Quote from: mcun2000 on Today at 12:23:39 PM

Quote from: fillippone on Today at 06:40:28 AM

Quote from: cryptoboss2020 on March 08, 2021, 11:18:13 AM

Its better to give up in life and stop trying so hard to be financially Independent and Succesful.
The game is not fair so its Impossible for Acerage person to reach anywhere in life.

I give up no point!

As @darude wrote, bitcoin is the single, biggest chance in history to subvert the social status quo, redistributing wealth not on legacy powers, self-fulfilling mechanism and privileges, but only on smartness, maths and pure luck (yes, many of of were simply lucky to get into bitcoin so early).

So, instead of whining about society, you should try to stack as may sats as possible before the inevitable happens.

Now, please, let’s get back in topic, discussing the mechanism of the Grayscale fund, who none of us like, apparently, but is a contingent evil in our ecosystem.

I would agree. Like many others I think bitcoin is revolutionary. History will look back at bitcoin as having as big an impact as the introduction of fire, language, coinage, the printing press, the bible, double book accounting, bank notes, gun powder, the sextant, etc etc.

But going back to GBTC like you suggest, I wonder if de-leveraging is another issue that might be affecting the price. Michael Burry of 'The Big Short' fame has cryptically tweeted about how bitcoiners are ignoring the impact of leverage in the price rise, and the probable eventual crash.

Could it be that those who are arbitraging the premium (by buying bitcoin, waiting 6 months, and then selling GBTC shares) took advantage or entered during the 20k to 50k run, and now must exit. I'm curious if there's a way to determine this.

I use TDAmeritrade, and the volume for GBTC yesterday and I think all last week has been light. That would indicate that there was little buying in the secondary market, no? So, the price pull back from 58k left a dearth of interested buyers in the secondary market, at the same time that leveraged abitragers want to exit GBTC, and also at the time other bitcoin instruments are entering the market, all leading to negative premium.

Regarding the taking advantage of arbitrage opportunity or whatever the hell we want to call it, I don't really have any problem with anything that you said, mcun2000, except maybe I would try to attempt to flesh it out a bit better in terms of a variety of motives that largely add up to the same thing.

So in that regard, perhaps you have some folks getting out of GBTC to go over to another product, and we have some folks witnessing the existence of the new competitive product so they anticipate that the GBTC price might drop, so they decide to get out in order to protect the value of their own investment, and then others witness that the GBTC price is falling, and so they decide that they better get out because the GBTC price is falling blah blah blah, and then there may even be some folks who want to really attempt to take advantage of the momentum and push the price even lower because they see momentum in the negative direction, and so maybe in the end, you could be correct that a lot of the momentum might have already been used up if we see lowering trade volumes.. and some might be just waiting and trying to determine if they should get back in, blah blah blah.. because the bottom may have been reached.

So in the end, I might be just saying the same as you, mcun2000, but trying to flesh out some variations of actors and sure, I had seen some of those theories about certain BIG players getting out or liquidating and sure there might be some truth to those claims but there may be some exaggerations in regards to some folks who want to see the GBTC price to continue to fall so they can buy more, but they do not necessarily want to put their own shares on the line by actually selling when they may end up getting reckt, so some times words (aka FUD spreading) might work better in a kind of practical sense than actually selling to push the GBTC price down.