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Selling $11M in bitcoin on the open market would likely crash the market. According to blockchain.info, the average day sees about ~7M USD of bitcoin traded. No

by SeoxyS 12y ago

Selling $11M in bitcoin on the open market would likely crash the market. According to blockchain.info, the average day sees about ~7M USD of bitcoin traded. Not to mention any of the negative signaling if people got wind of the sale.

XorNot 12y ago
Also that they bought at pretty much the all time high. We're at what under half that now?
- statoshi 12y ago
  No they didn't; they bought when it was under $10. http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/09...
  - XorNot 12y ago
    According to that exact article they bought when it was $266. It's completely baseless that they bought earlier, and by current prices they're still making a loss ($256 USD). Which isn't to speak of the fact that it's almost impossible for them to realize a sale value of $256 in the first place.
    - statoshi 12y ago
      Try re-reading the article with better comprehension. There is a difference between "buying" and "announcing that you bought."
      - XorNot 12y ago
        And there's a big difference between what you claim they did, and what it is possible for you to know based on publicly available information.
beaner 12y ago
Obviously they would not sell it all at once. If you're speculating they'd put many months of effort into an ETF, there's no reason they couldn't alternatively spread their sells out over many months, meaning it'd account for only a fraction of the volume. Making an ETF just to cash out doesn't make sense.
- statoshi 12y ago
  If you read the ETF S1 filings you'll see that they plan on charging fees to maintain accounts for investors. It will be an ongoing profitable operation to run, not just a one-time cashout.