2023 just started, and contagion already looks like it MAY get a hell of a lot worse this year than last. I still don't have the courage to short crypto, but if someone wants to pull the trigger (and the bears here always act like they are), now may be the time. 2023 Starts Off With A Bang: Winklevoss Slams Barry Silbert's Genesis, Accuses Of Commingling Funds https://www.zerohedge.com/markets/2...ry-silberts-genesis-accuses-commingling-funds
The initial statement from Gemini: Will I lose my money in Earn? Our understanding is that Genesis paused withdrawals due to a liquidity issue resulting from a liquidity duration mismatch between Genesis' assets and its liabilities. More specifically, we understand that Digital Currency Group, Inc. (DCG) - the parent company of Genesis - owes Genesis ~$1.675 billion dollars: $1.1b in the form of a promissory note due in June 2032 and ~$575m in the form of an intercompany loan due in May 2023. In the wake of the FTX collapse, Genesis creditors made redemption requests that could not be met immediately due to the market turmoil and the longer timeline of the DCG liability repayments to Genesis. As a result, Genesis paused withdrawals on November 16, 2022. If our understanding is correct - that this is a liquidity issue (i.e., cash-flow insolvency) - then a full recovery of funds for Earn users is possible. If this is a Genesis balance sheet issue (i.e., balance-sheet insolvency) whereby its assets are less than its liabilities, then a loss of some amount is possible. We do not have an indication at this time that this is a Genesis balance sheet issue, rather a liquidity/cash-flow issue. [(Uhh, if the only reason they have a solvent balance sheet is because their parent company gave them a 1 year lOU in May and a 10 year IOU in June, then they really probably are functionally insolvent)]
OMFG, it's JUNIOR BABY. The BLIND CHILD who lost his arse in CRYPTO!! I TOLD YOU CHILD I CANNOT KEEP PICKING YOU UP WHEN YOU FALL!!!! This is VERY Bad for Crypto. (January 8th) Gemini founder Winklevoss sets January 8 deadline for DCG CEO Barry Silbert to return customer funds (fxstreet.com)
Liquidity issues by their very definition only arise from the liquidation of illiquid assets. This entire space is troubled by lies, and deceit, and criminal actors.
Don't you know how to think for yourself? Or do you need youtube to tell you what to think? I'm not watching that video
YOU POOR POOR IDIOT! Jan 8th is YOUR DAY OF RECKONING! Will GBTC DUMP??!!!! READ THE NEWS LINK, YOU POOR BLIND B*ASTARD! OF COURSE I HAVE TO TELL YOU BECAUSE YOU COMPLETELY MISSED IT AGAIN!
I am long Ethereum here, hold a little BTC (as it currently is). However... I feel pretty confident BTC will at a few points be forced into more forks, which is how its past has been. That said, I will be happy to see GBTC plummet the price of Bitcoin during a liquidation, and then I can swoop down to grab some more. For this reason, I MAY keep some extra powder in my TFSA for that scenario. If it passes without harm, then I'll continue buying real estate units on the cheap instead.