The Pros and Cons of the GBTC Cash and Carry Trade

David Bailey: I'm just curious if then you think, listen, grayscale at this point is the only way that DCG is seemingly making money. But they're trying to connect it to an ETF and would effectively make no money. What happens if GBTC all of the sudden is not wildly profitable? And, and what are the incentives for that? Like, why is it that Genesis would lend against the entire value of the Luna position mark to market when no other lender would even top would dream of putting that collateral? You're going to ask the pros. So who crashed Luna? I mean, in my humble opinion, it was a coordinated FTX basically. Walk me through

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