@Bragato18
Crypto Is Easy Market Update excerpt @markhelfman “….People seem to talk about GBTC/Greyscale lately because of problems at its parent company, Digital Currency Group (DCG). A four-bullet summary of the situation: - DCG is a valuable company. - Genesis is worthless and its liabilities are too big for DCG to back-stop. - Greyscale is a cash cow and the Greyscale Bitcoin Trust (GBTC) is one independent entity under the DCG umbrella. - DCG wants a bail-out but potential bailout-ers know they’ll get a better deal waiting for DCG to file bankruptcy. Bankruptcy can go a few ways. Under the most likely option, each part of the DCG empire will go to the highest bidder, spin off as its own entity, or get dismantled—but there are several paths that can produce different results. It’s unclear to me what, if any, impact this will have on the crypto market. Unless DCG dissolves the trust, there’s no crypto at stake, only cash commitments and liabilities—right? Do you know if there’s any crypto at stake here? Leave a comment below. Would DCG dissolve the trust and convert all that BTC into USD? That would tank bitcoin’s price and seems counterproductive. GBTC is easy money and a lot of it. Why kill the golden goose? I guess we’ll just have to wait and see. Why isn’t anybody talking about USD Tether anymore? We no longer have to worry about KuCoin, Nexo, and Crypto.com?…” MarkHelfman.com/bio
9 comments
What really annoys me in this current FUD situation, is that the names of these companies and exchanges keep popping up even though I haven't even heard of some of them! Yet we are all affected by their trouble in a form of volatile BTC. So unfair to us who moved to defi long ago! 😅
i thought BTC has been rather stable lately
It sure has. It's been going sideways pretty much since the FTX meltdown. I just got a feeling that the next Genesys, Gemini, Gemisys, Tsygemi Tsunami is just around the corner to bring people FUD! 😉
you forgot to mention MT Gox. BTC has fallen further on relatively little news in other words it was going to fall regardless of what the news is. Alot of air has been taken out of the bubble already, most of the sellers have already sold. Now it is the just the mortgagee sales left. Even if miners join the party (go out of business) that just makes it easier for others as the difficulty is adjusted in their favour. If things get bad enough will be able to mine on my computer again 😎 been talking to Rusty Rigs from Metamining Australia. They run sustainable mining farms in Oz and buy and sell rigs. Manufacturers have adjusted their production due to less demand and latest offering sold out in 24hrs. Some models may fall further but as a whole that particular market has found its bottom.. None of B18CCS clients have sold out and are busy accumulating, as far as I know anyway. Personally know a few people (family & friends, not counting the Grandson) who are new and are DCAing, which surprised me. I was expecting them to halt or bail out all together. Personally we need another 30% drop before we start stacking sats with fait again, 2020 we hit our psychological price barrier. The next 12 months are going to be very exciting times, which ever way it goes.
There has been quite a time since Mt Gox 😀 True that BTC could've fallen further regardless of all the FTX FUD, maybe it's just a coincidence that it happened at the same time. It would be great news if mining would become profitable again! Maybe there are some good miner bargains to be found during this bear market. Really good times to DCA also!
Very valid questions from Mark. What happened to the CeXes in distress?
Great update. So much FUD around
not all of it is FUD
true, just hard to know what to believe