Winklevoss Twins Want You to Invest in Bitcoins
They ask SEC for permission to create fund for ordinary investors
By John Johnson, Newser Staff
Posted Jul 2, 2013 12:50 PM CDT
Cameron, left, and Tyler Winklevoss in a 2007 file photo.   (AP Photo/Charles Krupa, File)

(Newser) – We already knew the Winklevoss twins were big believers—and big investors—in the virtual currency known as Bitcoin. Now the twins famous for their fight with Mark Zuckerberg over the origins of Facebook are upping the ante: They have filed papers with the SEC to create the Winklevoss Bitcoin Trust, which would make it far easier for mainstream investors to invest in a currency dismissed by its worst critics as a Ponzi scheme, reports the New York Times. "It appears that this will operate like an exchange-traded fund (ETF), a security that basically trades like a stock," says Business Insider. No particular exchange is named in the $20 million IPO filing by twins Cameron and Tyler, notes the Wall Street Journal.

What could possibly go wrong? Well, the filing has no fewer than 18 pages of potential risks, reports CNN Money. Hackers, malware, and volatile price swings caused by speculators are among them. Also consider that governments around the world are just starting to figure out how to regulate such currencies, notes the LA Times. As the filing itself states, “It may be illegal now, or in the future, to acquire, own, hold, sell or use Bitcoins in one or more countries, and ownership of, holding or trading in [shares of the trust] may also be considered illegal and subject to sanction."

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Showing 3 of 12 comments
Jul 3, 2013 11:38 AM CDT
The Winklevoss twins are idiots.
Jul 3, 2013 10:46 AM CDT
They just want more suckers to be able to invest in it to prop it up from completely failing so they can buy time to get the millions they invested in the electronic Ponzi machine out of it. If the thing completely collapses (as will probably happen - after all, anonymous financial transactions related to electronic Ponzi schemes are a no-no with most of the first-world governments) Winklevoss twins are out, what, is it $30M they invested in Bitcoin so far? $50M? I forget the ungodly sum they flushed into it already. But w/o a market mechanism to get their money back, they might as well have taken that money & tossed it into an active volcano.
Jul 3, 2013 9:06 AM CDT
Of course they want you to invest in bitcoins. It will make THEM a boatload of money and when this whole scam goes south you'll be left holding the (empty) bag. They really think people are stupid, don't they? Well, if they are, let's hope it's the filthy rich ones that think they're going to get even richer. They can afford to take a hit.