Bits.ca – Bitcoin & Crypto Currency News & Resources

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Nic Carter pulling no punches in response to a pile on by bitcoin maxi’s after a tweet announcing an investment in Dynamic (not on bitcoin…) I’m not owed any deference, or anything at all, because of my prior work on Bitcoin. What I do think it does, unquestionably, is establish my pro-bitcoin credentials. If you think I’m a bitcoin grifter tediously building up a reputation in Bitcoin land over five years through countless articles, appearances, podcasts, and tens of millions of capital deployed, all to suddenly turn on Bitcoin — that’s the most long term and expensive grift of all time. ​ “It’s clear that there’s an awful sickness pervading the Bitcoin space. Most Bitcoiners are normal, good people. For the vast majority of them, there’s no lifestyle associated with owning Bitcoin, as it should be. But there’s a subset of people — a small, flailing, shrinking group — who are mostly new to Bitcoin, made Bitcoin their entire personality, and became completely emotionally invested in it. They are spoonfed on a diet of the same half dozen thinkers, and suffer from an ideological monoculture. They cannot extricate themselves from their lifestyle/investment, and so when anyone in the tribe or adjacent says anything that remotely contradicts their established dogma (which is inconsistent, morally confused, and indefensible anyway), they go on the attack.” Ooof. Full article: https://medium.com/@nic__carter/setting-the-record-straight-b4e1b415e7d9 Original tweet: https://twitter.com/nic__carter/status/1541865117553418242 submitted by /u/yanwoo [link] [comments]

I guess all those people eventually bought into the last dip just to find out the dip keeps dipping. I expected a lot of pain last year. I expected a 25K Bitcoin, but I didn't expect that much liquidations of institutional money. Looks like we could easily see another 50% drop due to Inflation Warmongering between NATO and Russia (still) overleveraged cryptomaniacs Unclear situation of regulation The only good news I take from that is that scammers and greedy gamblers get rekt, too so there is a chance to read less shitposts. I keep HODLING and recommend you to do so if you are already onboard. To newbies I would recommend to run as fast as you can because you might as well get hit by falling blocks. submitted by /u/oneawesomewave [link] [comments]

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Answer questions correctly to win r/CryptoCurrency MOONs! This will be played with Kahoot, so it's best played with Kahoot on your phone (web or app). Join Kahoot with your Reddit username (no random names). Your Reddit account must have posted in this subreddit before the event to qualify for awards. 1st - 350 Moons 2nd - 200 Moons 3rd - 100 Moons The link to the trivia will be share at 3:00 PM UTC. No you don't need to download the app to play There will be 15 Questions in total, top 3 will be rewarded Every question will have 20 seconds timer, fast answer = more points Questions are about r/cc + cryptocurrency in general unfortunately, There is a 50 Player limit so fastest finger first, join the link to be among the 50 to play any questions, ask below submitted by /u/Reddit_Moons [link] [comments]

We have known for a while that Tether isn’t 100% backed by cash, but I think crypto faithful wanted them to be at least somewhat legit. Because, cmon - they weren’t really just printing tethers out of nowhere and buying raw bitcoin with them… were they? Also we’ve known that Tether has been slowly being redeemed by whales - if you want to liquidate at least $100k the company will honor your request. Over the past few months over 20 billion Tether has had exactly that happen to it. Just how much raw cash on hand does Tether have, anyway? Then tonight something wild happened - yet another $500 million redemption, coinciding with a Bitcoin giga-dump. https://imgur.com/a/SZQB1z2 Wait, are you kidding me though? Think about what that would mean if true - it would mean that the remaining SIXTY FUCKING BILLION DOLLARS of Tether’s marketcap is entirely fraudulent because it’s based on Bitcoin at a price of $60,000 each + god knows what else. It might just be a coincidence but let’s please keep our eyes on the timing of those Tether redemptions alongside any crypto market dumps. Because if that ends up being true it’ll be Enron all over again and crypto will briefly crash to zero as the entire scam unwinds. Or maybe I’m some idiot speculator online who wants cheapies, and I’m totally wrong. Make up your own mind. submitted by /u/katiecharm [link] [comments]

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So you probably heard that their ETF application got denied for the thousandth time. Pikachu faces, I know. And every time it happens they huff and puff and swear they'll defeat the SEC next time! I think they sued them now, cool. However there's a dirty little detail that gets missed every time there's this little dance between the institutional roach motel owners (Grayscale) and the SEC. And that detail is simple, Grayscale is effectively a closed end fund not only because the SEC denies their ETF but also because Grayscale DOESN'T WANT TO create a redemption programme for their GBTC shares even though they could. Yep, you read that right, Grayscale could totally close that discount but they will never do that for a funny reason. And that reason is a redemption programme would involve Grayscale offering to cancel some shares, with exiting investors being paid at NAV. Don't take my word for it! The downside for Grayscale is that it would mean a loss of assets, and therefore fee income. Its filings with the SEC say it “currently has no intention of seeking regulatory approval” to start one. source: https://www.ft.com/content/9fc7b034-7659-439f-a991-169662815883 They said it in their own filling. As you can see they can huff and puff a lot and cry publicly about evil SEC being against the little guys but all they care about is that they can offer their roach motel shares to a wider audience for a crappy 2% management fee. If that must involve institutional bagholders dumping their stupid shares on retail so be it. You don't realize SEC is doing you a favor by blocking this garbage from reaching wider audience. Let them rot in their stupid institutional roach motel. There are already more competitive products with lesser fees so go look for them if you must and stop falling for cheap corporate populism. Iit's always virtue signaling. And at the end, some comedy gold for you guys Grayscale said the price at which GBTC trades at is “subject to market forces, a risk inherent in any publicly traded investment product,” and denied it had issued too many shares. Grayscale argued that “the most efficient way to resolve any discrepancy between GBTC’s share price and the NAV,” would be for it to be able to convert into a spot ETF, something “the US investment community is eager for . . . is ready for and deserves”. The ones who are most eager for it are unsurprisingly the guys in charge who don't want to empower bagholders to redeem their shares, shrink this useless fund and get paid at NAV. I don't think retail deserves to bail out stupid whales that got harpooned and baited into bagholding useless Grayscale Roach Motel FundTM and I don't think they deserve to provide 2% fee for those whiny, corporate leeches for perpetuity. So even if SEC caves in or they lose in court, don't buy it. Don't baghold it. And don't fall for crappy corporate propaganda. submitted by /u/Cthulhooo [link] [comments]