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Joined May 7, 2012
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Whales Welcome at Winklevoss Bitcoin Exchange

The Winklevoss Gemini Bitcoin Exchange daily auction went live this week.

This article highlights the benefits of their daily auction for Bitcoin to fill large orders without moving the price. It’s a place whales can feed in peace.

How Does Auction Work?

All eligible orders will be filled at the final auction price at 4:00 p.m. ET. The final auction price of each Auction is determined by finding the price at which the greatest aggregate buy demand and aggregate sell demand from all participating orders can be filled (i.e., the price at which the largest quantity can trade). The mechanics of this auction are very similar to the closing auction (or closing “cross”) on the major electronic U.S. stock exchanges (e.g., Nasdaq, NYSE Arca, Bats). For a more detailed discussion, please see Marketplace.

Buying large quantities of Bitcoin is often done off exchange but it requires connections. I am reading this auction as a way Whales can buy/sell Bitcoin without price slippage in a controlled and supposedly trusted environment.

It’s another feather in Bitcoin’s cap and potentially opens Bitcoin up to VERY deep pockets.

Side note: I hope they did their homework on security because this site will be a big target.

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3 comments

  1. moosh

    Would this be of benefit to country’s perhaps?
    Any news on Winklevoss etf or any new decent bitcoin etf’s out there in the now/future? Thanks for the insight.

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    • en1gma

      GBTC is a joke. It’s stated value is .9 of a bitcoin and it’s trading at $90. That’s a 50% premium. Don’t buy it.

      Buying an ETF for Bitcoin is like buying an ETF for Gold. Why buy that if you could buy the real thing? I get people don’t want to store gold and while you must know what you’re doing to store Bitcoin, it’s not difficult.

      Never store you cryptocurrency on an exchange. If you hold cryptocurrency or are planning to soon buy a hardware wallet like keepkey or trezor or print a paper wallet.

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      • moosh

        Thanks, I thought you would shit on the idea of a bitcoin etf. They are coming in droves though, right? Kind of like shorting inverses on the daily rolls, except not exactly?

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