I was reading up on billionaire vs. billionaire aka Winklewoss suing Silbert, and since I wasn't familiar with Barry Silbert, I took a closer look. Long story short: "Last month, Forbes wrote down the value of Silbert’s stake in DCG from $3.2 billion to $0. “Forbes estimates the value of DCG’s outstanding liabilities are greater than the fair market value of its assets in the current market environment,” we wrote at the time." The article about their ongoing battle: https://www.forbes.com/sites/johnhy...accusing-of-accounting-fraud/?sh=6935f857906b "Barry Silbert, the CEO of troubled crypto empire Digital Currency Group (DCG), defrauded some 340,000 crypto investors using Gemini Earn, according to allegations made by Cameron Winklevoss, CEO of crypto exchange Gemini, in a scathing open letter published to Twitter Tuesday morning. The allegations come nearly two months after Genesis Global Trading, DCG’s wholly owned lending firm, suspended withdrawals for customers in the wake of FTX’s collapse. Gemini had partnered with Genesis for its “Gemini Earn” product, which offered investors annual interest returns of up to 8%." The article is really good, read the whole thing if you want to know just how messed up the crypto investments and leverages are. I have to say Cameron Winklewoss seems to be right between the 2. "Silbert and his companies “defrauded” Gemini customers by “conspir[ing] to make false statements and misrepresentations about the solvency and financial health of Genesis,” alleges Winklevoss. “By lying, they hoped to buy time to dig themselves out of the hole they created.”"
Silbert may go down in history as the guy who wrekt Grayscale All those who are levering up LONG positions in crypto again right now... I fear this will not end very well. The market always tends to move in the direction that brings the most pain.
This is a very hated bitcoin rally from $16k to over $22k I love it!!! The most painful thing the Bitcoin market and crypto assets will do is for btc to go over $50k in the next month or 2 leaving everyone on the sidelines who are scared to get back in With a side order of the shorts that keep on shorting at higher and higher levels Let's fucking go!!! 2023 is on fire!!!
Its been a long winter and I'd say there'd be some fatigue out there. Will be a bumpy ride till some optimism is restored. But as John said just above you-this rally is starting to help!! haha And to quote John just once more:"Lets fucking go!!"
If you can't get BTC to drop on the Gemini news... you guys are traders, right? What do you do when bad news is discounted? 25K within 60 days.
"The market always tends to move in the direction that brings the most pain." Except for 2012 to 2020 Mar. and from April to Jan. 2022, when it moved up and to the right for most of 10 years.