[Speculated] Barry Silbert dump

[bbc.reporter]

This is unconfirmed.

According to some accounts in social media, Barry Sibert has begun dumping some bitcoin. There is nothing yet in cryptonews media and mainstream news media, however, I have deployed my computing cluster of 1000 gameboys to collect, process, and filter all the news for everything Barry Silbert has done for the week hehehe.

Updates coming in this thread.

In any case, if anyone finds an update on Barry, please share them.

[macson]

the trauma felt by investors from the fall of FTX has not yet disappeared and it is certain that the domino effect of that will be difficult to avoid.  Silbert has been running Grayscale for a few years and he has a good reputation as a bitcoin evangelist so speculation about him dumping bitcoin is just hearsay.  i will continue to follow this topic ^{(i don't want to be left behind with the latest news about Silbert)}

[adaseb]

No idea if this thread was made as a joke but yesterday many of DCG coins were having a massive dump. They own large amounts of coins like FIL, ETC, ZEC and if you look at those coins you will see massive dumps especially on FIL.

It’s hard to confirm for real because everything went down during those late Friday hours but those coins in particular were hit hard.

[mk4]

No idea if this thread was made as a joke but yesterday many of DCG coins were having a massive dump. They own large amounts of coins like FIL, ETC, ZEC and if you look at those coins you will see massive dumps especially on FIL.

It’s hard to confirm for real because everything went down during those late Friday hours but those coins in particular were hit hard.

Yep. We have no direct proof, but the fact that their coins are dumping significantly harder is quite telling.

Funnily enough though, the coins they're holding are total utter dogshit. I'm actually quite confident that I can pick better coins/tokens than them, and they're an actual company lmao.

[pixie85]

The dump was to be expected when FED increased rates again. Look at stock indexes, they're all down and begun falling a day before bitcoin.
I don't always like Anthony Pompliano but he was saying the same thing for months - it's one big trade, doesn't matter if you're in stocks or crypto. FED is manipulating the prices.

I don't think that Barry alone is responsible for the whole move from 18000 to 16000 He could be involved but it's mostly crypto traders reacting to the stock market dump.

[darkangel11]

If his trust goes completely bankrupt it's probably going to create a cascade of dumps. They have 500k BTC to dump. I doubt even if they were bankrupt it would all land on exchanges but even 100k could  make us go back to 10k and that would probably liquidate Michael Saylor and a few other companies and make us go even lower. I suspect this is what big players want and we'd have banks stepping in and slowly buying bitcoin to control the supply so that if bitcoin ever goes too big they had the option of crashing it back to lows for free.

Imagine if they buy 500k btc at $5k. That gives them control over that price point. If we ever go to 50k and people get extremely bullish, they'll have the option of ending it by dumping 500k bitcoin @50k on the market and making a ton of money in the process while making the price go down 50% and giving a signal dumb traders to do the same.

The market is manipulated and it's going to attract bigger and bigger manipulators as time goes by. Don't play their game, do what you feel is right.

[numanoid]

If he dumped bitcoin, we can buy it on cheaper price.
If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?

[Lucius]

Even if the news is correct, "some Bitcoin" does not necessarily mean that it is a larger amount that would mean something to the market. It's true that there are some "complicated connections" within DCG, but as far as I understand it, it's nowhere near what it was with FTX. It seems to me that someone is trying to cause panic because they desperately want to lower the price as low as possible.

A month ago, Silbert also published a letter from which a lot can be read, but it seems that at the end of it all, a positive opinion prevails.

Dear Shareholders, 

There has been a lot of noise over the past week and I want to get in touch directly to clarify where we stand at DCG.

Most of you are aware of the situation at Genesis, but to recap up front: Genesis Global Capital, Genesis’ lending business, temporarily suspended redemptions and new loan originations last Wednesday, November 16 after market turmoil sparked unprecedented withdrawal requests.  This is an issue of liquidity and duration mismatch in the Genesis loan book.  Importantly, these issues have no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.  Genesis leadership and their board decided to hire financial and legal advisors and the firm is exploring all possible options amidst the fallout from the implosion of FTX.

In recent days, there has been chatter about intercompany loans between Genesis Global Capital and DCG.  For those unaware, in the ordinary course of business, DCG has borrowed money from Genesis Global Capital in the same vein as hundreds of crypto investment firms.  These loans were always structured on an arm’s length basis and priced at prevailing market interest rates.  DCG currently has a liability to Genesis Global Capital of ~$575 million, which is due in May 2023.  These loans were used to fund investment opportunities and to repurchase DCG stock from non-employee shareholders in secondary transactions previously highlighted in quarterly shareholder updates.  And to this day, I’ve never sold a share of my DCG stock.

You may also recall there is a $1.1B promissory note that is due in June 2032.  As we shared in our previous shareholder letter in August 2022, DCG stepped in and assumed certain liabilities from Genesis related to the Three Arrows Capital default.  As stated in August, because these are now DCG liabilities, DCG is participating in the Three Arrows Capital liquidation proceedings on the Creditors’ Committee and is pursuing all available remedies to recover assets for the benefit of creditors.  Aside from the Genesis Global Capital intercompany loans due in May 2023 and the long-term promissory note, DCG’s only debt is a $350M credit facility from a small group of lenders led by Eldridge.

Taking a step back, let me be crystal clear: DCG will continue to be a leading builder of the industry and we are committed to our long-term mission of accelerating the development of a better financial system.  We have weathered previous crypto winters and while this one may feel more severe, collectively we will come out of it stronger.  DCG has only raised $25M in primary capital and we are pacing to do $800M in revenue this year.

I bought my first bitcoin a decade ago in 2012 and made the decision that I would commit to this industry for the long term.  In 2013, we founded the first BTC trading firm – Genesis – and the first BTC fund, which evolved into Grayscale, now the world’s largest digital currency asset manager.  Foundry runs the largest bitcoin mining pool in the world and is building tomorrow’s decentralized infrastructure.  CoinDesk is the industry’s premier media, data, and events company and they have done phenomenal work covering this crypto winter.  Luno is one of the most popular crypto wallets in the world and is an industry leader in the emerging markets.  TradeBlock is building a seamless institutional trading platform and as the newest subsidiary, HQ is establishing a life and wealth management platform for digital asset entrepreneurs.  Each of these subsidiaries are standalone businesses that are independently managed and are operating as usual.  Lastly, with a portfolio of 200+ companies and funds, we’re often the first check for the industry’s best founders. 

We appreciate the words of encouragement and support, along with offers to invest in DCG.  We will let you know if we decide to do a financing round.

Despite the difficult industry conditions, I am as excited as ever about the potential for cryptocurrencies and blockchain technology over the coming decades and DCG is determined to remain at the forefront. 

Barry

[fzkto]

A coin dump did happen on Friday, but not just the ones you mentioned. I looked at the ZEC chart and saw long wicks from the candles there. In my opinion this could be a positive thing. That is, the coin was sold on panic and then someone bought well a few times. If there is interest in the coin, it means there will be growth in the future. As for Barry Silbert, I think this is a rumour that is often circulated now. Someone else's bitcoin sales won't have much impact on the market.

[tabas]

I haven't seen the specific news about him dumping bitcoin but the news that I've found said that they're dumping altcoins.
News: Community Fears DCG is Selling as Altcoins Values Tank Massively

As for Barry Silbert, I think this is a rumour that is often circulated now.

Probably the market is back again that's having those rumours and FUDs that makes people panic, so the essence of the FUD is there and is giving the effect that the spreaders want.

[adaseb]

A coin dump did happen on Friday, but not just the ones you mentioned. I looked at the ZEC chart and saw long wicks from the candles there. In my opinion this could be a positive thing. That is, the coin was sold on panic and then someone bought well a few times. If there is interest in the coin, it means there will be growth in the future. As for Barry Silbert, I think this is a rumour that is often circulated now. Someone else's bitcoin sales won't have much impact on the market.

But why sell on a Friday when liquidity is very low. If there is no news by Monday or Tuesday then most likely it’s a coincidence however there is a chance that they were forced to sell some of their digital assets to make Gemini Earn customers whole again. So far no news just speculation.

Like others said before. Many coins such as Alts dumped at the same time even BNB. Maybe it was some large liquidation of someone that used BNB as collateral and got liquidated.

[coolcoinz]

But why sell on a Friday when liquidity is very low.

The reason is probably this:


This is how Nasdaq looked in the last 2 days before the Weekend and cryptocurrencies seemed to have reacted accordingly.
I feel like there's a lot of FUD in the media like they're trying to scare us with BNB having no backing, Binance being insolvent, Barry Silbert selling... It's all a scare tactic.

[samcrypto]

If he dumped bitcoin, we can buy it on cheaper price.
If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?

Just to create FUD and Panic, we can always buy Bitcoin and yes this is the good opportunity to accumulate. Dumping their Bitcoin doesn’t mean Bitcoin is not good anymore, its just the current trend and I’m pretty sure they will but back once we hit the bottom, its more on a price manipulation for me.

[o48o]

-cut-
Updates coming in this thread.

In any case, if anyone finds an update on Barry, please share them.

I've tried to google it but found nothing that would imply dumping bitcoin so if you want to include any of your sources with that update it would be great.
It wouldn't make any sense to me that he would be selling bitcoin of all assets, because if i recall correctly he is almost maximalist with it. Dumping anything else in this market would make more sense.

[fullhdpixel]

If he dumped bitcoin, we can buy it on cheaper price.
If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?

Just to create FUD and Panic, we can always buy Bitcoin and yes this is the good opportunity to accumulate. Dumping their Bitcoin doesn’t mean Bitcoin is not good anymore, its just the current trend and I’m pretty sure they will but back once we hit the bottom, its more on a price manipulation for me.

Maybe it is because it is said that there are no legit sources that tells he really did it and I don't think the goal of the op here is to spread this FUD as well, but he was only curious and wants a helping hand to confirm things out. This is informative for those who are not updated on the crypto happenings. I mean this can be their guide to know the truth and won't be mislead by the FUD's happening outside. In case this, was true then there is nothing wrong with it.

Each of us invests on BTC for the reason that we need a profit and they sell because they in need of cash right now. This shouldn't give us a negative thought thinking BTC is turning bad, now that BTC pioneers are selling it.

[bbc.reporter]

If he dumped bitcoin, we can buy it on cheaper price.
If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?

Just to create FUD and Panic, we can always buy Bitcoin and yes this is the good opportunity to accumulate. Dumping their Bitcoin doesn’t mean Bitcoin is not good anymore, its just the current trend and I’m pretty sure they will but back once we hit the bottom, its more on a price manipulation for me.

Maybe it is because it is said that there are no legit sources that tells he really did it and I don't think the goal of the op here is to spread this FUD as well, but he was only curious and wants a helping hand to confirm things out. This is informative for those who are not updated on the crypto happenings. I mean this can be their guide to know the truth and won't be mislead by the FUD's happening outside. In case this, was true then there is nothing wrong with it.

Each of us invests on BTC for the reason that we need a profit and they sell because they in need of cash right now. This shouldn't give us a negative thought thinking BTC is turning bad, now that BTC pioneers are selling it.

Much of the people in the community would call speculations or news a type of fud if it is bad news and call the bringer of the news as an antagonizer. They will choose to put their heads under the sand and refuse to accept reality.

I will tell you what is not fud. It has been 1 month already since Gemini earn has stopped withdrawals and Gemini's lending partner Genesis Global, owned by Barry Silbert, owes users more than $500 million.

In any case, instead of accusing anyone of spreading fud, read and share some news.

[Vinaa77]

The market issue, of course, started with the Bitcoin issue. If they are able to control the Bitcoin issue, then they can easily control the crypto market.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.

[adaseb]

The market issue, of course, started with the Bitcoin issue. If they are able to control the Bitcoin issue, then they can easily control the crypto market.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.

He in the past was very active on Twitter and he gave financial advice about what coin they are buying. One coin that comes to mind is ZEC. No idea if they were already in position but ZEC had a huge rally after his tweet.

Then there was when they announced they were shorting Doge after
Or during the SNL skit. They didn’t short it directly but bought those 3x Doge short leverage contracts on FTX. And again if you followed this trade you would of also pretty much never been underwater and was very profitable.

[bbc.reporter]

The market issue, of course, started with the Bitcoin issue. If they are able to control the Bitcoin issue, then they can easily control the crypto market.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.

He in the past was very active on Twitter and he gave financial advice about what coin they are buying. One coin that comes to mind is ZEC. No idea if they were already in position but ZEC had a huge rally after his tweet.

Then there was when they announced they were shorting Doge after
Or during the SNL skit. They didn’t short it directly but bought those 3x Doge short leverage contracts on FTX. And again if you followed this trade you would of also pretty much never been underwater and was very profitable.

Barry would certainly be in position already. Are you implying that he is something similar to a shill like John McAfee? Zcash is part of Barry Silbert's list of investments in Grayscale.

In any case, it appears there was bigger dump than market average of different coins that are connected to Barry Silbert's Digital Currency Group. Nothing is confirmed if DCG is dumping, however.



Over the weekend, we saw a huge sell off from the crypto markets, in particular, DCG's portfolio of coins saw a huge decline compared to others.

Source https://insights.santiment.net/read/dcg-a-sell-off-7141

[franky1]

with many of greyscales fund offerings at 50% downrated to asset(pfft "discount")

i can see him selling off some private hoards they have to get maybe say $135m

use that $135m to buy back some shares of some altcoin trust funds
(50% rate discount buyback=unlocks $270m)
next coin
(50% rate discount buyback=unlocks $540m)
next coin
(50% rate discount buyback=unlocks $1.08b)

then use that on the GBTC to buy back the proposed 5th of shares at 50% to unlock $2.16b of bitcoin

all for the low low price of $135m initial cost