SecondMarket’s Bitcoin Investment Trust Amasses $61.1m in 3 Months
"The BIT, launched as a vehicle for institutional investors to get into bitcoin, stood at a $61.1m (67,300 BTC) net asset value on Friday. Shares in the Trust edged along for around two weeks after its inception on 26th September. Following this, they began creeping up, before beginning their meteoric rise around 4th November. The net asset value (NAV) per share peaked a month later, before falling back. In short, the NAV of the BIT has tracked bitcoin’s own price movements very closely. Barry Silbert, CEO at SecondMarket, said that performance has exceeded his expectations." http://www.coindesk.com/secondmarkets-bitcoin-investment-trust-amasses-61-1million-in-3-months/
Wrapping up the block size debate with voting | jl2012 at xbt.hk | Aug 04 2015
jl2012 at xbt.hk on Aug 04 2015: As now we have some concrete proposals (https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-July/009808.html), I think we should wrap up the endless debate with voting by different stakeholder groups. Candidate proposals Candidate proposals must be complete BIPs with reference implementation which are ready to merge immediately. They must first go through the usual peer review process and get approved by the developers in a technical standpoint, without political or philosophical considerations. Any fine tune of a candidate proposal may not become an independent candidate, unless it introduces some “real” difference. “No change” is also one of the voting options. Voter groups There will be several voter groups and their votes will be counted independently. (The time frames mentioned below are just for example.) Miners: miners of blocks with timestamp between 1 to 30 Sept 2015 are eligible to vote. One block one vote. Miners will cast their votes by signing with the bitcoin address in coinbase. If there are multiple coinbase outputs, the vote is discounted by output value / total coinbase output value. Many well-known pools are reusing addresses and they may not need to digitally sign their votes. In case there is any dispute, the digitally signed vote will be counted. Bitcoin holders: People with bitcoin in the UTXO at block 372500 (around early September) are eligible to vote. The total “balance” of each scriptPubKey is calculated and this is the weight of the vote. People will cast their votes by digital signature. Special output types: Multi-sig: vote must be signed according to the setting of the multi-sig. P2SH: the serialized script must be provided Publicly known private key: not eligible to vote Non-standard script according to latest Bitcoin Core rules: not eligible to vote in general. May be judged case-by-case Developers: People with certain amount of contribution in the past year in Bitcoin Core or other open sources wallet / alternative implementations. One person one vote. Exchanges: Centralized exchanges listed on Coindesk Bitcoin Index, Winkdex, or NYSE Bitcoin index, with 30 days volume >100,000BTC are invited. This includes Bitfinex, BTC China, BitStamp, BTC-E, itBit, OKCoin, Huobi, Coinbase. Exchanges operated for at least 1 year with 100,000BTC 30-day volume may also apply to be a voter in this category. One exchange one vote. Merchants and service providers: This category includes all bitcoin accepting business that is not centralized fiat-currency exchange, e.g. virtual or physical stores, gambling sites, online wallet service, payment processors like Bitpay, decentralized exchange like Localbitcoin, ETF operators like Secondmarket Bitcoin Investment Trust. They must directly process bitcoin without relying on third party. They should process at least 100BTC in the last 30-days. One merchant one vote. Full nodes operators: People operating full nodes for at least 168 hours (1 week) in July 2015 are eligible to vote, determined by the log of Bitnodes. Time is set in the past to avoid manipulation. One IP address one vote. Vote must be sent from the node’s IP address. Voting system Single transferable vote is applied. (https://en.wikipedia.org/wiki/Single_transferable_vote). Voters are required to rank their preference with “1”, “2”, “3”, etc, or use “N” to indicate rejection of a candidate. Vote counting starts with every voter’s first choice. The candidate with fewest votes is eliminated and those votes are transferred according to their second choice. This process repeats until only one candidate is left, which is the most popular candidate. The result is presented as the approval rate: final votes for the most popular candidate / all valid votes After the most popular candidate is determined, the whole counting process is repeated by eliminating this candidate, which will find the approval rate for the second most popular candidate. The process repeats until all proposals are ranked with the approval rate calculated. Interpretation of results: It is possible that a candidate with lower ranking to have higher approval rate. However, ranking is more important than the approval rate, unless the difference in approval rate is really huge. 90% support would be excellent; 70% is good; 50% is marginal; <50% is failed. Technical issues: Voting by the miners, developers, exchanges, and merchants are probably the easiest. We need a trusted person to verify the voters’ identity by email, website, or digital signature. The trusted person will collect votes and publish the named votes so anyone could verify the results. For full nodes, we need a trusted person to setup a website as an interface to vote. The votes with IP address will be published. For bitcoin holders, the workload could be very high and we may need some automatic system to collect and count the votes. If people are worrying about reduced security due to exposed raw public key, they should move their bitcoin to a new address before voting. Double voting: people are generally not allowed to change their mind after voting, especially for anonymous voters like bitcoin holders and solo miners. A double voting attempt from these classes will invalidate all related votes. Multiple identity: People may have multiple roles in the Bitcoin ecology. I believe they should be allowed to vote in all applicable categories since they are contributing more than other people. original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-August/009887.html
SecondMarket users just got this email regarding Bitcoin Investment Trust (BIT)
I’m excited about today. Over the past two years I’ve become a big believer in bitcoin, the digital currency and transaction network. Friends, colleagues – honestly, anyone who would listen – have heard me describe the potential benefits of bitcoin. It could be this generation’s store of value, or a true global currency, or a better money transfer network. Or all three. Or perhaps not. Bitcoin faces regulatory hurdles and widespread adoption concerns that make investing in bitcoin a very risky proposition. There is a real possibility that the price of bitcoin drops to zero. It is challenging to buy, store and secure bitcoin, and many investors simply don’t want to deal with the hassle of it. Yet there is an excitement about the prospects for bitcoin and we know some investors are looking to allocate a percentage of their portfolio to bitcoin. That’s why I’m pleased to announce the launch of the Bitcoin Investment Trust (BIT), a private vehicle for institutional and accredited investors that is invested solely in bitcoin and derives its value from the price of bitcoin. Qualified investors gain exposure to the price movement of bitcoin without the challenges of buying, storing and safekeeping bitcoins. Alternative Currency Asset Management, LLC, a wholly-owned subsidiary of SecondMarket, is the sponsor of the fund. SecondMarket has a long track record of making alternative assets more accessible to a broader group of investors. Our infrastructure enables streamlined capital raising, investor communication and periodic liquidity for private funds, so we believe a private, bitcoin-related fund is a perfect fit for the SecondMarket platform. Bitcoin is clearly not for everyone. If you don’t know much about bitcoin, take a look at our education center and perhaps it’ll pique your interest. But if you’re an accredited investor interested in getting exposure to bitcoin, take a look at the materials and decide for yourself.
The idea of a Bitcoin investment trust is simple. Such a fund makes investing in Bitcoins an acceptable and appropriate option for financial institutions like hedge funds or banks. The second reason is to help people invest in Bitcoins safely. For these purposes The Bitcoin Investment Trust was created. It was started by the Grayscale Company. Today SecondMarket, a platform where privately-held or growth-stage companies can raise capital, says it is now offering a new Bitcoin Investment Trust. It’s an open-ended fund […] SecondMarket, Inc. and Bitcoin Investment Trust (BIT) Settle Charges Relating to Unlawful Redemptions of BIT Shares during a Continuous Distribution. July 11, 2016 – The Securities and Exchange Commission today announced that SecondMarket, Inc., a New York broker-dealer registered with the Commission, and Bitcoin Investment Trust This evening, SecondMarket, took a further step into the Bitcoin space through announcing its new work with the Bitcoin Investment Trust (BIT), a private investment vehicle.The BIT is the first U.S.-based private investment vehicle to invest in bitcoin alone and received a $2 million seed investment from SecondMarket. The SEC filed an administrative proceeding today regarding a Cease & Desist instituted against SecondMarket and Bitcoin Investment Trust (BIT). The entire affair relates back to an event in 2013 ...
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