Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
itod
on 04/05/2015, 23:31:57 UTC
Quote from: electerium on May 04, 2015, 11:24:33 PM
Quote from: itod on May 04, 2015, 11:11:48 PM
Quote from: Chainsaw on May 04, 2015, 11:05:03 PM
The shares I sold at $133.7 were shares I bought within my self-directed Ameritrade Roth IRA.
You do not have to be an accredited investor to buy or sell shares of this stock, whose value is backed by the number of bitcoins it holds.

This GBTC thing is such a joke. It's obvious that each of these long-announced big-things-turned-fiascoes leave a BTC in worse state then before, because of broken expectations that some serious funds can get hold of BTC without sending money to unregulated exchanges. Please, please, never again announce "Big money in BTC" before there is a real mechanism for it to reach there, you make more harm then good even if you are thinking that being positive can't do any damage. Well, it actually can when many expectations get broken again and again.

Explain to me if you are in charge of an institutional fund (e.g. endowment, pension) why on earth you would wire 20$million to bitstamp/finex/coinbase and buy bitcoins?

Have you read what I've written? That's exactly what I've said: They would never, ever, send money to unregulated exchanges. It's simply against their basic policies. Institutional money has no mechanism of acquiring significant amount of BTC, except for the FBI auctions which is not usual way how they do business. Even if they want to buy BTC they can't, putting aside question whether they want to do that or not. That's why I've said any "good-intended" announcement of big money entering BTC which ends up being false, leaves much more damage then idiot who announced it imagined.