Corrected My Understanding of Grayscale Significantly

https://librehash.org/grayscale-bitcoins-black-box-part-one/

This article once more covers the fundamental concepts behind Grayscale's operation so that we all can be on the same page here as we move forward, because there are quite a few 'truths' in this space that provide elevate the 'bear argument', considerably.

This Channel Was Wrong About One Critical Characteristic of Grayscale

Grayscale's BItcoin Trust didn't get popular in spite of its premium, but rather because of it.

That's because they were primarily receiving Bitcoin in exchange for shares in the Trust.

"Why Would Someone Give Grayscale Bitcoin in Exchange For Shares in a Trust With Value Backed by Bitcoin?"

At the outset, this proposition sounds really fucking dumb.

The concept of GBTC has been marketed to us as a vehicle for investors to gain exposure to Bitcoin without having to go through a "sketchy" exchange and/or having the technical know-how to send/receive it.

But when GBTC was trading at a premium, giving them bitcoins actually made more sense.

Some Key Facts

- Grayscale's Trust is setup so that X amount = 1 share, so 2x = 2 shares, 3x = 3 shares etc. ; in this scenario, let's just pretend that 'X' = 1 bitcoin

- Since 1 bitcoin = 1 bitcoin, it doesn't matter what the premium/discount on these shares are relative to the NAV (average exchange price) is going for when you exchange your bitcoins for shares.

- So let's say 1 share = 1 bitcoin, then if you invest 5 bitcoins, you'll get 5 shares. It doesn't matter what the premium is at. You'll still always be able to get 5 shares for 5 bitcoins.

The only 'catch' here is that these shares that are being distributed to you (you're the imaginary investor with 5 bitcoins here) cannot be traded on an open market for 6 months (Rule 144A).

BUT ... let's say you wait it out. Since GBTC's share price is anchored to a NAV, the price of the shares benefit directly from bullish price action.

Premium is Free Money Almost

Let's say there's a 30% premium on GBTC shares.

You're the same investor from before. You take your 5 bitcoins and get 5 shares back.

Those 5 shares you own are now valued at 30%+ more than the underlying average exchange price of Bitcoin. If Grayscale's premium is still there in 6 months, then you can sell those 5 shares on a market like OTCQX and realize profit (potentially) from price appreciation + an additional +20-30% based on the premium rate at that point.

Jennifer Cotten Was Represented by Crypto Capital Co.

As her attorneys, in specific. That entity that she went with originally.

Edit: ^^ Woops! (hit the enter key a bit early)
—-

This is in relation to this specific request that was made by Miller Thompson to the RCMP to "exhume" the body of Gerry Cotten.

They would only be asking that because they believe that foulplay occurred.

Based on all of the research I performed + information aggregated, I definitely agree with them.

Allow this channel a second to touch on that Jennifer Robertson claim that was made above*.

It seems random, but nobody else has really shelled out this connection, so figures that it should be excised here, then published on the blog (and elsewhere), so that its at least online for anyone else that finds themselves digging down the same rabbit hole...

You know what? Let's go ahead and dig into her right now. Buckle your seatbelts kids.

Remember When the ProofofResearch Twitter Got Hacked?

So much of this space (like PeterMcCormack) went around claiming that the operator of this channel threatened another user through DMs and that, that was the reason that Twitter had suspended the account.

This is Partially Correct

What they forgot to mention was that the "threat" was one that was made to inform this individual of the consequences they would face if they ever attempted to make a personal visit to bully, harass, etc.

This individual in question was a member of Crypto Capital Co. and their name is Kyle Horak.

Here is a direct screenshot of the threat that this individual issued toward the operator of this channel first.

This was actually posted in this channel when it happened (before the Twitter was suspended, which proves what you're reading is unequivocally true)

Here is the link to the original post here in the Telegram channel: https://t.me/librehash/21785

Ibinex (yes, this all ties back to Jennifer Robertson; promise)

Notice that last message? It says, "I'm glad I got out of Ibinex when I did."

That's in reference to the exchange that he worked at.

If you're wondering how the hell the operator of this channel managed to stumble across an exchange operator working for Crypto Capital Co.... it was actually an accident.

There was a suspicious Telegram channel someone provided a link to via private message.

Later on, due to some suspicions that began forming due to their shifty nature, I went back through our chat history & saw that invite link there.

Since they stated that the channel was for "influencers and power networking", I figured jumping in & exporting the channel's entire history would be the best course of action.

Here is a screenshot from that chat. Even finding this was pure chance.

I went back to see the beginning of the channel log because I was curious who created it and that's when I saw one of the first invites / joins into the channel was an account named "CRYPTO CAPITAL" (in all caps).

I thought, "No way...", and then keyword searched it just to see if it would come up again.

That's when I stumbled across this.

Edit: There's no timestamp in this photo but the messages Horak was sending were from either late 2017 / early-ish 2018 ; well before there was any suspicion about Crypto Capital Co. at all

Going to dump a few more screenshots from Kyle Horak (that's far from the only one of him; he spoke extensively about Crypto Capital)

Here's Kyle Horak promoting an article he wrote and published on LinkedIn detailing "tips for anyone looking to start their own crypto exchange"

Since this was published on LinkedIn under his account (this person was not hidden in the least), getting his actual LinkedIn was easy from there

"Crypto Capital is registered and licensed in Switzerland."

"Also, if you're looking to open a Crypto Company, I would advise on Malta. They're 100% crypto friendly."

Just in case you had any remaining doubt, this individual literally posted screenshots from the Crypto Capital Co. website, then said:

"These are the exchanges that already have the payment processor integrated Kraken used to be one of them, however CC decided to cut contact with them because tje [sic] platform was unreliable."

I know that Kraken used to be listed on Crypto Capital, but were taken off at the end of 2016. With that being said, they do still have the space's only USDT/USD market

Remember that LinkedIn article Horak posted where he asked people in the chat if they wanted to learn how to run a 'crypto exchange'?

Yes, I visited. And of course, I saved it.

Check out the "solutions" that they were offering:

1. White Label Exchange Providers

2. Liquidity (Fiat & Crypto)

3. Payment Processor (Fiat & Crypto)

4. Wallets

5. Tokens

6. Licensing

7. Exchange Registration

8. Marketing

9. Bounty Programs

10. Influencers (this one was really fucking interesting; especially since Peter McCormack specifically defended Kyle Horak..)

Checking Kyle Horak's LinkedIn now, this is where we find "Ibinex"

Remember that message that he sent me admitting his involvement in Ibinex through Twitter? (just making sure everyone can follow the consistency of this story here)

Here is the website; looks generic. This is here for esoteric purposes but the information that followed from there is when things started getting crazy

At the bottom of this page, we can see they were included in: Finance Magnates, Bitcoin.com , cryptovest, BitcoinExchangeGuide, Forbes, etc....

Not focusing on that though

Main Focus: Ibinex Financials Estonia OÜ ("Ibinex") is a company incorporated unde rthe laws of Estonia under Registry Code 14465234

If you're an astute observer, you may have noticed the icons at the very top of the page that say: "Wallet Licensing", "Exchange Licensing", "Finacomm Membership" (that's nothing), and "Industry Report"

We'll pick up on the rest of this saga at a latter point in time (weird connection to the Kremln from the wallet license # ; implicates Sechin as being involved in some capacity).

Why Bitcoin is in Trouble

Because of articles like this by CoinDesk = https://www.coindesk.com/tether-first-attestation

Anyone with any intelligence that's up to date with what's going in the crypto space will see this article published by CoinDesk for what it is. And at this point, it seems a bit desperate.

CoinDesk should be asked some serious questions after publishing this piece.

This is Not an Attestation and Resolves No Long Standing Questions

Specifically, the New York Attorney General stated:

"Bitfinex and Tether made false statements about the backing of the 'tether' stablecoin, and about the movement of hundreds of millions of dollars between the two companies to cover up the truth about massive losses by Bitfinex."

"The OAG’s investigation found that, starting no later than mid-2017, Tether had no access to banking, anywhere in the world, and so for periods of time held no reserves to back tethers in circulation at the rate of one dollar for every tether, contrary to its representations."

Likely, Tether produced an "attestation" by doing what the NYAG already discovered they have a habit of doing.

Claim the Tethers are backed when, "In reality, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’"

https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal