We Study Billionaires - The Investor’s Podcast Network BTC106: FTX Failure, GBTC, Genesis DCG & more w/ Dylan LeClair (Bitcoin Podcast)
Nov 30, 2022
Join Dylan LeClair, a contributor to Bitcoin Magazine and a crypto market expert, as he dives into the fallout from the FTX collapse. He discusses the distinction between 'real' Bitcoin and 'paper' Bitcoin, revealing the underlying issues within the crypto ecosystem. Topics include the financial troubles of firms like Genesis, the implications of the GBTC discount, and the state of Tether. Dylan also shares insights on Bitcoin mining's shift towards transaction fees and the skepticism surrounding altcoins, all while navigating the turbulent landscape of cryptocurrency.
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Paper Bitcoin & Price Suppression
- The implosion of "paper Bitcoin" (synthetic Bitcoin derivatives) is paradoxically driving down the price of real Bitcoin.
- This market leverage liquidation presents a buying opportunity for long-term Bitcoin holders.
Caitlin Long's Prediction
- Caitlin Long predicted the manipulation of Bitcoin's price by companies creating synthetic Bitcoin.
- The current situation reveals a bank run for real Bitcoin, highlighting the lack of actual Bitcoin backing many platforms.
Altcoin Ponzi Schemes
- Alameda and FTX's Ponzi scheme inflated illiquid altcoins like Solana, contributing to the broader crypto market's decline.
- The collapse of these schemes exposes the lack of natural buyers for such assets.
