1/ 🧵A deep dive into how @Greenpeace has lied & exaggerated facts over the years, hindering technology advancement.
Here's a breakdown of some key events, controversies, and how the organization's management practices contradict its mission.
2/ 🌐 Greenpeace is known to have spread misinformation on various topics like nuclear energy [1], GMOs [2], and its controversial Indian Government stand [3]. They often present a one-sided view, ignoring scientific evidence that contradicts their narrative.
3/ ✈️ Greenpeace management has been criticized for its own carbon footprint, with senior staff flying extensively for work and personal trips [4]. This hypocrisy goes against their fight for reduced emissions.
4/ 🛢️ In 1995, Greenpeace lied about the Shell oil storage buoy Brent Spar, claiming it contained 5,500 tons of oil. Later, it was found to contain just 75 tons. This led to widespread criticism & loss of credibility [5].
5/ 📱 The 2006 Greener Electronics Campaign ranked companies based on their use of hazardous substances. Critics argued that Greenpeace exaggerated facts & failed to consider the economic impact of their demands [6].
6/ 🇬🇱 Greenland indigenous issues: Greenpeace opposed seal hunting, crucial to the Inuit people's survival, causing socio-economic damage to their communities. The organization later apologized for the harm they caused [7].
7/ 💥 Nuclear energy lying: Greenpeace has consistently opposed nuclear energy, often exaggerating its dangers. For example, they falsely claimed that 200,000 people died due to the Chernobyl disaster, while the actual number is around 4,000 [8].
8/ 🧬 GMO lying: Greenpeace has spread misinformation about GMOs, ignoring the scientific consensus that they're safe for human consumption & can benefit agriculture [2]. This has contributed to fear & opposition against GMOs.
9/ 🇮🇳 Indian Government controversy: Greenpeace faced allegations of interfering in India's domestic affairs and was accused of stalling development projects. This led to the freezing of their assets in 2015 [9].
10/ 💸 Mismanagement of funds in June 2014: Greenpeace lost €3.8 million in donations due to a failed currency speculation. This raised questions about their financial management & accountability [10].
11/ 🌲 Patrick Moore, a co-founder of Greenpeace, left the organization after it began opposing technologies like GMOs & nuclear energy, which he believes can help solve environmental issues [11].
12/ ☠️ Recently, Greenpeace has targeted #Bitcoin, following controversial funding from Chris Larsen [12]. This raises questions about their motivations.
There's ample evidence of Bitcoin's environmental benefits some found below: thismachinegreens.com
"I'm going to sell BTC and wait until the market turns around. Then I buy back."
TLDR; don't. You'll get REKT.
Longer explanation 👇🧵(1/5)
In fact, I've heard this so much during the last bear market that I wrote a Python script that shows the risk of this strategy.
Bitcoin moves in sharp and concentrated bursts. If you miss just a few of these best days, you risk never recovering.
👇🧵(2/5)
Let's look at price data since 2017 for example.
If you missed the 10 best 3-day periods of return, a 438% return would have been a -40.30% (!)
Out of a total of 1,826 days, you would have missed 30 days or 1.64% of the time. ALL the + returns came from these 30 days!👇🧵(3/5)
My view on altcoins is simple.
I’ve spent years learning about Bitcoin. Read a lot, watched more videos than I’m willing to admit, listened to podcasts pretty much every day.
I also learned to code so I could read the Bitcoin code. I had a paranoia about back doors that ... 1/n
... only went away after being able to audit the open source code. I researched how to safely compile the code and how to verify signatures. Also made a few modifications to see what would happen with rogue
Built several small apps - best way to learn is to do in my opinion.
2/n
Then there’s the game theory, economics and philosophy part. I have a background in economics and finance. I traded on some of the largest trading floors at Wall Street. But on game theory and philosophy there was (and is) lots to learn.
3/n
A threat on potential risks on this market and why we may see more asset price volatility and failing companies.
I haven't been involved in swap markets for a long time and I am admittedly making a few leaps here to draw some conclusions but I don't think these are too off.
Let's use Robinhood and their "crypto" platform as an example. A user logs into their RH account and buys $500 worth of bitcoin. What happens next?
Most would intuitively think:
"Well... Of course RH goes out, finds a seller of the same amount of bitcoin and holds those bitcoins in their custody under my name."
Right?
Nope...
Given the article above, you can speculate that they take your Bitcoin, convert into GBTC, wait for the lockup period (6 months) and capture the premium.
GBTC Premium to BTC at 8.67%. Significantly lower than the historical average.
How GBTC arbitrage works? 👇
GBTC gives an option for investors to contribute "in-kind". This means that you can buy BTC at market price and convert into an instrument that trades at a premium. This premium oscillates but it's been >20% recently. So, theoretically investors could "arb" this spead.
In summary, at trade date 0, investor would for example: 1) Buy $10,000 worth of BTC 2) Short ~$10,000 + premium worth of GBTC
I've been meaning to write some thoughts about @grayscaleinvest $GBTC for a while.
Buying $GBTC vs #Bitcoin is not an obvious decision. It depends a lot on your tax situation + familiarity with tech.
This is not tax or financial advice. But a few thoughts below.
$GBTC:
- 2% annual fee (argh!)
- 18% premium to BTC
- If placed in IRA, accrues Tax Free
- Not your keys, Fraud risk
- Commission Free on many platforms
- Easy execution
#BTC:
- No annual fee
- No premium
- Potential for capital gains tax (assume 15% for now)
- Your keys (Big one)
- Exchange commissions + bid/ask spread - between 1% and 3% (avg)