Member Info for nero120

Whilst I agree that many shareholders are just buying to get rich quick, the very important difference is that those shareholders (whether they know it or not) own part of a business that is actually doing something in the economy - at the very least it's employing people and hopefully it's a productive business that makes money and grows wealth. The shareholders are a contributing factor to this.

However, bitcoin does not do this, it is a purely financial asset for all intents and purposes. A better comparison would be to gold since gold is also not a productive asset (as Mr Buffett is constantly reminding us). However, gold is unique in that it is, alone money (credit to Mr J P Morgan), so people buying gold are in effect, converting currency to money (i.e. savings). The same is not true of Bitcoin which is not, and very likely will never be money. So those buying bitcoin are either knowingly or unknowingly speculating as one would do in a casino or betting shop.

We are living through interesting times. Up is down and down is up. Cats and dogs living together, mass hysteria! It is not incredible that bitcoin has gone on such a run given what is happening in the world - especially regarding central bank activity. When one can only see negative real yields on most productive assets/activities, they turn to speculation. It has always been this way. So, I would absolutely give credit to any bitcoin early adopter that called the run based on historical analysis of speculative bubbles and what happens to (some) financial assets when currencies are being hyperinflated. Though I haven't heard of any such people, I'd bet most are true believers.

Just calling it as I see it ISA. Happy for anyone who has managed to do well in bitcoin, but I can't abide anyone who attempts to justify all the nonsense, or worse yet, disparage gold whilst calling bitcoin the new gold.

Not saying anyone here has done that though!

Because the chart is the only thing that matters, as long as it goes up -right? What triggered the latest bull run in bitcoin? What piece of news caused certain moneyed individuals to pile in, because it certainly wasn't Joe public who apparently doesn't use or want bitcoin.

Fundamentally, bitcoin is an energy-expensive cryptographic solution to a mathematical problem that never needed solving. At least drop the pretence and call it what it really is: an insane speculative bubble for a worthless digital code fuelled by central bank funny money, chased by ignorant bag holders desperate to get rich doing nothing at all useful - the perfect representation of our age.

The price/value of bitcoin really has nothing to do with tech (I also work in tech and understand how blockchain works), there is no possible way to derive it's real "value" by rationalising the tech - in fact if you do that you actually realise it has no more worth than a domain name.

The run in bitcoin has far more in common with a speculative frenzy, no matter how hard the cryptobugs try to convince everyone that bitcoin is the new gold - a frankly preposterous proposition since the only way to prove it is to fast forward about 1000 years into the future!

If you're on that crazy train then good luck and enjoy the exhilaration but don't be fooled by the hype and be prepared for the day when bitcoin reaches it's inevitable true value - 0.

Indeed punter, good point.

Remember £2 in 2011 is £2.50 today adjusted for inflation...

$21k... madness.

Fair enough Noel, and personally I'm not interested in empty ramping any more than the opposite. This board is typically great as the opinions posted are usually presented with some decent reasoning and evidence.

I think you'd be a brave man to trade this now though. We know there is potentially company changing news due, which could essentially mean Condor are on the cusp of changing from a risky explorer that haemorrhages capital to a small producer with mine build starting and production ramping up as it comes online. For the past few years that's been nowhere in sight and so the share price has always drifted and been at the mercy of wider market news and local politics.

It really is game time now and you can see it and hear it in MC's recent presentations. I'm sure we are all excited and keen to see the RNS's that tell us about 100% land ownership, toll milling, mine funding and plant/production size, which are all due to drop within the next few months, and importantly, how the market reacts to that news.

And with mine it's well over 1m! :)

aviduser i did exactly the same thing. I knew nothing, idiot listening to rampers and chasing the price up. Well I learned my lesson! Crazy to think it's been almost ten years...

Indeed Awax, as long as we actually get 100% of the land, toll mining, plant deposit and a funding decision then I don't mind at all how the news drops!!

We need some news to bring the buying volume. Presentations are positive, but without news it's unlikely to generate much volume. Patience.

All on the back of a new bull market for gold equities triggered by a rising gold price! If all the ducks line up, this could quite literally be life changing...

We need large buying volume to come in and force the MMs hand. Come on MC, it's time to drop the hammer!

Seingred out of interest, what's your holding here?

Brilliant news if true!! He also said recently "looking forward to the cooperative's response to the cnr offer made before the hurricanes, and continuation of the negotiations next month", so with any luck we could be very close to 100% if they accept the offer. Given the devastation caused by the weather recently I'm sure the cooperative's members are in no mood to drag this out.

This whole "vaccine secured, risk on" narrative reeks to me. US election, timed with vaccine news means gold and silver get absolutely smashed right ahead of options expiration. It's common knowledge that the banks are hugely short gold and silver futures and we're getting close to the December delivery cycle on the COMEX when net longs are increasingly requesting delivery of the physical metal in amounts that can't be honoured by the banks (they don't have the physical metal to deliver).

Is all this linked? Cui bono? Certainly worked out well for the banks and gets them out of a tight spot but who knows. Regardless, no one is selling physical metal, the price action is all algos shorting futures so in the long run it makes no difference. Physical is getting tighter and tighter and demand is on the increase on the back of exponential increases in gov debt, central banks printing outright to keep the system from collapsing and general geopolitical uncertainty.

Gold is going higher one way or another.

Book5 coming in hot on ADVFN:

"One reason why toll minig should go ahead is bcs goverment wants to collect tax asap and we don't want to disappoint them. In the goverment eyes We are here to generate tax asap. If we send ore to Calibre, they will be paying tax from day one. To me it will happen next week. The amount we will toll mine is the key question. For a period of time We may go for a smaller mill and complement it with toll mining. Mark speaks about this option too. Avoid dilution, keep goverment sweet, and buy rest of the land is key for us. A deal may have been struck when Mark spoke to the ministry? So the rush...and if it wasn't done then, after both hurracaines the ministry's phones are probably busy. Gla"

He's certainly bullish, let's see if his prediction comes true...

As far as I'm aware, MC has never put down a lack of progress due to acquiring the last 7% of land.Condor has made huge progress with acquiring the majority of the land required for the mine this year which no doubt has taken a lot of time and effort to achieve, and has massively derisked the project.

At this point (in my opinion) the land is now no longer an issue and progress continues in the background towards completing the remaining studies, finalising production strategy, purchasing a processing plant and arranging mine finance. None of these things are done overnight so expect them to take some time. MC has given you some target dates, ie:

- Deposit placed on processing plant before the end of the year
- Mine finance in place Q1 2021

By now you know MC's "MO", under promise and overdeliver, but it requires patience as he crosses all the ts and dots all the is.

Tester why would the gov get involved unless the parties were preventing progressing mine build and negotiations were making no headway? In my opinion, the remaining 7% of land is not any particular issue, progress continues regardless and it will be resolved in time to the benefit of all. No point in antagonising anyone and creating bad blood if not needed.

I believe the key news for the market before the share price can re-rate is to see a concrete plan for funding the mine build and specifics on timelines and mine throughput. If that includes a medium/major taking a stake in the company then it will really rocket.