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npub1pjxm...drrv 2 years ago
The correct way to interpret the @WSJ Click Bait #Bitcoin #ETF headline. Quoting @MetaLawMan: Rumors of the death of spot bitcoin ETFs may be exaggerated. The @WSJ article that this is all based on says 2 things: 1. The SEC told NASDAQ and CBOE that "the filings aren't sufficiently clear and comprehensive." 2. The filings were being returned to the Exchanges "because they didn't name the spot bitcoin exchange with which they are expected to have a surveillance-sharing agreement or provide enough information about the details of those surveillance arrangements." Point number 2 would appear to be easily remedied in revised filings. Point number 1 is vague, but doesn't necessarily mean spot ETFs are dead. But this is all guesswork because the SEC "declined to comment" on the @WSJ story. Because the SEC refuses to explain publicly its objections to the recently filed ETF applications, investors are left to speculate based on leaks of information attributed to unnamed "people familiar with the matter." This cloak of secrecy approach is counter to the SEC's stated mission to protect investors and promote fair, orderly and efficient markets.
npub1pjxm...drrv 2 years ago
Remember it like it was yesterday. Quoting @LucasCanuck: @SimonDixonTwitt just shared how he bought his first Bitcoin in Prague at $3. What a story!
npub1pjxm...drrv 2 years ago
You can listen to the latest & the full recorded analysis from me here Quoting @SimonDixonTwitt: Agenda For Today #Celsius Chapter 11 Space: ✅ #NewCo Vote & Creditors Strategy Update; ✅ Court Hearing RoundUp; ✅ Disclosure Statement Analysis; ✅ Series B settlement; ✅ Earn & Borrower Mediation; ✅ $CEL subordinated, settled or litigated? nitter.net/i/spaces/1YqGoAR… https://nitter.net/i/spaces/1YqGoARrjwkxv
npub1pjxm...drrv 2 years ago
For #Celsius Creditors that want a first draft side-by-side analysis of @FahrenheitHldg Reorg Plan & #BRIC Controlled Liquidation Backup Plan, the head of investment banking at @BankToTheFuture put something together for you all. Hope it’s useful. 🙏 image
npub1pjxm...drrv 2 years ago
In other words. I’m not going to be elected. Quoting @WatcherGuru: JUST IN: 🇺🇸 Florida Governor Ron DeSantis says he will abolish the IRS if elected President in 2024.
npub1pjxm...drrv 2 years ago
Analysis from @ChazzonKe Quoting @ChazzonKe: Let's briefly discuss the absurd concept that Fahrenheit is using a 6 year life cycle for ASIC units for BTC mining. Anyone is capable of researching that the average useful life of an ASIC miner averages out to 3 years. While it's true the "useful" life can certainly be stretched to 6 years, the rigs become functionally obsolete. An example of how technology evolves and makes rigs even 6 years old obsolete is easy to come by. In 2018 the average hash rate per miner was 23.3 Th/s, while in 2023 that has skyrocketed 743% to 196.1 Th/s Celsius is already massively lagging behind their competitors. While the majority of competitors have managed to maximize the entire effective and efficient life of their S19J Pro's and equivalents over 3 years, celsius has languished and been unable to even get 50% effective use of assets while spending 100% upfront costs. Coming in 2024 we have BTC halving, this means that effective rewards are cut in half. For example, coin desk reported in April the average cost to mine was $10,000 - $15,000; however, costs will double next April as the effective rewards miners receive for a successful block will be "halved". The problem Celsius and Fahrenheitare going to have is the plan is highly unlikely to happen in 2023 and will be pushed to 2024. Celsius will likely be spending most of 2024 running their existing rigs and working to expand their infrastructure base; however, their RIGs will still be approaching 5 year old tech. While competitors are using 230 th/s rigs, celsius will be stuck with 100 th/s getting 50% of their prior rewards. Competitors are looking to only take a reward cut of around 20% as they upgrade; while Celsius will be eating the full 50%. Even if BTC doubles to $60,000 in 2024, celsius would basically still be making barely $10 million in adjusted EBITDA per month and maybe a bit over $100 million annually as their rewards will be cut. Below is two charts. The top is Average hash rate in Th/s from 2014 - 2023(estimated upto 2028) with Celsius current Th/s noted in yellow. The 2nd chart is Average yield per rig per month 2014 - 2023 (estimated upto 2028). In conclusion, Celsius is already massively behind the efficiency curve.
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npub1pjxm...drrv 2 years ago
#BlockFi Quoting @MikeBurgersburg: BLOCKFI CREDITOR COMMITTEE ACCUSES COMPANY AND FORMER CEO ZAC PRINCE OF “AIDING AND ABETTING $900 MILLION IN INTENTIONAL FRAUDULENT TRANSFERS:” image
npub1pjxm...drrv 2 years ago
Agenda For Today #Celsius Chapter 11 Space: ✅ #NewCo Vote & Creditors Strategy Update; ✅ Court Hearing RoundUp; ✅ Disclosure Statement Analysis; ✅ Series B settlement; ✅ Earn & Borrower Mediation; ✅ $CEL subordinated, settled or litigated? nitter.net/i/spaces/1YqGoAR… https://nitter.net/i/spaces/1YqGoARrjwkxv
npub1pjxm...drrv 2 years ago
Researching the @PrimeTrustCo timeline with @Fortress_io Quoting @Pledditor: I don't believe that is correct. Primary source: Purcell recently posted on LinkedIn he stepped away from CEO of Prime Trust on January 2021 (he just has scrubbed his PT founder/CEO from his bio btw) image
npub1pjxm...drrv 2 years ago
Oh man. SubPrime Trust lost the keys to 27k $ETH then used client funds to try to buy them back. Quoting @tier10k: FID alleged Prime Trust lost access to legacy wallets in 2021 and used customer assets to buy back crypto oh brother image
npub1pjxm...drrv 2 years ago
Next #Bitcoin #ETF after @BlackRock Quoting @BitcoinMagazine: JUST IN: $4.5 trillion Fidelity preparing to file for spot #Bitcoin ETF - The Block image
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