EFTA00368958.pdf

From: Lesley Groff To: Ike Groff el Subject: Re: BITCOIN - MINE, MINE, MINE Date: Thu, 29 May 2014 15:47:20 +0000 thx On May 29, 2014, at 11:40 AM, Ike Groff .cj wrote: Forward to je if you like. From: Ian Winer [mailto: Sent: Thursday, May 29, 2014 11:37 AM Subject: BITCOIN - MINE, MINE, MINE ***This sales note is produced by Wedbush Equities and is not a product of the Wedbush Research Department*** CRYPTO CURRENCY - TAKING A BITE OUT OF BITCOIN Gil Luria Wedbush Senior Analyst has done extensive leading edge work on Crypto Currencies and their potential disruptive technology. BITCOIN is wrought with controversy and therein is the opportunity! Any way you look at crypto currencies — there are ways to make money! Gil Luria and Wedbush are the best to help.... I have attached our recent note as Wedbush has written extensively on the subject and I would encourage anyone who has an interest in this new paradigm to talk to Gil Luria. This is not a call on "Bitcoin", but rather an attempt to lay out the implications for the entire industry... Here are just a few points: 1) We believe bitcoin related technologies will disrupt payments markets and other trust-based markets within the next few years and for decades to follow. We also see an emerging opportunity within the Internet of Things. 2) Like other new major technology disruptions (e.g. Social Mobile) we believe the disruption from bitcoin will take longer than expected but have an even more profound impact than anticipated. We believe bitcoin adoption is going through the adoption chasm making the timing of broader implementation of the technology still 1-3 years away. EFTA00368958  3) Seeing the era of bitcoin as lasting between 2 years from now and 20 years from now diffuses much of the criticism cast on bitcoin technologies. 4) We see the scope of disruption as substantial considering 20% of US GDP is generated by industries whose main function is as a trusted 3rd party US bank fees generate $250 billion a year and global payments related revenues exceed $300 billion a year. 5) In addition to the disruption of decentralized trust we see a potential role for bitcoin in the emerging area of machine-to-machine communication (The Internet of Things). 6) We see the path to disruption going through a development of bitcoin infrastructure (i.e. on ramps wallets merchant services) financial institutions embracing the technology and regulators fine tuning their approach and providing clarity. The chart of Bitcoin alone has drawn a lot of interest from the believers and the skeptics... <image003.jpg> But the train is leaving the station...Just today... "May 29 (New York Times) -- Dish Network customers will soon be able to pay their bills in Bitcoin in a move that pushes the virtual currency a little further into the mainstream. Dish Network, one of the country's largest pay-television operators that counts 14 million subscribers, said on Thursday that it would become the largest company to begin accepting Bitcoin. Starting in the third-quarter, customers will be able to make one- time payments using the virtual money." This material has been prepared by an institutional trader or sales personnel of Wedbush Securities Inc. and not by the equity research department. It is intended only to provide observations, views, opinions, and commentaries of individual traders or sales personnel, which may be different from, or inconsistent with, the observations and views of Wedbush Securities equity research department analysts, other Wedbush Securities traders or sales personnel, or the proprietary positions of Wedbush Securities. It is intended for institutional investors of Wedbush only. The content contained herein is not to be forwarded. Forwarding or misusing this email or content may result in legal action. Ian Winer Director of Trading Wedbush I AOL IM: KEEP PUS This email may contain my interpretation and opinion of written reports and other commentary. Only the published reports. which can be found on First Call. represent the official opinion of the /inn. Please see them for full details andimportant disclosures. This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. If you have received this e-mail in error please immediately notify the sender at or by replying to this email and delete the e-mail and any attachment(s) from your system. Nothing herein shall be construed as a financial promotion to any person or persons, or a solicitation or recommendation to buy or sell any security or other investment or to engage in any trading strategy. Information presented is from sources believed to be reliable, but is not guaranteed to be accurate or complete. EFTA00368959 This information should not be taken as an offer nor as a solicitation of an offer to buy or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. Tourmaline Partners, LLC may review and store both incoming and outgoing messages. Use by other than the intended recipients is prohibited. <BITCOIN TIMING AND SIZING pdf> EFTA00368960