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Rating:A Lot Could Go Wrong With BitCoin ETF Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 05, 2013

A Lot Could Go Wrong With BitCoin ETF

News summary by MFWire's editors

According to the SEC filing, a lot could wrong with the Winklevoss twins' Bitcoin public offering, The Los Angeles Times' Andrew Tangel and Chris O'Brien reported.

The filing mentions that Bitcoins have chiefly been used by speculators in the retail and commercial marketplace, leading to price volatility, which could hurt investors. Not to mention, the exchanges on which Bitcoin trades are unregulated and hackers could the security system to Bitcoin's trading network. If the Bit coins are lost or stolen, they may not be recovered, the filing also noted.

And don't forget that the government may take action against Bitcoin:
Earlier this year, the Homeland Security Department shut down a U.S.-based unit of a Japanese Bitcoin trading platform. And in May, the Seattle-based Bitcoin Foundation, which recently held a conference on the virtual currency in Silicon Valley, received a cease-and-desist letter from California's Department of Financial Institutions warning the organization not to conduct any monetary transmissions without proper licensing.
To read more, click here.  

Edited by: Casey Quinlan

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