Bitcoins/Litecoins/Virtual Currencies

wormie · Nov 9, 2022

It's a thing that is selling below what it costs to make it and there aren't enough people that want to buy it for less than it's intrinsic cost. Which means the intrinsic cost is what? Sounds like 0 to me.

Sanrith Descartes · Nov 9, 2022

wormie said:
It's a thing that is selling below what it costs to make it and there aren't enough people that want to buy it for less than it's intrinsic cost. Which means the intrinsic cost is what? Sounds like 0 to me.

I wonder how many BTC MSTR has had to sell.

Flobee · Nov 9, 2022

wormie said:
It's a thing that is selling below what it costs to make it and there aren't enough people that want to buy it for less than it's intrinsic cost. Which means the intrinsic cost is what? Sounds like 0 to me.

Cost to 'mine' is not a constant, it varies with difficulty adjustments and power costs. In this environment selling is largely coming from those needing to make margin calls I suspect. Miners may be capitulating if they're not making a profit at current levels, but more likely they would be turning off their ASICs, this does not appear to be happening. In fact, hashrate is still going up. You don't really know what you're talking about.

Flobee · Nov 9, 2022

Sanrith Descartes said:
I wonder how many BTC MSTR has had to sell.

EDIT: Found better info. Looks like ~$13.9k before they have to post more collateral

reavor · Nov 10, 2022

barf

Sanrith Descartes · Nov 10, 2022

Flobee said:
EDIT: Found better info. Looks like ~$13.9k before they have to post more collateral

As I recall MSTR was buying well into the $40k range and the estimate was their cost basis was in the mid $20k on their bitcoin. So $13.9k for new collateral at 50% sounds about right. They're fucked as are their shareholders.

Sanrith Descartes · Nov 10, 2022

reavor said:
barf

If only she would pass a law protecting taxpayers from Congress.

Flobee · Nov 10, 2022

Sanrith Descartes said:
As I recall MSTR was buying well into the $40k range and the estimate was their cost basis was in the mid $20k on their bitcoin. So $13.9k for new collateral at 50% sounds about right. They're fucked as are their shareholders.

I think I'd be willing to AV bet on this. I think he would post more collateral rather than sell. I would go further to suggest MSTR is going to do very well over the next 5+ years if they keep their holdings. My crystal ball is no better than anyone else's, but I have a hunch Saylor is on the right path even if no one sees it yet.

Sanrith Descartes · Nov 10, 2022

Flobee said:
I think I'd be willing to AV bet on this. I think he would post more collateral rather than sell. I would go further to suggest MSTR is going to do very well over the next 5+ years if they keep their holdings. My crystal ball is no better than anyone else's, but I have a hunch Saylor is on the right path even if no one sees it yet.

5-yr MSTR chart. Three guesses when they announced buying BTC. I circled it. What about this chart tells you its good for investors looking forward?

Flobee · Nov 10, 2022

Sanrith Descartes said:
5-yr MSTR chart. Three guesses when they announced buying BTC. I circled it. What about this chart tells you its good for investors looking forward?

Oh that bounce is 100% based on the value of BTC and so is their future, no doubt about it. The idea behind this is that MSTR makes a lot of cash and he needed a place to store it. He didn't like the investment landscape, he didn't like the oncoming (in 2020) USD inflation, so he was searching for a place to store his value and found Bitcoin. I mean, assuming he didn't overlever his company to a degree that bankrupts them I don't think its a huge issue. I mean even today the stockprice is significantly higher than it was pre-BTC purchase. If you were a holder before that circle, would you be mad today? Even if the price goes back to baseline?

Regardless I'm willing to take a 1month AV bet that he will re-up collateral rather than sell if he gets to liquidation price. Just for fun

This guy ain't selling unless he has no other choice lol

Sanrith Descartes · Nov 10, 2022

Flobee said:
Oh that bounce is 100% based on the value of BTC and so is their future, no doubt about it. The idea behind this is that MSTR makes a lot of cash and he needed a place to store it. He didn't like the investment landscape, he didn't like the oncoming (in 2020) USD inflation, so he was searching for a place to store his value and found Bitcoin. I mean, assuming he didn't overlever his company to a degree that bankrupts them I don't think its a huge issue. I mean even today the stockprice is significantly higher than it was pre-BTC purchase. If you were a holder before that circle, would you be mad today? Even if the price goes back to baseline?

Regardless I'm willing to take a 1month AV bet that he will re-up collateral rather than sell if he gets to liquidation price. Just for fun

This guy ain't selling unless he has no other choice lol

"The idea behind this is that MSTR makes a lot of cash and he needed a place to store it. "

I dont follow the company so take this with a grain of salt. According to their financials they are funding BTC investments by issuing debt and selling stock. Thats not "making lots of cash". Quite the opposite actually.

Flobee · Nov 10, 2022

Sanrith Descartes said:
"The idea behind this is that MSTR makes a lot of cash and he needed a place to store it. "

I dont follow the company so take this with a grain of salt. According to their financials they are funding BTC investments by issuing debt and selling stock. Thats not "making lots of cash". Quite the opposite actually.

Yea, the 'lots of cash' statement is where they started and why Saylor dove down the rabbithole -according to Saylor-. Since then yea, they issued debt to buy the majority of their holdings.

Ossoi · Nov 10, 2022

"The billionaire behind a cryptocurrency exchange teetering on the brink of collapse was playing games on his mobile phone during a crucial meeting, an investment company has said.

Sam Bankman-Fried, the founder of digital token company FTX, was playing League of Legends during a vital pitch where he secured $900m in funding, a blog post from Sequoia Capital revealed."

Mist · Nov 10, 2022

What the heck is going on in the FX markets?

Gravel · Nov 10, 2022

Mist said:
What the heck is going on in the FX markets?

My guess is the news this morning means the interest rate hikes are working, which signals a weakening US economy, meaning in comparison everything else looks better?

Flobee · Nov 10, 2022

Ossoi said:
"The billionaire behind a cryptocurrency exchange teetering on the brink of collapse was playing games on his mobile phone during a crucial meeting, an investment company has said.

Sam Bankman-Fried, the founder of digital token company FTX, was playing League of Legends during a vital pitch where he secured $900m in funding, a blog post from Sequoia Capital revealed."

Left out all the good stuff from the report. Degenerate children slinging around billions

Jysin · Nov 10, 2022

10:32 FTX Reportedly made an approach to Kraken as a possible bailout partner -Axios

Ossoi · Nov 10, 2022

Flobee · Nov 10, 2022

Lol

Alameda = SBF trading firm

Flobee · Nov 10, 2022

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