Bitcoins - about to hit $5,000 per coin today!

[IroNat]

Buy tulips.

[Dave D]

Buy tulips.

Lol

[sync pulse]

As I understand it...Cryptocurrency works because of computer banks doing math/mining ALL the time...What if over time computer banks stop running the programs?...All the wealth disappears?...What if after it stops someone tries to restart "The Bitcoin Algorithm"...Would the wealth reappear?

[Humble Narcissist]

Buy tulips.

This ain't Denmark.

[Necrosis]

Price cuts through all the bullshit. Once the  etf went public, Bitcoin went down the toilet for good. Classic pump and dump.

EVERYONE who bought this lost money:

This has happened three times already, so its more of a pump n dump, pump and dump, pump and dump and pump and now this dump.


There is nothing classic about that. Again, it is one of the best investments in the last ten years.  so if its a classic pump and dump we are all fucked.

[Flexacon]

Big money now sprinting away from Grayscale 👀

48% discount now. Big money isn’t interested at 8,700 right now.

Contagion. The worry is 3AC unwinding might end up taking down Greyscale. Also some less than convincing tweets from greyscale trying to reassure their clients

[Slapper]

Big money now sprinting away from Grayscale 👀

48% discount now. Big money isn’t interested at 8,700 right now.

Not Grayscale, GBTC. The reason I make a distinction is because 1) Grayscale is a cash cow, it's their parent company that has the exposure, 2) Bitcoin's price is highly dependent on Grayscale's constant daily buying and 3) GBTC is going to be one of the stocks to MUST OWN coming out of this capitulation event because I highly suspect that they're going to settle their lawsuit with the SEC soon (so will XRP) and the discount is going to close out immediately catching many by surprise.

Let's not lose sight of the fact that GBTC is a trust that makes an insane amount of money for Grayscale. This company IS NOT going to go bankrupt. Lots of noise, lots of screaming from longs, lots of yelling from people wanting the discount to go away but it ain't going anywhere.

[Slapper]

Contagion. The worry is 3AC unwinding might end up taking down Greyscale. Also some less than convincing tweets from greyscale trying to reassure their clients

It's Grayscale. And how exactly is a "contagion" going to take down a company that ONLY makes money and has essentially no overhead (comparatively speaking)?

You guys are falling for the trap.

[Flexacon]

It's Grayscale. And how exactly is a "contagion" going to take down a company that ONLY makes money and has essentially no overhead (comparatively speaking)?

You guys are falling for the trap.

Subsidiary of the same parent company needs a $1 billion liquidity injection by Monday and you're trying to tell us we should ignore this? What trap are we falling for here exactly?

People asked Grayscale to show proof of reserve and their response was basically to say "no, it's a security risk".

If people didn't like that answer then Grayscale have no one to blame, but themselves.

[Thin Lizzy]

I’m still seeing “Crypto.com” ads on the financial networks. So, there’s still some institutional support for the industry.

[Flexacon]

Yup, the coverups created huge contagion. Just like the GFC, when one broke it then triggered another 2-5 banks and so on.

They probably raise the 1B and we rally. Then someone else wants to exit and we end up at 13k but now with whoever loaned the 1B to also be in trouble lol. 

Cathy Wood was the only big name to buy GBTC at 8,700 👀 I don’t believe the person who is calling for $12 oil is going to get the bottom bang on.

I'm not sure about a rally (maybe back up to 18k resistance) More a case of we don't dump

I’m still seeing “Crypto.com” ads on the financial networks. So, there’s still some institutional support for the industry.

BTC ETFs are potentially a very attractive product. Good chance the $1B DCG need comes from someone like Blackrock.

[Griffith]

I’m still seeing “Crypto.com” ads on the financial networks. So, there’s still some institutional support for the industry.

They are a sponsor of Formula One, the Miami F1 race and the 'Overtake Award'.

Most of the teams also have crypto sponsors:

Binance
Bybit
Fantom
Floki
Tezos
Velas

And till recently FTX sponsored Mercedes.

[Thin Lizzy]

They are a sponsor of Formula One, the Miami F1 race and the 'Overtake Award'.

Most of the teams also have crypto sponsors:

Binance
Bybit
Fantom
Floki
Tezos
Velas

And till recently FTX sponsored Mercedes.

Earlier in this thread, someone mentioned that it was a little guy who got hurt by FTX. You had very sophisticated investor groups get caught up.


Sequoia Capital marks its FTX investment down to zero dollars • TechCrunch

https://techcrunch.com/2022/11/09/sequoia-capital-marks-its-ftx-investment-down-to-zero-dollars/

[loco]

[Flexacon]

They are a sponsor of Formula One, the Miami F1 race and the 'Overtake Award'.

Most of the teams also have crypto sponsors:

Binance
Bybit
Fantom
Floki
Tezos
Velas

And till recently FTX sponsored Mercedes.

Algorand is sponsoring the Fifa World Cup. A few other names are involved too.

I hope Algo make it to the next bull market and there is still no regulation. Easy 10x after the next halving.

[a_pupil]

When Bitcoin bros said I'd be swimming in pussy, I didn't think they meant this.

[Humble Narcissist]

When Bitcoin bros said I'd be swimming in pussy, I didn't think they meant this.

Put a pillowcase over her head and go to town.

[Slapper]

Subsidiary of the same parent company needs a $1 billion liquidity injection by Monday and you're trying to tell us we should ignore this? What trap are we falling for here exactly?

People asked Grayscale to show proof of reserve and their response was basically to say "no, it's a security risk".

If people didn't like that answer then Grayscale have no one to blame, but themselves.

It doesn't matter if the parent company has issues, GBTC is a money-making machine that, if the parent company ceases to function, will get sold off immediately or, if they get the loan, most likely spun off. GBTC isn't going under or disappearing, it's going to continue to function and absorb some of the blowback from the parent company. Hence the opportunity.

Guys, keep an eye on this stock because the powers-that-be are going to use it as a proxy to get BTC below 10k. Once that happens, the price of GBTC will most likely go below $3, and if there's a capitulate event, lower than that. BUUUUUT, in a year and a half it'll be close to $100.

[Flexacon]

It doesn't matter if the parent company has issues, GBTC is a money-making machine that, if the parent company ceases to function, will get sold off immediately or, if they get the loan, most likely spun off. GBTC isn't going under or disappearing, it's going to continue to function and absorb some of the blowback from the parent company. Hence the opportunity.

Guys, keep an eye on this stock because the powers-that-be are going to use it as a proxy to get BTC below 10k. Once that happens, the price of GBTC will most likely go below $3, and if there's a capitulate event, lower than that. BUUUUUT, in a year and a half it'll be close to $100.

So far it seems no crypto VCs want to touch it. Now that could be because Barry isn't offering great terms or maybe there is another reason.. You also don't mention a 3rd option which is that it gets dissolved.

Fact is none of us know, but we should very soon. Still don't see how waiting on the sidelines and being open to all outcomes means falling into a trap. I'd say it's the exact opposite.

[Slapper]

So far it seems no crypto VCs want to touch it. Now that could be because Barry isn't offering great terms or maybe there is another reason.. You also don't mention a 3rd option which is that it gets dissolved.

Fact is none of us know, but we should very soon. Still don't see how waiting on the sidelines and being open to all outcomes means falling into a trap. I'd say it's the exact opposite.

I know, I know, no VC want to touch it. YET.

When all news are bad and there seems to be no hope, they will announce the flip to an ETF, the stock will go up 43% in one day and everyone will start bitching and moaning about what happened. And we all know what is going to happen to the price of BTC once Grayscale starts being a net buyer again...

[Flexacon]

I know, I know, no VC want to touch it. YET.

When all news are bad and there seems to be no hope, they will announce the flip to an ETF, the stock will go up 43% in one day and everyone will start bitching and moaning about what happened. And we all know what is going to happen to the price of BTC once Grayscale starts being a net buyer again...

Solid copium thinking everyone would bitch and moan for missing out on a 43% gain in crypto.

Also there is no ETF being approved in the next 24 hours. There will be no 43% move up in the next 24 hour. I'll continuing waiting in my "trapped" position of doing nothing and miss out on position that at best will do nothing.

[loco]

[Thin Lizzy]

So, instead of seeing hole cards, they were seeing orders and stops.

Didn’t know about this. Apparently, his compliance head was involved in an online poker fraud scheme where they could see players hole cards. Those companies were based in the Bahamas too. Guys probably just moved from online poker to crypto.

Alameda’s Former Co-CEO Used Poker, Blackjack Strategies in Crypto Trading

Alameda’s Former Co-CEO Used Poker, Blackjack Strategies in Crypto Trading
https://www.bloomberg.com/news/articles/2022-11-22/alameda-former-co-ceo-sam-trabucco-used-poker-blackjack-strategies-in-trading

[delon]

So, instead of seeing hole cards, they were seeing orders and stops.

Alameda’s Former Co-CEO Used Poker, Blackjack Strategies in Crypto Trading

Alameda’s Former Co-CEO Used Poker, Blackjack Strategies in Crypto Trading
https://www.bloomberg.com/news/articles/2022-11-22/alameda-former-co-ceo-sam-trabucco-used-poker-blackjack-strategies-in-trading

Sam bankman-fraud and his merry crew of crypto nerd pirates

The fallout continues

[Flexacon]

Pretty much.

I don’t think people realise just how messed up the biggest players are right now. They are all literally underwater after having a mass lending incest festival between themselves.

While everyone is still talking about Sam, nobody is looking at Barry (Grayscale) and wondering what he will do….. he needs 1B for Genesis meanwhile Grayscale is sitting on 620,000 BTC…… *cough* *cough* fucker can save himself if he unwinds GBTC 👀

No one was biting so now they're looking for $500M.

If GBTC can unwind and sell some BTC then everyone will just go long GBTC and short BTC until the price meets somewhere in the middle, but there is some doubt if an unwind is even possible.

If DCG/Genesis committed fraud and it's looking more and more likely they did, then the loans DCG gave themselves using customer funds from Genesis to repurchase GBTC (three arrows contagion) might mean a simple unwind for GBTC isn't possible as a bunch of it is technically worthless.

DCG fraud could mean Grayscale is treated the same as Genesis. It will be down to a bankruptcy judge to decide. Imagine being trapped on the outside of this shit show.