EddieJayonCrypto
3 Jan 23
• DCG/Genesis/Gemini debacle is getting deeper with full on public feuding• Valkyrie Investments wants to manage Grayscale and has set forth a plan• The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of The Comptroller of the Currency (OCC) release a joint statemen...
• DCG/Genesis/Gemini debacle is getting deeper with full on public feuding• Valkyrie Investments wants to manage Grayscale and has set forth a plan• The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of The Comptroller of the Currency (OCC) release a joint statement about the risks of Cryptocurrency• Solana jumps up by a lot, but only on the positive comments from Vitalik Buterin• Be mindful of macro events that can affect all marketsThere is a lot going on that can distract you. Keep minding your business. Here is what is on my mind today.1. The DCG/Genesis/Gemini debacle is getting deeper. If you have been watching my videos, you know I have been reporting on this for a minute. Now there is a battle going on between the Winklevoss twins and the founder and CEO of Digital Currency Group (DCG), Barry Silbert and it is VERY public. The battle is raging on Twitter and I am expecting a lot more details to come from this. Cameron Winklevoss took to Twitter to ask Barry straight out if he will make customers of the EARN program administered by Genesis whole and even dropped some hints at a loan to DCG from Genesis, sprinkling in some doubt about if DCG can pay it back. I expect the whole thing to get worse before it gets better. Just note that DCG has a lot of options when it comes to raising capital, including Grayscale selling some BTC as a last resort. 2. Speaking of Grayscale, Valkyrie Investments wants to take it over. In a statement released December 28th, co-founder and CIO of Valkyrie Investments Steven McClurg revealed the company’s interest in taking over the management of Grayscale Bitcoin Trust. Talk about perfect timing. I wonder is Steven knew something was about to hit the fan for DCG. 3. In a joint statement, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of The Comptroller of the Currency have listed risks pertaining to cryptocurrencies. They are using the events of last year as a basis. Of course there are risks, but with the traditional financial industry having been hit with so many violations, including money laundering, one would think they would be issuing a more robust statement about all kinds of financial risks. 4. Why is Solana surging just because Vitalik Buterin has something nice to say for the first time? That's nice. I am still not touching it with a ten foot pole. Being active in the Web3 space along with years of being involved in application development I just don't have faith in the project right now. That doesn't mean I won't change my mind, but it does mean there are parameters that must be met. The most important is uptime reliability. Until there is a code change or upgrade of some sort I simply will not buy into it as a viable platform on which to build critical solutions. 5. There are a number of macro events that can hurt all financial markets. These include layoffs, a drop in car sales, real estate prices dropping leaving people under water, and more. All of this as some companies still have record profits. I think rallies will happen, but I do not think they will be sustained this year. I just think rallies will be bigger.