The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
MacF1 I will ask the keeper! should be fine mate
the volume is 773.4k
what are you looking at?
Hope this is useful tp those new to the space. Taken from the writings of Lyn Alden, who is also speaking at the B Word event tomorrow.
Should be interesting. Some serious, some smart and some seriously smart people there.
In a May 2021 interview, Ross Stevens, the executive chairman of NYDIG, which partners with institutions for bitcoin-related services, spoke about Bitcoin’s use-case:
Nothing beyond a store of value is necessary for Bitcoin to be extraordinarily valuable for the world. Having said that, for the first time in history, we have an electronic bearer asset, never had one of those before. It’s called Bitcoin. And we have an open source monetary network; we’ve never had one of those before either. It’s also called Bitcoin. That together can achieve cash finality, meaning final settlement anywhere in the world, anytime, any day, 24/7 365, liquidity in any currency pair you care about.
So let me explain the mechanics. You think about the base of layer of cash, think about US dollars the base layer, like I can give it to you, you can give it to me, there’s no other- that *is* the settlement, that is final settlement. If I write you check, that’s a second layer solution, or a credit card might be third layer solution, so there are more and more abstractions of money on the base layer of cash.
Bitcoin the asset is the base layer. There’s something called Lightning, which is a second layer solution. Think of it like a check but it can move at light speed. And so an example of the mechanics are, I can today in New York turn my US dollars into bitcoin, I can move it up to the Lightning network and this is all in milliseconds, I can zip them anywhere in the world on Lightning network at light speed, they receive that wherever it is in the world and can do an FX trade of bitcoin into dollars if the receiver wants to receive dollars (editor note: or euros, or yen, or anything else). So what has happened is, you’ve moved fiat over Bitcoin rails, so it’s a fiat to fiat transaction, you’ve done it instantly and for free but for a tiny bid/ask spread on the FX trade. There’s no merchant fee, there’s no interchange fee, there’s no fees. It’s a different set of rails; it’s a totally new set of rails, instantly and for free.
That’s why it’s so polarizing. At first glance, Bitcoin and other cryptocurrencies seem silly and without intrinsic use. But when you go down the list of attributes and compare bitcoin to fiat currencies, it is better in most ways other than volatility. It has no industrial use, but the simple concept of a wide network effect of uncensorable transactions wrapped around its strict monetary policy with no leader, makes it an interesting form of global internet money that has rapidly grown in value since inception. It reached 100 million users faster than the internet or smartphone usage did, and became the fastest asset in history to touch a $1 trillion USD market capitalization from inception.
You can self-custody your private key on paper, on a hardware wallet, stamped on a titanium plate, or memorized in your head with a seed phrase. You can even split your key into several parts and hold each part in different ways in different locations.
However, unlike fiat currencies, there is no central authority that can change the Bitcoin network’s monetary policy, issue more bitcoin, block transactions, or take bitcoin from an address.
Bitcoin is digitally native, unlike gold and cash. Gold and cash can only be transacted with offline, unless they are willing to rely on a trusted/centralized third party (at which point they lose the property of being self-custodied and censorship-resistant). Bitcoin can do that online and across borders. It’s a digitally-native money-like bearer asset.
In 2008, Satoshi Nakamoto put together a number of existing technologies, with his own innovations added to the mix, to create the concept of digital scarcity. There were a number of predecessors that solved parts of the problem, but this was the first one that put enough pieces together to become a big success.
Bitcoin is an open source decentralized public ledger, with a built-in incentive mechanism for miners across the distributed network to verify transactions in exchange for fees and block subsidies, where people use a set of public and private keys to transact without a centralized third party. There are also thousands of nodes, that anyone with a normal computer and internet connection can run, to verify the network and push back against various types of miner collusion.
Kind of like fiat currencies, each individual bitcoin or fraction of a bitcoin has no industrial use outside of the potential payment and store of value properties that it has. Bitcoin is just a ledger, keeping track of values assigned to different addresses, and your private key entitles you to control the coins associated with that address. There are deeper technical nuances like UTXOs, but that’s the basic idea.
In summary a single sale on Coinbase (so spot not OTC) of 79,000 btc for $2.5bn (for context Tesla only holds 43k btc in totality)
Wow
$2.5bn sale on spot in a single moment and price only dropped 1000 points.
Someone wants to make something happen
possibly something to do with B-word?
Also worth noting 3,900 btc becoming illiquid each day (ie into hodl) and only 900 becoming liquid.
And 77% of btc now in LT holder hands.
Supply shortage coming?
Final Q - will you be buying P?
Reading the history it suggests the stamp was created in Guyana by the local postmaster.
How can it coming to Britain be considered as returning home as per the CEOs comments? Confused face.
Ok so it is true it is happening, thanks Ms P. Can you confirm it is not colonial theft many moons ago? Many would say the Elgin Marbles are not stolen. Or that Uluru should be called Ayres Rock. I hope all ok for your sake.
When you say end of month, what is the date pls and what would you consider as good results to date?
Dear all
A question for the informed and knowledgeable here on NFTs.
I have heard a rumour that a stamp company has purchased a rare stamp for several million pounds and plans to try and NFT it into many small parts for profit.
Notwithstanding the fact that the stamp was apparently stolen from the good of people of Guyana (formerly British Guinea) in what sounds like classic colonial theft, this as a business idea is something I cannot fathom.
1. would they not have to destroy the original stamp for it to have value as an NFT?
2. if it is divided up, who decides on the amount? or is it a ponzi?
3. it does seem at odds with the essence of owning a rare piece of history, ie is it aligned to the core raison d'etre of the average philatelist or have they tried to jump on a bandwagon and thus shot themselves in the foot. Again.
All thoughts gratefully received.
will do JM
Thanks flowerpot I was unaware of that 1% idea. I guess it depends if the 1% is worth it - we we hold $2500 btc by year end that could very reasonably be $2.5m so might be worth it. But those are decisions for the board, not for us mere shareholders.
Texas remains the focus and we look forward to news there.
ATB
RC
Technical thanks for sharing all the details which you seem very keen to share. How many shares did you buy and sell and how much did you make?
There are clearly quite a few here today who do not understand BTC and seem to think all crypto is the same.
That is bit like saying all fiat currency is the same.
Or all internet companies are the same.
For those intelligent enough to understand or open-minded enough to try, this article explains BTC in the context of Austrian economic theory https://medium.com/efficient-frontier/on-austrian-economics-and-bitcoin-15051a28820d which is very different to Modern Monetary Theory (MMT) or money printing.
Once you 'get' it you realise that statements like 'BTC is dead' says a lot more about the person saying it than BTC itself.
ATB
yes we all knew about this meeting yesterday and all but the scammers believe this is a good thing.
Exactly as expected.
Adds credibility and reassure for IIs - all falling nicely into place IMO.
And hopefully will help us get rid of a loan of the ****ecoins. Which I do agree are worthless.
Thanks for posting.
RC
I believe we need to understand more about Texas. There are questions re operating costs and loan repayment and these are fair ones IMO.
I think we need to see the plan from PW about whether Texas is going to be hosting other miners (income) and/or doing something smart with energy and the wider grid (more potential income).
I have a long term hope that Texas can bring in regular and considerable income for ARB so that our mining costs are negligible and as such our hodl can be stored for the right time to either sell some and/or do something smart with financially, ie loan out for interest on it.
PW has told us we will get some Texas news in the coming weeks which I very much look forward to.
ATB
RC
ah Monkfish just seen this.
I have just posted but in more detail...
ST none of us can predict BTC and as such ARB
LT I believe in BTC and ARB and as such I am doing nothing right now. I may buy a few more if the ARB SP slides further.
Do I believe the Musk ARB rumours? Prob not and I will base no investment decisions on any rumour so I would need to see it to believe it.
Do I think the B-word event could be a catalyst for a rise? More likely. Musk is top billing at an event that is clearly pro BTC. I believe the conversation will be scripted and as such there will be news out of that. Probably related to Tesla either accepting BTC again or taking a further position in BTC.
Options as I see them are:
1. conversation and no change
2. Elon claims to have solved BTC mining issue and reinstates BTC transactions at Tesla.
3. #2 + Tesla buy more BTC
4. #3 + Tesla/Elon has green mining interest in some form - whether mining directly or taking a stake in a miner(s)
5. Something off the wall EM style
Truth is none of us know. Might be nothing and BTC slides down. If so the $28.2k level has HUGE orders and this is apparently the whale breakeven so my personal view is despite the TA showing $26.6k and then $19k those whales will not let it go below that. The order book has 750 btc at $29,000 and 2,300 BTC at $28,200 so there will be considerable support. I do not know though so we have to watch the ST play out but personally I remain convinced LT.
I do not see anyone serious saying BTC to zero. The question seems to be WHEN it comes back to a new ATH not IF.
ATB
RC
Good morning fellow Argonauts
Hope all is well. Obviously lots of online chat about impending bear crash and no doubt many arguments here.
Personally I have little more than a passing interest in the prices of BTC or ARB today, next week or even next month as my horizon is further away. If we are at these prices Q1 next year I will be concerned but currently it is an irritation more than a concern for me. I know this share can turn very quickly. Today's price is interesting for those trading or looking to enter but not really to me.
I haven't read the board today but a cursory glance at the headlines tells me the usual toxicity is in play. I do not have time to waste on this and so I will be going back to my research. As far as I can see nothing has changed - 21m capped digital stores of value and a company with a clear forecast of c. 2,500 btc hodl by yr end.
So I will be enjoying the sunshine and reading up on broader macro economic picture (the deflation v inflation argument is an interesting one).
I may add a few more later or tomorrow, need to read a little more on this B word event. I cannot believe it is so obvious that Musk will u-turn there but hey, who knows what will happen in the short term? Certainly not any of us here.
ATB to all Argonauts
RC