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Adam Back ✪ @adamweb3us

cypherpunk, cryptographer, privacy/ecash, inventor hashcash (used in Bitcoin mining) PhD Comp Sci https://t.co/zs2to5Rhuw Co-Founder/CEO https://t.co/q3AA8A0MXR cypherspace.org/adam/ Malta 🇲🇹 Joined March 2010
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Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

re @MtGox fud: after a 10 year forced HODL from $450, what kind of 🤡 would market dump at $40k, with ETF tailwind about to hit, in an early bull market leading into a halving, vs say just wait another year for $400k+. doesn't make any sense to me either. just cold store them.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

and note @MtGox is paying out in BTC and kept the BTC (not sold for bankruptcy legal expenses), they did not sell them to USD unlike the US bankruptcy approach of @FTX_Official. or creditors would be even sadder with $450 *0.2 = $90/btc rather than 20% of bitcoin balance.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

there were also institutional claim buyers, but i think they were BTC basis, looking to buy-up and hold discounted BTC. total BTC left 142k out of the 200k found by @MagicalTux. bankruptcy lawyers spent the other 56k btc over the 10 years.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

great @BlockstreamJade unbox and feature walk through from @YTCryptoGuide youtube.com/watch?v=z2Vsgo… goes through all of the main features and modes, bluetooth, airgap QR, pin server, OTP, bip85, seed QR with @BlkstreamGreen and @bluewalletio for the QR signing.

Adam Back ✪ retweeted
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Dylan LeClair @DylanLeClair_

2 years ago

@saylor @jimcramer

Adam Back ✪ retweeted
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Michael Saylor @saylor

2 years ago

@jimcramer #Bitcoin = toughest owners

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

don't blame the ETFs, 9 new ETFs are BTFD, huge price supportL $4.4bil in 8 days, $550m/day. that's like 30x effect of the halving. literal wall of buying. if anything it's bitcoin weak hands under-buying. those ETF buyers are low velocity, fairly "cold", like whale buy and hodl.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

recall selling $GBTC for BTC, does NOT push #bitcoin price down; selling for USD and keeping it in USD does. people doing USD selling are forced liquidations, bankrutpcy sales like FTX. so i'm not sure if there's much USD net-selling left post FTX $1bil bankruptcy sale.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

much context I mean $1bil sized chunks. if $GBTC goes to $0 AUM, it does not matter, if that's all outflow to BTC, and other #bitcoin ETFs. it won't go to $0 because lots of lazy people who don't care about 1.5% fee, and $GBTC might drop the fee if they get to $15bil AUM fast.

Adam Back ✪ retweeted
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Sriram @sriramHODL

2 years ago

"Don’t sell your #Bitcoin. It’s going to be very hard to get it back."

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

@Scaramucci points out some US buyers are not able to re-buy #bitcoin after selling $GBTC for 30days due to loss harvesting rules. Ie can't re-buy same asset within 30days. Could be step-up in buying in 30 days post sale.

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Yahoo Finance @YahooFinance

2 years ago

@Scaramucci points out some US buyers are not able to re-buy #bitcoin after selling $GBTC for 30days due to loss harvesting rules. Ie can't re-buy same asset within 30days. Could be step-up in buying in 30 days post sale.

Adam Back ✪ retweeted
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Fred Krueger @dotkrueger

2 years ago

Watching this video of Larry Fink, I now see GBTC's weakness. At 5:30 Fink mentions that he wanted In-Kind (v Cash) because this would allow transfer of Bitcoin from GBTC to IBIT WITHOUT TAX RAMIFICATIONS. If this gets back on the table (as the Bloomberg guys think), this could…

Adam Back ✪ retweeted
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Sideswap中文🏄🏻 @sideswapcn

2 years ago

@gaborgurbacs @adam3us @Blockstream @Liquid_BTC @tdexnetwork @side_swap sideswap on Liquid has successfully tokenized shares of the company and can be traded on liquid

Adam Back ✪ retweeted
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Gabor Gurbacs @gaborgurbacs

2 years ago

@adam3us @Blockstream @Liquid_BTC @tdexnetwork @side_swap Spent a good bit of time on Liquid lately. Great technology stack and product dimension also evolving nicely. Bullish. Btw, I believe I was the first investment professional on Wall Street to incorporate Liquid in an Investment case for Bitcoin.

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Gabor Gurbacs @gaborgurbacs

6 years ago

@adam3us @Blockstream @Liquid_BTC @tdexnetwork @side_swap Spent a good bit of time on Liquid lately. Great technology stack and product dimension also evolving nicely. Bullish. Btw, I believe I was the first investment professional on Wall Street to incorporate Liquid in an Investment case for Bitcoin.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

ETFs are low velocity, buy & hold investments. $SPDR (gold ETF) holders are NOT day trading like the ~2mil BTC (~$90bil) on #bitcoin exchanges. as ETFs siphon ~$90bil exchange coins and $1-2bil tax selling from $GBTC into cold storage, at maybe $1bil/day, things get interesting.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

I say $1bil/day as a rough guestimate. i do not think the ETF net inflow is the full story. the new ETF inflows are clearer as the trading volume is low vs inflows. but because $GBTC is a big market there are existing GBTC holders buying off people cycling out of GBTC arb-trades.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

another datum $GBTC volume $2bil/day (2 day $4bil total). on -$290m/day outflow (-$579m 2day). the outflow to remind is JUST market makers buying when discount is pushed low enough by net selling that it creates a profit opportunity to buy and redeem for physical BTC via the AP.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

"Imagine buying a spot #Bitcoin📷 ETF with the ticker $HODL then panic selling on the first day over a 5% dip" -@ronin21btc precise🤣🤣🤣🤣 HODL.

Adam Back ✪ retweeted
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Adam Back @adam3us

2 years ago

x.com/ronin21btc/sta…

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RŌNIN @ronin21btc

2 years ago

x.com/ronin21btc/sta…

Adam Back ✪ retweeted
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RŌNIN @ronin21btc

2 years ago

Imagine buying a spot #Bitcoin ETF with the ticker “HODL” then panic selling on the first day over a 5% dip 💀😭

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