Here’s one of the more interesting S-1 filings of the year.

In a filing with the SEC 5304.OK +1.25%, the Winklevoss Bitcoin Trust, headed by Cameron and Tyler Winklevoss, said it will sell around $20 million worth of shares, which will each represent a fraction of a single bitcoin, the digital currency the twins have invested in.

Bitcoin has become the best known virtual currencies since its release in 2009. The currency was created by a person or group known as Satoshi Nakamoto (whose true identity is unknown) and is primarily used by online merchants, though some mostly smaller brick-and-mortar retailers have recently begun to accept bitcoins for payment. People can “mine” bitcoins using complex algorithms that require intensive computing power, though they can also buy the currency on exchanges and through services like BitInstant and Coinbase. The total number of bitcoins that can be created is capped at 21 million, and currently more than 11 million have been mined, according to various websites. Bitcoin has attracted attention from companies like Western Union, MoneyGram and eBay’s Paypal, which have said they are evaluating whether it makes sense to allow their customers to use the currency on their platforms.

And by the way, creating these paper markets is how they control the price of alternative commodity currencies like gold. Nobody bothers actually buying or selling the actual metal when they can just go to the paper market... which puts the paper market in control of the underlying commodity! And it's not like it's difficult to naked short a paper market to drive prices anywhere you want.