01 Oct '13, 10am

Salmon: The Bitcoin Bug Bites SecondMarket - #bitcoin

Salmon: The Bitcoin Bug Bites SecondMarket - #bitcoin

Bitcoin Investment Trust is basically exactly the same thing as the Winklevii's bitcoin ETF, only it doesn't need SEC approval -- it's limited to accredited investors. (But it can still be marketed in public, now that the general solicitation ban has been lifted.) That means it's even more problematic than the Winkleproduct -- it has all the same downsides, plus added illiquidity! If you buy into this trust, you still can't do the single most useful thing that anybody can do with bitcoins, which is sell them or trade them. (Bitcoins are a combination of currency and commodity; this trust strips out the interesting bit, which is the currency part, leaving just the stupidly speculative commodity aspect.) You still have to pay a fee of 2% per year to SecondMarket for all the work they're doing sitting on your bitcoins. And then, if you ever do decide to sell, you have to pay ...

Full article: http://www.thestreet.com/story/12053162/1/salmon-the-bitc...

Tweets

The bitcoin bug bites SecondMarket:

blogs.reuters.com 26 Sep '13, 6am

I have to admit I’m disappointed in this one. It’s no secret that I’m very skeptical about what’s likely to happen when sm...

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marketwatch.com 26 Sep '13, 12am

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pandodaily.com 26 Sep '13, 12am

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blogs.wsj.com 26 Sep '13, 12am

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video.cnbc.com 26 Sep '13, 12pm

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boingboing.net 26 Sep '13, 5pm

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