The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Spitfire only seems to make deramping comments. The beauty is that there is never any substance to any of these sh.tposts so any outside observer would take one look at them and immediately surmise they were written by a puerile fool who had no genuine interest in Argo.
So I think it's safe to say, Spitfire44 poses no problem for the Argo SP. I do worry about him on a personal level as he comes across as someone in a bit of a crisis.
SP is still up 20% since PW bought in. I was expecting it to be sold into by the Edwards and Bixby but that doesn't seem to have happened yet. The key is PW now knows the BOD can move this market with relatively small buys. Bixby and Edwards (or whomever the big persistent seller is) have to spend a lot more than that to get this going down. With strengthening fundamentals there should only be one winner here.
Half of you sit there telling the rest of us to be patient when we said time and time that we needed insider buys. Then the CEO buys a small stake and the price goes up 20% in a few days. Now, all of a sudden, you have seemingly forgotten your previous stance and are gobsh.ting about tiny moves in BTC.
Talking of which, did any of you spot the move in RIOT today when BTC went up barely 100? But the same people who told us we didn't need BOD buy ins tell us we don't need a dual listing either. Go figure.
It's breaking out because it hit 10k and then went down to 9k and now it's going back to 10k. 9300 is just today's special number for this journo to fill some column inches. The same ceiling exists as was apparent last month.
£20k down and the market goes up 20%. I said it would be cheap and easy and it has been. Hopefully, this has been noted by the BOD and a structured buy in strategy has been drawn up featuring (semi) regular RNSs of small BOD buys. Credit to Peter for listening and putting skin in the game.
I hope they report both BTC and ZEC and include the numbers for June as well as the total holdings along with a conversion to Sterling. For example:
"A £10m company with £2m in held crypto assets mining £1m every month."
This might help the hard of thinking to invest here.
The only problem with Coinbase is it's a bit like holding your gold in a London or Zurich vault. You are not 100% in control of it and you cannot be 100% sure the gold they say you have actually exists. That's why i am always happy to pay over the odds for physical gold rather than stored gold. The beauty of BTC is that the premium of holding is so much less than with gold. £50 one off payment and you can hold all the "physical" bitcoin you can afford.
Just look at what happened to MtGox and be very careful with whom you store your precious bitty.
Triggerboy - I'm not techy but setting up a Trezor wallet was very easy for me. £50 IIRC and it's pretty much the digital equivalent to storing shiny coins in the safe. Well worth the money and easy to use. It is liable for CGT. But I won't be touching these until BTC is several (many) hundreds of thousands. At this time I will be transacting in BTC directly or else just taking my toilet paper income and retiring.
WmsJames - I'm hopeful we might see 15k by Christmas but this may optimistic given the wall of 10k and 11k calls month after month. Eventually these guys will be exhausted and BTC can move up, but I think we are looking at 2021. When this does move I am expecting a lot more than just 20k. 100k to 288k this halving cycle looks more likely.
Which explains why I don't want to see the board liquidating 10k BTC to pay fiat dividends in 2020. It would be insane.
Agree with performance based pay.
Don't agree with dividends. Too much effort goes into converting fiat into BTC - depreciation and salaries - so to convert that straight back to fiat is counterproductive. We should keep our appreciating assets as these will be worth more in the long term.
Fiat Poverty and Crypto Poverty
The BOD have pleaded poverty but which is it? Could these be the only crypto miners in the history of bitcoin not to hodl any coins at all? Several of them have a stated "passion" for crypto and many have been in this space for years, but they don't hold any BTC at all. Believable? Or are they blowing smoke up our a.rses?
Remember folks, even crypto maximalists require a bit of fiat - for mortgages and taxes. That's where we come in. But most of their wealth is in crypto and they don't want to spunk that away on a fiat venture like this. Because BTC > Fiat and Argo is fiat not BTC.
I think that would be some kind of fraud, Sunshine69, and I don't think for one minute they are doing that.
I would assume they have separate mining set-ups or else just purchase them off the open market like anyone else. My suspicion - and it is a very strong suspicion - is that they have significant personal crypto assets which they would rather hold than Argo stock. Who has ever heard of a crypto miner who is not a crypto-maximalist hodl obsessive?
That said, there is probably a great deal on consternation in the BOD that these 7p options have not been excerisable to date. It feels to me like that level was set so as to be easily achievable and facilitate skin in the game.
Very true, MickSnags1. If they have to be forced kicking and screaming into buying shares then it does somewhat undermine the whole point.
Riddle me this:
Peter Wall said the team were thinking of investing but money was generally tight. I wonder how many BTC each team member holds personally? I suspect that several of them have quite large holdings of BTC (what with being in the crypto space for years) but are unwilling to sell this pure exposure for merely "a good proxy".
So wouldn't we be better off just getting a bitcoin wallet and hodling? How does Argo intend on adding value to that basic hodl proposition?
Just to take some heat out of the conversation I thought I would ask a question related to Argo but not touching on any of the hot button issues creating the heat. Namely, what do guys predict the price of BTC will be Dec 31st 2020, Dec 31st 2021?
Me something like:
Dec 31st 2020 - $15k
Dec 31st 2021 - $100k
Stock to flow suggests a peak in this halving cycle of $288k and next cycle of $1m +
Genuinely interested to hear your opinions on this.