Ninjastic
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Re: Where are the coins for Winkelvoss Trust & 2nd Market Bitcoin Investment Fund?
by
theonewhowaskazu
on 25/10/2013, 03:16:21 UTC
Quote from: byronbb on October 25, 2013, 02:54:36 AM
Quote from: bobdude17 on October 24, 2013, 04:07:59 AM
Quote from: User705 on October 24, 2013, 03:54:10 AM
Quote from: bobdude17 on October 24, 2013, 03:52:41 AM
Both the SecondMarket Trust and the ETF(will be) are audited. By 3rd parties.

These are non-concerns.
Why would you need to PAY an auditor to verify coins in a bitcoin address?  

Are you serious? Why would you PAY an auditor to verify an SEC approved ETF that will share the same the same space as SPDR? I don't even know where to begin with that...
Like they would hold all the coins in one publicly viewable address?! Roll Eyes


Why not? Why have a 3d party auditor, when everyone can do it for you collectively?

Because ETFs, and ETFs have a standard, and not all ETFs can be verified collectively. Otherwise, you'd have to get the SEC to recognize Bitcoin's unique qualities, etc... You don't want to start making exceptions with this type of thing. Thats exactly how scams get started. Its funny how everyone here is always talking tinfoil hat, but basic standards to prevent fraud are laughed at.