Cameron (L) and Tyler Winklevoss, co-founders of ConnectU Inc., leave the U.S. District Court in Boston, Massachusetts July 25, 2007 following a court hearing on ConnectU's lawsuit against Facebook Inc. REUTERS/Brian Snyder Yesterday, the world got a hearty laugh on news that the Winklevoss twins plan to launch a Bitcoin ETF.

The Winklevoss twins are famous for their claim to have been co-founders of Facebook, resulting in a suit against the company that netted them a small windfall.

Since then they've been pursuing various tech and investing opportunities, and it had been known that they were Bitcoin enthusiasts.

There are so many reasons to LOL at this news, but the most devastating take comes from Macro Man, who argues that the proper way to think about this ETF is as an "IQ test":

Someone on one of Team Macro Man's chats recently described this ETF as a Rorschach test of what people think of digital currencies. That is utterly wrong: it's an IQ test. Bitcoin is anonymous, untaxed (for now) and quite liquid in and of its own right despite all the complexities of a cryptocurrency. A bitcoin ETF is taxed, has fees, may or may not be liquid at all. So, this is really a test: do you want to facilitate the exit of the Winkelvii from an investment at inflated levels which they will soon be taxed upon or do you want to sit this hand out?

Point. Set. Match.

Read his whole post here »