Winklevoss Bitcoin Trust Hacker News

03-10 21:17 - 'Order Disapproving a Proposed Rule Change, as Modified by Amendments No. 1 and 2, to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, to List and Trade Shares Issued by the Winklevoss Bitcoin Trust' (self.Bitcoin) by /u/GeorgeOnee removed from /r/Bitcoin within 8-13min

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Order Disapproving a Proposed Rule Change, as Modified by Amendments No. 1 and 2, to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, to List and Trade Shares Issued by the Winklevoss Bitcoin Trust
Go1dfish undelete link
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Author: GeorgeOnee
submitted by removalbot to removalbot [link] [comments]

Winklevoss Bitcoin Trust Files To Sell 20.1 Million Shares

http://www.foxbusiness.com/markets/2014/12/31/winklevoss-bitcoin-trust-files-to-sell-201-million-shares/

http://www.muchbitcoin.org/ - Bitcoin Education
submitted by MuchBitcoin to MuchBitcoin [link] [comments]

Winklevoss Bitcoin Trust: Excerpts from the BATS Rule Change Proposal

Below are excerpts from the BATS rule change proposal which, if approved by the SEC, would allow shares of the Bitcoin Trust to be traded on the BATS exchange (https://www.sec.gov/rules/sro/batsbzx/2016/34-78262.pdf)
Edit: To be clear, the approval of this rule change is separate from the SEC approving the Trust itself (i.e., its registration statement, Form S-1). So unfortunately, even if this rule change is approved, it doesn't necessarily mean the Trust itself will be approved anytime soon or at all
These are all direct quotes shown in order, but in the interest of readability I have generally not used ellipses or otherwise indicated where clauses, sentences or sections are omitted. I have put in bold parts that I think are particularly notable:
SR-BatsBZX-2016-30 34-78262 Jul. 8, 2016
Notice of Filing of a Proposed Rule Change to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, to List and Trade Winklevoss Bitcoin Shares Issued by the Winklevoss Bitcoin Trust
Bats BZX Exchange . . . filed with the Securities and Exchange Commission the proposed rule change. The Exchange filed a proposal to list and trade Winklevoss Bitcoin Shares (the “Shares”) issued by the Winklevoss Bitcoin Trust (the “Trust”) under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The text of the proposed rule change is available at the Exchange’s website at www.batstrading.com.
In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements.
The Exchange proposes to list and trade the Shares under BZX Rule 14.11(e)(4), which governs the listing and trading of Commodity Based Trust Shares on the Exchange. The Shares will be offered by the Trust. Digital Asset Services, LLC, formerly MathBased Asset Services, LLC, will be the sponsor of the Trust (the “Sponsor”). Gemini Trust Company, LLC will be the custodian of the Trust (the “Custodian”). The Custodian will hold the bitcoin deposited with the Custodian on behalf of the Trust in a segregated custody account. The Custodian will use its proprietary and patent-pending offline (i.e., air-gapped) Cold Storage System to store the Trust’s bitcoin.
The Trust is expected to issue and redeem Shares from time to time only in one or more whole Baskets. Certain Authorized Participants are the only persons that may place orders to create or redeem Baskets. Authorized Participants or their affiliated market makers are expected to have the facility to participate directly on one or more Bitcoin Exchanges.
The investment objective of the Trust is for the Shares to track the price of bitcoin, as measured by the spot price at 4:00 p.m. Eastern time on the Gemini exchange. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and are expected to be traded under the ticker symbol “COIN” on the Exchange. The Trust values its bitcoin as measured at 4:00 p.m. Eastern time using the Gemini Exchange Spot Price on each Business Day.
The Trust has entered into preliminary conversations with a number of potential Authorized Participants as well as market makers, each of which is an experienced participant in the ETP marketplace and is actively engaged in trading ETPs. A number of these potential Authorized Participants, currently trade bitcoin and are already registered participants that trade on the Gemini Exchange. Authorized Participants will not be required to use the Gemini Exchange to trade their bitcoin, and the Gemini Exchange is not the only venue on which Authorized Participants can purchase bitcoin for delivery to the Trust.
The Trust represents the first known ETP in the United States that seeks to track the price of a Digital Asset (a “Digital Asset ETP”). Securitized instruments have been created for other marketplaces, but have encountered limited success due to their lack of transparency and thorough regulatory oversight. Two notable examples are the Grayscale Investment Trust, which trades under the ticker GBTC on OTC Markets (formerly the “Pink Sheets”) and does not qualify as an exchange-listed product, and Bitcoin Tracker One, which trades under the ticker COINXBT on the Stockholm Stock Exchange.
The Shares will be listed and trade on BZX . . . [and] will be eligible for margin accounts.
The value of the Trust’s holdings will be reported each day on the Trust’s website.
Using the precious metals exchange-traded trusts currently trading on U.S. exchanges as design paradigms, the Sponsor has structured the Trust to be a similar passive investment vehicle holding a single asset. Like the precious metals exchange traded trusts cited above, the Trust will only own and store bitcoin and will not be permitted to hold cash or any other Digital Asset.
Custodian can use Signers to sign a specific message chosen by the Custodian that references a current event (i.e., to prove recency), thereby proving control of the private keys associated with the public Bitcoin addresses in which the Trust’s bitcoin are held. This allows the Custodian to evidence control of the Trust’s assets periodically during audits on-demand and without necessitating the transfer of any of the Trust’s bitcoin.
Custodian will accept, on behalf of the Trust, delivery of bitcoin from Authorized Participants into the Trust Custody Account in the creation of a Basket. In order for an Authorized Participant to redeem a Basket and receive a distribution of bitcoin from the Trust, the Custodian, upon receiving instructions from the Administrator, will sign transactions necessary to transfer bitcoin out of the Trust Custody Account and distribute to the Bitcoin address specified by the Authorized Participant.
Sponsor must engage an independent audit firm to periodically audit the Custodian’s Cold Storage System protocols and internal controls (“Internal Controls Audit”), and report to the Sponsor at least annually on such matters. Additionally, the Sponsor must engage an independent audit firm to biannually verify that the Custodian can demonstrate “proof of control” of the private keys that control the Trust’s bitcoin (“Proof of Control Audit”). One Proof of Control Audit will be conducted at the end of each calendar year and the other at random.
The Administrator will use the Gemini Exchange Spot Price as measured at 4:00 p.m. Eastern time (the “Evaluation Time”) to calculate the Trust’s NAV. The Administrator will calculate the Trust’s NAV by dividing the net assets of the Trust by the number of the Shares outstanding as of the close of trading on the Exchange (which includes the net number of any of the Shares created or redeemed on such Business Day).
The Trust will issue and redeem the Shares in Baskets only to certain Authorized Participants on an ongoing basis. On a creation, Baskets will be distributed to the Authorized Participants by the Trust in exchange for the delivery to the Trust of the appropriate number of bitcoin (i.e., bitcoin equal in value to the value of the Shares being purchased). On a redemption, the Trust will distribute bitcoin equal in value to the value of the Shares being redeemed to the redeeming Authorized Participant in exchange for the delivery to the Trust of one or more Baskets. On each Business Day, the value of each Basket accepted by the Administrator in a creation or redemption transaction will be the same (i.e., each Basket will consist of 50,000 Shares and the value of the Basket will be equal to the value of 50,000 Shares at their net asset value per Share on that day). Authorized Participants must be (i) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions, and (ii) DTC Participants.
The Trust’s website, which will be publicly available prior to the public offering of the Shares, will include a form of the prospectus for the Trust that may be downloaded. The website will include additional quantitative information updated on a daily basis, including, for the Trust: (i) the prior Business Day’s reported NAV, the highest quoted bid price for the Shares (the “Best Bid”) and lowest quoted offer price for the Shares (the “Best Ask”), the mid-point of the spread between the Best Bid and the Best Ask at the time of the NAV calculation(the “Best Bid/Best Ask”), the daily trading volume of the Shares, and the calculation of the premium and discount of the Best Bid/Best Ask against the NAV . . .
The Sponsor will calculate an estimated fair value of the Shares based on the most recent Gemini Exchange Spot Price (the “Intraday Indicative Value”), which will be updated and widely disseminated by one or more major market data vendors at least every fifteen (15) seconds during the Exchange’s regular trading hours.
The Basket creation and redemption process is important for the Trust in providing Authorized Participants with an arbitrage mechanism through which they may keep Share trading prices in line with the NAV. If the market price of the Shares is greater than the NAV, an Authorized Participant can purchase sufficient bitcoin to create a Basket, and then sell the new Shares on the secondary market at a profit. If the NAV is greater than the market price of the Shares, an Authorized Participant can purchase Shares on the secondary market in an amount equal to a Basket and redeem them for bitcoin, and then sell the bitcoin at a profit.
The Shares will be subject to BZX Rule 14.11(e)(4), which sets forth the initial and continued listing criteria applicable to Commodity-Based Trust Shares.
The Trust currently expects that there will be at least 100,000 Shares outstanding at the time of commencement of trading on the Exchange. The Exchange deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange’s existing rules governing the trading of equity securities. BZX will allow trading in the Shares from 8:00 a.m. until 5:00 p.m. Eastern Time.
Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (a) by order approve or disapprove such proposed rule change; or (b) institute proceedings to determine whether the proposed rule change should be disapproved. The Commission will post all comments on the Commission’s Internet website (http://www.sec.gov/rules/sro.shtml).
submitted by tryn2hlp to BitcoinMarkets [link] [comments]

SEC rejects ProShares and Direxion Bitcoin ETFs

SEC Announcements:
https://www.sec.gov/rules/sro/nysearca/2018/34-83904.pdf (ProShares)
https://www.sec.gov/rules/sro/nysearca/2018/34-83912.pdf (Direxion)
Article from https://chainstate.org/2018/08/22/sec-rejects-two-bitcoin-etfs/
The U.S. Securities and Exchange Commission rejected two Bitcoin ETF proposals on Wednesday – the ProShares and Direxion Bitcoin ETFs – earlier than their respective deadlines. This comes shortly after the Winklevoss Bitcoin Trust ETF denial, which occurred less than a month ago on July 26th.
The SEC’s highly anticipated ruling on ProShares ETF was expected to be finalized Thursday, on the deadline of the decision, but was instead rejected Wednesday along with the Direxion Bitcoin Bear and Bull Shares. According to MarketWatch, the Direxion ETFs were expected to be decided on later this year, on September 21st, but the SEC appears to have decided the same outcome for both Bitcoin investment vehicles. The SEC’s announcement states that the ETFs were not accepted due to concerns about manipulation, lack of regulation and fraud that may surround the ETFs and cryptocurrency markets in general.
Despite the recent trend of ETF rejections, the fight for approval is not over yet – other ETF proposals including the VanEck-SolidX Bitcoin ETF still have a chance at acceptance. The VanEck ETF’s ruling deadline is September 30th.
submitted by screaming_for_memes to BitcoinMarkets [link] [comments]

Official SEC/Bats docs/feeds/lists

TL;DR: HODL HOLD
These are probably dotted around Bitcoin, but I just thought it might be handy to have them all in one place.
Bats BZX Rule Filings
News Feeds
SEC BatsBZX Rulemaking
SEC docs, FYI
SEC EDGAR Filings for WINKLEVOSS BITCOIN TRUST
Finally...
Don't forget to set a STOPtriggered at STOP, then executed at market price or LIMITtriggered and executed at LIMIT price if you are on an exchange. If you are on Coinbase, it is trivial to migrate to GDAX to accomplish this. Then sit back! Or be geeky if you have the time and create a bot using a combination of exchange API's and RSS feeds...
BTW, have you ever visited COIN's website? Not that it particularly matters, but it's pretty useless... I would have made it the centerpiece of the action... anyway...
submitted by epsilondelta17 to Bitcoin [link] [comments]

Comments due to SEC by February 13 for EtherIndex Ether Trust

SR-NYSEArca-2016-176 34-79792 Jan. 13, 2017 Notice of Filing of Proposed Rule Change Relating to the Listing and Trading of Shares of the EtherIndex Ether Trust under NYSE Arca Equities Rule 8.201 Comments due: February 13, 2017
Submit Comments on SR-NYSEArca-2016-176. Scroll done to SR-NYSEArca-2016-176 and click on the comment link.
The prosposed rule change pdf includes this sentence
The Shares will provide shareholders with exposure to the daily change in the U.S. dollar price of ether, before expenses and liabilities of the Trust, as measured by the GDAX Price and not the price of ether classic.
Original & latest submissions
PS. The SEC will also decide whether to approve the Winklevoss Bitcoin Trust on March 11. Published comments for this BTC Trust. Not sure how to trade this event as there is also the trapped whale on OKCoin futures holding ฿52K worth of contracts and the Core(SegWit)/Bitcoin Unlimited battle that could eventually result in a bitcoin hard fork.
submitted by DistantView to ethtrader [link] [comments]

winklevoss etf

I am wondering how I should go about purchase the Winklevoss Bitcoin Trust ETF (NASDAQ: COIN) should it be approved by the SEC (SEC response deadline 11th March). Obviously, this is probably a stretch as many analysis are giving the SEC approval a 25% chance1. But should it be approved on March 11th, would I be able to start trading it immediately on Monday the 13th under the NASDAQ symbol COIN that has been presented in the SEC fillings2?
Anyone with Robinhood accounts, since the brokerage allows the purchase ETF’s within US markets, would a gold account allow for the purchase of the ETF before markets open(Pre-market)3?
How would you as an individual go about making this potential purchase?
1^ http://etfdailynews.com/2017/02/24/bitcoin-is-surging-amid-chatter-of-winklevoss-etf-approval/
2^ http://www.nasdaq.com/markets/ipos/company/winklevoss-bitcoin-trust-909930-72927
3^ https://support.robinhood.com/hc/en-us/articles/214681903-Extended-Trading-Hours
submitted by Brilliancy1994 to Bitcoin [link] [comments]

The Winklevoss Twins file to sell 20.1 million shares of the bitcoin ETF.

http://www.marketwatch.com/story/winklevoss-bitcoin-trust-files-to-sell-201-million-shares-2014-12-31-7915121
I know the mods here hate bitcoin, and desperately hate the implications of bitcoin succeeding but this is about to open the doors to billions of tech speculation money... And every bitcoin in existence is only worth $4 billion right now. Snapchat, a vapid program that teens use to send selfies to each other in America was valued at 10 billion.
I humbly submit that this is the dawn of a new bitcoin bubble, which will absolutely destroy the old high price. The nature of the currency is like a giant sponge that will eat every other store of value out there, despite whatever technical problems that may come.
The financial Ark to escape the dollar's inflation is going to be institutionally available next year and you're telling me that a slow trickle of money into it won't turn into a steady stream?
submitted by americanpegasus to investing [link] [comments]

What Will Be Bitcoin's Next Big Price Event?

For the price of bitcoin, the summer was anything but smooth.
Markets boomed on news of 'the Brexit', tapered off through the long-awaited halving and tumbled on the news yet another exchange had been hacked. Since then, the price has fluctuated between $550 and $600, returning to the "relative" calm observed earlier in the year.
But given bitcoin's historical volatility, analysts are already beginning to question what may trigger bitcoin's next big price swing.
As we head into the fall and winter months, a diverse set of theories are beginning to emerge about conditions that could either boost the price, or see it return to its 2015 lows.
Institutional approval
Among the potential triggers cited by analysts, the emergence of a bitcoin exchange-traded fund (ETF), an investment vehicle that generally tracks a basket of stocks or commodities, was perhaps the most often discussed.
Many market observers have been watching the status of two proposed ETFs with great interest, but for a while, there wasn't any reason to hope for developments. However, excitement for a potential market first has grown in recent weeks following the July announcement of the SolidX Bitcoin Trust and amid new filings by the Winklevoss Bitcoin Trust.
The approval of either could represent a milestone for the bitcoin community, analysts say, as the ETFs would enable authorized participants to issues shares tied to real bitcoin holdings, which could be a catalyst for new liquidity.
Daniel Masters, director of Global Advisors Bitcoin Investment Fund (GABI), noted recently that many commodities have enjoyed sharp increases in price and more robust trading activity once ETFs based on the underlying assets hit the market.
He wrote in an August blog post:
"From the early 2000s onward, there was a proliferation of ETFs covering all manner of commodity interests. In each and every case – for gold, silver, oil, natural gas, platinum, copper and even indices – the advent of the ETFs led to higher prices, more trading volume of futures and cash exchanges and higher levels of commodity futures open interest."
Should either ETF receive approval, bitcoin could enjoy a notable increase in liquidity. It was this variable that Du Jun, co-founder of Chinese exchange Huobi, singled out as potentially driving the digital currency's price higher.
"Bitcoin's liquidity depends on the future of bitcoin's value and investors' expectation to a large extent," Du said.
Technical improvements
Yet another potential boost for the bitcoin price could come in the form of a long-awaited resolution to the "scaling" debate.
Currently, blocks of transactions on the bitcoin blockchain have a storage size of just 1MB. As this puts a limitation on the number of transactions the network can process (and therefore, some argue, adoption), there has been a sometimes messy and contentious drive in the community to change it.
But due to the tricky specifics of how a change to this hard-coded limit would need to be enacted, no consensus has yet been reached. Still, that doesn't mean solutions aren't on the way, the most notable of which is Segregated Witness (SegWit), an upgrade that recently saw a preliminary code release.
While promising for the network, though, analysts seemed less enthusiastic about SegWit’s potential impact on bitcoin prices.
Cryptocurrency investment fund manager Jacob Eliosoff, for example, said investors have likely already priced in the coming change as it was announced in December and originally expected to be deployed in April.
"SegWit's release seems too gradual and widely expected (not to say overdue) to really bump the price," Eliosoff said.
Tim Enneking, chairman of investment manager EAM, struck a similar tone, adding:
"I don’t think SegWit will have anything more than an incremental and marginal impact on BTC prices, at least in the short term."
Post-Halving pressures
In one of the more unique claims, investor and entrepreneur Vinny Lingham singled out the halving of rewards on the bitcoin network as a potential influence.
The prediction may be surprising given that a planned technical change the reduced the mining reward from 25 BTC to 12.5 BTC took place earlier this summer, largely without fanfare.
But while bitcoin prices experienced little change this July, Lingham asserts its true impact has not yet been felt. In the next two-to-four weeks, forces resulting from the shift could cause the digital currency to surge, he said.
As detailed in a recent post, miners who aren't turning enough profit, he contends, may soon be forced to buy bitcoin from exchanges, an event he said was likely to trigger a "short squeeze", or a sharp increase in the price based on the lack of available supply.
He wrote in May:
"It’s the same as selling crops in the futures market and then being hit by a storm that wipes out half of your fields. The only way, technically, that this doesn’t happen, is if the price doubles on halving day (it won’t)."
Financial (in)stability
Finally, some predicted bitcoin's next major price event would be dependent on the stability of the global financial system.
Traders have repeatedly flocked to the digital currency in times of crisis, leading many market observers to label it a risk-off asset or even a "digital gold" that appeals during times of economic stress.
In the past, bitcoin has benefitted from situations such as the 'Brexit', as well as during periods of economic volatility in Greece and Cyprus.
It remains debatable how much of these increases is based on real capital flight, but there is still widespread belief that such events could come to be a powerful influencer going forward.
Huobi's Du spoke to this matter, telling CoinDesk that when the global financial system experiences volatility, investors will "look for more safe-haven investments" like bitcoin.
Another variable remains government responses to the digital currency. If major countries accept bitcoin, analysts said, it will affect both the currency's trading activity and value.
Source: coindesk.com
If you are interested on bitcoin trading visit our website Houbi.com. We are one of the largest BTC-USD, BTC-CNY trading platform in the world. HUOBI OFFERS FREE BTC-CNY/LTC-CNY TRADING, 24*7 CUSTOMER SERVICES AND SECURE PROTECTION FOR USER ASSETS. Welcome to trade on HUOBI.COM!
What do you think about the article. Please leave the comments below.
submitted by Huobi-USD to Bitcoin [link] [comments]

ETF developments - new news

People haven't been talking about ETFs much lately, but stuff is still happening that may end up being big.
The Winklevoss Bitcoin Trust "COIN" ETF was denied, of course, but they did appeal back in March.
Since then, however, something big happened: LedgerX got approval from the CFTC to start selling Bitcoin options. They're not alone either, because CBOE is partnering with Gemini to offer Bitcoin futures as well. Based on these US-regulated offerings, in the past few weeks there have been two new ETF filings.
2 weeks ago: VanEck Vectors Bitcoin Strategy ETF
last week: REX Bitcoin Strategy ETF and REX Short Bitcoin Strategy ETF
These new ETFs are substantially different than the COIN ETF because they will hold options and futures instead of directly holding Bitcoin, but they still represent a way for retail investors to gain exposure to the Bitcoin price right in their existing brokerage or retirement accounts. Also, unlike GBTC, demand for these ETFs can actually affect the real Bitcoin price!
The SEC has undoubtedly seen the demand for Bitcoin investments after they suspended trading in some shares that rose 7000% just because they had "Bitcoin" in their name. Will they approve this new style of Bitcoin ETF?
submitted by modeless to BitcoinMarkets [link] [comments]

Winklevoss Bitcoin Trust ETF (NASDAQ: COIN) IPO

I am wondering how I should go about purchase the Winklevoss Bitcoin Trust ETF (NASDAQ: COIN) should it be approved by the SEC (SEC response deadline 11th March). Obviously, this is probably a stretch as many analysists are giving the SEC approval a 25% chance1. But should it be approved on March 11th, would I be able to start trading it immediately on Monday the 13th under the NASDAQ symbol COIN that has been presented in the SEC fillings2?
Anyone with Robinhood accounts, since the brokerage allows the purchase ETF’s within US markets, would a gold account allow for the purchase of the ETF before markets open(Pre-market)3?
How would you as an individual go about making this potential purchase?
1^ http://etfdailynews.com/2017/02/24/bitcoin-is-surging-amid-chatter-of-winklevoss-etf-approval/
2^ http://www.nasdaq.com/markets/ipos/company/winklevoss-bitcoin-trust-909930-72927
3^ https://support.robinhood.com/hc/en-us/articles/214681903-Extended-Trading-Hours
submitted by Brilliancy1994 to investing [link] [comments]

Weekly Crypto News Recap for the Week ending July 27

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

Weekly Crypto Recap for the week ending July 27

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoMarkets [link] [comments]

Bernanke never said that "Bitcoin may hold long-term promise", and other bitcoin quotes corrected with sources

During the course of my research, I made a collection of Bitcoin quotes that I could use in different publications.
Many "famous people bitcoin quotes" are false, misquoted and without sources. Using those quotes is bad for everyone.
The first, and most horribly fasle quote, is Bernanke's famous quote: "Bitoin may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”
1) The quote is actually from Alan Blinder
2) The quote is from 1995
3) The quote has nothing to do with Bitcoin
This is the full quote:
Dear Senators: Thank you for your recent inquiry regarding virtual currencies. As you noted, virtual currencies have been receiving increased attention from U.S. authorities over the past several months.
Historically, virtual currencies have been viewed as a form of “electronic money” or area of payment system technology that has been evolving over the past 20 years. Over time, these types of innovations have received attention from Congress as well as U.S. regulators. For example, in 1995, the U.S. House of Representatives held hearings on “the future of money” at which early versions of virtual currencies and other innovations were discussed. Vice Chairman Alan Blinder’s testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.
Read more: http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11#ixzz2qgGXCYKk
I know some of you already know that this quote is badly cited, but believe me it is being used by every journalist and "expert" out there (google Bernanke bitcoin quote, you'll se that I'm right).
EDIT: Bernanke is not paraphrasing Blinder in order to support a positive / negative opinion of Bitcoin. He quotes Blinder in the introduction of his letter as a way to show that monetary innovations was already a topic of interest back in 1995
There was another post with Bitcoin quotes from famous people here: http://www.reddit.com/Bitcoin/comments/1ohza2/quotes_about_bitcoin_from_famous_people/
Many of these quotes were misquoted, false or without references. I took the liberty to create a legit quotes list with sources:
"I think Bitcoin is a techno tour de force." - Bill Gates, Founder of Microsoft Fox News, May 6, 2013 Original source: http://video.foxbusiness.com/v/2359385547001/
“I gave a talk back in November of ‘99 on […] how encrypted money was going to change the world. I do think bitcoin is the first one of these that has the potential to do something like that. - Peter Thiel, Co-Founder of Paypal. Secondary source: http://www.appstorechronicle.com/2013/11/exclusive-peter-thiel-bitcoin.html#ixzz2pdIR3w8w
“It’s fascinating to watch what’s happened with Bitcoin. Congress has just been spending a week looking at it, they might bring some regulations, but I just hope that it will not stifle innovations of new tech novalties like Bitcoin” Sir Richard Branson, Novembre 22th 2013 Original source: http://video.cnbc.com/gallery/?play=1&video=3000220731
“I think the fact that within the Bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool” Al Gore, former US vice president and winner of the Nobel Peace prize Secondary source: http://www.pymnts.com/briefing-room/commerce-3-0/the-innovation-project-2013/al-gore-speaks-on-mobile-money-and-the-global-mind/
“Virtual currency systems, so long as they comply with applicable anti money-laundering and money transmission laws and regulations are not inherently illegal and they can be appealing to consumers because they can provide cheap, efficient and convenient means to transfer currency.” Mythili Raman of the Department of Justice Criminal Division Original source: http://online.wsj.com/article/65405E2A-CD8B-4B70-B8DD-9E7A19D05A61.html#!65405E2A-CD8B-4B70-B8DD-9E7A19D05A61
“Bitcoin is the most important invention in the history of the world since the internet. Roger Ver, CEO of MemoryDealers.com Original source: http://rogerver.com
“Three eras of currency: Commodity based, e.g. Gold., Politically based, e.g. Dollar, Math based, e.g. Bitcoin” Chris Dixon, Personal investor in technology startups Original source: http://nonchalantrepreneur.com/post/46485623457/three-eras-of-currency
"Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” - Nassim Nicholas Taleb, Ph.D statistician, author, and advisor to the IMF Original source: http://nassimtaleb.org/tag/bitcoin/
"Bitcoin is going to be a big player in the future of the exchange of goods and services" Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Network Original source: http://www.c-spanvideo.org/program/DigitalCu
“The decision to bring virtual currency within the scope of our regulatory framework should be viewed by those who respect and obey the basic rule of law as a positive development for this sector. It recognizes the innovation virtual currencies provide, and the benefits they might offer society,” Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Network. Original source: http://www.c-spanvideo.org/program/DigitalCu
"A number of smart people both inside and outside of government view bitcoin as a major emerging issue that is deserving of our attention" - Senator Tom Carper (D) Original source: http://www.youtube.com/watch?v=x8Y71IXEK8w
“It [Bitcoin] is a huge, huge, huge deal […] it is gold 2.0” - Chamath Palihapitiya, venture capitalist and former Facebook executive Original source: https://www.youtube.com/watch?v=59uTUpO8Dzw&feature=youtu.be&t=19m14s
"Bitcoin may be the TCP/IP of money." - Paul Buchheit, Creator of Gmail https://twitter.com/paultoo/status/328969714283995136
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” - Tyler Winklevoss, Winklevoss Bitcoin Trust Original source: http://abcnews.go.com/Technology/winklevosses-turn-bitcoin-turmoil/story?id=18941399
submitted by FrancisPouliot to Bitcoin [link] [comments]

The Winklevoss ETF is a f****** joke !

The Winklevoss ETF is a joke, 4 years waiting for 20mio$ - 0.1% of the actual market cap, yes or no it doesn't change anything ! I don't even understand why would people get exited about it sick.
http://www.nasdaq.com/markets/ipos/company/winklevoss-bitcoin-trust-909930-72927
And twins surely already have the necessary fund in btc since 2011 so their 20mio$ initial as become 200mio$ and etf is just a way for them to dump coin, cashout gain while making price skyrocket out of religious belives of hodlers.
The amount distributed by the ETF will be 20 million $.
Which is ridiculous compared to power of bitcoin at the moment.
I don't even understand how people can use this as speculative info...
20kcoins is 1 or 2 day volume on kraken shouldn't have any impact on the btc price if people were not guided by 'stupid and religious like hodler believes'.
submitted by Ilansky to Bitcoin [link] [comments]

FUD at its finest

Fortune: "Bitcoin Price Plunges as SEC Rejects Proposal to Create an ETF"
Reuters: "U.S. regulators reject Bitcoin ETF, digital currency plunges"
Buisness Insider: "Bitcoin crashes after the SEC rejects the Winklevoss twins' ETF"
New York Post: "Winklevoss' Bitcoin Trust tanks after SEC denies application"
Vox "Why Bitcoin lost 15 percent of its value in a few minutes"
Tech Crunch: "Bitcoin drops 15% after the SEC rejects the Winklevoss ETF"
Bloomburg: "Bitcoin Plummets 18% as SEC Rejects Winklevoss ETF Proposal"
Wait a second...after that catastrophic, devastating, apocalyptic plunge, bitcoin is still up 13.7% year to date. Nice.
Here are a few of the assets bitcoin is currently beating:
Asset YTD % gain/loss*
Bitcoin 13.7%
Google (GOOGL) 10.5%
NASDAQ 7.6%
Amex (AXP) 7.0%
Dow Jones 4.9%
S&P 500 4.7%
Gold (GLD ETF) 3.6%
Real Estate (VNQ ETF) -2.6%
Oil (USO ETF) -8.0%
The one stock I looked up beating bitcoin: Apple (AAPL) 19.7%
After this massive plunge, bitcoin is only beating the S&P 500 by 9%. I'm not sure if I'll be able to sleep tonight.
*Calculated from the price when I am typing out this post. Dividends excluded (but relatively inconsequential here).
Edit: table was screwed up
submitted by biggestblitz to Bitcoin [link] [comments]

Why do the media always make so many mistakes when they write about Bitcoin?

Whenever I read stories in the media about Bitcoin I always get frustrated about the amount of mistakes they make. For some reason they never seem to check their facts when they publish something.
I thought I would share some of the things I found in the last week with you guys. :P
All of these articles are from Dutch media btw.
Bitcoin wordt steeds populairder als betalingsmiddel, maar beleggen kun je er niet mee.
English translation
Bitcoin is starting to become much more popular for payments, but you can’t invest in it.

Why wouldn’t you be able to invest in Bitcoin?
I have been doing it for years! :P

Voorts kunnen hackers uw digitale portefeuille hacken waardoor ze aan de haal kunnen gaan met uw kapitaal.
English translation
Hackers can also hack your digital Bitcoin wallet and steal all your money.

Only if you store all of your Bitcoin on an online wallet!
Ook niet onbelangrijk: Het geld dat u investeert in bitcoin valt, net zoals alle andere risicodragende beleggingen, niet onder het depositogarantiestelsel. Dat betekent dat u riskeert uw volledige investering te verliezen wanneer het bedrijf achter bitcoin overkop gaat.
English translation
When you invest in Bitcoin you risk losing all your money when the company behind Bitcoin goes bankrupt.

“The company behind Bitcoin” xD

Direct na het oordeel daalde de waarde van het virtuele geld tot minder dan 979 dollar, om daarna wel weer een licht herstel te laten zien
English translation
After the verdict of the SEC Bitcoin plummeted towards 979 dollars, to only recover a tiny bit.

We are at almost the exact same price as yesterday, I wouldn’t call that a “tiny recovery”. :P

Vrijwel alle bitcoinhandel vindt inmiddels plaats in China.
English translation
Almost all Bitcoin trade is currently located in China.

That hasn’t been the case anymore since the past months, and in fact it has never really been true. Chinese exchanges simply faked their volume by charging no trading fees. This way it seemed like all trade happened on their exchanges. But we all knew this wasn’t real.
Op 11 maart besluit de SEC of de aanvraag voor deze Winklevoss Bitcoin Trust wordt goedgekeurd
English translation.
On March the 11th the SEC will decide whether they will approve the Winklevoss Bitcoin trust.

It could have happened on any day, the 11th of March was the final deadline. But the final verdict came on March the 10th.

Twee jaar geleden werd er een aanvraag ingediend door Cameron en Tyler Winklevoss
English translation

Two years ago Cameron and Tyler Winklevoss filed their request at the SEC.
Four years ago, not two!!
submitted by -Hayo- to Bitcoin [link] [comments]

5 Reasons The Winklevoss ETF Will Send Bitcoin over 10,000+

http://bitcoinpricelive.com/bitcoin-etf-5-reasons-the-winklevoss-bitcoin-etf-will-send-bitcoin-to-10000/
The Winklevoss Bitcoin ETF is set to go online at the end of 2014. You might remember the Winklevoss twin brothers from the movie The Social Network where they sued Mark Zuckerburg and Facebook to win 50 million dollars. Since then the twins have moved on to start a Bitcoin ETF named the Winklevoss Bitcoin Trust. Once it begins trading, expect the price of Bitcoin to soar to over $10,000.
Here’s 5 reasons why:
  1. Wall Street Money Will Flow Into The Bitcoin ETF. As soon as a person can go to their brokerage account, type in the symbol COIN and buy now, it will put upwards pressure on the price of Bitcoin. There are many wealthy investors who would like to get into Bitcoin but they feel uncomfortable that Bitcoin is not in their name, that they need to backup a wallet, and they need to keep their computer virus free. The Winklevoss ETF will allow the average wealthy investor who is a not technology expert to put large amounts of money into Bitcoin.
  2. The Winklevoss ETF will be promoted as currency diversification on Wall Street Bitcoin is already being regarded by Wall Street as a new currency. The US dollar, Euro, and Yen have been undermined as a store of value. It will be advertised to clients as a high risk, high reward alternative currency.
  3. Trading of the ETF will only be open during stock market hours The COIN ETF can only be bought or sold during the NASDAQ market is open in the United States. This means that the Wall Street investor will only be able to access Bitcoin trading from 9:30 AM EST to 4:30 PM. During this time period, there will be increased volume and more news released about Bitcoin. In the downtime there will be massive speculation about where the Bitcoin ETF will open and for what price. There will be discrepancies of the price between Bitcoin exchanges and the Bitcoin ETF.
  4. Liquidity in Bitcoin markets will increase dramatically. There will be many more Bitcoins trading hands on a daily basis as the Bitcoin ETF will be required to allow shorting as well. This means that investors can bet that Bitcoin will go down as well. When the Bitcoin ETF opens, it will be much easier for Bitcoin Bears to bet that the price will go down. However, this is good for the price of Bitcoin as it will allow investors to bet both sides of the Bitcoin, increasing Bitcoin transactions
  5. The Bitcoin ETF is required to buy additional Bitcoins Details of the Winklevoss ETF reveal that as more money flows into their trust, they are required to buy Bitcoins. Since the supply of Bitcoins is limited, this means they will have to buy from exchanges or over the counter purchases. Recently, the Winklevoss Twins announced they would pay in Bitcoin to go to space via Richard Branson’s Virgin Galatic.
Expect the price of Bitcoin to go space as well!
submitted by rampageEesti to BitcoinMarkets [link] [comments]

Scrap the Negative and Keep Waiting Like a Good Little Trooper

Be patient, my Sisters and Brothers. I/We can sense the lack of inspiration from a lot of directions. Not buyin' it. Be a good Scout for now. Be a Mary Poppins, Be Batman. Do good things come to all who wait? Why the hell not? I am a "Hesterian" as of THIS VERY MOMENT, and that's the end of it:
Big KUDOS to: BeerBellyFatAss Bull
Key points
"I respectfully dissent from the Commission’s order disapproving a proposed rule change, as amended, to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. (“BZX”).[1] ......I would set aside the action the staff took by delegated authority in this matter and approve the proposed rule change.-....More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs. I will discuss each of these issues in turn.
I. The Proposed Rule Change Satisfies the Requirements of Exchange Act Section 6(b)
II. The Disapproval Order Inhibits Institutionalization
III. The Disapproval Order Dampens Innovation
IV. Conclusion - I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent."
Hester M. Peirce, Commissioner
submitted by MilkDudDandy to ethtrader [link] [comments]

Approval of the Winklevoss Bitcoin ETF is expected before the end of the year, according to this article on Gemini....

Get your moon suits ready! From the paywalled mondaymorning article:
The Gemini Bitcoin exchange, one of several Bitcoin-related projects that the Winklevoss twins have in the pipeline, has obtained two key approvals from New York regulators.
The New York State Department of Financial Services (NYDFS) has granted the Gemini Trust Co. approval for its Articles of Organization. The NYDFS also granted Gemini an exemption from the FDIC deposit insurance requirements of New York's banking laws.
It's all been part of an arduous process to gain the solid regulatory backing needed to make Gemini the top choice for institutional investors.
The Winklevoss twinsThe Winklevoss twins, Tyler and Cameron, set up the Gemini exchange as a trust company under New York regulations. It gives the Bitcoin exchange many of the same privileges as a bank, including the ability to take deposits.
But as a banking trust, Gemini can't lend money. Lending isn't necessary for Gemini to function as a Bitcoin exchange, and it would have lengthened the approval process even more.
The new approvals make the Gemini Trust Co. an "established entity," which means it can now pursue the formal relationships with banks and vendors that will allow it to actually launch the exchange.
The approvals have Gemini on the "one-yard line," Cameron Winklevoss told CoinDesk, although it still needs a few more approvals from the NYDFS.
The Winklevoss twins have pursued the banking charter path rather than apply to the NYDFS for a BitLicense specifically because they wanted to serve institutional investors.
"I don't know if anyone has made this distinction enough. If you want to service institutional customers in New York, the BitLicense is not sufficient," Cameron Winklevoss told CoinDesk. "There's a good chance that when you get one you'll have to curtail or stop actually servicing NY institutions."
The charter also means the Winklevoss Bitcoin exchange will have the option to offer derivatives, swaps, and futures, although that will require further approval from the Commodity Futures Trading Commission (CFTC). The CFTC ruled last month that Bitcoin is a commodity, and so such trading falls under its jurisdiction.
Gemini will not be the first U.S.-based Bitcoin exchange – Coinbase and ItBit went live earlier this year. ItBit, like Gemini, operates as a trust company with NYDFS approval.
But here's why institutional investors are likely to prefer the Gemini Bitcoin exchange
What Sets the Gemini Bitcoin Exchange Apart Part of the appeal of the Gemini Bitcoin exchange is the painstaking effort the Winklevoss twins have made to ensure it's fully compliant with all regulations. That goes a long way to building confidence in an institution – particularly a new one based on a digital currency that itself is only six years old.
But the Winklevoss twins also believe Gemini has features that will make it more appealing to institutional traders.
"We describe Gemini as an E-Trade, because we'll have a web interface, like Nasdaq, because we have a matching engine order book, and like DTC [Depository Trust Company] because we are also a clearing and settlement house. We are basically all three functions collapsed into one," Tyler Winklevoss told Modern Trader. "When we discuss what we're doing with the institutional crowd, they get really excited about the clearing and settlement aspects of what we're doing, and the reduction in costs. Bringing that friction down is a massive opportunity."
The Gemini Bitcoin exchange also fits into a larger trend of rapidly increasing Wall Street interest in the digital currency. Last month, for instance, nine major world banks announced they had formed a partnership to study ways to incorporate Bitcoin into the global financial markets, an alliance that since has grown to 22.
The Gemini exchange is just one Bitcoin investing initiative the Winklevoss twins have undertaken.
They also are awaiting U.S. Securities and Exchange Commission approval of the Winklevoss Bitcoin Trust, a Bitcoin exchange-traded fund (ETF) that will trade under the ticker Nasdaq: COIN. Approval of the Winklevoss Bitcoin ETF is expected before the end of the year.
The Winklevoss twins also created their own Bitcoin price index, the Winkdex, which uses a weighted formula based on trading at the top three Bitcoin exchanges. But for now, they're very much focused on launching the Gemini Bitcoin exchange.
"Our days are focused on building what we consider a pure-play Bitcoin exchange," Tyler Winklevoss told Modern Trader. "We need to make sure it's an active, healthy market with the right participants, so that when people show up, there's liquidity, a full order book and everything works as expected and advertised. We're trying to do this one thing really right, in a way that the community hasn't seen yet."
submitted by Cryptolution to Bitcoin [link] [comments]

If an ETF is approved, can it later be modified to include different assets?

On my mind is the the WINKLEVOSS BITCOIN TRUST, which is nearing a decision. If approved, could they later modify the ETF to include other currencies, such as Ethereum? Given their investment in both, that seems like a logical path forward.
submitted by -bawb405- to ETFs [link] [comments]

Winklevoss Bitcoin Trust ETF (NASDAQ:COIN): Several Bitcoin ETFs Vying For Approval

This is an automatic summary, original reduced by 64%.
Looking at the longer-term performance, $100 invested in bitcoin 7 years ago would be worth about $75 million now, per CNBC. Bitcoin was also in focus because the hackers responsible for the massive WannaCry cyber-attack wanted ransom to be paid in bitcoin and they were able to get some payments.
Investors have been hoping that the SEC would approve a bitcoin ETF, which would add legitimacy to the digital currency and also provide investors a convenient way of investing in the digital currency.
Unlike traditional currencies, which are issued by central banks, bitcoin is a decentralized digital currency not issued by a central bank.
In April, Japanese regulators announced rules for bitcoin, establishing it as a legitimate method of payment in the country.
Another bitcoin ETF, proposed by SolidX Management, was also rejected in March.
The third one proposed by Grayscale's Bitcoin Investment Trust is being reviewed and a decision is due by Sep 22.
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submitted by autotldr to autotldr [link] [comments]

Winklevoss Twins - Bitcoin Could Go Beyond One Trillion Market Cap Gemini com Announcement The 1 Bitcoin Show- Bitcoin Maximalism history, Winklevoss ... Winklevoss Bitcoin Fund: Dumb Money or Good Idea? Bitcoin is the Answer with Cameron & Tyler Winklevoss $1 Ethereum Classic, ETH hard fork scenario, no Winklevoss BTC trust news yet, Coinbase ETC news

WINKLEVOSS BITCOIN TRUST: Delaware Secretary Of State Business Registration · Updated 1/3/2015: Sponsored Links. Write Review: Upgrade: Claim: Winklevoss Bitcoin Trust is a Delaware Statutory Trust filed on December 30, 2014. The company's File Number is listed as 5666774. The Registered Agent on file for this company is Delaware Trust Company and is located at 2711 Centerville Road Suite 210 ... Company profile page for Winklevoss Bitcoin Trust including stock price, company news, press releases, executives, board members, and contact information The second is to the Winklevoss Bitcoin Trust, which practically speaking is mostly a risk of security breaches or corruption involving the trust custodian, Gemini Trust Company, LLC. There are some reasons to think this might be safer than holding bitcoin yourself on the blockchain, or holding it through an account at an online bitcoin exchange, but this risk is not even close to being ... The Winklevoss Bitcoin Trust may be inching closer to becoming the first bitcoin ETF listed on a major stock exchange, but that potentially historic date could be further off than some might think. The June proposal from BATS BZX Exchange to list and trade the Winklevoss Bitcoin Trust's commodity-based shares was voted down 3-1 by the commission Thursday. The price of bitcoin dipped 3 ...

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Winklevoss Twins - Bitcoin Could Go Beyond One Trillion Market Cap Gemini com Announcement

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