If any of you guys think selling 2-6k blocks of btc here and there triggered a bear market I have a bridge to sell you in Brooklyn
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It doesn't help if it's done hastily at vulnerable times. Especially when/if privelaged parties who could have added fuel to flame (shorting)
Trustee should have been distributing at tops, like 8k-9.9k
Either incompetent or malicious = negligence..... If all true
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but we know the exact days and amounts of the blocks being sold. there's no secret here. the market can easily absorb those small blocks at different intervals over many many months. the Trustee isnt a trading firm. they needed to sell some assets to raise cash. pretty simple
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This looks like someone just called their broker and said "dump it, I don't care". An auction would have drawn in more hodler liquidity and minimized slippage. The process was not transparent and there was too much room for front running and self-dealing. Why not auction?
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I can tell you why. because the Trustee is a law firm and not a trading entity. they do not know whats the best way to sell financials, nor do they know the tops or bottoms or know how to time the market. an auction costs a lot of extra time and extra money in fees. pointless
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Which is why they should have relied on their expert appointed official advisor on these matters instead of doing the exact opposite. An auction is cheaper, doesn’t take much time, eliminates impropriety. US authorities have done many very successfully.
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This was a fraction of total assets and meant to satisfy initial claims from what I understand. it was easily absorbed by the market with those small blocks. can you point me to a source for any of the many US authorities that have liquidated crypto assets under bankruptcy court?
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US has run several successful auctions for way less coins. It’s about fiduciary duty and transparency. You would expect someone in the business of being a bankruptcy trustee would be familiar with these concepts.
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While I respect your contributions to this space and the brand you have built at Kraken Im afraid you're completely out of touch with this situation. a US government auction of seized BTC is literally not even remotely comparable to a private Trustee's bankruptcy case...1/2
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the Trustee has timelines and creditors to appease. the US govt has no timetable to sell anything. auctions take longer&cost more in 3rd party fees than what the Trustee did by selling to an exchange entity.thats not even debatable.The trustee sold assets at timely intervals..2/2
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We were going to run the auction at 0 cost, a donated service. This process is 5 years running. An auction would take a week tops. Selling at intervals implies that there was time to do it right but they chose the more problematic and opaque method for unknown reasons.
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