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I sold my holding a few days ago and right or wrong, my decision was arrived at as follows:-
There is a finite number of Bitcoin.
Bitcoin has risen rapidly and most people are holding it as an investment, so buying and selling is reduced The chances for mining are therefore reduced.
Because bitcoin is rising, it is unsuitable to trade for goods and services. Like our COE, people will hold bitcoin and pay with cash. So overall, I expect mining opportunities to fall. The results for the next few months, will be critical.
I am optimistic about argo, it will recover, it is a matter of when.
he coming months will show whether Argo can make a reasonable profit in these conditions.
looks like it willl open down to morrow as bit is lower than close
Looks like another mm butt shafting today. Get the lube ready
https://www.youtube.com/watch?v=ZSon4UpuemE............He provides perspective IMO.........Not to be discounted.... All sense in the market has been herded out....GLA and be careful.....don't just pile in and buy the dip....Look for a strong recovery and then assess.....Buying the dip to bottom will lose many lots of money that some simply cannot afford to lose.......
Wise words Hare
I’m sick of seeing endless posts where people are suggesting that others keep on topping up. That’s a certain way to lose more money and I have no idea why people seem to enjoy seeing others lose money?
Maybe they are so far into the red that they want others to join them?
Who knows...
Unless fundamentals change, it’s a good idea to average down.
"TOP UP OPPORTUNITY " is my most hated phrase on these boards. Basically just masking the fact that any share is dumping. UKOG is a classic example.. 11p a share 6 years ago and they still bleat top up top up at 0.026p !
Couldn’t you argue that’s normal for bitcoin?
Still making more money than we were in January, let alone more than last year. Even if it slips a bit more we are still more profitable
Calamari
Fundamentals have not changed for ARB infect with new machines coming into play everyday the fundamentals are even better
BTC is doing what BTC does go up and down we are in a better position now then went we were at 3 quid
Patience is what it needed the people who put in expected a 200% rise in a week and when it has not happens have **** themselves but long term holders will be rewarded handsomely imo as usual
Hi Moog
Realistically people are not looking for a 200% rise in one week. Rather we’d like at least some up and down movement roughly in line with Bitcoin.
I know it’s not a Bitcoin tracker so won’t exactly match it’s movement but some similarity soundly hurt except for the downtrend we are trapped in atm.
Stnz I am inclined to agree but only to a ponit. I think ARB is a conviction play and unless I genuinely understood the business I would be hesitant to increase my exposure at this time.
As a small speculative holding it might be worth putting some money in. Personally I am thinkimg of getting in somewhere between 80p and 120p and out hopefully around 150 to 200p after the NASAQ listing (assuming it happens)
However I freely admit if I do buy in it will be a gamble and not a seriously considered investment.
Calamari
Nope again if your know anything about mining BTC the lower the price the easier it is to mine them so it's a win win matter what way you look at it
The float of coinbase has had a big factor imo on mining companies but once the buying storm has eased the buyers will come back to the miners
In saying that two things have been the biggest factor on ARB price that was director's selling their own shares end of February and share give aways
Other miners had super march figures we have been in decline since them two things happened
Momentum and confidence is what we need and it will most certainly return imo.as usual
Using the same concept Calamari they’re also currently more profitable than they were when the SP was at an ATH so it should have gone up.
We’ve already seen over the last couple of weeks that the current price of Bitcoin is having little impact on ARB (other than pushing it down).
Calamari I don't agree with you exactly. As a HODLer now it is much more difficult to determine the fundamentals. The fundamentals are NOT today's bitcoin price, but future price when we eventually sell some/all. The share price is falling because there is less confidence over the future of bitcoin after a month's fall/slowdown in the bitcoin price.
Some thought the price was going to race to well over $100k and that hasn't happened. If it does in 2021 Argo will be back £3+ again very swiftly. if it doesn't Argo could well be much lower than it is today.
Be interesting to see the after hours sells this afternoon -they were dwarfed by the buys and it might mean they have finished playing and want to buy more now. This share has always been a play thing for traders of all sizes