Topic: GBTC Bitcoin Investment Trust Observer - page 11. (Read 262371 times)

Not anymore.  They're going back to the original plan: DUMP THE BCASH ASAP.

GBCH Officially #REKT.

Based on what's happening with the BCH liquidation, it doesn't seem like this is what's going to happen, right?

It's weird that someone could potentially buy now, after the fact, and still get distributions from the BCH fork, and potentially the BTG fork. That being said, I would expect the price to follow in line similarly to how other shareholder distributions occur, meaning it'll be built into the price until the record date, so it'll be interesting to see if you really gain anything from buying now.

It had been stated that that would be the case with GBTC, too, so it's definitely a surprise.

Sweet, I picked up some more GBTC during the China FUD at $517/share on Sept 14. I was not expecting this bonus gift. Now GBTC may have a minor price run up until Nov. 6th. Always interesting. I guess we will get the same types of distributions from the other forks.

Complete bullshit. Saw in an earlier post how Interactive Brokers has now blocked US investors from XBT Provider. At least XBT was very clear that the record date for BCC was the day of the fork (like any place that makes sense)! I had a US-based friend who I pushed into selling their GBTC after the BCC fork and getting into XBT and now I feel like shit as they will not only miss out on the BCC distribution for GBTC, but now we can't tell if IB will liquidate their XBT or not.

It just looks to be a trading block, so they should be good keeping funds in for a while (even years possibly), but I'm not sure. XBT was the far better deal than GBTC fee-wise (and in terms of clarity as to how forks will be handled). Anyone know if they can just leave the XBT in IB and never get a forced sale? I find it really funny that IB used to block GBTC and allow XBT trades, but now they allow GBTC trades and block XBT

Any suggestions for a US-based broker I could recommend that will allow XBT Provider trades now that IB has them blocked? Any suggestions for an alternative to GBTC open to US investors that isn't that weird IRA thing (that wanted like 15%-20% upfront to store the coins and then you're locked into weird ass filings for life)?

 

GBTC liquidating their BCC and distributing:
http://www.otcmarkets.com/stock/GBTC/news?id=173337

Record date set to Nov 6th. As per the press release anyone holding GBTC as of end of business of this day gets the BCC distribution.

Does anyone have access to the following report? What he's saying goes against the idea that only people who held GBTC shares at the time of the BCH fork would get a distribution. If that's the case, the value of each current share shouldn't include the BCH value anymore.


Source: https://www.bloomberg.com/news/articles/2017-10-25/bitcoin-hyper-bull-lee-says-lone-investment-trust-could-triple

But it is good to see, from the link, at least one wall street analyst is saying buy GBTC as it is only 20% over premium now. Still it is sad that as BTC ascended from $3000 to $6000 GBTC hardly moved.

Nothing new, but CNBC just mentioned it again.

"Bitcoin cash and bitcoin gold are alternative versions of bitcoin that split off from the original in August and October, respectively. Bitcoin is also scheduled to split again next month into bitcoin and bitcoin SegWit2x. Investors at the time of a split technically receive the same number of the offshoot coin as their bitcoin holdings, but digital currency exchanges and storage websites have been slow to support the new currencies.
It's not clear whether Bitcoin Investment Trust's sponsor Grayscale Investments will support the bitcoin offshoots. The company's latest press release on bitcoin cash gives no date for a "possible" distribution. Information on other splits was not available on Grayscale's website, and a representative declined to comment, citing federal securities laws."

https://www.cnbc.com/2017/10/25/wall-street-strategist-tom-lee-recommends-risky-over-the-counter-bitcoin-trust.html

Anyone else here have InteractiveBrokers?

Based on below, I think we will see selling pressure this week, and as funds come back with a price drop, it may flow to GBTC instead?

Can anyone confirm no longer can buy XBTProvider's (listed on nasdaq nordic) bitcoinxb??


Just posted observer thread here:

Saw this in the yahoo conversations, not my words, but I am voting no as well.


There's a reason there's been a disconnect between GBTC and bitcoin since the proxy was announced.
If the proxy passes, the disconnect will continue: Bitcoin could double in price in the next month, but GBTC will fall - and fall hard - from the glut of newly-issued discounted shares being dumped into the market. If shareholders vote "no" to the proxy, the stock should return to its previous trading pattern, which tracked bitcoin.

The proxy takes away virtually all shareholder rights because that's the ONLY way Grayscale could ram these horrible plans through. The proxy gives the company the power to make virtually any decision (including issuing newly-issued shares at deep discounts to market) WITHOUT shareholder consent, AND even removes shareholders rights to request a meeting if they're unhappy with a decision. .. The ONLY beneficiaries in all of this is Grayscale, which collects a fat 2% management fee on each newly-issued share AND the insiders who get to purchase the newly-issued shares at steep discounts to market.

Please EVERYONE vote NO to the proxy. The deadline is midnight tonight!

Thanks for that.  Good to know Barry's words don't match his actions.  NOTED.

Forcing GBTC holders to use their Bcash windfalls to build out GBCH for Grayscale is perhaps the *most* supportive thing Barry could possibly do for Roger Ver and Jihan's Bcash project.

GBCH will provide an easy path for Barry's bankster buddies to support Bcash miners (hello Bitmain ASICBOOST), so the controversially hard-forked chain may be subsidized with endless amounts of fiat funbux.

@Iceman, Sillbert doesn't support Bitcoin cash:

Glad you like the post.  You've raised excellent points as well.

My complaint is how much more it costs GBTC holders to create GBCH than it would to simply dump the Bcash on Kraken and/or Bittrex.

Let's avoid an outcome where we pay for the creation of GBCH but Barry gets all the profit and power from running it.

That may not be easy, since Grayscale is making every indication they intend to force GBTC holders to create GBCH for them by pretending It's The Only Way.

Thanks for the sources and everything -- good post. I'm taking all of this to mean that we'd get shares of the "GBCH" whenever it comes out. The tricky thing about that would seem to be that the only reason that GBTC can even exist is by way of that "accredited investor year wait" loophole. How would regular shareholders even be able to get shares of such a "GBCH" in a reasonable timeframe, if they actually had to wait for a year before any shares would even be available to the general market? I can't imagine that creating another such pink sheet fund with that loophole would be the most expedient, legal way to get the proportional BCH value distributed to shareholders.

That's the latest version of what Barry & The Bankster Boys want to happen.

The original plan was to dump the Bcash ASAP and return the BTC profit to shareholders, as is their entitlement.

It's hard to tell what's happening because Grayscale keeps changing their story as it evolves from honorable intentions to outright embezzlement.

Grayscale originally announced it was going to do the right thing (inducing investors including myself to hold GBTC through the Bcash fork rather than sell it before).


But right after the fork, despite the large numbers of exchanges immediately facilitating the dumping of Bcash for Bitcoin, Grayscale started using weasel words like "considerations" and "concerns" to lay the groundwork for a future pivot.


Still, the "anticipated" plan is to dump Bcash ASAP and return the BTC to their proper owners.  This is just boilerplate saying it will take a while and please be patient, right?

Nope.  Here comes the pivot.  Now we see what Barry & The Boys were planning from the start of their anti-Core Bcash attack fork.


How nice of Barry to take our Bcash and weaponize it for his social, economic, and 51% attacks against Core.

I'm *sure* GBTC holders will benefit if Barry's attack works and Core is abandoned by devs not interested in working for the DCG and its Blockchain Alliance allies.

It's great Barry found a way to get us GBTC holders to pay for the 10s millions of dollars it takes to get something like GBCH designed/lawyered/approved/implemented/insured. /s

Generally I really do not like the moment that forks are formed very often. Although if you recall the split in August, then no problem. It did not cause, even the Bitcoin double could be a prototype of a solid price. But what will happen in November, it is very difficult to predict and it makes you uncomfortable.

Is that what's happening, or will they just be providing distributions/dividends to GBTC shareholders?

I already committed to the position that GBTC's Bcash/Bgold/Bcash2X/Clams2X/etc. should be sold dumped for BTC ASAP, so please STFU with the "people like you" accusations.

If Barry was not using Bcash misappropriated from his investors to start his Bcash Trust, you would certainly have a great point about potential for "thousands of hard forks."

But that's not the world we live in.  Here, Barry *is* actively maneuvering to claim (rather than ignoring) GBTC's Bcash, but in a way that furthers his personal war against Core using other people's money rather than helping GBTC do its job of maximizing investors' BTC exposure.

You may find "justification to expect obligations regarding Bcash" by simply reading the press release about how/why/when Grayscale intends to distribute Bcash Trust shares to those who held GBTC at fork time.

Now that we've established Bcash obligations definitely exit, re-read the bit you omitted from my previous post.  Here, I'll make it easy for you to see the Important Words.


It appears the rest of us are arguing about specific details (IE DGC-vs-Core-based conflicts of interest and maximizing investor BTC exposure) about proper management of GBTC's Bcash obligations while you're still stuck trying to understand why they exist in the first place.

If Barry weaponizes (at cost to neutral investors) GBTC's Bcash and Bcash2X coins for use in his parasitic conglomerate's asinine war against Core, it will not go well for him.

GBTC investors should not tolerate Barry abusing his position of trust to further his private interest (DGC firing Core) and thereby depriving GBTC of profit his skill and ability might properly bring it.

If we vote to condone spinning off every anti-Core hard fork into a new Trust, I'll be happy to cash out my 2000% profit and buy more gold/silver mining stocks.