Genesis Suspending Client Withdrawals for Lending Arm Citing 'FTX Impact'
- Thread starter johnarb
- Start date
Is this good or bad for BTC holders at Grayscale?
There are no btc holders at Grayscale
Then whose 630K BTC holdings are you speaking of? I thought you meant Grayscale had them but could not verify?
*confused as usual*
Grayscale owns GBTC fund is traded on the stock market
GBTC owns 630K btc's supposedly but as a Bitcoiner, all I care about are bitcoin addresses that hold those bitcoins but they are not disclosed
I'm not an expert on stock market structure of GBTC so maybe you can educate me on that
I did read a good counter argument to showing the addresses, it would reveal where all the funds came from to these addresses, and there is perhaps sensitive information there that they don't want to expose. So although I do agree that showing an address with the coins there would be helpful, there might be a good reason why they don't want to disclose this.
Also, just knowing the address exists, doesn't really ensure that those coins will be there for when they need to be used, or that in case of any liquidation, these coins would be made available to the creditors.
But for sure, at least seeing an address with the coins there would be a huge relief.
That argument was debunked, I'll paraphrase what was said based on my understanding
First off, funds and bitcoins are not interchangeable
Funds relate to fiat source, that we'll just assume came from investors to GBTC shares, through banks and other centralized intermediaries and as a Bitcoiner, that does not matter to us. That's fiat games
---------
What the actual counter-argument was that the source of the bitcoins would reveal privacy concerns. Yes, this is true, it would reveal who the sellers of btc's were
- OTC sales from whales who wish to remain anonymous (OG Bitcoiners)
- Bitcoin miners
- Exchanges
- Government auctions of seized coins from darknet or other criminal groups
- OTC sales by Institutions who want to cash out
If the first and last type of seller did not want to reveal their identity when doing the sale, they should have fucking gone through the exchanges. OTC and private deals want to have their cake and eat it, too. Fuck 'em
it is important that the addresses are revealed. If I was a big investor of GBTC, like Ark, I would demand that these addresses be published
Otherwise, it could all be fake BTC's. It is the reason GBTC is trading at a massive discount to NAV real BTC holdings. No one trusts that there's real BTC's there and that GBTC is massively undervalued by over 40%
And once the addresses are known, everyone can track in real time if any of those coins move as per the terms of the GBTC fund, they are not supposed to be sold, except for management fee
There's no security risk to knowing the public addresses, many people are tracking the top 100 Bitcoin addresses now, and there's no risk of any of those btc's being stolen
GBTC fund closing down and liquidating its btc holdings is a non-zero % probability
If that was to happen as a massive sell order, it could obliterate every order book out there and bring btc price to less than $1,000
Great opportunity
I'll be a buyer and I have $0 debt, willing to tap on credit and fuck it, we'll probably sell our Tesla to buy more bitcoins
If that was to happen as a massive sell order, it could obliterate every order book out there and bring btc price to less than $1,000
Great opportunity
I'll be a buyer and I have $0 debt, willing to tap on credit and fuck it, we'll probably sell our Tesla to buy more bitcoins
Last edited:
going down...its not finished yet
