Goodbye Crypto - GBTC & Tether

MasterOfMasks

MasterOfMasks

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If the situation continues and GBTC & Tether collapse, crypto will go down the drain.

THOUGH, crypto will still continue to be a great way to anonymously send money across the world, BUT it will probably NOT be a good to make money in the long run IMHO.
 
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Crypto is not really anonymous actually unless you really leave 0 trace...
 
Cypherpunk Zero #4027 said:
It's scary that Grayscale refused to offer proof of reserves. That's at least a red flag, if nothing else
Click to expand...

True. They might have like 2 Bitcoins and they al say that they have 600k+ bitcoins :D

wormsmmc said:
Crypto is not really anonymous actually unless you really leave 0 trace...
Click to expand...
You can alaways use mixers, coinjoin, privacy coins and more ;)
 
naa, will go where needs to go, and then will resurrect....another leg down toward 10k is what I am waiting, then the odds are in our favour, to stay sideway, then as usuall a year before halving, more or less the bottom is done.and we have about 2 years of fireworks, and incredible money to be made...
 
In USDC/BUSD we trust, as it always $1.00

While for USDT $0.9989

Something is definitely not right.

Do not hold your stable coin in USDT
 
Time to short than if you are sure XD.
Never go usdt better do usdc or busd.
Also on tether it have been audited by us gov before probably what happen is let it crash gov take over and control tether. Than regulate the market. Impacting the whole market.
Anyone that is into crypto for real will honestly see this and never put big money on exchange except for cash out. there is ton of Dex out there. Honestly they are centralizing tech that is great because it's decentralized. What does people expect?
That is like you marry a beatiful girl but operate him to be a guy LOL:D
 
Cypherpunk Zero #4027 said:
It's scary that Grayscale refused to offer proof of reserves. That's at least a red flag, if nothing else
Click to expand...

MasterOfMasks said:
True. They might have like 2 Bitcoins and they al say that they have 600k+ bitcoins :D


You can alaways use mixers, coinjoin, privacy coins and more ;)
Click to expand...

MisterF said:
Yup, a massive red flag and people will lose confidence based on this.
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No. They fill reports regularly with the SEC and for investors. They can't even sell them (hence they trade under NAV).
Also, Coinbase would likely not allow them to lie. If they state in SEC documents that Coinbase has custody of all of then, you can bet your ass Coinbase would alert the SEC if that wasn't true given that Coinbase would likely be subject to civil action as well.

The 635k bitcoins which they have, don't allow redemptions even from their only active participant (Genesis), and all coins are stored with Coinbase in their custodial trust. I am having a hard time envisioning a situation where they would even be allowed to leverage their holdings for some other investment use.
Even if Grayscale were to fail in some way, I doubt they would just dump the bitcoin onto the market.

https://www.sec.gov/ix?doc=/Archive...119312522277465/d737308d10q.htm#toc737308\_19
Some notes from the report, maybe I'm missing something.

Authorized Participants of the Trust are the only entities who may place orders to create or, if permitted, redeem Baskets. Genesis Global Trading, Inc. (“Genesis” or, in such capacity, an “Authorized Participant”), a registered broker-dealer and wholly owned subsidiary of DCG, was the only Authorized Participant as of September 30, 2022, and was party to a participant agreement with the Sponsor and the Trust.

Effective October 28, 2014, the Trust suspended its redemption program, in which shareholders were permitted to request the redemption of their Shares through Genesis, the sole Authorized Participant at the time out of concern that the redemption program was in violation of Regulation M under the Exchange Act, resulting in a settlement reached with the Securities Exchange Commission (“SEC”). At this time, the Trust is not operating a redemption program and is not accepting redemption requests.

The custodian of the Trust is Coinbase Custody Trust Company, LLC (the “Custodian”), a third-party service provider. The Custodian is responsible for safeguarding the Bitcoin, Incidental Rights, and IR Virtual Currency held by the Trust, and holding the private key(s) that provide access to the Trust’s digital wallets and vaults.

Their annual financial statements are audited, so we should know something from the annual report when it is released.
 
Tether collapse ??? Why do you say this? Can you please elaborate what do you think USDT will collapse? It is the No.1 stable coin although they are very secretive about the collaterals they have, and I understand where the reservations are coming from. However, when Celsius collapsed, they literally paid out $13.3BN in 24 hours without even sweating... Or at least, that's what it looked like. So, keen to hear more about Tether ?
 
manolo12399 said:
naa, will go where needs to go, and then will resurrect....another leg down toward 10k is what I am waiting, then the odds are in our favour, to stay sideway, then as usuall a year before halving, more or less the bottom is done.and we have about 2 years of fireworks, and incredible money to be made...
Click to expand...
Sure ,it will reach 1 million pro unit next year,not 1st time when I hear this dream...but if this thought makes you happy why not,be like Forrest,run...
 
Crypto is not actually anonymously because you can now trace wallet address
 
MasterOfMasks said:
You can alaways use mixers, coinjoin, privacy coins and more
Click to expand...
Maybe you were not aware a popular mixer was accessed by authorities to follow the tracks of a large hack. If you can't find it on Google I will search through my logs and will get back with that article.

EDIT: Let me save you from that.

Excerpt of interest: "The Dutch FIOD has gathered information on all the interactions on this platform in the past year. This includes IP-addresses, transaction details, bitcoin addresses and chat messages. This information will now be analysed by the FIOD in cooperation with Europol and intelligence packages will be shared with other countries."

Source: https://www.europol.europa.eu/media...ncy-laundering-service-bestmixerio-taken-down

papiworking said:
And what can you do with traced address?
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Could be linked to other addresses, but here is where all stops if no further info can be traced down from the other addresses.
 
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