aren't true in an attempt to hype bitcoin/BIT related projects.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

[Chef Ramsay]

Will we finally see some asks today?  

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

This must be the next bitcoin bubble Barry was talking about^, a whole $5 dollars worth. 

[jehst]

Will we finally see some asks today?  

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

This must be the next bitcoin bubble Barry was talking about^, a whole $5 dollars worth.  

Yeah, can't you tell? Wall Street is moving in right now in a big way.

"We're three to six months away from Wall Street dollars moving into Bitcoin in a big way,"
- Barry Silbert, Dec 2013
http://www.entrepreneur.com/article/230346


"Just learned at a private dinner there will be a new SEC Regulated @Bitcoin ETF Fund launched on @Nasdaq in the next 4 weeks !!!"
George Kikvadze, January 2015, after having dinner with Barry Sillbert.
https://twitter.com/bitfurygeorge/status/558097302678962176

Barry's main hobby is sitting around dreaming up what kind of bullshit he can type on twitter or feed to the press.

[marcus_of_augustus]

Will we finally see some asks today?  

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

No, the amateur part is Barry's communications. BIT and Grayscale hired people to transfer the shares and didn't ask how long it would take. A google search will tell you that it takes up to 6 weeks to get shares transferred. But they went on twitter and told the press and people at dinner parties that GBTC was going "live" and that it was going to be trading in Q4 of 2014 or Q1 of 2015. The amateur part is constantly making irresponsible remarks that aren't true in an attempt to hype bitcoin/BIT related projects.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

Ok point made, Wall St. is a bunch of amateurs wearing suits, see GFC 2008.

Fact remains, it has all the appearances that they are fumbling around with bitcoin which settles globally, irrevocably in <60min.

[jehst]

Will we finally see some asks today?  

Amateur, yes. But this is bitcoin.

um, no it is actually wall st. fumbling around with bitcoin ... 2 weeks for paperwork?? the only reason BIT exists is because most of the investors are too stupid to manage their own coins or seek out liquidity ... amateur, yes.

No, the amateur part is Barry's communications. BIT and Grayscale hired people to transfer the shares and didn't ask how long it would take. A google search will tell you that it takes up to 6 weeks to get shares transferred. But they went on twitter and told the press and people at dinner parties that GBTC was going "live" and that it was going to be trading in Q4 of 2014 or Q1 of 2015. The amateur part is constantly making irresponsible remarks that aren't true in an attempt to hype bitcoin/BIT related projects.

For example, look at this
https://twitter.com/barrysilbert/status/509437470463647744

He posts stuff like this all the time. Terribly researched, false information. Or blind guesses. (But he added a question mark at the end so it's OK!)

Ok point made, Wall St. is a bunch of amateurs wearing suits, see GFC 2008.

Fact remains, it has all the appearances that they are fumbling around with bitcoin which settles globally, irrevocably in <60min.

Well, yeah. There shouldn't be snail mailed paperwork and six week waits and offices piled high with stupid ass forms in 2015. But that's still the modus operandi of governments and large institutions around the world. We have one foot in the digital age and one foot still in the paper-age.

Paper fiat money and central banks and Wall Street are basically walking, talking, dinosaurs. They're going to watch themselves fade into irrelevance over the next 50 years or so. Or maybe they'll hang on pathetically like a braindead vegetable on life support. Suits me just fine.

[Alley]

2 more bids posted for $40 share.

[phoenix1]

2 more bids posted for $40 share.

Question is, at what volume to we start to take these prices, let alone the 'ETF', seriously? Not Joking
If someone is willing to pay $400 for 10BTC (100 shares) with the market at $226, who gives a shit? He's an idiot
1000BTC? Still a fool
10,000 BTC? Start's to look a bit more sane, but still stupid
etc ...

Point being, unless there is a significant $/BTC volume of transactions the price is meaningless, and just another tool to be used to potentially mislead people. If there is no significant liquidity pool and turnover, it's like BTC, except you don't hold it yourself, have bigger spreads and higher slippage. Where do I sign?  

If it's a raging success I will totally own being completely wrong, but I have serious doubts that this little experiment will have a positive impact on the BTC price and is more likely to lead to bad news than good.

[Cconvert2G36]

Updated.

Code:

Puma Capital, LLC    100 40.00
Maxim Group LLC        100  40.00
Canaccord Genuity Inc    100 37.50
Citadel Securities    100 36.00
KCG Americas LLC    100 35.55                   
Wedbush Securities Inc    100 31.50
Cantor Fitzgerald & Co             100  25.00
Merriman Curhan Ford & Co    100 20.00
Wall Street Access                 100  20.00

[Alley]

Its weird every bid is for 10 btc...

[Cconvert2G36]

Probably just a show of interest, a signal to sellers who will someday be able to place an ask.

Level 2 typically operates on blocks of 100 shares, so this is the minimum bid size. I admit I don't have much experience with the OTC markets though.

[mmortal03]

2 more bids posted for $40 share.

Question is, at what volume to we start to take these prices, let alone the 'ETF', seriously? Not Joking
If someone is willing to pay $400 for 10BTC (100 shares) with the market at $226, who gives a shit? He's an idiot
1000BTC? Still a fool
10,000 BTC? Start's to look a bit more sane, but still stupid
etc ...

Point being, unless there is a significant $/BTC volume of transactions the price is meaningless, and just another tool to be used to potentially mislead people. If there is no significant liquidity pool and turnover, it's like BTC, except you don't hold it yourself, have bigger spreads and higher slippage. Where do I sign?  

If it's a raging success I will totally own being completely wrong, but I have serious doubts that this little experiment will have a positive impact on the BTC price and is more likely to lead to bad news than good.

A $40 bid on 100 shares means they are paying $4000 for 10 BTC, so I assume that was a typo. I do agree with your concerns regarding liquidity. It will be interesting to see how well it tracks the price once it starts trading.

[criptix]

2 more bids posted for $40 share.

Question is, at what volume to we start to take these prices, let alone the 'ETF', seriously? Not Joking
If someone is willing to pay $400 for 10BTC (100 shares) with the market at $226, who gives a shit? He's an idiot
1000BTC? Still a fool
10,000 BTC? Start's to look a bit more sane, but still stupid
etc ...

Point being, unless there is a significant $/BTC volume of transactions the price is meaningless, and just another tool to be used to potentially mislead people. If there is no significant liquidity pool and turnover, it's like BTC, except you don't hold it yourself, have bigger spreads and higher slippage. Where do I sign?  

If it's a raging success I will totally own being completely wrong, but I have serious doubts that this little experiment will have a positive impact on the BTC price and is more likely to lead to bad news than good.

A $40 bid on 100 shares means they are paying $4000 for 10 BTC, so I assume that was a typo. I do agree with your concerns regarding liquidity. It will be interesting to see how well it tracks the price once it starts trading.

Im sure it can be pretty much everything except a typo.
Bids are hovering too long over 300+++

Question is if it is serious or manipulation. The bidders there can alone easily pump btc to 4-5 digits if they want to