25 Burst results for "Barry Silbert"
CoinDesk Podcast Network
DCG-Owned Luno Cuts Staff by 35%
"We have a very wintry mix of crypto stories out here today, starting with some layoff news from will. What do you got? That's right, global crypto exchange Luna is laying off about 35% of its staff, part of Barry silbert's DCG empire. It has offices in Singapore, London, and elsewhere around the globe. This is pretty bad news. Just adding more to the layoff story that we've been covering for quite a while. There's been about 29,000 layoffs according to coin desks own numbers since the beginning of the crypto bear market earlier last year. So just more numbers in terms of headcount, number seems to be a bit all over the place. Some numbers showing that Luna has about 900 employees and now trim about 300 staff, others showing that there's about 600 employees in trimming down about 200 SaaS. So we don't quite know for sure about 35% is a pretty wide margin. Luno has about 10 million different users around the globe, and they service different crypto assets via its exchange product. Of course, this is just part of DCG empire. They also own coin desk, genesis, foundry, and a few other firms such as grayscale. Zack going through the story over to you more bad news to begin the week. Yeah, for sure, man. This is the story about C 5 despite, you know, some pump and token prices and maybe some excitement, maybe a bit of macro tailwinds, still cfi is trimming headcount quite significantly. So I think there's the secular issue here, right? We saw that graphic with all the exchanges that are laying off significant chunks of their workforce. And then there's the specifics as it relates to DCG, which is in hot water, a relative to genesis, filing for bankruptcy last week, and potentially some of those dominoes falling and spilling over into some of their other assets. So Luna here is got a pinch by both those factors. And as a result, you're seeing significant job cuts announced by this exchange. So that to me is where Luna finds itself. It's pretty bleak and it adds to that really big number 29. Maybe 30,000 crypto jobs cut since April that coin desk is doing a good job keeping a running tally on.
The Breakdown
Would a Genesis Bankruptcy Actually Be Good for Crypto?
"All right, Friends, we are back with another discussion of 2022 cleanup, although today's news I would argue could be a heck of a lot more bullish than it might seem at first. So of course, one of the biggest outstanding questions after the fall of FTX has been how far the fallout and contagion might go. And fallout there has been. For example, there has been a significant chilling of the relationship between the crypto industry and the Washington D.C. establishment. However, frankly, the main short term thing that people have been worried about is whether the collapse of FTX would cause other crypto institutional failures. In that context, the biggest spotlight has been on genesis and its parent company digital currency group or DCG. I say this every time, but DCG is also the parent group of coin desk. Now, genesis was hit hard in the three arrows capital collapse. They lost about 2.4 billion in loans out to the hedge fund, and ultimately ended up their biggest creditor with a $1.2 billion claim after liquidating collateral. That claim was eventually moved over to the books of DCG, a move which would later complicate DCG other liquidity issues. When FTX went under, genesis announced that they had something like 175 million trapped there, but it seemed there were bigger issues than that. That same week, genesis lending halted withdrawals, which was problematic both for their main customer base, as well as for the users of Gemini urn, which was crypto exchange Gemini's yield feature. Gemini users have about $900 million or so stuck on genesis as we record. And since then, the tension around the situation has done nothing but grow. Over the past few weeks, there has been an ever escalating war of words. Cameron winklevoss the co CEO of Gemini has published two separate open letters around the case. The first being directed to DCG CEO Barry silbert, accusing him of bad faith stall tactics, and asking him to meet with them to find a resolution, and the second being to the DCG board. Basically demanding that silbert be removed from the CEO role.
The Bitboy Crypto Podcast
"barry silbert" Discussed on The Bitboy Crypto Podcast
"I wasn't there, guys. Yeah, we got the proof. The specific timing of summer's exit is a bit of a mystery, but he appears to have bailed within the last two months. Of course, my last two months. I mean, we mean just since November, this article was written on January 9th. So here we go. Larry summers gives up advisory role at crypto firm DCG amid criticism. Larry summers, the Harvard professor. Okay, what does someone who went to Harvard? Someone who does CrossFit and someone who doesn't like Mayo all have in common. That's always the first thing they're going to tell you. He went to Harvard. Larry summers. The Harvard professor over top financial adviser during the Obama administration has cut ties with troubled crypto conglomerate digital currency group. You guys know the people that hate Mayo is someone hates mayonnaise. They're going to tell you immediately. Oh, sorry. You like eggs. Oh, it's so disgusting. Summer's joined DCG as a senior adviser at 2016. A year after DCG was formed. It's not clear when summers resigned his role through a spokesperson summers to a protos he left DCG several months ago, interesting. His personal website was updated on Wednesday, eliminating any mention of his 6 and a half year relationship with DCG from his bio. They just wanted to lead it. Like it doesn't exist. But it does. And we know Larry, like Larry, we know. We can see. All right, moving on here. Summers has previously faced criticism for his role at DCG. Most recently due to his comments about sandbank and Fritz crypto exchange FTX. In mid November, summers was widely quoted comparing FTX to enron in an interview with Bloomberg. Huh, that's interesting. Because digital currency group in genesis worked very closely with same payment free in FTX. And guess what? They're all doing the same thing. That's why DCG is about to go and solve it. So if he's going to compare FTX to enron, then he should be comparing himself to Tycho or to pets dot com or something like that. Pez dot com not nearly as bad as those other companies, of course. Following the interview, influential Washington watchdog group that revolving door project said that summers and Bloomberg should have disclosed the top economists own ties to crypto companies including DCG, but what I told you the other day about economists. Remember? DCG own ties to FTX weren't disclosed either. Genesis, the DCG subsidiary was a major trading partner with FTX. Iran, major trading partner within Ron. That's what you're saying. But let's pretend it didn't exist. And as much as a $175 million of its assets stuck at the now bankrupt crypto exchange, when unraveled, DCG also had a small equity investment in FTX. But there's more. We go by in summers go way back, Cameron, we go Boston is twin Tyler, if some history was summers as well.
The Bitboy Crypto Podcast
"barry silbert" Discussed on The Bitboy Crypto Podcast
"This is the smell of the leftover tuna fish sandwich you left in your lunch box over the weekend in a wimpy trash bag. And this is the smell of that same sandwich in a hefty ultra strong trash bag. Smell the difference? Hefty ultra strong has Armin hammer with continuous odor control. So no matter what's inside your trash. You can stay one step ahead of stinky and for bigger jobs try the superior strength of hefty large black bags. There's a lot of trad 5 phones in crypto. Kevin O'Leary, chamath Paul hapeta, plenty more to choose from. Today we're going to be talking about one Larry summers who was under the former Obama administration and Clinton administration
Crypto Briefing
Geminis Cameron Winklevoss Calls for Barry Silberts Ousting as DCG CEO
"2 p.m. Tuesday, January 10th, 2023. Gemini's Cameron winklevoss calls for Barry silbert's ousting as DCG CEO Jim and I made a new move against digital currency group today when cofounder Cameron winklevoss called on the company's board to fire Barry silbert. A campaign of lies the tension between
Unchained
Why Gemini Users Are Mad at Genesis and DCG
"We are back. It's the new year. Things are still happening. A lot of the real big dramas of the last December November period are in the process of unwinding. The biggest among them is the situation going on with our friends at DCG. So for those of you who've been following along, there's a big spat between DCG, Gemini and genesis. So genesis, if you recall, giant lender, they're going under, or at least are very close to going under if they don't manage to renegotiate things with some of their some of their creditors. So now one of their biggest creditors or I think actually the biggest creditor is a product called Gemini urn. Gemini earned is basically like a coinbase earn or Celsius type product where you retail users deposit capital. And that capital was being lent through genesis to generate yield. So the Gemini Ernst was frozen. Because of the fact that genesis was frozen, genesis is no longer processing withdrawals. And Gemini understandably is very upset about this as our there are hundreds of thousands of customers. So we've seen this big, very public back and forth now between the Gemini leadership and DCG, their leadership is namely Barry silbert. And so we saw this sort of dueling public statements going back and forth. Genesis and DCG basically claiming that, hey, we've been responsive. We're trying to negotiate the best solution for all the creditors. We're trying our best here. A few days ago, we saw the Gemini CEO Cameron come out and say, hey, we don't think that DCG, we don't think they're acting faithfully in good faith. We think that they are screwing with us. They're kind of dodging our calls. They're not willing to actually negotiate. And most notably, in the most recent letters, there was, I think, three rounds of back and forth. In the most recent letter, Cameron comes out and accuses DCG of fraud.
CoinDesk Podcast Network
The SEC Targets Gemini and Genesis
"Going to talk about the SEC action as it was dropped yesterday. I'm going to put will in the spot for this one. SEC Gemini genesis, what's your take on this one? This is a whole new chapter in the Gemini genesis feud. There is a lot going on here. In Zach, I kind of want to fact check you. I'm not sure if you're quite right. I think there was a little change in the language in that video because he did call back to BlockFi and then forcement action there. But I think 90% of that video was old. I think they just substituted a little bit in there. So yes, hats off to Gary gensler for reusing content. The cheapest way to do it. But let's talk about the winkel vibe in their reaction to what happened yesterday. So if genesis and Gemini feuding publicly on Twitter, we have Barry silbert, and the winklevoss going at each other in front of everyone. It's been great and spectacular to watch unless you have funds on Gemini earn that is, of course. But we have nice tweet from Tyler, winklevoss yesterday, saying, quote, it's disappointing that the SEC chose to file an action today as Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help earn users get their assets back. Their behavior is totally counterproductive. He goes on in his tweet to say that the SAT did not even give notice to Gemini or genesis before filing here. In fact, they just sent out press release, issued some tweets, put up this cute little video and let the wreckage start on Twitter. And that's a pretty tough place if you're in Gemini or genesis seats, right? Like they're already dealing with very angry customers, they're already dealing with huge holes and losses in their balance sheets. And then Gary Gonzalez comes up from the top roads and hits him with the steel chair. It's a very unfair and it's pretty spectacular to watch.
Bankless
"barry silbert" Discussed on Bankless
"There's no bags to shell. There's this token, all right? And how can anybody be mad about this? External to crypto. It's literally a net good created. It's a public good, created as a byproduct of the existence of Ethereum. If Ethereum didn't exist, I don't think we could have a decentralized identity tool like signing with Ethereum. And if, by the way, you don't know what we're talking about right now at this point. Why this is so great or why David and I are so excited about it. Stay tuned for that episode. I think it's coming out next week. Next week is Tyler Cowen. On Monday, but the week after, I think is when we have this slated David. Yeah, but it'll be next week for bankless premium subscribers who get them really released. There you go. And yeah, you tell us if you think it's as important as an episode in topic as we do. So David, maybe the week, what do we got this week? Maybe the week, maybe the week I saw this one on Twitter. We might have actually done this before. I think we have. But since it was a CPI print day today, we're bringing this meme back. And it's the meme of the chat human looking at a monkey, the chat human is saying, you're such a dumb animal. And then the monkey responds, you're waiting for the fed to tell you how much value your anti establishment digital currency will lose. We are kind of doing that. We are subject to the gravitational forces of the fed, aren't we? But that's the system we're trying to disrupt. We're just not there yet. Yeah, we got a long way to go. Stay tuned for the moment of zen this week, by the way. The great moment of zen, if you are listening to this on the podcast, it's a good song. But it is an even greater video. So definitely watch it on Twitter, which is where it's hosted. And that's that. Well, I'll end as I always do. Wrist and disclaimers, of course, crypto is risky. So is DeFi. You could definitely lose what you put in. But we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.
Bankless
"barry silbert" Discussed on Bankless
"All right, what do we got coming up next, David? We're going to get into questions from the bank list nation. And this is coming out of the bankless nation Discord, which Ryan, did you know that we completely revamped the structure of the bank list nation Discord? I didn't know that. It's looking pretty good. The conversation's hot, what's going on? What's the talk of the Discord this week? And by the way, how do people get into that Discord? Because you can't just click a link, right? Yeah, so there will be one soon. But there is a link in the show notes. If you want to go into the Discord channel to ask Ryan and I questions because every single Wednesday before we record this episode on Thursday, we go into the weekly roll ups questions channel. We at everyone and say, hey, what questions do you want us to read out on the weekly roll up? And so there's that. There's that channel. There's also a bunch of other channels. Like I said, we completely reorged them. So there's a lot of vitality being injected into the Discord. And so Ryan, are you ready to get into questions? Okay, so the first question is from walshy. While she says, the first crypto conference I ever went to was permissionless. I guess that was last year. Sorry to ask you somewhat chill your own conference. I'm so glad. But I had an absolute blast and it was my first real web three social experience. Everyone I met was so warm and the vibe is best described as welcoming galvanizing. I learned so much by following your advice and taking as many people as possible to all of the talks and booths and meetings and everything else. What could we expect from permissionless V two in Austin later this year? And so it's in Austin. When is permissionless V two and what can people expect, David? Yeah, permission last 2023 coming in hot in September 11th through 13th of 2023. That says here. So you got 8 more months to come. It's going to be a lot bigger. The biggest take I heard was when I told people that permissionless was a first year conference last year, it was like, what? I'm super proud of that fact. And the blind now the block works team feels similarly. So the second round of permissionless permissionless 2023 is just going to be that much bigger and better because it will be our second time doing this. So we've got Eric Voorhees locked in as a keynote speaker. We got Mary Catherine lauder from uniswap. We got Justin Drake, of course, coming back hazus coming in. Donnie's coming in. Zaki Manning is coming in. And we're 8 months out. So we haven't locked in and even all the big super chat speakers that we really want to, which is to say nothing about how Chad Eric Voorhees is. And so I'm super stoked for everything that we're going to do.
Bankless
"barry silbert" Discussed on Bankless
"That's Daniel ellsberg right there. Pleaser Dow bought the Edward Snowden piece. NFT that Edward Snowden made that about his whistleblower for the NSA. They bought that for four point something $1 million. We bought it. And that's an NFT that is inside of the pleaser vaults. And now that the pleaser Dao has created this auction house, Daniel ellsberg is making an NFT house Edward Snowden did and is going to be auctioned out off today in a few hours. So yesterday for listeners. Hopefully it goes for a lot of money because all of the money is being donated. 50% is being donated to the freedom of the press foundation, which is also where all of the money for the purchase of the Edward Snowden NFT also went the four plus $1 million. And then the other 50% of this Daniel ellsberg auction is going to the Daniel Daniel ellsberg's personal foundation for also donations. So I think that's really cool. Very cool. Yeah, and I think you did a show about I haven't caught up with that show but the sun bankless with Jameis. NFT artists, did you know they are launching on Instagram these days? Yeah. This is a headline from coin desk. So top NFT artists are launching projects on Instagram and they're selling out in seconds. This, to me, David is a somewhat detached from crypto native world. So I don't necessarily see what's going on in these communities. But if you'll recall, meta and Instagram added NFT functionality, I firstly voted to kind of view NFTs now apparently the ability to mint and sell NFTs. And they're selling like crazy. I don't know what we're looking at this specific one. Yeah, that looks like a weird NFT to showcase. But okay. Here's another one from Sandeep. So a lot of these are based on polygon, of course. This is one called accu tars, I believe. Anyway, what's interesting about this is there seems to be still appetite for NFTs. It's in a new platform on Instagram. It's awesome. They're digital collectibles. Digital collectibles. And what's interesting to me too is met is taking 15 to 30% of the sales. And creators are still doing it. So I bullish question mark. Bullish digital collectibles at least, not NFTs, of course. Those are bad. I think it's going to be stuff like this and the combination of Instagram and the branding digital collectibles. People are just going to get it. Like, oh, this is a digital collectible on the Internet. That's a cool technology. When my tribe does it, it's cool. I hate it. Yeah, your NFTs are dumb. Your NFTs on open C are dumb. Mine digital collectibles on Instagram are great.
Bankless
"barry silbert" Discussed on Bankless
"Boring number in all of finance because for the last decade or two, it's always been like 2%, never changed. Quite volatile these days. What do you think? Are we done with inflation? So we just recorded our podcast with Tyler Cowen, which comes out on Monday and he mentioned that we really need to see three months in a row of decreasing inflation to really feel okay ish in confidence about the trend here. And he was and we recorded with him a few days ago and this was the print that we were looking for to see if it would continue to trend down for three months in a row. And it is. And so he said three months is what you need to start having some amount of confidence. So I think we are in the earliest stages of being able to have some amount of confidence about a downwards trend. And I think every single month after that, where we continue to print lower, we're just going to start stacking on the confidence and the confidence and the confidence and that's really what it takes for risk appetite to come back. And so we are on to the first of many boxes that are checked, but it is the right step in the right direction. Well, let's switch back to the crypto cycles again. So some people are saying there was a lot of leverage in the system quite obvious built up in 2021 and 2022. And now that leverage is gone, it's been washed out. It's been flushed down the toilet. Bye bye three hours capital and all of the margin traders that got completely wrecked. This is a tweet from Jack. Do you want to tell us what he's saying? Yeah, Jack is saying, over leverage was the theme of the year. It was really the theme of the entire bull market being over leveraged. But how much leverage remains in the system this year? He asks, despite major blows from incumbents like FTX, Bitcoin liquidations are down significant and significantly in the second half of 2022, suggesting that the majority of leverage has been washed out. And it's probably also why we're seeing a lot less volatility in crypto asset prices is that leverage is volatile. Leverage adds to volatility. And now that things are stable, there's less incentive to take leverage because you can't really trade as much in this market. But you're just seeing a lower liquidations both on the long and short side, meaning that we are in a much more healthy, much more grounded phase in the market, which implies that we are closer to a bottom than we otherwise would be if we had a lot of leverage. Well, let's just flat out ask the question. I did on Twitter, has crypto bottomed. This was a results poll 44% said yes, 55% .3 said no. So kind of even. I call that even a little more saying no. What's your answer to that? Have we bottomed yet, David? Have we seen the all time lows of this cycle? Yeah, I mean, when we hit below $800 ether in below $16,000 for Bitcoin, that, I don't think we're going back there. Bitcoin or ether got down to $870 or something. That is the question. Do you think we bottomed?
The Breakdown
DCG Responds As Gemini Accuses Company of Fraud
"Let's get into the meat of today. And that is, of course, the DCG drama continuing. I mentioned on yesterday's show as I was finishing up recording that Cameron winklevoss had just dropped another open letter. His second in two weeks. That letter ended up eliciting the longest response we've seen for months from DCG and its CEO Barry silbert. At this point, I don't think many of you need too much background, but the ultra TLDR of the situation is that genesis is a subsidiary of the digital currency group DCG, who also own coin desk, by the way. And genesis has both a lending business and a trading business. The lending business in particular had a rough 2022. They were the biggest creditor of three arrows capital after it collapsed, which led to DCG taking over that claim and the genesis CEO resigning. Genesis also had a $175 million or so stuck on FTX, and in the wake of the FTX collapse, genesis lending halted withdrawals. Among other things, that has trapped around $900 million that was part of Gemini's earn program, which is their consumer yield program. As time has gone on, Gemini's customers have been getting angrier and angrier and so too the public pressure from Gemini on genesis and DCG is also ratcheted up. Last week, that took the form of an open letter asking for Barry silbert and DCG to come to the table by January 8th, which was Sunday. That's the letter in which Cameron winklevoss accused silbert of bad faith stall tactics his words. In the wake of that, there was a bit of back and forth on Twitter, but nothing really more than that. Then of course, on Friday, Bloomberg reported that DCG and genesis were being investigated by the Department of Justice, which took the situation up a couple more notches. Well, yesterday on Tuesday, Cameron winklevoss dropped a second open letter and this one was even more accusatory than the first. This one was directed not to bury silbert, but to the entire digital currency group board. The big theme of that letter was that this was no longer just a public disagreement between business partners, but an accusation of fraud. The letter kicks off, I am writing to let you know that Gemini and more than 340,000 earn users have been defrauded by genesis global capital. Together with its parent company digital currency group, its founder and CEO Barry silbert, and other key personnel.
CoinDesk Podcast Network
"barry silbert" Discussed on CoinDesk Podcast Network
"It's the hash coming to you live on coin desk T, V, I'm Zach seward, my head is moving. And everyone else's head is moving too. That's will foxley. You guys are the best. All right, let's get up to speed on what's going on in the world of crypto news. We've got some fresh drama in the spat between DCG and Gemini. We'll take it away. Our heads are moving, but the wingle vibe wants some heads to roll. See what it did there? Pretty nice, right? The winklevoss came out this morning with a really nice letter at Barry silbert. The CEO of DCG, which also owns coin desk as disclosure, saying, we need this guy out. We need him out. So they wrote this very long letters about four pages long. They posted it to Twitter, just like they did a few days ago. A few weeks ago at this point, a prior letter saying, hey, we need to engage with conversations with DCG in order to rectify the situation for Gemini, earn customers. This morning, the escalated a little bit, saying that the board needs removed. DCG CEO Barry silbert immediately in order to rectify the situation for customers just as a recap back in November, we saw that genesis trading and lending halted withdrawals on its platform due to a hole in balance sheet and liquidity issues. Gemini urn, which has about $900 million under management, had to also withdraw or halt withdraws to its customers because they were using genesis to power their application. So now we're seeing a little more fighting on Twitter, Wendy, I know you love this stuff. You love seeing the Titans of the crypto industry buttheads, what's your take on the story? So, okay, they need to figure things out. I do appreciate the fact that they do want to kind of do this publicly, but again, you guys, at the same time, this is literally like Chase Bank and Wells Fargo, CEOs like going head to head in real life on Twitter. You never see that happen in a million years. So it does make our industry look a little bit crashed. However, I'm here for the drama. I'm a 100% for it. But at the same time, there's people's livelihoods that are going to be impacted by this. I don't understand why Cameron from Gemini is calling for berry to step down from DCG board. It doesn't really make sense to me. I feel like that's kind of like a spectacle esque part of it. I don't think that's necessary. And I don't think that's going to solve the problem. The way to solve the problem is to actually address the problem instead of arguing and whatnot. I would love to give this over to Zach for his take. Yeah, it's a pretty spicy letter. The word fraud is thrown around quite a bit. And I think what's alleged here is just an inter tangling of business interests that led to some bad stuff in the market. And I think Gemini is feeling the pain as it relates to its own program. It should be said, DCG is out here on Twitter saying that this is a publicity stunt. This is some garbage, so they definitely are putting some words back toward Cameron here. But yeah, the allegations of fraud and the allegations of if genesis were an independent business from the DCG empire, it wouldn't be doing this stuff. And it all comes down to the grayscale trade that really bit three arrows in the behind and has since many more in the behind as well. So the fact that this was entangled with some of DCG other business interests is to me what is the foundational allegation in this, again, pretty provocative letter sort of laying out what Gemini claims to be the facts of the case at this point in time. So that to me, I think, is potentially why the call is so strong to remove Barry silbert from the head of DCG, right? They say, hey, board, take some action and take some action now. It does escalate the finger pointing here in this instance. The feuding is definitely ramping up, going up a notch. I don't know if the DCG board is going to take action on this, but it's going to be really fascinating to see how this unfolds beyond just sort of the retort tweet that we've seen from the DCG handle. Wendy, it's awesome to you though. I just don't understand. I get it, but at the same time, it's like, you can't tell other people what to do and you can't tell other people how to run their business. They can't just remove him from the board just because Gemini says you need to do that. I know that they've partnered. They've done business before, but that just kind of seems really ridiculous. And again, they need to address the actual problem. Yes, everybody kind of knew the risks about the features and different stuff like that. But at the same time, I will say that Jim and I did a really, really good job leading customers know exactly what that was. I did use that product and it literally told you, like you're moving your crypto over here, this is not geminis company. It's like somebody where partnered with. So I understood that it was going to a separate entity and it wasn't part of Gemini, even though it was marketed as Gemini Ernst because I read the actual disclosures that popped up. So billionaires, gazillionaire is going to be for Jen. Give us your take though, please. So Cameron is accusing DCG of some accounting malpractice here. I think that's why he's asking for Barry silbert to step down. I think when we see these conversations play out in the public, it tells me two things. One, that there's maybe some frustration behind closed doors. They're not getting the answers that they hope to get from all of the parties involved.
CoinDesk Podcast Network
Gemini's Winklevoss Calls for Barry Silbert's Removal From DCG
"We've got some fresh drama in the spat between DCG and Gemini. We'll take it away. Our heads are moving, but the wingle vibe wants some heads to roll. See what it did there? Pretty nice, right? The winklevoss came out this morning with a really nice letter at Barry silbert. The CEO of DCG, which also owns coin desk as disclosure, saying, we need this guy out. We need him out. So they wrote this very long letters about four pages long. They posted it to Twitter, just like they did a few days ago. A few weeks ago at this point, a prior letter saying, hey, we need to engage with conversations with DCG in order to rectify the situation for Gemini, earn customers. This morning, the escalated a little bit, saying that the board needs removed. DCG CEO Barry silbert immediately in order to rectify the situation for customers just as a recap back in November, we saw that genesis trading and lending halted withdrawals on its platform due to a hole in balance sheet and liquidity issues. Gemini urn, which has about $900 million under management, had to also withdraw or halt withdraws to its customers because they were using genesis to power their application. So now we're seeing a little more fighting on Twitter, Wendy, I know you love this stuff. You love seeing the Titans of the crypto industry buttheads, what's your take on the story? So, okay, they need to figure things out. I do appreciate the fact that they do want to kind of do this publicly, but again, you guys, at the same time, this is literally like Chase Bank and Wells Fargo, CEOs like going head to head in real life on Twitter. You never see that happen in a million years. So it does make our industry look a little bit crashed. However, I'm here for the drama. I'm a 100% for it. But at the same time, there's people's livelihoods that are going to be impacted by this. I don't understand why Cameron from Gemini is calling for berry to step down from DCG board. It doesn't really make sense to me. I feel like that's kind of like a spectacle esque part of it. I don't think that's necessary. And I don't think that's going to solve the problem. The way to solve the problem is to actually address the problem instead of arguing and whatnot.
Simply Bitcoin
"barry silbert" Discussed on Simply Bitcoin
"Well, I'm ready for the culture, buddy. I think we're missing something. Check out people like boom. It's gonna be one of the biggest Bitcoin conferences in the U.S.. It's a true Bitcoin conference. Network with fellow bitcoiners, Austin, Texas, August 24th, 25th, 26th, 27th, 2023. This is not a shitcoin NFT or blockchain event. A bit block boom. We talk about Bitcoin and Bitcoin in more Bitcoin. Guys, you can take advantage of the promo code all caps simply
Simply Bitcoin
"barry silbert" Discussed on Simply Bitcoin
"And other law enforcement authorities are looking into what is going on with DCG. So if you connect those two dots, man, you know, it's a lot of coincidences, could it be that the party is still going? Is it just, are we just looking at is it just SPF of just FTX or the only ones? They have a lot of Bitcoin, man. They have a lot of Bitcoin. DCG has a lot of Bitcoin. So maybe we see more fireworks. I don't know. What are your thoughts on all this, bro? Well, at first, before I go into my thoughts, what exactly is the David Bailey? I kind of saw some stuff talking about that. They did like a website. They're trying to claim, let me pull reserves of the GBTC or something. Yeah, let me, let me pull it up. That's a great question. All right, so the redeemed GBTC campaign where a group of GBTC shareholders interested in ensuring the trust has managed to maximize the value for all shareholders. Our goals, a credible path to redemption that minimizes impact on the Bitcoin market to a reduction in management fees, three a change in management and a competitive bidding process for new trust sponsors. Interesting interesting. Well, okay. To my point that I was going to make just a tag onto what you said at the very end. It looks like the dead body you still haven't floated down river and oh man, here was me being hopeful that we are getting out of this bear market. And we shall see what happens. We shall see what kind of fireworks we see by the end of this 20 21 and 2022 bear market. Man, what a crazy, crazy time. I've said it before and I'll say it again and obviously I will double down on this. Don't buy GBTC guys. Don't participate in paper Bitcoin. This is why we tell you guys to take your Bitcoin in self custody by Bitcoin. This is the way guys, this is how you stop this madness and stop recreating the Fiat system on blockchain. Now I know that you can get GBTC three or four-o-one-ks and what have you and it's a way to get exposure to Bitcoin if you still have some money in the legacy system. There's obviously nuance in this, but I am just not a fan of paper Bitcoin and GBTC seems to be a huge paper Bitcoin Ponzi and if we learned anything in the last year, man, it's like don't chase yield or you'll become the yield and I understand again, there's obviously nuance to all this.
Simply Bitcoin
"barry silbert" Discussed on Simply Bitcoin
"Referred to a referred a request for comment to a DCG spokesman in a statement the company said DCG has a strong culture of integrity and is always conducted its business lawfully. We have no knowledge of or reason to believe that there is any eastern district of New York investigation into DCG. Genesis is a subsidiary whose unit offers lending services set in a statement that it does not comment on specific legal or regulatory matters. Genesis maintains regulatory dialog and cooperates with relevant regulators and authorities when it receives inquiries, it said. The SEC and U.S. attorney's office for the eastern district of New York declined to comment it's unclear which intercompany activity is drawing scrutiny. I mean. I mean, look, I think that things are definitely developing, like I said, public figures like this that have such a high profile for them to make statements like this isn't it's not just like just an on and on on Twitter saying talking his mouth. Like this is a very public figure and when you say things like this, it has consequences. So a very strong statement he is accusing him of fraud, holy cow. So moving on on the other front, this is David David Bailey, CEO of awesome Bitcoin company, your friends over at Bitcoin magazine. And it looks like he's starting this movement. He started this movement to get a large majority share of the GBTC and it looks like he's starting. He's starting to do that. And here's some tweets. Throughout the day. Throughout the last couple of days, it's time he's calling for Barry silbert to resign. He's retweeting a camera winkle vie, bravo. Now let's talk about DCG and almeida and the billions they sold from FTX users. So David Bailey's is proposing is that apparently there was collusion between Barry silbert and SPF of almeida. This is crazy. This is absolutely nuts. And I was posting memes. This is simply Bitcoin. So we do have the cover the memes burnt toast. Absolutely hilarious. And it looks like there are campaign has been somewhat successful. We've now heard from 2000 investors representing 25% of the shares of GPT C, it's time for a change free the Bitcoin.
Simply Bitcoin
"barry silbert" Discussed on Simply Bitcoin
"On a hot wallet. Hot wallet for anyone who doesn't know is any wallet that's connected to the Internet. Anyways, you want cold storage. This is Barry silbert ladies and gentlemen. Barry silbert has a net worth of 3.2 billion U.S. dollars and Barry silbert is in trouble. Looks like and we're gonna dive into the Bloomberg article in a bit, but I want to give you guys a little bit of context. So first Barry silver is the founder and CEO of digital currency group, a conglomerate of 5 cryptocurrency focused companies, DCG biggest revenue generator, digital assets manager, grayscale. I'm sure you guys have heard of grayscale before. That is what GBTC is. Anyways, so what does digital currency group own, right? There's a lot of familiar faces. I'm sure, to a lot of you guys, foundry. You have coin desk as well. And of course, you just heard grayscale investments and genesis global capital. Now, genesis global capital is really interesting because that's what Gemini the Gemini exchange was using to provide yield product to their customers, of which now no one can get their money out. There's about $900 million worth of customer funds that they don't nobody has access to. And of course, the winkle vie are making a commotion about it on Twitter, but now it's escalated. Camera winkle vibe just tweeted this out. Earlier today. And let's check out some of the letter, but it goes on to say he's accusing Barry silbert of fraud. It's got into that point. Very interesting to see where this goes. And keep in mind, right? I just read it to you guys. Grayscale and Barry silbert, they have $28 billion worth of Bitcoin under management, right? So if it affects them, it could potentially affect the Bitcoin price. But if you've been following our advice for a very long time, this doesn't affect you because it just means cheaper sats. Don't use margins, don't outsource the personal responsibility of the storage of your wealth. Keep that Bitcoin taken into self custody, baby. Anyways, so I'm going to read some of the letter. Hopefully I can get through the whole thing. It has an open letter to the board of digital currency group. I am writing to let you know that Gemini and more than 343 140,000 earn users have been defrauded by genesis global capital. That's a very, very strong statement. Together with its parent company, digital currency group, its founder CEO Barry silbert and other key personnel, these parties considered to make false statements and misrepresentations to Gemini, earn users, other lenders, and the public at large about the solvency and financial health of genesis. Okay, fine. That could be true. It could be true. But this wouldn't have happened to you if you've stopped trusting other people with your money and started trusting yourself.
Simply Bitcoin
"barry silbert" Discussed on Simply Bitcoin
"All right, everybody at the time of recording, the Bitcoin price is 17,320 sats per dollar, 5774. The block height, 771,309, reachable. Bitcoin nodes, 15,039, blocks to the happening, 68,691, the having estimate April 25th, 2024, total lightning network capacity, 5185 Bitcoin, capacity value, 89 million U.S. dollars, realized monetary inflation, 1.76%, and the market capitalization of Bitcoin, 333 $1 billion with the B and the grand scheme of things Bitcoin is this tiny little baby. Anyways, anyways, opti. Opti. Opti, we have a lot to talk about. Here is Harare. Which wrote very famous book. Homo homo. Oh my God. APN's right? Yes. The book's called sapiens. There we go. He wrote some other books. Yeah. So harari, World Economic Forum, type of setting, and he's talking about money. And sitting across from him is the convicted the convicted felon. That's not that's actually true. The head of the European Central Bank, which was the head of the IMF, Christine Lagarde, which is absolutely crazy. That's the head of the European Central Bank and she is, she is the one that is talking crap about a talking back talking crap about Bitcoin. So yeah, it's called homo deus, by the way.
Simply Bitcoin
"barry silbert" Discussed on Simply Bitcoin
"You. Oh man, technical difficulties just started out. Welcome to simply Bitcoin where your number one source for the peaceful Bitcoin revolution in color breaking news, culture dramatic warfare. We will be your guide through the separation of money and state. Wow. Wow, I was so excited. I was clicking the button ready, ready to start off the and. Dude, you disappeared. You weren't even in the studio and it started. I'm like, okay, what's going on? Oh man, but this is why you're here. This is why you're here. My awesome co host, how are you doing opti? How are you feeling this morning? I am doing good. I was just telling everyone the space. I am jacked up on coffee, so you know I'm feeling good. I'm excited for today's show. Without coffee. Dude, honestly, I used to not be addicted to coffee. This is a new thing for me. And I think I'm gonna blame the simply Bitcoin family because I need to be high energy for the show every single day. You know, I gotta be aware when I wake up early in the morning, prepare for the Twitter account. So, you know, this is my life now. Guys, I do this for you. I suffer for you guys. Oh man, opt is on the mission. Are you on the mission? That's the question. Okay, so today guys, we have an awesome show. We're going to talk about Barry silbert Barry silbert for anyone who doesn't know. Is the CEO of the digital currency group. They own a ton of companies. They also have a huge amount of Bitcoin under management. And he's in trouble. He's under fire. If you guys have heard of GBTC, that hold debacle that's been going on. This is the man behind it. So we're going to talk about a lot. We're going to talk, we're going to dive deep. We're going to see what's going on. It looks like there's an investigation, looks like the winkle vie are freaking out as well. So we're going to get into all the details of that. Of course, we bring the receipts and we have a very special video that I want opti to react to. And I saw these ex-girlfriend Christine Lagarde in it. So it's going to be interesting. Opti, what do we have during the culture, my friend? Well, we're going to do a little mini tribute to how Finney. Today is the 14th anniversary to the very famous and legendary tweet on Twitter of running Bitcoin. So we're going to show some love on that front and maybe make people more aware of who Hal Finney is.
Bankless
"barry silbert" Discussed on Bankless
"For someone thinking like, oh, is this just David's bag bias? He has much more Ethan he has Bitcoin. I don't even know if he has any Bitcoin. So of course he's talking about eth. Right. Does this matter beyond your bags, David? So this goes back kind of why we made bank this in the first place is we had theses and ideas about how crypto economics works and we didn't feel like the rest of the crypto world had heard these theses. And no one was broadcasting them. And the whole eth is money thesis is largely where bankless started. Back in 2018, 2019 when you and I were first getting to know each other. The whole east is money thing was a very contrarian bet. And so we came together over that shared frustration. It's like, why don't people understand ether like this protocol? Also DeFi data. Also DeFi, yeah. And so the ether is the best crypto asset of all time. If not the best asset in the world ever, it's one of our foundational feces that has pioneered our own thinking in this space. And as a result of my belief on that, I have purchased a bunch of ether because that aligns with my theses and beliefs about how the future of crypto will be. And so my claim is that the crypto economics of Ethereum is just 1000 times more sound than bitcoins, and I expect that to show up in the price sooner or later, especially after the merge and proof of stake and EIP one 5 5 9. So this is a bet based on the thesis. How about this? What are we looking at this tweet, David? Okay, so this is there's two charts here, and we're looking at the first one. This left chart is how bullish. If you believe in the flippening thesis, this is roughly about how bullish you are. The ether is Bitcoin ratio. This is the Bitcoin ratio chart. And I've drawn a green line at the end to indicate where I believe that we are going. We are currently at .074. And I think we will this is what people who believe in the flipping think that we're going to do. It's like, oh, we're going to flip in Bitcoin at .17. And that will take somewhere between one and three, four more years to get that done. And so that's what this chart shows. This is why the typical flippin air believes. Here's what I believe, Ryan. Which is what have you done here? Shortened the time range here? No, I've actually increased the time range. And so this arrow goes all the way out to 2030, but where people think the flipping happens at .15. Yo, keep going, guys. Because once ether flips Bitcoin, there's no reason why it can't keep going after that. It doesn't stop after a flipping Bitcoin where you flipped Bitcoin a second time. And a third time, and a fourth time. And it definitely takes time. But by the way, so when you put it the ratio, the other way you could that this could play out is Bitcoin collapses. It could go down versus ether, for sure. Do you think that's a possibility? I don't think that some people. I don't think Bitcoin collapses. So I just think it has a cap on the stagnant. Proof of work is a fundamentally a cap on growth, because as your price of your proof of work token goes up, so does the net average cell pressure. And so the arrow at this point where it's pointing to Ryan is at .7
Bankless
"barry silbert" Discussed on Bankless
"It didn't happen. But we're giving ourselves, again, we're creating this report card, David, so we can be nice to ourselves. So we're giving ourselves partial credit for this. Because Ukraine Dao, legitimately, but obviously tons of military guarantee was almost 8 figures. It was something like $8 million, right? But the item that was just under an NFT of a partial credit. And then the last one, of course, Michael saylor buys more Bitcoin. That was just a free space. He totally. That was very easy. My predictions. I did worse than that. Okay, now we're getting into Ryan specific prediction. So here's Ryan's predictions. I said crypto would be above 7 trillion and it only reached 3 trillion size, overly bullish. I said eth would get to ten K and by the way, that's what all of this was based on the bull market, yeah. Yeah, and so look, I mean, the basis was I thought we would do another ten X from last all time high, which was in the thousand zone. And we didn't. We only hit 4.5 K doesn't mean ten X isn't happening. It means it didn't happen in 2022. It's probably in 2023. Layer twos enter the top ten. I think that's a yes if you count polygon, which I do, bridges to billions. So across and hop issued tokens, bridges. I was more bullish on bridges going into 2022. Yeah, exactly. Bitcoin to a hundred K, it only hit 63 K, this should actually be an X, I don't know, that's a check. Web three gets social. We had some launches forecaster lens, D so it's still too early for web three day really succeed on punting on that one. David, I said DeFi would return, it definitely did not return. Okay. And yet, David, it did serve us when C 5 failed. And that's a big plus. I thought there'd be some crypto banks that would IPO. Nope. We almost got that one with circle. And then the SEC said no. So there you go, blocked by the SEC. Dows get weirder. I'll count Ukraine as kind of a weird dowel that fighting a war for a Dao that's kind of interesting. NFTs ad extensions that what I meant is that they would expand into other media properties, board API club, definitely did that. I thought game 5 would build a niche. It didn't, the way too early, overall, my grade is a C minus. And I think this is because I expected the bull cycle to have about 50% more upside than it did. But by April, the fed was tightening. And then after April, just everything unwound as the tide was coming out and apparently no one had shorts on in crypto. So you didn't expect everyone to be completely immature and irresponsible. Well, I didn't. And I think some of these predictions just don't take into account macro, right? Because we kind of ignore it because who knows what's going to happen with the background. So that's what messed me up. This year I'm being more cautious, David. Sure. I think we're going to, I think there's going to be a lot of ups and downs in crypto, but we're going to finish above 2 trillion. That is more than a two X brother. But there'll be ups and downs. Eth withdrawals will be enabled. That's probably an easy one. But I also am hopeful for Proto dank sharding in 2023. Now that's going to be hard to hit.
Bankless
"barry silbert" Discussed on Bankless
"I mean, I'm always happy to try and put on armchair psychologist David. But some sort of prince syndrome might be in effect here by his Harvard highly educated elite parents treating him like a prince and telling him. And this is a quote from the article. Sam baker's freed self image, in other words, is both of a gifted and good person. We are watching that clash with the reality of his behavior that of a conniving stimulant addicted screw up. And they also talk about the disposition of his parents. We saw signs during the hearings in The Bahamas that his parents are struggling in similar ways to reconcile their idea of their son with the reality of his actions. Barbara fried Sam's mother was seen laughing at descriptions of her son as a criminal. Wow. Yeah. That is delusional. I don't know what to make of that. Again, we'll have to see how this turns out. But what's the probability that Sam goes to jail this year? Do you think that's a slam dunk? I think it would be rational to bet my net worth. Yeah. It would not be rational because there's no upside, David. You don't have to do that. What do you mean? Well, I bet it. Yeah, it's a double or nothing. Yeah, if I don't mind doubles. I don't know, I wouldn't do that. You wouldn't do that? I definitely wouldn't do it. I think that's a rational bet. I think so. Well, I would say I'm 90% certain is how I'd phrase it. So will you put 90% down? This is like betting on ripple or doing something like this. I don't do that. Either down or up, I don't bet against it. Who knows what could happen. The world is a very strange place. Let's talk about the winklevosses versus Barry silbert talking about a strange place that we're in. They put out an open letter on Twitter this week. What does this say from Cameron winklevoss? Yeah, it's basically a damnation of Barry silbert and digital currency group and how it is up to Barry to make things right again that Barry has the power to make things right again. And he's not doing that. And so I'll read one specific paragraph. The idea in your head that you can quietly hide in your ivory tower, and that this was all just we'll just magically go away or that this is someone else's problem. It's pure fantasy. To be clear, this mess is entirely of your own making. This is Cameron and Tyler winklevoss, two berry silvert. Digital currency group, of which you are the founder and CEO, owes genesis, $1.67 billion. That is the money that genesis owns to Gemini earn customers and other creditors. You took this money, the money of school teachers, to fuel grudge, yeah, right? To fuel greedy share buybacks, illiquid venture investments, and kamikaze, grayscale, net asset value trades that balloon the feed generating AUM of your trust, all at the expense of creditors and all for your own personal gain.
Bankless
"barry silbert" Discussed on Bankless
"No, basically it looks like I'm like Frodo and aragorn and poor mirror or something. I look like a child. I'm child sized compared to these people. Anyway. What's the size chat of arbitrum? What's this graph we're looking at? So on the left, we have the deposits of eth into arbitrum one, which is totaling a little bit over 800,000. And on the right, we have deposits in eth to literally every single other layer two, which is coming up to 700,000. Now this isn't TVL, this is to be. This is eth. This is ridged eth, which is, in my mind, the best kind of TVL, but you're right, not all TVL. And so arbitrum is literally the size Chad of layer twos. So congrats to the arbitrary ecosystem. And one thing I've definitely noticed on Twitter is that the arbitrum community has started to delineate into sub communities. And so you're seeing that same sort of thing that we saw on Ethereum over 2020 to 2022 of Ethereum developing into its own sub communities and communities. You're seeing that in arbitrary as well. So the arbitrage like ecosystem is really strong. Yeah. We'll see. This is another snow globe where this is just getting started at this competition for L twos is just getting started. And so I would love to see this number at the end of 2023. David, what do we got? Coming up next. Sbf pleads not guilty. Bold strategy. We'll see how that plays out. The wink of I of twins pick a fight with Barry silbert of DCG and genesis on Twitter and again, like I said, and not so great update from the Celsius court proceedings. So that's all the big news of the week. And so we'll get to all of these conversations and more. But first, a moment to talk to kraken, who is our strategic sponsor of 2023, because kraken knows that if you're going to adopt crypto protocols, you're going to adopt crypto values. And that philosophy has been why kraken has stuck around for over 12 years now. And so we're going to hear from them right now. Cracking has been a leader
Forkast
Digital Currency Group seeks to calm investors over Genesis loans: reports
"6 a.m. Thursday, November 24th, 2022. Digital currency group seeks to calm investors over genesis loans, reports, Barry silbert of DCG disclosed his company owes a U.S. 5 75 million loan and a U.S. 1.1 billion promissory note to its subsidiary genesis global capital