Why does Grayscale set GBTC’s management fee to 1.5%? The main reason is that Grayscale is short of money, very short of money, and very short of money in the short term. Setting it to 1.5% can maximize Grayscale’s short-term benefits. How is this 1.5% management fee charged? Many people don't even know this when they analyze, so they just analyze it blindly. I guess he only has experience buying funds in China and has no experience buying and selling U.S. stocks. The management fee is an annual fee, which is converted into a daily fee and charged on a daily basis. (When GBTC was a trust, the annual fee was 2%, charged monthly. This was changed when applying for the ETF). GBTC, which used to be a trust, was not redeemable. Grayscale charged a monthly management fee. What was actually charged was physical BTC. Every month, a portion of BTC was withdrawn from GBTC, which was then owned by Grayscale. This is a sure-fire deal. So why is Grayscale committed to converting GBTC from a non-redeemable trust into a redeemable ETF? Are you willing to spend a lot of legal fees to litigate with the SEC? Is it to benefit the currency circle? There are two reasons for the answer to this question. The main reason is that Grayscale itself holds a large amount of GBTC, and GBTC is heavily discounted in the market. Grayscale itself cannot sell the share he holds. There are two reasons why it cannot be sold. One is that GBTC has no liquidity, and the second is that it cannot be sold in the open market according to the Securities Act of 1933 and cannot sell enough shares. Another reason is that Grayscale and its subsidiaries are facing a large number of lawsuits from institutions such as FTX and Gemini due to the non-redeemable nature of GBTC and the scandalous operations during the premium period before March 21. If they cannot be converted into ETFs, they will lose money. Therefore, due to these two reasons, Grayscale had to sue the SEC and convert the trust into an ETF in order to avoid its own bankruptcy and forced GBTC to dissolve and pay a large sum of money. This was not for the sake of the crypto market. The summary is: 1. Grayscale itself is facing bankruptcy and is short of money, so it needs to make money from the shares of GBTC it holds. 2. Other institutions holding GBTC use legal proceedings to force Grayscale to do this. By the way, I would like to mention where did Grayscale’s GBTC come from? Some of them were bought by Grayscale themselves with BTC during the initial stage of GBTC. Anyway, the management fee was collected for itself and not for outsiders; a large part of it was taken by other institutions. When GBTC was used as collateral, it was loaned to its subsidiaries, such as Sanjian 3AC.Knowing why Grayscale has non-redeemable trusts and redeemable ETFs with a 1.5% management fee instead of a 2% management fee, you can understand why Grayscale set a 1.5% management fee. Grayscale still wants to collect as much management fees as possible, but is forced to have no choice. Far water cannot quench the near thirst, so it can only choose to maximize short-term management fee income. Remember? Management fees are charged on a daily basis. Then you may be thinking, aren’t these people who keep GBTC fools? Well, there are three types of people. Even if you are not a fool, you will tolerate GBTC’s high management fees. 1) Persons based on tax reasons. Chinese people do not need to pay IRS tax when they speculate in U.S. stocks, but Americans do. According to U.S. tax law, the tax rate for short-term trading and the tax rate for holding for more than a certain period of time are different. GBTC discount arbitrage was mostly carried out in 2023, which means some people need to eat more for a while to avoid taxes. 2) Assets that have been frozen in court cases, well, such as the more than 60 million GBTC of Gemini and Genesis. 3) Large institutions have requirements for management scale and liquidity. If you choose ETF, you cannot choose one below a certain scale, such as one below 7.5 billion (for example). And if you do simple GBTC discount arbitrage without considering taxes, anyone who doesn’t sell on the first day is a fool. As for GBTC’s past performance, does it have anything to do with Grayscale? Besides, the mechanisms of these spot ETFs are similar, and there is basically no difference in performance. To say that the price is 1.5% based on past performance is to deceive fools. #gbtc #灰度 #BTC #内容挖矿

The emergence of modular blockchain is mainly to solve several core problems faced by traditional blockchain systems, especially the challenges of scalability, efficiency and flexibility. Traditional blockchains, like Bitcoin or Ethereum, are like one person doing all the work. When a lot of people use the system, it becomes slow and sometimes even freezes. Modular blockchain is designed to solve this problem. It separates different jobs, such as one part dedicated to processing transactions and another part keeping the system secure, so that the entire system can run faster and better. ✏️ Mainly solves the following problems: 1. Scalability problem: In traditional blockchains such as Bitcoin and Ethereum, all transactions and calculations are performed on the same chain. This leads to network congestion and transaction delays, especially during times of high transaction volume. Modular blockchain solves this problem by dispersing different functions into different modules, thus increasing the processing power of the overall system. 2. Efficiency issues: In an ordinary blockchain, each node has to do a lot of work, such as confirming transactions, maintaining consensus, storing data, etc. Doing so makes the system slow and inefficient. But in a modular blockchain, different nodes focus on different jobs so that the entire system can run faster and more efficiently. 3. Flexibility and upgrade issues: As technology advances, we need blockchains that can be easily upgraded and maintained. By splitting different functions into different modules, modular blockchain allows us to upgrade or improve parts of the system independently without changing the entire system. 4. Interoperability issues: As more and more blockchain systems emerge, cooperation between them becomes important. Modular blockchains can more easily connect to other blockchains or external systems because they all have specific interfaces and protocols to communicate. 5. Security considerations: In terms of security, traditional blockchains face challenges, especially scalability solutions (such as sharding technology). Modular blockchain handles different security tasks through specialized modules, making the overall system more secure. #模块化区块链 #跨链 #L2

1. It was inadvertently tinkered with by a few technical geeks and found in an inconspicuous but promising new track; 2. The first pioneering target of the new track; 3. This pioneering target created a new Asset type, new standard; 4. When the project is issued, the market is deserted, there are few competitors, and the price is low. Even the project parties are not aware of the value of their projects; 5. When the target is issued, value investors and scientists are There was no response, and there was very little news from KOL. No one came to grab the banker. It's just a few geeks discussing it, and even the result of the discussion is that it's not feasible. 6. The distribution method is free, relatively fair, and brand new. Even retail investors without background, resources and influence can participate. The project side also has little leverage. Participants all have learning costs. 7. After the issuance was completed, the OTC market was spontaneously established. The community, value discovery KOL, and OTC merchants communicate in a small area and trade this bargaining chip. Although unknown to the outside world, a firm consensus formed among the small circle. 8. Gouzhuang and value investors also discovered this target. The dog farm began to collect funds, value investors opened positions, and the scientist robot ran like smoke. 9. After several months of fermentation, the establishment of the trading platform, and the popularization of KOL, Gouzhuang pulled the market, and the price has increased astonishingly despite low trading volume. 10. Some retail investors, KOLs, and bookmakers who were anxious about missing out began to jointly issue various new products in the same track (very few of which were valuable), which also had a good wealth effect in the early stage. 11. This further stimulated countless dog dealers to come and pick up plates. The number of new plates increased by hundreds, thousands, or tens of thousands, multiplying like bacteria. 12. The market is flooded with KOLs calling for orders and posting screenshots of profits. Value investors make a lot of money, and scientists make money if they grab it. 13. The mainstream encryption community began to discuss this track, and VCs began to pay attention to the ecology of this track. Many VCs began to build up their game to help Gouzhuang. This target has become the leader of the emerging track and has entered various research reports. 14. In order to grab traffic, small and medium-sized exchanges have listed this target one after another. The trading volume of this underlying has strengthened significantly. 15. The good times did not last long. The batch copying of Gouzhuang led to the rapid fragmentation of liquidity when the general market was sluggish.The fragmented liquidity could no longer meet the marginal cost of Gouzhuang's new offering, and Gouzhuang began to smash the market. 16. The long tail marks of the track are cut at the waist, at the knees, at the ankles, and at the soles of the feet, completely losing their fluidity. The target could not escape, it was cut in half, cut at the knees, and raised at the ankles, but the liquidity was not completely lost. 17. During the long period of despair, various opinions criticizing the subject emerged. The liquidity is exhausted and the consensus is scattered. Yet the underlying fundamentals have barely faded, it's there. 18. Long decline and bottom wandering. The dealers for the underlying stock came and went, scientists smashed the market, and value investors got off the bus with self-doubt. 19. But there is always a small group that sticks to it: mainly staunch value investors and retail investors who have developed beliefs. Buy to the left of the long term zero. 20. The general market is getting better, and buying orders on the right side have begun to appear. The stronger Gouzhuang also came and started to build positions. In the recovery of the general market, this target came out on top. 21. Qiangzhuang pulled off an astonishing increase, and its market value soon exceeded a new high. The community was filled with kind words, and new retail investors flocked to it, further pushing up the price. VC published a special research report. The big law firm was finally listed. 22. This target has firmly established itself as the first ecological winner, and among the tens of thousands of new listings in Gouzhuang, it has finally emerged as the second and third winner. 23. The target has also become a mainstream asset from a marginal asset that no one cares about. Subsequently, as the mainstream chips rose and fell, the volatility decreased significantly. 24. Countless people who realize it later have their legs broken: It would be better if they bought the target earlier. #铭文 #DRC20 #DOGE #内容挖矿 #百倍币