Don’t worry if those words don’t make any damn sense to you, because the entire thing is utterly nonsensical. Aside from the absolutely ridiculous name, the concept is outstandingly foolish: you, the hapless butt enthusiast, buy shares in the Winklevoss twins’ Bitcoin holdings and they take your money, then list dozens of ways your money can disappear, along with a hefty dose of caveat emptor, followed by cacophonous laughter.
Some choice readings from the writeup, thanks to SA‘s terrifying Bitcoin robot,…!, followed by translations for us regular folk:
As the Sponsor and its management have no history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
Translation: We, the absurdly named Winklevoss twins, have no idea what the fuck we are doing here.
The loss or destruction of a private key required to access a Bitcoin may be irreversible. The Trusts loss of access to its private keys or its experience of a data loss relating to the Trusts Bitcoins could adversely affect an investment in the Shares.
Translation: Oops we deleted our wallet.dat/reset the Amazon servers/forgot our password!
Political or economic crises may motivate large-scale sales of Bitcoins, which could result in a reduction in the Blended Bitcoin Price and adversely affect an investment in the Shares.
Translation: Some idiot will shout “Cyprus!” and the price will swing wildly.
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 may also be considered illegal and subject to sanction.
Translation: The US government is cracking down on Bitcoin because all it’s really used for is to buy drugs and underage porn.
Shareholders cannot be assured of the Sponsors continued services, the discontinuance of which may be detrimental to the Trust.
Translation: We very well may just take the money and run.
The reviews thus far are mixed. Wait, no they aren’t:
Even some of the True Believers at Bitcointalk are not so thrilled:
Do not give your money to anybody named “Winklevoss,” especially if they’re offering you Bitcoins in return.