Thu Dec 15 04:35:24 2022 (*6952cd93*):: The rules around share issuance and redemptions for GBTC are so screwed. They can’t do both at the same time- there has to be a 6 month period between when they offer issuances and when they offer redemptions. And if they offer redemptions now the market might just pull out everything and send AUM to zero without them being able to issue anything to add back to AUM. It’s almost like the SEC set them up to fail in 2016. If they could just convert to an ETF a lot of the BS would go away. https://www.coindesk.com/business/2022/12/13/grayscale-bitcoin-trust-discount-reaches-record-50/ +public! *** Grayscale Bitcoin Trust Discount Reaches Record 50% *** The shares have not traded at a premium to bitcoin since last March. *** coindesk.com (*54b3f3ac*):: maybe. they still wont share their holdings with anyone citing ‘security concerns.’ do they not know how blockchain works or are they scammin? pretty shady (*6952cd93*):: well the thing with that is their holdings are with coinbase custody so, if grayscale is scamming, so is coinbase, and everything goes full FUBAR lol (*54b3f3ac*):: They say that but we have zero idea really. And not necessarily both are scamming. Greyscale could bamboozle cb easily. Hell look at sbf! (*6952cd93*):: well there was a letter from coinbase affirming the holdings even though they didn’t prove it themselves… so if there is a fraud here, CB automatically gets implicated in it and we’re gonna crash sub 10k lmao
(*6952cd93*):: what do you think the odds are that grayscale is another FTX? (*54b3f3ac*):: Good question. I’ve never liked novogratz. He comes from the deep squids :octopus: id say its 50 50 at best they are solvent. Fwiw I wouldn’t hold a sizable amount of money in their funds. I talked on my podcast alot how I thought they would rug pull greyscale. They are higher risk than binance too (*54b3f3ac*):: Silbert is a tool. A pretty private one at that. I cant find too much on that guy
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