Member Info for fleccy

"when will you learn Fleccy ,.... its here to stay"

Indeed, the wallets containing the worthless BTC will make nice desk ornaments at some point in the future, or maybe in homes mounted on a stand as a reminder of what might have been.

"Securing a crypto mortgage enables you to avoid cashing in your crypto holdings early and missing out on potential gains.

Crypto mortgages are secured by both your crypto and your home as collateral. Because the loan ends up overcollateralized, you will not need to make any down payment when using a crypto mortgage."

I'm mortgage free now, but all my mortgages have been denominated in Sterling and obviously dependent on interest rate changes, but unaffected by currency fluctuations. Taking out a mortgage based on Crypto means you don't just just have interest rate risk, you also have Crypto volatility risk. If the Crypto price works against you, you could potentially lose your home just because your Crypto collateral drops significantly, would you take that risk? Loads of people have lost out by betting the equity built up in their homes using dodgy mortgage products, what you've just described seems to be in the same category.

"there will be another banking crash, due to liquidity issues globally in the banking sector"

Actually it's BTC/Crypto that's in the midst of a liquidity crunch.

"This liquidity crunch in the crypto market, coupled with the significant transfer of Bitcoin to Binance, may be setting the stage for potential price volatility. Market stakeholders and investors are closely watching these unfolding developments to gauge their impact on Bitcoin and other cryptocurrencies' pricing and trading behavior."

https://blockchain.news/news/Bitcoin-Miners-Move-54000-BTC-to-Binance-as-Liquidity-Drops-ca76024e-9be8-41ff-92ef-7cc096b957c1

"Starting to feel like a fleecy."

As far as Lloyds being down, I'm not bothered as I've explained in previous threads/posts. I'll keep collecting Divi's and reinvest to grow my portfolio, thereby increasing future divi's, it's a simple concept. In the end it's steady income that sustains people's finances, and apart from big lottery wins windfalls usually only provide a short term benefit. Traders win some and lose some, very few make sustained profits over time, and a very lucky few win by investing in AIM type stocks.

"Looks like the banking sector will slowly fade away as the new era of crypto comes in"

Ok, in this Crypto Nirvana how do you get a mortgage, car loan, pay for your shopping, or pay for insurance, etc, etc, etc? The only way I can think is if you borrow it from something like a Bank, who would also store your Crypto and manage all you transactions, otherwise would you run a wallet/server at home, or store Crypto on your phone? People already struggle with online banking and managing their money, in a Crypto based system everyone would have to manage everything in the minutest detail, and considering online banking in the UK is free, where are the advantages from moving to a Crypto based financial system? Especially since the system works really well now.

The Crypto fad is already getting old, the likes of Blackrock and Fidelity are probably trying to milk the naïve enthusiasts who can't see the writing on the wall. There's a future for CBDC, but unbacked Crypto will eventually "fade away", as it's inferior to current systems and isn't required.

I'm not on the sidelines, I've made it pretty clear what I think of unbacked Crypto currencies. How do you assign value to something that's easily replicated and has limited if any real world uses? You could create your own Crypto and call it PASCoin, release it and watch the cash roll in, as Crypto enthusiasts and traders pile in and pump it up to stratospheric levels. Musk pumped Dogecoin, a Crypto currency started as a joke; It just proves the whole sector is a joke, with the winners laughing and losers left out of pocket.

Elon Musk isn't the guru some would suggest and all anyone talks about are his successes with little said about his failures. If I was a religious type, I might think he's made a deal with the Devil. Some of his decisions have been dubious to say the least, he's overpaid for Twitter and I'm unsure how the economics behind Starlink will turn out.

It's also my understanding that that the application has been published and entered the re-examination phase, after the agent raised it's objections to the examiners opinion that it's software and not an invention.

Is it software, or an invention? As I said in my previous post it'll probably depend on the hardware it runs on, if it's running on a specifically designed ASIC then In my unprofessional opinion it's probably hardware, if it's running on a commercial server then it's probably more akin to something like Control software. Suppose you have a power plant with a server running control software to ensure the system works efficiently, within predefined parameters, is that software or an invention? In my opinion it's software, as it runs on a computer, is probably patched by software updates and although it makes the plant run more efficiently, it's still just software running on a computer.

UBS don't like BT and are consistently negative, looking for anything and everything supporting their Bear case. If I remember correctly, during Covid they rated BT as Neutral with a target price around 120p, and maintained Neutral even when the share price dropped below £1. Currently UBS have a sell recommendation on a company with a P/E of around 6.6 and a clear plan to raise the bottom line through transformation cost savings and they ignore things like a drop in capex over time. In my opinion UBS focus entirely on the Bear case and disregard any factors supporting a long term Bull case, whereas there are arguments to support investing in good companies where the price is depressed. I take a different view to UBS and will continue topping up as and when dividends become available.

30 Million shares is a drop in the ocean, and could be unloaded over a couple of months without affecting the share price.

"My biggest concern is probably the number of synchronous requests QBT have been able to handle"

I assume the mining farms already split the Nonce ranges and also target different fields within the block, to ensure the different mining rigs don't repeat the same calculations and waste processing time. I have no idea how the large miners might do it, but they take transaction data from a pool, build a block and then presumably brute force the Nonce to find a Hash lower than the target; Whether or not the miners already operate software at the front end, to narrow the Nonce range, who knows? It's possible some or all of miners are already using front end software to reduce the Nonce range, before distributing them to the rigs. My guess is that QBT's software would have to be running at the front end, before the Nonce data is distributed amongst the mining rigs, maybe it could even be installed on the current front end servers at the mining farms; If it is software installed on a server, it could explain why the Intellectual Property Office initially classified it as software rather than an invention, they may do the same again at the end of the current re-examination period. To my mind, something that uses code and runs on a commercial server is software and not an invention; I'm not sure if QBT's software requires specialised hardware, or not, so is it software or an invention?

Chicken salad sandwich

As far as testing QBT's software, I'm not sure how easy it would be to incorporate it into an existing mining farm operation. QBT's server would have to be Ultrafast when producing and distributing a target pool for the whole farm; It will probably need to be Co-located with the ASIC Mining rigs processing the Hashes, since latency will be important for an operation like Foundry USA's running a Hashrate around 116 ExaHash per second; In real money that's 116,000,000,000,000,000,000 (116 Million Million Million) Hashes per second.

My reasoning for thinking that the server will have to be Co-located, is due to the distances involved. I don't know where QBT's server is located, but lets say it's in Milan and the Mining Farm is in Texas, a rough direct distance is around 8,800Km, but there's no direct Fibre connections directly from Italy to the US, so the data would have to go across Europe and probably leave France on a Transatlantic Fibre landing near New York, so your probably talking over 9000Km and a propagation delay of around 35 to 40ms( RTD 70 to 80ms), or the time taken for Foundry USA to process 9.28 ExaHash; Any communication backwards and forwards will increase delays dependent on how many exchanges of data are required; It therefore makes sense to assume the QBT server will have to be on the Farm.

Anyone disagree with what I've just said? I'll happily be corrected if any of my assumptions and math's are incorrect.

"that is not addessesd to fleccy "

Just as well, I haven't got an opinion speculative tweets 😉

" small dividends are not going to get you out of a massive loss by reinvesting, it’s not safe reply is it, say you want to spend the cash how are you going to withdraw without crystallising a paper loss?"

Jambone, how long do you think Lloyds is going to be sitting around 43.5p? They're in the midst of a £2 Billion buyback program, the P/E is around 6 and they're cheap by any standards . Our current investment in Lloyds is £219,381.74, with 447,804 shares purchased at an average cost per share of 49p and currently showing down -10.68%, or -£23,422.71 in cash terms. Come August and September, assuming Lloyds is still around current levels, the average cost per share will come down and the total investment will increase with dividend top ups. I don't consider myself as silly, I see it as a no brainer topping up at the current low prices, especially since Lloyds is forecast to pay out 2.8p per share in dividends in this Financial year, meaning we can expect at least £12,538 in Lloyds dividends alone without adding more in the next couple of months. As far as selling and crystallising a loss, don't need to sell, so wont be selling.

As far as paper losses are concerned, it isn't my first rodeo. I've bought stocks on many occasions, over many years, and found myself reinvesting dividends while sitting on paper losses. A hefty chunk of the current portfolio is reinvested dividends and since this isn't new territory for me I don't worry in the slightest. Do you really believe UK stocks are going to be depressed forever, personally I'm filling my boots while prices are so low.

"The XRP community is awash with blatantly fake rumors of the impending resignation of the Securities and Exchange Commission (SEC) Chair Gary Gensler"

https://u.today/xrp-community-ablaze-with-fake-rumors-of-genslers-possible-resignation

You have to laugh.

"Jambone -absolutely, that’s why I filtered Fleecy . A lot of investors here have now done the same"

Shame, Sooty might learn stuff. As I've said, my posts are for anyone interested in a different opinion, I'll still post my opinions even if no one reads them lol.

Jambone, I find your posts aimed at me entertaining, they make me smile. You wont believe me, but I don't lose a wink of sleep over a paper loss, as I see my investments as safe; And since I'm paid to hold, lower prices enhance dividend reinvestment potential so I win either way.

As I've said previously, I'm 50/50 about QBT's prospects; First they have to sign up miners, then they'll have to find a way to interface their software into the miners operations, which I'm guessing wont be easy with the massive hashrates involved. If QBT do convince some of the big miners to get onboard, and the software does as advertised, the benefits will be short lived as the Bitcoin difficulty algorithm will nullify a good proportion of the benefit over subsequent difficulty changes. I still don't understand why they didn't test method B using live on chain data and actually mine real Bitcoin, there's no substitute for real World testing.

The only picture is the one QBT painted, they reported a total comprehensive loss of €5,026,000 for the year, I've just listed their figures.

"Can anyone provide a quick summary of how the 5m Euro loss was arrived at"

Administrative expenses/Operating loss (€4.547 Million), consisting of:

Directors’ emoluments (€1.844 Million)

Employee emoluments (€378,000)

Professional and legal fees (€509,000)

Audit fees (€86,000)

Administrative expenditure (€216,000)

Impairment of assets (€618,000)

Fundraising fees (€75,000)

Research and development costs (€821,000)

Then:

Share of loss from equity-accounted associates (€69,000)

Finance costs (€636,000)

Tax credit of €226,000

"Bitcoin, it’s not just a new form of currency"

You mustn't have received the memo, apparently it's now classed as a commodity.

What Crypto cheerleaders tout as Crypto's greatest strength, Decentralisation, is actually its greatest weakness. The idea of decentralisation, as far as I can tell, is to cut out the middleman and shift all the responsibility for managing transactions onto the individual; So lose your private key for whatever reason and you lose your cash, send your Bitcoin to the wrong address and there's no recourse to get your money back, something goes wrong mid transaction and there's a chance you'll lose your Crypto without recourse.

Bitcoin may be here to stay, that doesn't mean it wont eventually go to zero: Maybe hardware wallets will be repurposed into desk decor called Crypto Folly's; Investors will be able to keep their Bitcoin in a decorative package on their desks, as a reminder of biggest bubble in history.