Grayscale Buys 800% More Bitcoin Compared to Q1 2019

[Wind_FURY]

Presenting Barry Silbert's campaign commercial for bitcoin.

https://twitter.com/sonnenshein/status/1292792512780947457?s=21

As a person who knows the history, I was shaking my head and I felt a little embarassed after I saw names of altcoins BCH, Zcash , Ripple, Stellar, Ethereum, Ethereum Classic in there. The commercial has nice music, however hehehe.

It rightly criticized fiat, and the modern financial system, but it didn't mention Bitcoin, it mentioned "digital currencies" and to invest in Grayscale's derivatives for shitcoins.

Business usual from Barry Silbert, instigator of the New York Agreement, that brought forth Segwit2x.

[gentlemand]

Business usual from Barry Silbert, instigator of the New York Agreement, that brought forth Segwit2x.

If I was in the business of making money from this I would recognise that a vast chunk of it, likely the majority, is going to be shitcoin demand because it's 'cheaper'. That's how humans work.

[exstasie]

Presenting Barry Silbert's campaign commercial for bitcoin.

https://twitter.com/sonnenshein/status/1292792512780947457?s=21

As a person who knows the history, I was shaking my head and I felt a little embarassed after I saw names of altcoins BCH, Zcash , Ripple, Stellar, Ethereum, Ethereum Classic in there. The commercial has nice music, however hehehe.

What a disappointment. Looks like a Youtube video any child could have produced. Trying to explain the entire history of money in 30 seconds? No surprise it came out so badly! It really lacks any sort of punch or cohesive messaging.

I much preferred the "dump gold, buy Bitcoin" campaign they ran a few years ago. Way more aesthetically pleasing and a much more clear and cohesive message.

[Wind_FURY]

Presenting Barry Silbert's campaign commercial for bitcoin.

https://twitter.com/sonnenshein/status/1292792512780947457?s=21

As a person who knows the history, I was shaking my head and I felt a little embarassed after I saw names of altcoins BCH, Zcash , Ripple, Stellar, Ethereum, Ethereum Classic in there. The commercial has nice music, however hehehe.

What a disappointment. Looks like a Youtube video any child could have produced. Trying to explain the entire history of money in 30 seconds? No surprise it came out so badly! It really lacks any sort of punch or cohesive messaging.

I much preferred the "dump gold, buy Bitcoin" campaign they ran a few years ago. Way more aesthetically pleasing and a much more clear and cohesive message.

It was OK in my opinion. I believe Nick Szabo would approve of the presention, but not of the part when it starts to shill Barry Silbert's shitcoin funds. The shitcoin funds shill discredited Bitcoin, and its role in the history of money.

[exstasie]

What a disappointment. Looks like a Youtube video any child could have produced. Trying to explain the entire history of money in 30 seconds? No surprise it came out so badly! It really lacks any sort of punch or cohesive messaging.

I much preferred the "dump gold, buy Bitcoin" campaign they ran a few years ago. Way more aesthetically pleasing and a much more clear and cohesive message.

It was OK in my opinion. I believe Nick Szabo would approve of the presention, but not of the part when it starts to shill Barry Silbert's shitcoin funds. The shitcoin funds shill discredited Bitcoin, and its role in the history of money.

You expect Barry to shill his Bitcoin fund and not his shitcoin funds? Wishful thinking.

Crypto Twitter was not impressed with the commercial either: ‘This Ad Is Shit’: Bitcoiners on Grayscale’s New TV Spot

[Wind_FURY]

What a disappointment. Looks like a Youtube video any child could have produced. Trying to explain the entire history of money in 30 seconds? No surprise it came out so badly! It really lacks any sort of punch or cohesive messaging.

I much preferred the "dump gold, buy Bitcoin" campaign they ran a few years ago. Way more aesthetically pleasing and a much more clear and cohesive message.

It was OK in my opinion. I believe Nick Szabo would approve of the presention, but not of the part when it starts to shill Barry Silbert's shitcoin funds. The shitcoin funds shill discredited Bitcoin, and its role in the history of money.

You expect Barry to shill his Bitcoin fund and not his shitcoin funds? Wishful thinking.

Crypto Twitter was not impressed with the commercial either: ‘This Ad Is Shit’: Bitcoiners on Grayscale’s New TV Spot

No, I expect him, a Bitcoin CEO who wants to be enriched in Bitcoin, to not discredit Bitcoin, but help Bitcoin thrive and scale, not conspire with other CEOs and some miners to hard fork the network to a centralizing upgrade, without considering the community.

[gentlemand]

No, I expect him, a Bitcoin CEO who wants to be enriched in Bitcoin, to not discredit Bitcoin, but help Bitcoin thrive and scale, not conspire with other CEOs and some miners to hard fork the network to a centralizing upgrade, without considering the community.

Bitcoin is all about self interest. If it wasn't and it depended on altruism or the consideration of others it would be long gone.

His self interest did not align with the majority's self interest. The S2X crew might just have believed they were doing us some sort of favour. No one else agreed and that cabal got schooled because of it. That's how it should be and that's how it is.

To the point brutality gets the job done and educates the naughty at the same time.

[Spaffin]

The fact that Grayscale has doubled its investment in cryptocurrency after the halving of 2020 may be one of those circumstances that directly hint at the upcoming bull run, which always happened after the halving, as evidenced by the historical data of last year's halving. In addition, the fact that Wall Street is interested in bitcoin is already a very good indicator for the entire cryptocurrency market.

[exstasie]

You expect Barry to shill his Bitcoin fund and not his shitcoin funds? Wishful thinking.

Crypto Twitter was not impressed with the commercial either: ‘This Ad Is Shit’: Bitcoiners on Grayscale’s New TV Spot

No, I expect him, a Bitcoin CEO who wants to be enriched in Bitcoin, to not discredit Bitcoin, but help Bitcoin thrive and scale, not conspire with other CEOs and some miners to hard fork the network to a centralizing upgrade, without considering the community.

Such high hopes considering you obviously know Barry's history. He's looking out for his company and his portfolio, nothing more.

My theory about these high GBTC inflows (institutional arbitrage) seems to be catching on:

While Grayscale’s inflows are certainly a sign of institutional interest, also backed by other data sets like CME’s Bitcoin futures Open Interest, some worry these inflows may be exacerbated by accredited investors taking advantage of the premium between the underlying asset and the fund’s share price.

According to Grayscale’s latest filing with the U.S. Security and Exchange Commission, the number of shares sold increased 90% from the first quarter of the year to the second, which equates to the fund issuing over 87 million shares.   

It’s also worth noting that Grayscale shares are traded at a premium that fluctuates, and in July, it reportedly decreased to 10%.

Lanre Jonathan Ige, a researcher at Amun AG, told Cointelegraph that the premiums exist “due to the lack of the ability to create shares on a daily basis (or redeem shares) like in the case of ETPs/ETFs.” He added:

“There’s untapped demand for Bitcoin in the US market from those with tax-advantaged accounts like retirement accounts whose only option in BTC (some may not properly even understand the drastic premium for GBTC) so they maintain the demand for GBTC which boosts the premium. Smart investors are able to (of sorts) generate yields equal to the GBTC premium with knowledge the premium is unlikely to fall; or even hedge GBTC exposure by also shorting GBTC when they’ve created new shares.”

https://cointelegraph.com/news/interest-in-grayscale-crypto-products-not-easing-up-not-just-btc-now

[Wind_FURY]

No, I expect him, a Bitcoin CEO who wants to be enriched in Bitcoin, to not discredit Bitcoin, but help Bitcoin thrive and scale, not conspire with other CEOs and some miners to hard fork the network to a centralizing upgrade, without considering the community.

Bitcoin is all about self interest. If it wasn't and it depended on altruism or the consideration of others it would be long gone.

His self interest did not align with the majority's self interest. The S2X crew might just have believed they were doing us some sort of favour. No one else agreed and that cabal got schooled because of it. That's how it should be and that's how it is.

To the point brutality gets the job done and educates the naughty at the same time.

What would be gone? Without the altruism of the people in the beginning, there would be no Bitcoin Network. Plus if out of self-interest, everyone junked Core, and supported S2X and it destroyed the network, then how can Bitcoin enrich them? Or anyone.

"They" should TAKE CARE of the network that enriches them, not risk destroying it out of self-interest.

[exstasie]

Without the altruism of the people in the beginning, there would be no Bitcoin Network. Plus if out of self-interest, everyone junked Core, and supported S2X and it destroyed the network, then how can Bitcoin enrich them? Or anyone.

"They" should TAKE CARE of the network that enriches them, not risk destroying it out of self-interest.

They should, but it's well understood why they don't:

The commons dilemma is a specific class of social dilemma in which people's short-term selfish interests are at odds with long-term group interests and the common good.

https://en.wikipedia.org/wiki/Tragedy_of_the_commons#Commons_dilemma

Companies like Bitpay and Grayscale and Blockchain are all in it for short term selfish interests. Big blocks fed those interests. Whether they were long term sustainable was of little concern.

[gentlemand]

What would be gone? Without the altruism of the people in the beginning, there would be no Bitcoin Network. Plus if out of self-interest, everyone junked Core, and supported S2X and it destroyed the network, then how can Bitcoin enrich them? Or anyone.

"They" should TAKE CARE of the network that enriches them, not risk destroying it out of self-interest.

I applaud those who were here at the beginning. And there are enough who are still looking out for its well being. But that isn't automatically altruistic either. The people who were here first saw its potential and what it meant for the future, both their own and others. Even if there were no financial incentive at the beginning there was a technical, political and philosophical one.

S2X wasn't supported because it was a clear failure before it even got going. There would've been forks going off all over the place. And when someone ran the actual code it immediately broke. The majority's self interest in keeping things intact outweighed the self interest of the people trying to bone it.

That is the prime factor that will keep the system healthy.

[Wind_FURY]

Without the altruism of the people in the beginning, there would be no Bitcoin Network. Plus if out of self-interest, everyone junked Core, and supported S2X and it destroyed the network, then how can Bitcoin enrich them? Or anyone.

"They" should TAKE CARE of the network that enriches them, not risk destroying it out of self-interest.

They should, but it's well understood why they don't:

The commons dilemma is a specific class of social dilemma in which people's short-term selfish interests are at odds with long-term group interests and the common good.

https://en.wikipedia.org/wiki/Tragedy_of_the_commons#Commons_dilemma

Companies like Bitpay and Grayscale and Blockchain are all in it for short term selfish interests. Big blocks fed those interests. Whether they were long term sustainable was of little concern.

But being a company dealing in Bitcoin puts them in a unique position. If they continue on being selfish, they slowly kill the thing that enriches them, killing themselves. If they partly be altruistic, and act for the interest of improving, and helping the protocol, they expand and enrich themselves further.

[STT]

Grayscale buys the BTC then holds them but surely the actual bullish trend would be natural users and rising usage not buy and hold by itself.  I relate Grayscale to this vid on diversification I saw earlier about a kind of bucket of investments held by larger capital entities in the economy.  Unfortunately an accumulation can reverse but I've got far more confidence in a rising population of direct users, the incidental usage though small I think is more likely to last longer term.  

[RealMalatesta]

Well, same thing is going on with the climate as well if you know the subject. Right now oil companies are trying to bribe everyone they could ever bribe and they want to make as much profit as they can in the next 10 years without caring about the climate, think about it there is really nothing they can do to help the climate change right now and global warming will continue as long as oil companies do what they do, renewable energy is a must in the world and the pollution is something we should care direly.

Yet the companies who cause that pollution not only do not stop but they are growing bigger because they want to make a lot more profit this year instead of caring about the earth itself in the next 10 years. We are talking about people preferring money right now over END OF ALL HUMANITY, it is like a joke when you say it but it is true.