LESSON NUMBER TWO: WHY WOULD YOU BUY SPOT?

[Anonymous No.52979566]

PREVIOUS THREAD: >>52967747 WAS HIJACKED BY A SCHIZO CLAIMING I WAS A LARPER. IGNORE RETARD ATTENTION SEEKING FAGGOTS AND FOCUS ON THE IMPORTANT STUFF, THIS MARKET IS THE FUCKING STOCK MARKET ON STEROIDS AND YOU CAN MAKE IT BIG IF YOU PLAY IT RIGHT, DONT FUCKING BLOW IT RETARDS.

TODAY WE ARE GOING TO BE TALKING ABOUT THE BIGGEST HOLDER OF BITCOIN AFTER SATOSHI, WHO ALONE HOLDS 633,000 BTC, OR AROUND 3.3% OF THE CIRCULATING SUPPLY, THIS HOLDER AS YOU MANY OF YOU MAY HAVE ALREADY GUESSED (OR AT LEAST THOSE WHO DON'T LITERALLY HAVE A ROOM TEMPERATURE IQ) IS GRAYSCALE.

READ THE FUCKING IMAGES AND AGAIN REFRAIN FROM ASKING STUPID ASS QUESTIONS.

WILL BE UPLOADING 3 IMAGES EACH WITH MORE INFORMATION, READ ALL OF THEM BEFORE POSTING RETARD, FOCUS FOR A BIT YOU DWELLING DOPAMINE SEEKER LOW ATTENTION SPAN COOMER.

[Anonymous No.52979594]

2/3

[Anonymous No.52979607]

>>52979566
>>52979594
stop larping as me faggot. you can NEVER be the real capslockanon

[Anonymous No.52979629]

>>52979594
lmao dude you dont even know grayscale is a scam? explain to me how grayscale works. dont worry, ill wait.

[Anonymous No.52979631]

3/3

[Anonymous No.52979651]

[Sage No.52979654]

I believe this anon:
>>52979629
>>52979607
Not OP. Sage in all fields

[Anonymous No.52979660]

>>52979607
>>52979629


RETARD SCHIZO ALERT, SO RETARDED THAT EVEN BELIEVES R/BITCOIN ABOUT GRAYSCALE BEING A SCAM, KEEP HOLDING FAGGOT.

[Anonymous No.52979677]

>>52979629
if grayscale is a scam then coinbase custody is also a scam

[Anonymous No.52979699]

>>52979631
>it's as safe as it gets
>it's held by coinbase
>contradict yourself immediately

[Anonymous No.52979709]

>>52979654

SAME SCHIZO RETARD BUT USING HIS PHONE TO REPLY.

>>52979651

BASED, ALL MY ACTIONS ARE DONE IN HONOR OF CHRISTS THE ONE AND ONLY SAVIOUR.

[Anonymous No.52979718]

>>52979660
explain to me exactly how grayscale works. if the btc they own can never be sold, then what do the shares trade based off of? what happens when they issue more shares? why is the discount so large on GBTC? almost like there is a humongous risk involved

[Anonymous No.52979736]

>>52979607
>>52979629
Nobody makes those pics like he does so if this is a larp they are going through a lot of trouble to mimic their mannerisms and content.
I know retards and neets have time but that just seems like a waste of even dead space time.

[Anonymous No.52979737]

and dont say "you are just too stupid to understand"

no, i want you to explain to me, exactly, how grayscale works.

[Anonymous No.52979744]

>>52979699

IT IS MORE LIKELY FOR YOU TO MAKE IT THAN FOR COINBASE NOT HOLDING GRAYSCALE COINS, DO YOU NOT UNDERSTAND THAT THEY REPORT TO THE SEC QUATERLY AND THEY WOULD ALL FACE JAILTIME FOR LIFE IF EVEN DECIDED TO FUCK AROUND ONCE?

IT IS MORE LIKELY THAN YOU WITH YOUR STUPID LEDGER NANO S FUCKS IT UP AND SENDS THE MONEY TO ANOTHER RETARD THAN FOR COINBASE TO NOT HOLD THE BITCOIN.

[Anonymous No.52979755]

>>52979736
>I know retards and neets have time but that just seems like a waste of even dead space time.
i know, thats the funniest part lol he did the yellow borders and everything

[Anonymous No.52979792]

>>52979718
they are trading at 1-1 bitcoin. they wont issue more shares unless there is a premium. the discount is large for unexplained reasons I will give you that. probably will converge with bitcoin bottom

[Anonymous No.52979795]

i'll check back later for that grayscale explanation that i know you cant give me. same way that nobody could ever explain where they huge yields on defi shit come from, and then just pretend that you are a retard that doesnt get it

[Anonymous No.52979816]

>>52979566
btc got pumped by printing billions of tether, retard

/thread

[Anonymous No.52979818]

>>52979792
>the discount is large for unexplained reasons
lmao. the discount is huge because there is massive risk involved. same as anything else that trades at a discount like that

[Anonymous No.52979838]

>>52979718
>>52979737

DID YOU EVEN READ THE IMAGES I SPENT 1 HOUR FUCKING MAKING?

GBTC IS A MUTUAL FUND, ITS ALLOWS INSTITUTIONS TO HAVE BTC EXPOSURE WHILE DOING ALL THE DIRTY WORK FOR THEM AND CHECKING IN A VERY JUICY 2% ANNUAL FEE FOR DOING SO.

EACH OF ITS SHARES IS EQUAL TO AN AMOUNT OF BITCOIN UNDER MANAGEMENT, TO ISSUE MORE SHARES YOU HAVE TO DELIVER REAL BTC TO GBTC TO GRAYSCALE, WAIT FOR 6 MONTHS AND THEN GET GBTC, THIS IS HOW THE FUND GREW SO BIG AS INSTITUTIONS WERE BUYING STUPIDLY AMOUNTS OF GBTC AND DRIVING THE PREMIUM TO THE MOON, AS YOU CAN SEE HERE:

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

ARBITRAGERS BOUGHT BTC SPOT TO DELIVER TO GBTC AND DO A CARRY TRADE AND GAIN THE PREMIUM AND THEY DROVE UP THE PRICE UP AGAIN, MAKING INSTITUTIONS BUY MORE AND FUELLING THE MANIATIC RISE

THEN IT ALL CAME CRUSHING DOWN

THIS IS ALSO HOW 3AC WENT BUST, THEY BOUGHT GBTC ON LEVERAGE WHEN IT WAS TRADING AT A 10% DISCOUNT BELIEVING THEY WOULD MAKE IT BIG WHEN THE DISCOUNT WOULD ROSE BUT THEY GOT FUCKED.

[Anonymous No.52979851]

>>52979709
Nah, >>52979654 is right. Take meds and stop spamming, OP.

[Anonymous No.52979861]

>>52979818
what is the risk? That coinbase is lying about their holdings? This is coinbase custody, btw, which is even more secure than coinbase exchange

[Anonymous No.52979875]

>>52979566
>>52979594
>>52979631
>>52979660
>>52979744
>>52979838
>>52979851
You need psychiatric intervention.

[Anonymous No.52979900]

>>52979566
Get back to me when I can transfer shares of GBTC to a private wallet.

[Anonymous No.52979906]

>>52979875

IM THE SANEST I HAVE EVER BEEN, IT JUST IS THAT HIS BOARD USED TO BE COOL, THERE USED TO BE GOOD DISCUSSION WHEN YOU GUYS FUCKED IT ALL UP.

[Anonymous No.52979930]

tracking the discount/premium is interesting. thanks for sharing.

[Anonymous No.52979934]

>>52979900

THIS WILL COME WHEN GBTC BECOMES AN ETF, WHICH THE FUND HAS BEEN PURSUING FOR MONTHS BUT THE SEC HAS BEEN REJECTED, DUE TO THE IDEA PROPOSED BEING ASSET SETTLEMENT INSTEAD OF CASH SETTLEMENT LIKE FUTURES THAT MANIPULATE THE GOLD PRICE.

[Anonymous No.52979965]

>>52979677
>If grayscale is a scam then coinbase is too
I mean... yeah?

[Anonymous No.52979974]

>>52979930

YOU'RE WELCOME ANON. I TRY TO HELP YOU GUYS BUT YOU GUYS JUST KEEP THROWING STONES AT ME. I MAY TREAT YOU GUYS WITH LITTLE RESPECT BUT THATS HOW YOU DRIVE UP TRAFFIC ON THIS MONGOLIAN BASKET FORUM

[Anonymous No.52979995]

>>52979934
OKAY THANKS FOR THE INFORMATION. I WILL TAKE THIS UNDER CAREFUL CONSIDERATION AND EVENTUALLY COME TO A CONCLUSION ON WHAT TO DO.

[Anonymous No.52980017]

>>52979861
>what is the risk?
systemic risk from the way that grayscale operates. does coinbase actually have the btc? probably. does that mean coinbase cant go bankrupt? no, end then what happens? what about a hack? what about grasycales terms and conditions literally just being garbage and nobody bothered to read them. the fact that GBTC is trading at such an outrageous discount tells you everything you need to know - there is massive risk involved and anyone that buys it is paying a premium for taking on that risk

still waiting for someone to explain to me how grayscale works, and this -> >>52979838
is not going to cut it. explain to me how it is possible that they never sell any of their holdings. so nobody is able to redeem their shares for btc? is that why people dump their worthless GBTC, because its redeemable for fucking nothing?

tell me how the fucking thing works. im waiting.

[Anonymous No.52980024]

>>52979965
so at least give in to this:
if you are buying and holding bitcoin on coinbase you are losing nearly 50% value by instead not buying gbtc

[Anonymous No.52980048]

>>52980024
>if you are buying and holding bitcoin on coinbase you are losing nearly 50% value by instead not buying gbtc
no because you cant even redeem gbtc for btc lmao

[Anonymous No.52980069]

you are buying a share of something that you HOPE represents 1 BTC, but you will never have access to it. the entire thing trades on trusting that barry faggot guy who's other business just went belly up. think about it.

[Anonymous No.52980074]

[Anonymous No.52980103]

[Anonymous No.52980110]

>>52980017
the btc shares are not redeemable because they go into secure long term storage. that is a feature. gbtc == btc. it obviously can be redeemed if absolutely necessary, but what would be the point?

[Anonymous No.52980123]

This reads like someone discovering gbtc for the first time

[Anonymous No.52980150]

>>52980110
so you are telling me that nobody in the history of GBTC share holders has attempted to redeem shares for BTC? they havent said, wow, these shares are actually worth double the BTC they represent! i think i will buy the shares and then redeem for BTC. you dont think people would do that?

[Anonymous No.52980182]

>>52980123
>This reads like someone discovering gbtc for the first time
ahh yes, the old "you are just too stupid too understand" line. same shit i heard with celsius and all that other bullshit that pulled yield from NOWHERE

nobody will ever explain how GBTC works, because its a fuckin scam

[Anonymous No.52980188]

>>52980048
you don't need to redeem because gbtc is backed 1-1 by btc. If there is a discount it means there is a buy opportunity

[Anonymous No.52980224]

>>52980188
oohhhhh i see. so the GBTC represents BTC, and when you buy the shares you supposedly own that BTC, but you can never actually have access to it. but rest assured, they are backed 1:1. oh and its run by the guy whos other company just failed because hes a retarded scammer.

thanks for that brilliant fucking explanation dumb fuck

[Anonymous No.52980228]

>>52979934
2 MORE WEEKS

[Anonymous No.52980242]

>>52980150
No because they understood that gbtc is not redeemable by contract. Those who bought gbtc, created a gbtc premium, which then btc holders arbed into gbtc fund

[Anonymous No.52980296]

>>52980242
>No because they understood that gbtc is not redeemable by contract.
why are you making this more difficult than it has to be? GBTC is not redeemable for BTC. it trades off of fucking nothing but hopes and dreams. and then idiots like OP come in and say, wow, what a great deal this is! its trading it a discount!

[Anonymous No.52980360]

>>52980296
it is redeemable in principle. the btc is there. the fund has stated they will not redeem for the foreseeable future- as that is the point of the fund - a 1-1 backing to btc. gbtc is only created when it trades at a premium and an arb opportunity exists to put btc in the fund. The fact that it can't be redeemed at this moment is why it trades at a discount, but that is completely different than saying it is backed by nothing.

[Anonymous No.52980394]

>>52980360
its a fucking ponzi scam

>it is redeemable in principle.
in other words, its not redeemable. go buy some fucking shares and try and redeem them, tell me how it works out for you

[Anonymous No.52980395]

>>52980296

OK RETARD, YOU CLEARLY ARE BELOW TEMPERATURE IQ BUT I'LL TRY MY BEST TO EXPLAIN TO YOU

GBTC,AS YOU POINTED OUT, IS NOT REDEEABLE FOR BTC, IF IT WERE, PREMIUMS AND DISCOUNTS WOULD BE IMPOSSIBLE TO EXISTS AS YOU COULD JUST ARBITRAGE BOTH AND EASY PEASY.

GBTC IS HELD BY COINBASE CUSTODY AND ITS TERMS ALLOW THE CUSTODY ONLY TO HOLD THE BITCOIN, NOR MOVE IT AROUND, NOR LOAN IT, NOR USE IT AS COLLATERAL.

GRAYSCALE ITSELF HAS BEEN PURSUING FOR MONTHS ITS OWN BITCOIN ETF, WHICH WOULD AUTOMATICALLY ALLOW REDEMPTION AS ALL SETTLEMENTS WOULD BE BITCOIN BASED, DUE TO THIS EXACT REASON THE SEC REJECTED THE ETF MULTIPLE TIMES AND NOW GRAYSCALE IS SUING THEM.

https://grayscale.com/end-of-year-ceo-letter-to-investors-2022/

I DO NOT CARE ABOUT GBTC REDEMPTION OR IT BEING WORTH LESS THAN A BTC.

THE ONLY THING THAT MATTERS IS THAT IF YOU ARE AN INSTUTION, LIKE YOU WERE IN 2020, YOU BUY GBTC DIRECTLY INSTEAD OF SPOT, SO FOR YOU THERE WOULD BE NO REASON TO BUY BTC SPOT, THUS YOUR BUYS WOULD NOT DRIVE UP REAL DEMAND FOR BITCOIN ULTIL THE DISCOUNT CEASED TO EXIST,


THATS THE WHOLE FUCKING POINT RETARD.

[Anonymous No.52980421]

>>52980074
>>52980103

BASED

Samuel 2:7: "The LORD makes poor and makes rich; he brings low and he exalts.”

>>52980024

ACTUAL SMART ANON

[Anonymous No.52980464]

>>52980395
>GBTC,AS YOU POINTED OUT, IS NOT REDEEABLE FOR BTC, IF IT WERE
if it were, then it wouldnt be a scam. in other words, its trading on nothing but the hopes and dreams that some day maybe the SEC will be nice and approve it. and if that were the case, people would know that its coming and the discount wouldnt be so big.

>THE ONLY THING THAT MATTERS IS THAT IF YOU ARE AN INSTUTION, LIKE YOU WERE IN 2020, YOU BUY GBTC DIRECTLY INSTEAD OF SPOT, SO FOR YOU THERE WOULD BE NO REASON TO BUY BTC SPOT, THUS YOUR BUYS WOULD NOT DRIVE UP REAL DEMAND FOR BITCOIN ULTIL THE DISCOUNT CEASED TO EXIST,
institutions arent touching GBTC dude, its a fucking shitty OTC pink sheet scam stock with massive risk run by a fucking scamming moron

[Anonymous No.52980669]

>>52980464
The only risk I see is that grayscale does mismanage the funds some way through their association with DCG-genesis. But that is very different than saying the funds aren't backed 1-1. Coinbase custody confirms this. SEC approval is irrelevant to this fact.

[Anonymous No.52980805]

>>52980669
imagine if you could look at the $ in your bank account but never actually spend it on anything. dont worry though, the bank says they have the money. you cant have access to it now, but maybe someday you can. oh and by the way, the owner of your bank owns another company that was a yield scam that just failed massively.

that is grayscale.

[Anonymous No.52980826]

>>52980805
and people act like its a big fucking mystery that this thing is trading at a humongous "discount"

stupid.

[Anonymous No.52980891]

>>52980805
yes, gbtc can be thought of as a derivative of btc and you have to trust the custody backed it 1-1. If it trades at a discount to btc, and you trust the custody, it is free money.

[Anonymous No.52980966]

>>52979566
because gbtc is not btc. theres only a chance it might be, but thats what the discount is pricing in.

[Anonymous No.52980970]

>>52980891
>it is free money.
oh wow, just like that hey! free money! from the guy that just scammed a bunch of people with his last company. you fucking people are incredible, really. you sit here and defend the most retarded fucking scams imaginable, and then when they collapse you say "oh yeah i knew it all along".

sure thing fuckface. its not free money, its a scam. you are getting scammed.

[Anonymous No.52981045]

>>52980970
notice the "if" condition in front of it. It is free money if it is backed 1-1. The market will eventually price it at 1-1 if it is truly backed 1-1. All gbtc has to do is redeem at any point. But then again if the market begins to trust the custody, the price will go back to parity. What I'm saying is not controversial, it is fact

[Anonymous No.52981069]

>>52979566
>>52979594
If the etf brings the price down and enought people buy Bitcoin and Withdrawal to cols adress the real Bitcoin price has to rise.
Because then all this paper trading doesnt matter, because there is a limited number of bitcoin and if all are in cold storage you cant get one for your scam papers

[Anonymous No.52981110]

>>52981045
oh cool, so you are saying that GBTC is only free money if it does indeed turn out to be free money. thanks, you really are putting up a tough argument here.

>>52981069
this is your average GBTC buyer. this is why GBTC hasn't hit $0 yet.

[Anonymous No.52981134]

>>52980360
>The fact that it can't be redeemed at this moment is why it trades at a discount
We will never recover until this fucking bullshit scam goes to zero
ZERO

[Anonymous No.52981185]

>>52979906

BASED capslock anon, because of you back in 2k18 i made big bank, thank you.

Keep lords good work and educate newfags on how 4chan and biz actually needs to fucking work.

MAKE /BIZRAELIS/ GREAT AGAIN.

ps: i miss asukaanon

[Anonymous No.52981192]

Sirs please redeem

[Anonymous No.52981255]

>>52980394
>buy gbtc share at discount
>sell share at premium
>buy bitcoin with profit

What is not being understood here? Trusts are what created the gilded age. If you don't like it don't buy it.

[Anonymous No.52981440]

>>52981255
nice bait (i hope)

[Anonymous No.52982146]

>>52981185
what happened to the cat anon who always asked how bitcoin holders are doing?

[Anonymous No.52983303]

Why would I buy something that I can't redeem or sell at a high price?

[Anonymous No.52983429]

thank you anon. I hate this fucking board with a passion because of all the fucking scammers and schitzo larping on this board so your effort is appreciated. What does this mean for the overall market, is crypto done for because they fucked it up or will we have another bullrun, if so, when?

[Anonymous No.52983453]

Answer my question nigger. Why would I buy gay btc (ticker: gBTC), if I can't redeem or sell it for twice btc?

[Anonymous No.52984010]

>>52979631
>>52979566
You're trying to get people rekt aren't you?

[Anonymous No.52984044]

>>52979566
CAPSLOCK ANON IS HERE ITS THE BEST BOTTOM SIGNAL YOU ARE GONNA GET THIS RETARD CALLED FOR 2K WHEN IT WAS 3K AND MISSED THE ENTIRE BULLRUN OMEGARETARD ALERT

[Anonymous No.52984482]

>>52979566
got absolutely rekt and shit on in his last thread comes back with another fud
lol gayscale doesnt matter anymore they are treading below nav because they got denied spot they charged insane fees and soon blackrock and citadel will over direct crypto exposure to clients so paying an additional fee to gayscale is unnecessary sneeding
really OP how fucking pants on head retarded are you this was discussed at lenght in summer when the news first broke

remember when the all organic coinbase fud was exploding over here and then 1 week later we hear the aladin engine was going to include btc lol
but by all means caps anon short the bottom again and bleed through the eyes seething as was pointed out in the last thread you did in the last cycle bottom

[Anonymous No.52985515]

Gayscale is a piece of shit, it's cheaper because your funds are basically fucking gone forever once you sign up, and it's a massive ballache vs holding your own coins. It is worth less than BTC because it's worth less than BTC. The whole thing is a nothingburger.

These threads are the most reliable bottom signals we, as a forum, have.

[Anonymous No.52985547]

All I need is 250k bros by next bull run and I can retire in my 3rd world country. I have half a bitcoin. Should I switch to GBTC or just buy more bitcoin and eth?

[Anonymous No.52987115]

Thanks for the post anon. 1 question.

1. The GBTC price went from approx 3.74 to 58 which is about the same amount percentage wise BTC went from 3000's to 60,000's ... there seems to be no advantage to buying GBTC over just regular BTC as it rose about the same amount in the bull. Maybe I'm not seeing the advantage. Are you saying there is an advantage to buying GBTC over BTC?