Posted on 11/21/2022 8:06:03 AM PST by Presbyterian Reporter
Grayscale, the asset manager running the world’s largest bitcoin fund, said in a statement Friday that it won’t be sharing its proof of reserves with customers. “Due to security concerns, we do not make such on-chain wallet information and confirmation data publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure,” Grayscale wrote in a statement. Representation of cryptocurrency and Gayscale logo displayed on a phone screen are seen in this illustration photo taken in Poland on November 6, 2021. (Photo by Jakub Porzycki/NurPhoto via Getty Images) The SEC on Wednesday rejected Grayscale’s application for a spot bitcoin ETF, citing a failure by the investment manager to answer questions about concerns around market manipulation. ---SNIP---
While bitcoin is down 72% over the last 12 months, GBTC has recorded an 82% loss in that same period, as of last Friday. The spread reflects a significant disparity between the value of the trust’s sole holding and the open market price for a share in the trust.
(Excerpt) Read more at cnbc.com ...
Coinbase has also set a new 52 week low today-—It must really suck to have bought COIN at $335.90 one year ago tomorrow.
COIN
COINBASE GLOBAL INC COM CL A
52 Week Range
40.61
11/21/2022
335.90
11/22/2021
The MTX meltdown appears to me to be rather time sensitive.
I think you’re confusing Genesis and Gemini. Grayscale and Genesis are not owned by the same holding company. DTG owns Grayscale/Genesis. Gemini Trust owns Gemini. They do have some sort of third party borrower partnership but that’s typical of the cyber fake financial market. Very incestuous and tons of smoke and mirrors to show “assets”. Not surprised at all to see the house of cards coming apart.
You would be amazed at how little risk management is used at investment firms.
It’s another scam, Jim
You are probably right. I actually “skimmed” an article to confirm what I thought…and my brain saw what it “wanted to see.”
I made enough money off GBTC five years ago to go to Orlando for a family vacation.
I bought my first bitcoin AT $300. Used half to pay for something and forgot about it for 3 years. By then it was over $20,000
Been hearing that here for years, all the while making money and going on vacations with the profits.
Sold most of my crypto last year to fund something. Waiting for the bottom to jump back in.
I knew Carvana was crap when I tried their website to see what I could get for my truck. It is valued over $20,000 and they offered me $8,500.
All it takes to send BTC to zero is an announcement from the Treasury Department or Main Justice that the existence of a BTC account in your name or possession of any BTC or BTC tools is defined as money laundering.
I told EVERYBODY that Coinbase sucked. And I had lot of crypto, but they were the worst company I ever dealt with in the crypto world.
Gosh, I've heard that before, but there was something about the way you forcefully typed it in all caps that really stood out!
The largest risk is governmental, but it would have to be international. When ownership of gold was outlawed, people continued to own and hide.
To make it useless, you would have to have the majority of countries outlaw it.
Not saying that wouldn't happen...
“ you would have to have the majority of countries outlaw it.”
You mean, a majority of the countries where you would even consider living.
Really, I just mean the countries where you could transfer it.
Hopefully, the BRICS will allow this in their new banking system.
“I have a some tulip bulbs I’d like to sell - new variety - worth a fortune in the future.”
i’d like to buy some ... but i’m only willing to pay with CatNipManBux, a stablecoin i invented that is pegged to the US Dollar and which i personally guarantee is backed 1:1 with dollar assets in a bank in Dubai ...
“Waiting for the bottom to jump back in.”
the bottom is zero ...
Apparently not.
My partner Charles Ponzi is interested....
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