Billionaire Winklevoss: Not Owning Bitcoin “Worse” Than ...
Billionaire Winklevoss: Not Owning Bitcoin “Worse” Than ...
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SEC's Request for Comments on Bitcoin
EDIT: It appears that I'm stuck in 2016. These aren't the proper questions as they are from a dated document. Please keep informed about the latest COIN SEC filings here. Public comment is still open for some of the newer documents. The United States SEC has made a request for comment before making a decision on the Winklevoss COIN ETF. Specifically, the SEC needs your help to answer the following questions:
The proposed fund, if approved, would be the first exchange-traded product available on U.S. markets to hold a digital asset such as bitcoins, which have neither a physical form (unlike commodities) nor an issuer that is currently registered with any regulatory body (unlike securities, futures, or derivatives), and whose fundamental properties and ownership can, by coordination among a majority of its network processing power, be changed (unlike any of the above). Moreover, as the Exchange acknowledges in its proposal, less than three years ago, the bitcoin exchange then responsible for nearly three-quarters of worldwide bitcoin trading lost a substantial amount of its bitcoin holdings through computer hacking or fraud and failed. What are commenters’ views about the current stability, resilience, fairness, and efficiency of the markets on which bitcoins are traded? What are commenters’ views on whether an asset with the novel and unique properties of a bitcoin is an appropriate underlying asset for a product that will be traded on a national securities exchange? What are commenters’ views on the risk of loss via computer hacking posed by such an asset? What are commenters’ views on whether an ETP based on such an asset would be susceptible to manipulation?
According to the Exchange, the Gemini Exchange Spot Price is representative of the accurate price of a bitcoin because of the positive price-discovery attributes of the Gemini Exchange marketplace. What are commenters’ views on the manner in which the Trust proposes to value its holdings?
According to the Exchange, the Gemini Exchange is a Digital Asset exchange owned and operated by the Custodian and is an affiliate of the Sponsor. What are commenters’ views regarding whether any potential conflict of interest or other issue might arise due to the relationship between entities such as the Sponsor, the Custodian, and the Gemini Exchange?
According to several commenters, there is a need for the Exchange to provide additional information regarding “proof of control” auditing, multisig protocols, and insurance with respect to the bitcoins held in custody on behalf of the Trust, in the interest of adequate security and investor confidence in bitcoin control. What are commenters’ views on these recommendations regarding additional security, control, and insurance measures?
A commenter notes that the Gemini Exchange has relatively low liquidity and trading volume in bitcoins and that there is a significant risk that the nominal ETP share price “will be manipulated, by relatively small trades that manipulate the bitcoin price at that exchange.” What are commenters’ views on the concerns expressed by this commenter? What are commenters’ views regarding the susceptibility of the price of the Shares to manipulation, considering that the NAV would be based on the spot price of a single bitcoin exchange? What are commenters’ views generally with respect to the liquidity and transparency of the bitcoin market, and thus the suitability of bitcoins as an underlying asset for an ETP?
The Exchange asserts that the widespread availability of information regarding Bitcoin, the Trust, and the Shares, combined with the ability of Authorized Participants to create and redeem Baskets each Business Day, thereby utilizing the arbitrage mechanism, will be sufficient for market participants to value and trade the Shares in a manner that will not lead to significant deviations between intraday Best Bid/Best Ask and the Intraday Indicative Value or between the Best Bid/Best Ask and the NAV. In addition, the Exchange asserts that the numerous options for buying and selling bitcoins will both provide Authorized Participants with many options for hedging their positions and provide market participants generally with potential arbitrage opportunities, further strengthening the arbitrage mechanism as it relates to the Shares. What are commenters’ views regarding these statements? Do commenters’ agree or disagree with the assertion that Authorized Participants and other market makers will be able to make efficient and liquid markets in the Shares at prices generally in line with the NAV? What are commenters’ views on whether the relationship between the Gemini Exchange and the Trust’s Sponsor and Custodian might affect the arbitrage mechanism?
Please Send Comments and Answer The SEC's Questions:
Tyler Winklevoss and Cameron Winklevoss were among the first Bitcoin billionaires. The duo had first gained popularity when they sued the Facebook C.E.O. Mark Zuckerberg for allegedly stealing the idea of creating Facebook from them. They were contacted by Zuckerberg to develop the ConnectU site, which was to become Facebook later on. They used $11 million of the $65 million cash compensation ... Bitcoin is to avoided for high-risk property, and you should never invest money in Bitcoin, which you can’t afford to lose. 3. Bitcoin is Not Anonymous. Bitcoin requires some effort to preserve your confidentiality. All Bitcoin transactions are located on the network publicly and permanently, meaning that anyone can see any Bitcoin address’s balance and transactions. The user’s identity ... Cameron Winklevoss said in the chat, in which readers posted more than 250 questions and comments, and the brothers -- who run the Gemini Trust Co. exchange and are believed to still hold a large amount of Bitcoin -- answered some of them for over an hour. The questions ran the gamut from the twins’ views of Bitcoin’s future to recommendations for New York karaoke bars. Winklevoss Twins; After being awarded by $65 million USD by a court for their story on having built the social media platform ConnectU, the Winklevoss twins invested their money on Bitcoin. Seeing how much potential Bitcoin had, brothers Cameron and Tyler dedicated their time and effort to growing their Bitcoin investment. Speculators can bet on whether the Winklevoss Bitcoin Trust (COIN), developed by the venture capitalist twins who were involved in a long-running legal battle over the ownership of Facebook, will ...
Kelly understands the trend of offshore property ownership.
It's the technology, stupid. The real value of Bitcoin London, March 2013 - Recorded By IamSatoshi A panel discussion that bypasses talk of bitcoin, the wildly fluctuating digital currency ... Just a little walk and rant through the overgrown parts of the property discovering new parts of the land I never knew I had. Today I talk about Bitcoin, Finacial investments, how to excel as ... The Winklevoss Twins & 3IQ have big news out of Toronto. The Toronto Stock Exchange listed, finally, after three years, a Bitcoin Fund under the ticker QBTC.... Triste noticia para el Bitcoin, el ETF no se aprovo en esta ocación. Pero aun asi seguira. Solo es la primera batalla perdida de muchas ganadas. This video is unavailable. Watch Queue Queue