Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
88% of Bitcoin not moved for 3montgs +
80% not moved for 6 months
93% of Bitcoin that will ever be produced now minted !
Bullish as !
Interesting figures from Argo in October, hash remaining the same , mining difficult y increase but Argo produced more BTC , that said it’s about time they got more efficient because there performance has been woeful in comparison with almost all other listed miners for 18months +
No other miners that have reported October figures have shown any unexpected rise in productivity so far .
Have a good day all
Morning Suthy and all ,
The big difference with Argo was that Peter wall was really media focused, @ least twice a week he’d either release a RNS , video ore appear on a podcast or Twitter space , this created massive interest and almost a frenzy of folk wanting to get into bitcoin via the LSE ,OTC in America and the Frankfurt exchange in Europe.
I’m afraid in comparison QBTs public/ shareholder relations are poor . Should they develop what FG hints at it’s vital there’s a constant news flow in order to keep the SP moving, it’s clear the market reacts to good news. But drops back without follow up news , it’s happened time and time again here .
I’ve some interesting thoughts on BTC ETF approval later after a conversation with a fellow Dutch bitcoiner who many will be aware of , it’ll be somewhat long winded so I’ll post this evening.
Have a good day all .
Expected some fireworks over the next few days .
SEC are holding a closed door session on NOV 2nd which is extremely unusual, whatever the outcome of that meeting the halving tracker suggests a significant move is coming.
Well that was an interesting week wasn’t it .
Bitcoins surge came 15-20days earlier than the halving tracker implied, it was also noticeably how easily we pushed through the previous $32k-$32.5k which had previously proved strong resistance. On such a powerful move some profit taking was inevitable but the fact we have held comfortably above that $32.5k on the pull back suggests a possible further leg up during November, the SEC have confirmed they are actively considering 8 of the 10 submitted ETF’s so we are moving ever closer to approval.
As for QBT , the twitter post clearly was extremely well timed and created a good deal of excitement but I’m not entirely sure QBT played the week correctly, an announcement to the market or even a video statement from FG would have added some extra meat to the bones . What this week has shown IMO is there’s still strong investor interest in potentially disruptive crypto companies and that QBT seems to have been on many retail investors watch lists .
As you know I try to shy away from commenting on others posts as I take the view that everyone is entitled to an opinion, however this week some of the comments made about bitcoin mining exposes a deep lack of understanding by SOME contributors regarding the diversity of the industry the way miners operate and how they derive there income.
Enjoy the weekend it could be an interesting one !
Bitcoin $35k !
The only Bitcoin chart you’ll ever need .
https://x.com/halvingtracker/status/1716314790916702406?s=46
Couple of big stories just breaking from reliable sources but not as yet confirmed.
US Court of Appeals issues mandate that the SEC must re-review Grayscale's spot ETF
#Bitcoin ETF TF from BlackRock) is registered with the DTCC (Depository Trust & Clearing Corporation, which clears trades on NASDAQ) — Eric Balchunas, BBG Chief ETF Analyst.
If true the ETFs will be approved before Christmas, I suspect insiders have been buying in the past few days hence the move up
Throughout the ages we have had folks who either don’t understand innovation or simply deny it as it impinges on their current income streams…. The printing press , Railroads, electricity , Telephones, cars , Airplanes, computers, the internet are a few of many examples.
On one side of the bitcoin debate we have
Paul Tudor jones
Stanley Druckenmiller ( the man who broke the BOE)
Ray Dalio
Elon musk
Jack Dorsey
Raoul pal
Steve Jobs
Steve Wozniak
Certainly among that list are 3 of the greatest investors of all time who time and time again have spotted opportunities before they have become popular, 4 of the above are arguably among the most innovative individuals in the last 30years . Raoul Pal is widely regarded as one of if not the finest macro investors in the world .
Taking the opposing view on Bitcoin are the likes of
The MSM
Central Banks
Warren Buffet
Charlie munger
However what Mr Buffet & Mr Munger aren’t quite so keen to share with anyone listening is Berkshire Hathaways best performing asset in 2021 was Brazilian crypto bank Nubank (Nu holdings ) so are they really anti crypto ?
I guess it boils down to if you believe in evolution or if you are comfortable with the current system and all it’s inherent risks ( most of which most ppl are totally oblivious too )
For me the choice clear , history shows innovation always wins out eventually the only question is as an individual how quickly you spot the opportunity.
Well today is the day , Argentina goes to the polls to elect a new president.
After decades of stagnation the resources rich countries has a real opportunity to elect a radical candidate who can change the course of the nations finances .
Javier Milei has said he will end the central bank , back the currency with Bitcoin and gold and promote inoculation. He won the primaries by a landslide , the legacy media around the world had dismissed him as a libertarian clown with no chance , suddenly they now brand him as an extreme Right winger , do you see the pattern- anyone from outside the established parties in any country is turned upon by the MSM in order to keep the status quo .
Will he win ? He’ll almost certainly win today but there’s a strong chance he won’t get a wide enough margin to win outright and will therefore have to go head to head with the runner up in which case expect an onslaught from the MSM and the legacy parties to rally around his rival.
Clearly my vested interest is wanting another Bitcoin president especially as Argentina has the potential to be an economic powerhouse but the far bigger picture is the need to end the current central bank lead ponzi of forcing workers to earn money while those in power have the ability to just press a button and print more out of thin air with very little if anything backing it . As an example the USA has $32trn of debt which is rising @ approximately $1trn per 6months , an economy of around $6-$8trn pa ( depending on how the stock market has preformed thus taxable ) but is pay close to $1trn a year in interest payments alone and rising quickly, a totally unsustainable situation that can only possibly end in default eventually.
Real change is needed though out the world, Javier Milei could provide a blueprint.
Should he win Bitcoin could continue its rise in the coming weeks , should he lose expect the $28.7k -$30.5k to be the range up until Christmas when it’s my suspicion ETF approval may well be granted. Time will tell .
Thank you to all those who gave respectful and thoughtful responses to the questions I posed yesterday.
GLA
Sadly I think you are correct Noteready , and that is why I’m firmly on the fence here ( other than a small residual holding left from 2021 )
What I can’t get my head around is QBT have had a patent filed since late 2021 , I totally accept that has been possibly refined and Even improved upon with the second method, but why haven’t QBT been mining using these methods? I’m not suggesting they should have invested hundreds of millions in a farm and infrastructure but there are several routes open to mining bitcoin with relatively modest outlays required especially if you wish to demonstrate to a wider market efficiency gains . For instance ARB amongst others offer hosting facilities and because each rig’s efficiency is monitored it would very quickly become apparent any significant production gains. It would also be feasible for QBT to mine using self hosted machines in little more than a shipping container ( I believe DMG design and instal such capabilities) @ a modest outlay . Surely either option would not only prove to the market beyond doubt QBT tech is truly revolutionary but also provide the company with a short term revenue source albeit relatively modest to what they could expect from deals with more established crypto miners .
I’m genuinely interested to hear folks thoughts on this , it’s very possible I’m missing something so I’d be grateful for any ideas that would clarify why QBT haven’t so far mined any BTC .
GLA
A little caution should be exercised when trying to calculate potential revenue , the figures been suggested are somewhat simplistic calculations I’m afraid.
Very very few of the listed miners derive their revenue purely from crypto mining so trying to work out 5% -10% cut from top line is simply not realistic. Secondly it’s highly unlikely that a miner would pay fees to QBT in $ , far more feasible any due revenue would be paid in crypto ( QBT need to insist that crypto is Bitcoin) . Most miners made the mistake of hodl during the bull run in 2017 & 2021 then selling during the subsequent bear markets , you would hope that lesson has been learned so I’d expect miners to sell a small amount of BTC to pay expenses to those that require fiat throughout the bull run but to continue to hodl the majority of mined coins .
For QBT to really take full advantage of this they will need someone with good knowledge of crypto trading to ensure they can meet their financial obligations on a short term basis but also grow their own BTC stake , remember the game is all about stacking bitcoin, if you receive 5btc payment now @ $30k per coin it’s far smarter to pay expenses with two of those earned coins and hodl the 3 remaining ,then sell more sats at $100k per coin than sell all 5 and receive only $150k immediately.
Personally I’ll be interested to see how many coins QBT are currently mining, I accept they probably don’t have many rigs however even fractions of a bitcoin mine would remove any doubt of QBTs potential for me . That first monthly revenue statement can put some really momentum behind the SP that should see LTH back into profit .
Have a good weekend all .
The bigger Bitcoin & macro picture.
Several factors seem to be pushing Bitcoin higher at present.
SEC decision not to appeal the ripple case or pursue the ripple founders.
The banking industry throughout the west is creaking under the weight of higher rates .
The potential for Argentina to elect a Bitcoin friendly president who’s pledging to put Bitcoin in the countries treasury.
Gary Gensler’s testimony to the house - “the banks are concerned at the outflows heading to crypto exchanges “
Larry finks comments on Fox business this week- we are seeing unprecedented interest in a flight to quality with customers world wide wanting bitcoin, gold and oil .
The news that Tesla hasn’t sold any of its bitcoin holdings since it last reported.
Ferrari now accepting Bitcoin as payment.
There’s little doubt the current financial system is holed below the waterline , we only have to look at the level of money been thrown around by politicians leading essentially bankrupt economies to understand that when money can be printed out of thin air all financial logic goes out of the window, and it’s looking as if an increasingly large number smart investors have figured out they need an escape from the Ponzi central banks are operating.
The other thing that has also come to light in the last week or so is that the bitcoin price during the last bull run was suppressed. FTX claimed they held 80k bitcoins but in truth they held next to none . So effectively an extra 90 day’s worth of BTC production was flooded into the market ( sold to unsuspecting investors) that never actually existed, if those bitcoins had actually been removed from the market bitcoin would almost certainly traded well over $100k .
I would suggest anyone who wants an accurate indicator as to Bitcoin’s likely direction follows the halving tracker on Twitter, it’s proven very accurate . I will contradict that slightly by saying I was expecting a substantial move up in Btc price in around 20days time but I suspect the wider macro as well as the bullish news flow surrounding Bitcoin has probably ignited the next leg up earlier than anticipated.
A weekly close above $28.7k would be bullish, a win for Milei in Argentina could be extremely interesting however I personally expect it to go to another round of votes in which case I fear he may get beaten .
Certainly very interesting ties ahead but always remember nothing goes up in a straight line and bitcoin actually goes down more days than up , but those up days tend to be explosive .
It’s Big few days for bitcoin short term direction, today ( midnight in USA )the SEC must decide if to approve 3 ETF applications or will they kick the can down the road again.
At the weekend it’s the Argentinian presidential election with the leading candidate pledging to end the Argentine central bank and instead adopt Bitcoin.
On the negative side theres potential for upto 140,000 of the bitcoins hacked from Mount Gox yo hit the market after those coins have been returned to investors.
Personally I expect the SEC to once again buy more time and deny the ETF’s this time , but I think there’s a good chance Argentina will elect Javier Milei, in which case expect positive price action !
Bitcoin trades 24/7/365 it’s been rising steadily since the SEC news broke on Friday, today’s spike was due to a fake rumour Blackrocks ETF had been approved, Blackrock swiftly put out a statement denying it but confirmed the the sec were still assessing several ETFs
https://www.dailymail.co.uk/wires/reuters/article-12636269/Bitcoin-gives-gains-BlackRock-denies-ETF-approval-
Rumors of the blackrock ETF having been approved are fake , their application along with all the others are still under review. But that 7% rise in 10mins shows what will happen when approval finally does come .
Bloomberg analysts Eric Balchunas and James Seyffart raise spot #Bitcoin ETF approval odds to 90% by January 10th
Ferrari to accept #Bitcoin and crypto as payment for its cars in the US 🇺🇸 — Reuters
🚨 Breaking News : SEC won't appeal court's verdict on Grayscale's Bitcoin ETF.
Invesco Galaxy acts swiftly, updating their Bitcoin ETF S-1 after ARK's response to SEC feedback. THIS IS HUGE! Watch for more players to follow suit with their revisions. 🚀📄
Bitcoin ETF approval just took a very large step forward, the SEC can continue to kick the can down the road short term but approval before the halving now looks inevitable .
Definitely Game on .
At this point with the share price languishing at 12month + lows FG could show some faith in the business buy making a purchase of shares in the market. Yes he has numerous options at various strike prices but surely a relatively modest purchase for a Guy earning decent money would go a long way to showing the market QBT are on track .
GLA