Amanesia - are you looking at the Binance chart? If so, that is BTC equivalent and so is relevant to the BTC price at the time. So when BTC was lower ZCASH in relative terms was higher (as you could buy more BTC for the dollar value) - but the dollar value was lower.
In dollar value it is the highest it has been since 2nd November 2016 after it dropped from $3k launch on 28th October in two days to below $100 - that is good as it is 20% of the ARB revenue and a hidden gem if ZCASH continues to rise - especially if it can have a significant short term bull run whilst BTC takes breath - thereby converting to more BTC.
https://www.coingecko.com/en/coins/zcash
Agreed - can if BTC holds here whilst ZCash rallies then Argo actually get more BTC for their buck at the moment as they convert to BTC as I understand it. So let BTC consolidate this month and ZCash continue to rally.
Will review at end of March based on where BTC is and what the full month of March operational update shows with all machines in full flow and decide whats next, but two much in the next 10 weeks to consider any other course of action for me.
Having said that, if US takes this to $20 I may change my mind (but they wont!)
Ian
To take this back I did not expect a massive raise today - why would access in the US to more investors uprate the UK this morning. It is positive as there will now be more investors in the US exposed to ARB and therefore potentially more buying pressure. More buying pressure will push up the SP. Will this happen? I do not know but we will find out over the coming days and definitely not before 14:30 when the US investors who have not had access to ARB now have.
It also provides greater credibility (like upgrading from AIM to full LSE market) to the company. One thing I havent discovered is whether there are OTCQB tracker funds in the US, just not looked, but if there is there will be buying pressure from those funds also.
So it is positive in the sense as it was the when the pink sheet listing opened - will it have the same effect, I dont know. People can argue how much of the 10 fold increase is due to pink sheets and how much to BTC price between them - no one really knows.
And I will not be disappointed if we dont get a 30% gap up over night - the answer to that will be known soon enough and I have not been invested in a share that has made the journey from OTCPNK to OTCQB before.
Lets wait and see. GLA.
Warrants expiring so exercised and money on balance sheet and SP holding up to the issues earlier this week. But that’s not the point. We have a cutting edge technology company with a CEO who communicates. Name me any more CEO last that tweet like Argo does and keeps shareholders informed. US listing, a master stroke in the making for shareholder value. Intelligent RNS on Monday after BTC drop about early machines. Modern communication used properly to support the shareholders and someone you can put on Bloomberg.
In two weeks the SP has more than doubled with two items out of there control in the coin exchange outage and BTC retrace and three warrant issues due to expiry to secure finances.
If I was not convinced before I am now.
Someone said; it’s going to be an interesting month
Not kidding! And it’s only the 12th!!
So we close at £1.01 when US is at $1.43 and BTC at $34.5k
The US is definitely putting in a lot of leg work on this at the moment - if they climb again we can gap up and then we need to hold our number for the day and not let our 'over the pond' fellow argonauts down.
RNS on OTC listing would be good tomorrow to consolidate above this level but it will come when it comes.
Also, as an aside, I am looking forward to the January operational update now based on more machines in last week (small impact).
Re-read the JCapital BTBT story - truly astonishing
I agree AgentB
Just watched the interview and I think he comes across very well. They had an energy angle, if he doesnt speak to it he doesnt get the interview but he broadened to crypto in general which spoke to his expertise - talked about OTCQB filing and so for the audience this was good. Those that know crypto will look, esp. if they are in RIOT / MARA etc.. and those that dont may look also.
By following their lead he gets a return invite as things grow and more great exposure on the other side of the pond.
Phoebus - agree $1.99 was the high - but look at the chart for last Thursday in US - it settled at $1.82 until the exchange went down. I dont usually look at the spikes as they last five minutes or so. Equally UK got to £1.43 last week so we are in a good place.
I just look at the settled trading in the day and ignore early mornings (here and in the US) as spikes and dips happen (like today)
So first tranche of warrants have hit the market (second on Wednesday) and BTC was being bashed overnight. Let it all flush through this week.
Will be some shares for the MMs to get rid of so it may take a few days from todays traders, warrants today and wednesday to be sold on to stickier hands. It would be good if we could recover above 110p for 14:30 so the US is not as spooked and BTC can get above $36k where it was last Thursday.
Remember - before the exchange went down the US was happily buying at $1.82 - thats £1.35 without the RNS today.
Last Thursday we were sat at £1.10 highs until the US opened and pushed us to £1.25 - BTC was $36.5
Currently £1.05, BTC at $35.5k - RNS - early mining now going to happen in January
Nothing has really changed, chill and wait for the OTC re-rate and RIOT catch up, best thing to do after weekend was to set your alarm for 9am so you didnt see the first hour today !
What a difference a week makes. On Monday, still slightly under the radar and an excellent board with some excellent posters where you could ask questions and get answers.
One week of a rise that everyone could see happening when you looked at the situation with BTC and the US listing and now the board has descended / been invaded.
The rise took everyone's breath away, the speed was quicker than expected, but it has happened.
It is the one blight that happens everytime on LSE where insults, noise and deliberately aggressive views with no backing is thrown about to flood the board and incite a response on the board of any share that is either popular or on the up, suddenly everyone is an expert, it just becomes facebook for kids.
I wish you all the best in the coming weeks.
If you are invested good luck. If you took profits and are out, well done, that is the game. If you are not invested then there are more productive ways to spend Friday evenings.
GLA - looking forward to an RNS next week and a steady rise towards £2 myself. BTC holding up well and as long as it keeps above $40k I don't see and issue, we are mining at higher margins and institutions buying BTC makes it stickier.
Potentially further fire for Bitcoin with a new Biden stimulus on the cards:
https://www.coindesk.com/why-joe-bidens-3t-stimulus-package-could-add-fuel-to-bitcoins-rally
This could get silly.
More UK PIs getting on board now the news is crossing boards etc.. so in at £1+ and sticky hands and less shares in circulation.
US PIs on pink sheet in demand today after last night and on
Full listing next week.
Bitcoin inexorably climbing at the moment with no sign of any pause for breath
Definitely going to be an interested end to the week and next week could be, well, i may not get any work done....
And we havent even got to new machines yet ....
Tillywhiz - so good to see you and Lil are doing well. I actually jumped over board on Monday (sorry) as thought EUA would go sideways for a week - I was originally going to sell out and get more EUA today with the profits - i have now re-adjusted my strategy and am going to remain an Argonaut for me - have bagged once already this week and £1.50 will give me another.
Theme continues though with good ol' Jason and the Argonauts - they had the Golden Fleece, this honestly feels like we are doing the fleecing at the moment - the legs on this over the next few months look amazing.
For those under 40 look up Jason and the Argonauts - one of the original fantasy epics!
balman - not a cross ramp - we all need comparators
Would be good to understand if there is now an increase in volume in the US - SP may not move as different company with different dynamics (I dont know it) but we are tracking 15m on the pink sheets - it is whether OTCQB drives the volume (and therefore demand) whilst sticky hands remain in the UK.
Would be good to keep an eye on that, every day is a school day
So what has happened today?
Some people will say it’s a retrace and to be expected but I don’t think so. Last night the US listed ARB (ARBKF) was trading at $1.82 (up 7c on previous close) when BTC hit £40k and the main trading exchange went down. This has happened before when new highs have been met and sell orders have been hit. The market got spooked and ARBKF fell to $1.40 in 25 minutes and closed at $1.41. We have been following the US market all week. BTC also fell from $40k to $37.8k in the same period.
The selloff of ARBKF in the US was, IMO, mainly due to panic and we need to remember that these are not institutions – the pink sheets are mainly PI invested stocks (watch Wolf of Wall Street)
So I expected to open £1 to £1.10 which would match the $1.41 and slightly below yesterday’s open – I said this last night on the forum – this isn’t me going ‘look at me’ it just was an obvious reaction by UK MMs to marry up. But it is just a technical blip.
So those saying £1.50 - £2 would happen today were on the money before the exchange went down, something no one could have foreseen so no point mocking them - $1.82 is £1.34 – we were on our way due to US buying demand.
So where do we go from here?
We are already back at £1.18 and BTC is at $39.8k as I write this. The US PIs will reflect and I expect them to jump back in at 14:30 and it will rise, hopefully back to $1.82 and beyond, we will probably see this benefit on Monday.
On Monday expect the OTCQB listing – increase as a result – re-rate towards RIOT – 3x current SP?
ARB tweets x 2 – one to clarify listing process is ongoing and one (in their own fantastic style) telling us to keep the faith
January results – BTC equivalent closer to $40k per BTC – more margin
February – 25% more mining machines coming on line – more BTC per month
March – Full month operation of new machines
I am sitting tight until March to see what happens / what I can see happening after that but as things stand there is nowhere else I can see with better returns. The only major risk I think I could call out is BTC crashing back down to sub $30k – but I don’t see this and neither do the experts and financial houses – in part because the more stimulus that is pumped into the world economies the more that devalues the dollar so BTC is digital gold that is not affected by this.
This is all just my view and I will not post again today as I have taken up my word allocation :-)
Sorry for the long post but been reflecting this morning and feel I need to exercise my soul!
Just to declare my position : I started looking at ARB over Christmas and invested over Monday and Tuesday and have 14000 shares at an average of 50p.
I wanted to offer this up to any new investors that may not have the full picture I have gleaned (at least my full picture). There are some extremely knowledgeable posters on here and a lot of information out there in general.
Today is a ‘blip’ IMO so let me set out what I see over the coming weeks / months
1. US listing is key – the US values Crypto more than the UK and there is a bull run on the share as it is (still) 3 – 4x undervalued compared to US peers (RIOT being one)
2. Moving from Pink sheets to OTCQB will unlock a raft of online investors who don’t have access in the US at the moment and raise the profile as well as credibility as it moves up the exchange tier
3. There are a few more americans than brits ….
4. The shares in distribution are fixed at c.300m – that is not a large number of shares to distribute In itself this is providing momentum in my view this week and will continue in to next week as the listing happens.
There are then two other key factors:
1. More mining servers are coming on line in February – increased capacity means more bitcoins per month
2. Bitcoin is hitting all-time highs – there is common consensus in the financial services industry it will continue its bull run and some eventually see 130k+ (JP Morgan) – we are at 38k at the moment
Bitcoin value is the interesting one, as ARB mines BTC each month and sells some down to pay expenses it retains a wallet of BTC. From the last RNS update which we receive monthly:
96 BTC equivalents were mined delivering £1.63m revenue – at £40k BTC this would be £3.8m which is where BTC roughly is. After paying expenses the BTC holding increased by 31 BTC (so only 65 sold down).
Obviously with the increase in BTC value less will need to be sold down in Jan so a win win / less BTC to fund the operation needs to be sold, more are held and their value is higher.
Finally, ZCash is a bit of a side show, but if the value increases it is just additional margin and the value of ZCash is increasing.
Reading the OTCQB process:
https://www.otcmarkets.com/files/OTCQB%20Application%20Guide%20for%20International%20Companies.pdf
It is the final step before paying the fee and listing. Still PM over there - so pay fee and then list - probably Monday I would say so if the Coinbase outage has spooked a few and nothing comes tomorrow just ride it out for a day - after all we have had a good four days!