Posts about Bitcoin
Last year, Cade Cunningham signed a deal with BlockFi, receiving 100% of his signing bonus in bitcoin.
Now, BlockFi is preparing to file for bankruptcy, per @WSJ.
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Here is the reddit post about it from last year
Comments from this thread include:
CadeCoin
Crypto Cade
Damn I low key thought he was gonna get paid in PBJ's. That would've been dope.
Imagine telling people crypto is a reliable way to save.
Reading this thread it’s obvious that a lot of folks here have not actually done any diligence on cryptocurrency. Funny thing is these same people will be using crypto without even knowing it soon enough. The impact on a number of industries (banking, gaming, art) is already impacting is huge and only growing
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And my personal favorite:
That’s a nice signing bonus you got there, Cade…
….aaaaaaand, it’s gone.
For a disclaimer this is too much for me to understand or wrap up fully but I want people to be up to date on what's happening, I'll be citing tweets and articles but if someone in the comments can provide more information about the situation it would be awesome.
Ok, so first of all. What is GBTC?
"GBTC (Grayscale Bitcoin Trust) is a Bitcoin fund launched by Grayscale in 2013 as a Bitcoin Investment Trust. GBTC allows investors to gain BTC exposure through a private trust that trades directly on the U.S. stock market. "
How GBTC works, credits to @ lookonchain on twitter for explaining this:
https://i.redd.it/d157l5pvuv0a1.pngAs of right now 1GBTC is $8,35 while bitcoin is trading at $16Â 613As of recently after the FTX crash there has been concerns about Grayscale having to dissolve their Bitcoin trust:
https://i.redd.it/hxg8w77hvv0a1.pnghttps://i.redd.it/hzsbsnf00w0a1.pngThe parent company DCG aka Digital Currency Group is now requesting a 1 billion emergency loan due to the recent Genesis situation
https://i.redd.it/n6d7n6q2wv0a1.pnghttps://i.redd.it/1ojc7tc9yv0a1.pngOne of the most concerning things about this is that GBTC is refusing to give proof of reserves information due to it being a "security concern":
https://i.redd.it/uedk0ykowv0a1.pngThe GBTC bitcoin fund is trading at a 40% discount right now like i said earlier, 1GBTC being $8.35 while bitcoin $16 613:
https://i.redd.it/pjoxelh1xv0a1.pnghttps://i.redd.it/78iehq60yv0a1.pnghttps://i.redd.it/mgsc9d5wzv0a1.pngThis could end horribly since they presumably hold over $10 billion worth of bitcoin. Let's just hope we get more clarification to what's happening with them over the upcoming days.
Topping this off with an infographic too hard for me to understand about how they operate:
credits to @ statelayer on twitter for this
