DitchBlockFi

We are a team of people here to expose BlockFi's non-transparent and risky practices to warn users.

[DitchBlockFi @ditch_blockfi]

Irresponsible
Not transparent
Betting on a premium that may never come back
Down several hundred million $ of PNL

Using customer funds?

Find out more: https://t.co/HpqpCvVpHC
Stay tuned: https://t.co/9B213MIrL7

[TheSkyhopper @TheSkyhopper]

Here is the estimated $GBTC vesting schedule on a weekly basis. There's a couple weeks off over the quarter end, but Mid April, we see the October Subscriptions come to be free. Here to End of June is quite a gauntlet of shares getting free. This week is rough so far.

[DitchBlockFi @ditch_blockfi]

@Z06Z07 @AndreyGodsonn @brendanlane00 @udiWertheimer @benthecarman @nvk @BlockFi @OTCMarkets Selling = trading on the open market
Redeeming = taking your shares to the issuer and getting either cash or the underlying asset (BTC)

They aren't the same thing. You cannot redeem GBTC. Obviously you can sell it, ppl are selling now before the huge April unlocks happen.

[DitchBlockFi @ditch_blockfi]

@AndreyGodsonn @Z06Z07 @brendanlane00 @udiWertheimer @benthecarman @nvk @BlockFi $GLD can easily be redeemed for physical gold if you are an AP, see prospectus:

https://t.co/z8I4H35j3y

GBTC cannot be redeemed for cash or BTC, under any circumstances.

[DitchBlockFi @ditch_blockfi]

@Z06Z07 @AndreyGodsonn @brendanlane00 @udiWertheimer @benthecarman @nvk @BlockFi Everything you just said is wrong.

GBTC shares on the open market cannot be redeemed for cash - they can be sold on the open market, but not redeemed.

You can't redeem $GLD for physical bc you are not an "Authorised Participant" but APs can redeem for physical easily.

[DitchBlockFi @ditch_blockfi]

@Z06Z07 @brendanlane00 @udiWertheimer @benthecarman @nvk @BlockFi FYI there is no way to arb a discounted GBTC share. GBTC cannot be redeemed for BTC.

[DitchBlockFi @ditch_blockfi]

@RyanSAdams Here: https://t.co/W5TjFmSbFp

There’s $12B of GBTC unlocking soon, much of which is leveraged players who borrowed BTC to create GBTC. In many cases they may be forced to sell at a discount.

[AdamHurwitz.eth @adamshurwitz]

@ditch_blockfi I'm discovering this and https://t.co/wkjWqwOALD. I have a lot of homework to do tomorrow. 🔎

FYI - @JasonYanowitz is interviewing the BlockFi co-founder, Flori Marquez tomorrow on the Empire podcast. https://t.co/Lsvc6Ls4Lo

[DitchBlockFi @ditch_blockfi]

https://t.co/Tjyr6fosSu

[DitchBlockFi @ditch_blockfi]

@JasonYanowitz @FounderFlori Ask about GBTC and unsecured lending
And whether they’re willing to be public about how they obtain yield for clients (it’s mostly not their borrow platform on the site)?

Thanks & best of luck

[DitchBlockFi @ditch_blockfi]

Maybe we/our sources are right, maybe we’re wrong, but the debate and discussion is important to have

This isn’t a hedge fund that’s losing/making money on a trade, it’s a retail lending platform that takes depositors. So the public has a right to know.

[Simo A³ The state is a predatory entity. @SimoMace]

@Seccour_FR @BlockFi @ditch_blockfi @PeterMcCormack @APompliano @LynAldenContact So true . But a debate could help average Joe to do his/her homework

[DitchBlockFi @ditch_blockfi]

@Seccour_FR @SimoMace @BlockFi @PeterMcCormack @APompliano @LynAldenContact The interesting thing is that no one has criticised the facts we’ve made public, or disagreed with them. Only thing we’ve seen so far is name calling or critique of the way we published this information.

[DitchBlockFi @ditch_blockfi]

Ouch

This only works of the shares are matured beyond the 6 month time frame though

[DitchBlockFi @ditch_blockfi]

.@maxboonen dropping Knowledge

[DitchBlockFi @ditch_blockfi]

Are $GBTC shares redeemable for BTC?

[DitchBlockFi @ditch_blockfi]

Amazing

[DitchBlockFi @ditch_blockfi]

@TruthSeekerX10 @ofnumbers @Bitfinexed @Frances_Coppola BlockFi is not part of DCG/Greyscale. Different entities.

[DitchBlockFi @ditch_blockfi]

Feel free to adjust the estimates on our site, by the updated SEC filings.

[DitchBlockFi @ditch_blockfi]

People want to know what's going on

[DitchBlockFi @ditch_blockfi]

We are doing our best to improve the transparency into BlockFi's lending practices.