And now for something completely different. A self referencing use case.
And now for something completely different. A self referencing use case.
I have hedged half of my GBTC position with short bitcoin futures last week at $25,000 and the rest just now at $24,200.
Might be too early with the second half, but feeling uncomfortable being unhedged (suppose that is my short bias because I still think it will end up a doughnut).
Someone who lies about the little things will lie about the big things too.
I cashed in recent profits and bought the Serica in the SC.
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Lucid and readable dissection of Grayscale, with particular reference to their position vis-s-vis FTX, by Matt Levine today. Almost worth the time to read it just for the quote by James Angel, an associate finance professor at Georgetown University.
You still active in there Raffe?
PS Anyone enjoying the Grayscale piece may also like this one from last week in which he does a similar job on Silvergate.
Good work. Are you letting these ride or cashing in?
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Just gone net short, while remaining long GBTC (bought one lot of GBTC, sold two lots of BTC).
Someone who lies about the little things will lie about the big things too.
The financial system falling apart, bank runs, surely bitcoin must be going to the moon...?
Someone who lies about the little things will lie about the big things too.
https://techcrunch.com/2023/03/13/af...ww9UHbv2YcoEja
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+19% last 24Hrs and climbing
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BTC up 65% since Jan 1, I've taken some profits and bought some new underpants
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^^ You have a large short currently in play then Raffe?
Presumably after the 17th June?
As much as I’m a Bitcoin believer, it won’t be at a million in 90 days
If it is, I’ll be retiring in about 80 days from now
To be fair we assumed the moon at 56k
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Banks are going to zero, get your money in BTC quick!
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Binance is a fraud. I give them a week until they are history. Anyone still having coins or cash there should act accordingly.
The only surprise is that it took so long.
https://t.co/3gLRVCkCAp
https://forum.tz-uk.com/showthread.p...=1#post5837751
https://forum.tz-uk.com/showthread.p...=1#post5784312
Someone who lies about the little things will lie about the big things too.
Those seeking a slightly more easily digested, media friendly summary may prefer the two page (est.) press release issued by the CFTC.
But then they would potentially miss out on gems like these:
Binance also intentionally tried to hide the scope of its compliance program’s ineffectiveness from its business partners. For example, in or around October 2020, Binance underwent a compliance audit to satisfy a request from Paxos. But according to Lim, Binance purposely engaged a compliance auditor that would “just do a half assed individual sub audit on geo[fencing]” to “buy us more time.” As part of this audit, the Binance employee who held the title of Money Laundering Reporting Officer (“MLRO”) lamented that she “need[ed] to write a fake annual MLRO report to Binance board of directors wtf.” Lim, who was aware that Binance did not have a board of directors, nevertheless assured her, “yea its fine I can get mgmt. to sign” off on the fake report. Around the same time as the referenced “half assed” compliance audit, in November 2020 the MLRO exclaimed to Lim in a chat, “I HAZ NO CONFIDENCE IN OUR GEOFENCING.
Internally, Binance officers, employees, and agents have acknowledged that the Binance platform has facilitated potentially illegal activities. For example, in February 2019, after receiving information “regarding HAMAS transactions” on Binance, Lim explained to a colleague that terrorists usually send “small sums” as “large sums constitute money laundering.” Lim’s colleague replied: “can barely buy an AK47 with 600 bucks.” And with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: “Like come on. They are here for crime.” Binance’s MLRO agreed that “we see the bad, but we close 2 eyes.”
Lim’s internal discussions with compliance colleagues illustrate that Binance has tolerated Binance customers’ use of the platform to facilitate “illicit activity.” For example, in July 2020, a Binance employee wrote to Lim and another colleague asking if a customer whose recent transactions “were very closely associated with illicit activity” and “over 5m USD worth of his transactions were indirectly sourced from questionable services” should be off-boarded or if it was in the class of cases “where we would want to advise the user that they can make a new account.” Lim chatted in response: Can let him know to be careful with his flow of funds, especially from darknet like hydra He can come back with a new account But this current one has to go, it’s tainted.
Binance’s VIP Handling policy also established methods for Binance personnel to troubleshoot for U.S. customers that were identified as such through their IP address (as opposed to KYC documentation). For these customers, Binance instructed its personnel to “[i]nform the user that the reason why he/she cant use our www.binance.com is because his/her IP is detected as US IP. If user doesn’t get the hint, indicate that IP is the sole reason why he/she can’t use .com” [emphasis in original]. Lim flagged a passage in the VIP Handling policy for his colleagues that further explained: “We cannot teach users how to circumvent the controls. If they figure it out on their own, its fine.”
Displaying the ecosystem’s tone at the top, Zhao helped manage the implementation of Binance’s VIP Handling policy. On October 9, 2020, around the time Binance began sending emails to U.S. customers pursuant to the policy, Zhao had the following exchange with an employee who would ultimately become Binance’s head of institutional sales: VIP team member: Hi CZ . . . I went through list of affected API clients, it includes a number of large strategic accounts including [a Chicago-headquartered trading firm] who is currently is a top 5 client and 12% of our volume Zhao: Give them a heads up to ensure they don’t connect from a us Ip. Don’t leave anything in writing. They have non us entities. Let’s also make sure we don’t hit the biggest market makers with that email first. Do you have signal?
Someone who lies about the little things will lie about the big things too.
Is it worth noting that Binance US and the Binance we have in the UK are two separate companies operating under differing regulations and rules?
It’s Binance.US that the CFTC are suing. Nothing to do with the UK company which is not being sued.
I’m sure there will be cross over if things are found to be dodgy, but telling people (again) to “get your coins off immediately” might be a little OTT and may cause unnecessary panic. There’s not currently any reason to think your crypto held on Binance is at risk, anymore than being on Coinbase. To be fair, your crypto should be in a non-custodial wallet anyway, rather than sitting on any exchange.
The CFTC are explicitly suing Binance in its entirety for providing Binance.com. They will take down the whole conglomerate.
Maybe you would be kind enough to explain under which "regulations and rules" their UK company Binance Markets Limited operates? I only found this:
Binance shouldn't be operating in the U.K., the Financial Conduct Authority (FCA) warned Saturday, a day after Japan financial regulator issued a similar notice to the cryptocurrency exchange. Citing its own requirements, the FCA said Binance Markets Limited isn't allowed to undertake any regulated activities without prior written approval. Further, the FCA said no other entity in the Binance Group "holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K." Despite this, it appears Binance is offering U.K. customers products and services via Binance.com, the FCA said.
Coindesk
Get your coins off immediately.
Someone who lies about the little things will lie about the big things too.
All this doesn't seem to be harming the price of BTC ...
MicroStrategy repaid its $205M Silvergate loan at a 22% discount
As of 3/23/23, $MSTR acquired an additional ~6,455 bitcoins for ~$150M at an average of ~$23,238 per #bitcoin & held ~138,955 BTC acquired for ~$4.14B at an average of ~$29,817 per bitcoin
Source: @saylor
He top-ticked the price when he bought, as basically every time before.
Their original margin-call level was $21,000, but then they started selling tons of equity to their bagholders to avoid that call - for a dilution of 17%. Now all of that has been sold and they are subject to market forces. Good luck.
I sold short at $240.66 today. One third of a position, so happy to sell more into a rising price.
Someone who lies about the little things will lie about the big things too.