Topic: [Speculated] Barry Silbert dump (Read 392 times)

Honestly both Barry and the Winklevoss twins can make the customers whole. Both of them have enough funds to cover the hole but they refuse and want the other to pay up. The Winklevoss had at one point like 1% of total supply of Bitcoin. They can easily cover the hole and save their brand.

However this is only going to get dragged on for years like MtGox and only the lawyers will be the winners making any money here and the Gemini Earn customers will be the sole losers.

There's no need to be sarcastic, I'm not someone who always thinks he's right, but I guess everyone has the right to comment on any speculations, especially if they are based on rumours. As someone who is very well acquainted with what it means to invest in altcoins, I share my opinion about it, and considering your attitude towards DeFi, NTF and altcoins in general, it is clear to me that you do not like it.

Personally, I think you are shaking your head a little too much, especially about very unimportant things

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

To stay afloat, Silbert will likely have to raise outside capital or dismantle his DCG crypto empire, which includes some 200 investments in crypto firms and tokens, including crypto news site CoinDesk, bitcoin mining firm Foundry and Grayscale Investments, an asset management business that offers shares in a publicly traded Bitcoin trust. Forbes estimates the value of DCG’s outstanding liabilities are greater than the fair market value of its assets in the current market environment; DCG may also struggle to offload illiquid bets. For these reasons, Forbes estimates the current value of Silbert’s 40% stake in DCG to be approximately $0. Silbert’s personal investments could not be determined. A spokesperson for DCG declined to comment.

Also, yes you are correct in all of your arguments.

Small correction, it's not Gray Scale, but Grayscale - the exact name of the company is important to know what we're talking about, but also because nobody likes it when their name is spelled or pronounced incorrectly.

I cannot argue against what you have said is his reason because you might be right. However, it might also be the first signs that Gray Scale might be having some problems in their cashflow.

Also, if Barry Silbert begins another round of shitcoin purchases to form a new pool for another trust, does this imply that investing in shitcoins is worth it again?

Maybe after all the man realized that investing in shitcoins is not worth it, although it is not at all clear to me that someone who should be a serious business person and also intelligent can go in that direction at all. It's no secret that long-term investing in altcoins leads to an almost certain loss, that's something we advise all beginners on the forum.

Honestly, I don't care if he sells all altcoins, the important thing is that it has no effect on Bitcoin, which luckily is the case for now.

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.

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.

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.

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.

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.

-cut-
Updates coming in this thread.

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

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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?

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

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.

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

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

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.