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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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maker88
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July 11, 2014, 10:48:12 PM |
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 this could be big...
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windjc
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July 11, 2014, 10:50:47 PM |
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Do we any estimates on incoming investments into this fund? |
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BTCtrader71
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July 11, 2014, 11:15:43 PM |
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Do we any estimates on incoming investments into this fund?
Looks like $200M to start: Masters, the former spouse of another commodities kingpin—JPMorgan Chase’s recently departed global head of commodities, Blythe Masters—says the Jersey Bitcoin fund will target up to $200 million in Bitcoin investments in the first six months to a year and ramp up from there.
I like Daniel Masters, the guy running this fund, from what I read in the article. He seems genuinely enthusiastic about the technology: Masters—who tells Newsweek he now uses Bitcoin so habitually that “I don’t even want to say how much I carry around on my phone, probably too much”—is a long-term Bitcoin bull, dismissing Wall Street contemporaries who shun the currency as unstable and fly by night.
“Despite all the advances in technology we’ve seen over the last couple decades, we basically have had no change to the way we bank or do transactions. It’s the same thing, only they’ve put it online. If I want to wire money from London to Beijing, I still get charged an outrageous amount of money for it, and it takes days. Meanwhile, where the f*** is my money?”
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BTC: 14oTcy1DNEXbcYjzPBpRWV11ZafWxNP8EU
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theonewhowaskazu
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July 11, 2014, 11:32:40 PM |
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WTF $200M THATS LIKE 5 TIMES THE BITCOIN ON ANY EXCHANGE AT ANY PRICE
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BitChick
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July 12, 2014, 12:10:02 AM |
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WTF $200M THATS LIKE 5 TIMES THE BITCOIN ON ANY EXCHANGE AT ANY PRICE
Forgive my ignorance, but how will this affect the price? Do they already have coins for the fund? Are they planning on purchasing coins for this fund? How will $200M be used? |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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windjc
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July 12, 2014, 12:11:34 AM |
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WTF $200M THATS LIKE 5 TIMES THE BITCOIN ON ANY EXCHANGE AT ANY PRICE
Forgive my ignorance, but how will this affect the price? Do they already have coins for the fund? Are they planning on purchasing coins for this fund? How will $200M be used? They'll buy it, just like SecondMarket did. The Winklevoss ETF has 200k btc already, so after they cover that with investments, they will buy too. |
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BitChick
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July 12, 2014, 12:13:30 AM |
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WTF $200M THATS LIKE 5 TIMES THE BITCOIN ON ANY EXCHANGE AT ANY PRICE
Forgive my ignorance, but how will this affect the price? Do they already have coins for the fund? Are they planning on purchasing coins for this fund? How will $200M be used? They'll buy it, just like SecondMarket did. The Winklevoss ETF has 200k btc already, so after they cover that with investments, they will buy too. Do we have any idea how many coins they are starting with and where they will buy them? I am sure that they will try to buy them off the exchanges but with SecondMarket and other funds opening soon it will get harder to do so I would imagine. Supply and demand should really come into play very soon here! |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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windjc
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July 12, 2014, 12:22:34 AM |
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WTF $200M THATS LIKE 5 TIMES THE BITCOIN ON ANY EXCHANGE AT ANY PRICE
Forgive my ignorance, but how will this affect the price? Do they already have coins for the fund? Are they planning on purchasing coins for this fund? How will $200M be used? They'll buy it, just like SecondMarket did. The Winklevoss ETF has 200k btc already, so after they cover that with investments, they will buy too. Do we have any idea how many coins they are starting with and where they will buy them? I am sure that they will try to buy them off the exchanges but with SecondMarket and other funds opening soon it will get harder to do so I would imagine. Supply and demand should really come into play very soon here! Yeah, there is no off exchange supply big enough for 200 million. Much less the potential cumulative effect of these types of funds. |
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BitChick
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July 12, 2014, 12:26:25 AM |
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WTF $200M THATS LIKE 5 TIMES THE BITCOIN ON ANY EXCHANGE AT ANY PRICE
Forgive my ignorance, but how will this affect the price? Do they already have coins for the fund? Are they planning on purchasing coins for this fund? How will $200M be used? They'll buy it, just like SecondMarket did. The Winklevoss ETF has 200k btc already, so after they cover that with investments, they will buy too. Do we have any idea how many coins they are starting with and where they will buy them? I am sure that they will try to buy them off the exchanges but with SecondMarket and other funds opening soon it will get harder to do so I would imagine. Supply and demand should really come into play very soon here! Yeah, there is no off exchange supply big enough for 200 million. Much less the potential cumulative effect of these types of funds. I would think knowing this is coming should cause some panic buys right about now. Perhaps this is what triggered the 2000 BTC buy this morning? Seems like a good time to pick up as many coins as possible anyways.  |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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theonewhowaskazu
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July 12, 2014, 12:31:21 AM |
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Well, they could like start by purchasing like 1000 coins a day, split into several small bunches whenever we hit a reasonable wall so they can accumulate a bunch with reasonable slippage. I bet that would not make gigantic waves to the point of causing panic buys for some time, and they could accumulate a fair amount of the money supply before poeple start noticing.
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windjc
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July 12, 2014, 12:34:54 AM |
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Well, they could like start by purchasing like 1000 coins a day, split into several small bunches whenever we hit a reasonable wall so they can accumulate a bunch with reasonable slippage. I bet that would not make gigantic waves to the point of causing panic buys for some time, and they could accumulate a fair amount of the money supply before poeple start noticing.
Really? 200 million in buys secretly unnoticed? Hmmm. Ok. |
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BitChick
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July 12, 2014, 12:38:16 AM |
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Well, they could like start by purchasing like 1000 coins a day, split into several small bunches whenever we hit a reasonable wall so they can accumulate a bunch with reasonable slippage. I bet that would not make gigantic waves to the point of causing panic buys for some time, and they could accumulate a fair amount of the money supply before poeple start noticing.
Really? 200 million in buys secretly unnoticed? Hmmm. Ok. It appears that there has already been a bot buying coins regularly and systematically during the past several weeks/months. I suppose it could go somewhat unnoticed if the amounts were small enough and the time between buys was long enough not to cause panic. Throw in a few sell-offs to cause people to dump more coins and then repeat. Who knows. |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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theonewhowaskazu
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July 12, 2014, 12:48:12 AM |
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Well, they could like start by purchasing like 1000 coins a day, split into several small bunches whenever we hit a reasonable wall so they can accumulate a bunch with reasonable slippage. I bet that would not make gigantic waves to the point of causing panic buys for some time, and they could accumulate a fair amount of the money supply before poeple start noticing.
Really? 200 million in buys secretly unnoticed? Hmmm. Ok. Probably not the whole 200 million, but they could get in what would otherwise be an unreasonable amount at a reasonable price with this strategy, I believe. Just have a bot waiting for a sell wall to put up right in front of price. Or even a bit in front, and wait till we get there. It would be the same as if the wall wasn't put there in the first place. Sure the price would drift upward, but its not as if people put a market order of the whole amount. Or even smaller market rders along the way. |
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maker88
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July 12, 2014, 12:50:12 AM |
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Well, they could like start by purchasing like 1000 coins a day, split into several small bunches whenever we hit a reasonable wall so they can accumulate a bunch with reasonable slippage. I bet that would not make gigantic waves to the point of causing panic buys for some time, and they could accumulate a fair amount of the money supply before poeple start noticing.
Really? 200 million in buys secretly unnoticed? Hmmm. Ok. It appears that there has already been a bot buying coins regularly and systematically during the past several weeks/months. I suppose it could go somewhat unnoticed if the amounts were small enough and the time between buys was long enough not to cause panic. Throw in a few sell-offs to cause people to dump more coins and then repeat. Who knows. this is what I've been saying for a while, the 600 ceiling has been artificially helped along to let big players position themselves better before things get out of hand. i just didn't realize they were going to be hedgefund big. |
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CMMPro
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July 12, 2014, 12:52:54 AM |
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Well, they could like start by purchasing like 1000 coins a day, split into several small bunches whenever we hit a reasonable wall so they can accumulate a bunch with reasonable slippage. I bet that would not make gigantic waves to the point of causing panic buys for some time, and they could accumulate a fair amount of the money supply before poeple start noticing.
Really? 200 million in buys secretly unnoticed? Hmmm. Ok. It appears that there has already been a bot buying coins regularly and systematically during the past several weeks/months. I suppose it could go somewhat unnoticed if the amounts were small enough and the time between buys was long enough not to cause panic. Throw in a few sell-offs to cause people to dump more coins and then repeat. Who knows. Hey Bitchick, that is exactly what happened during the last big spike in price. There was a bot buying something around 10btc every minute or so. Bot's are probably getting more advanced now to test the slippage and back off etc. but I think they will find it difficult to hide $200m in purchases..even over a period of a year. |
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BTCtrader71
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July 12, 2014, 01:15:34 AM |
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but I think they will find it difficult to hide $200m in purchases..even over a period of a year.
According to the article, Masters is "co-principal of Global Advisors Jersey Ltd.—which trades up to $2 billion of energy and equities". The bitcoin hedge fund is launching in less than a month. Do you really think he hasn't already acquired a significant number of bitcoins? |
BTC: 14oTcy1DNEXbcYjzPBpRWV11ZafWxNP8EU
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ArticMine
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Monero Core Team
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July 12, 2014, 01:24:02 AM |
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but I think they will find it difficult to hide $200m in purchases..even over a period of a year.
According to the article, Masters is "co-principal of Global Advisors Jersey Ltd.—which trades up to $2 billion of energy and equities". The bitcoin hedge fund is launching in less than a month. Do you really think he hasn't already acquired a significant number of bitcoins? He may, but not necessary all on behalf of the hedge fund. |
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theonewhowaskazu
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July 12, 2014, 01:28:30 AM |
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but I think they will find it difficult to hide $200m in purchases..even over a period of a year.
According to the article, Masters is "co-principal of Global Advisors Jersey Ltd.—which trades up to $2 billion of energy and equities". The bitcoin hedge fund is launching in less than a month. Do you really think he hasn't already acquired a significant number of bitcoins? And what? You think he's going to be nice enough to donate those to the hedgefund? If he's starting this, he's clearly a bitcoin bull. While he may use his own coins as a buffer, he's not just going to turn his coins over like that. Hell, I know some fund managers actually lend their own assets to their own funds if they need to. What makes you think he won't do that with coins? |
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windjc
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July 12, 2014, 01:43:53 AM |
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but I think they will find it difficult to hide $200m in purchases..even over a period of a year.
According to the article, Masters is "co-principal of Global Advisors Jersey Ltd.—which trades up to $2 billion of energy and equities". The bitcoin hedge fund is launching in less than a month. Do you really think he hasn't already acquired a significant number of bitcoins? Youre right. Hes probably already acquired at least 200$ million worth. Nothing to see here. |
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