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Thread: Bitcoin

  1. #5851
    Master stoneyloon's Avatar
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    Quote Originally Posted by Raffe View Post
    Just bought bitcoin at $22,600
    Where are you keeping it?


    Cheers,

    Adam.

  2. #5852
    Grand Master Raffe's Avatar
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    Quote Originally Posted by stoneyloon View Post
    Where are you keeping it?


    Cheers,

    Adam.
    I only trade bitcoin via CME futures. Not going anywhere close any of the exchanges.
    Someone who lies about the little things will lie about the big things too.

  3. #5853
    Quote Originally Posted by wileeeeeey View Post
    Wow just watched that video - it is the Icelandic banks all over again without the bailout coming...

  4. #5854
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    Quote Originally Posted by MB2 View Post
    Wow just watched that video - it is the Icelandic banks all over again without the bailout coming...
    How did anyone think that an organisation can lend at 1% and pay 15% to savers ... how is that ever going to work out when the new money dries up?

  5. #5855
    Grand Master Raffe's Avatar
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    Quote Originally Posted by Montello View Post
    How did anyone think that an organisation can lend at 1% and pay 15% to savers ... how is that ever going to work out when the new money dries up?
    That's why I commented that they deserve what's coming (has come). Earthshattering stupidity.
    Someone who lies about the little things will lie about the big things too.

  6. #5856
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    Quote Originally Posted by Raffe View Post
    That's why I commented that they deserve what's coming (has come). Earthshattering stupidity.
    Normally if someone is offering an APR of 15% when mainstream rates are below 1% that usually screams scam. Producing a year on year return of 15% is quite a challenge for any investor

    Sent from my moto g(7) plus using Tapatalk

  7. #5857
    Grand Master Raffe's Avatar
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    Added another position of BTC at $22,300 - now set (will buy more on a dip to 20k).
    Someone who lies about the little things will lie about the big things too.

  8. #5858
    Master stoneyloon's Avatar
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    Quote Originally Posted by Raffe View Post
    I only trade bitcoin via CME futures. Not going anywhere close any of the exchanges.
    Thanks...

    Cheers,

    Adam.

  9. #5859
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    Quote Originally Posted by Raffe View Post
    New profile photo. Stunning_

    https://wublock.substack.com/p/analy...gy-survive?s=r

  10. #5860
    Quote Originally Posted by Raffe View Post
    Added another position of BTC at $22,300 - now set (will buy more on a dip to 20k).
    Interesting you are going long BTC on one hand, but think the whole thing is close to imploding on the other.

  11. #5861
    Grand Master Raffe's Avatar
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    I have said before that MSTR is extremely lucky that they have no bond maturities until 2025 or they would be dead already. Just look at their 2027 convertible debt - it's trading at 50 cents on the Dollar. Remember, credit markets are always correct.

    Let's do some quick math on the back of an envelope:

    Market cap today is $2,400 million, debt is $2,405 million for a total EV of $4,805

    Deduct from that the bitcoin stash (129,218 at $22,200 = $2,869 million, that leaves $1,936 million in valuation for a shrinking SaaS business with zero cash flow (all cash goes into servicing their debt). Some of their debt is floating interest, so expenses on these are going through the roof right now and the cash flow may not be enough to service the debt going forward. Oh, did I already mention we are heading into a recession and SaaS companies around the world have been cratering in anticipation of reduced corporate spending? The smallest hiccup in demand for their software will kill them, or lead to a massive equity issue at a monumental discount as they won't find anyone to underwrite such a capital increase.

    Good luck to Saylor and all MSTR hodlers. NGMI.
    Someone who lies about the little things will lie about the big things too.

  12. #5862
    Grand Master Raffe's Avatar
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    Quote Originally Posted by noTAGlove View Post
    Interesting you are going long BTC on one hand, but think the whole thing is close to imploding on the other.
    It has imploded already. But ain't gonna go to zero in one straight line.
    Someone who lies about the little things will lie about the big things too.

  13. #5863
    Grand Master Raffe's Avatar
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    Apparently my timing is really shite, lots of talk of 50k BTC being liquidated at the moment, suppose it is the last beat of Celsius' heart. RIP.

    Pruning my position by half.
    Someone who lies about the little things will lie about the big things too.

  14. #5864
    Grand Master Raffe's Avatar
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    3 Arrows Capital, or 3AC, is the biggest crypto hedge fund out there.

    Or should I say it was the biggest fund? Liquidation ongoing.



    https://www.threearrowscap.com/select-investments/
    Someone who lies about the little things will lie about the big things too.

  15. #5865
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    Quote Originally Posted by Raffe View Post
    3 Arrows Capital, or 3AC, is the biggest crypto hedge fund out there.

    Or should I say it was the biggest fund? Liquidation ongoing.



    https://www.threearrowscap.com/select-investments/
    The co-founder Zhu is the guy who heavily endorsed Luna. Some rumours that a huge loan is being called in.

  16. #5866
    Grand Master Raffe's Avatar
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    Out of remaining BTC position at $21,100. Doesn't feel right.
    Someone who lies about the little things will lie about the big things too.

  17. #5867
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    Quote Originally Posted by Raffe View Post
    Out of remaining BTC position at $21,100. Doesn't feel right.
    I can see why you’ve closed Raffe, because there’s more volatility come (and could go either way)

    But doesn’t all this “other” stuff imploding, help Bitcoin in the medium term? I accept they’ll hurt it short term..

    (I know you don’t want to be a long term holder of Bitcoin, so this might not even be a consideration for you)

  18. #5868
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    Bitcoin

    Sold my remaining - made a little loss but not too bad. Exciting ride but too volatile for my blood - calling the bottom feels like trying to catch a falling knife at the moment.

    Was there not a sports Rolex on sc a while ago that asked for payment in BTC only? Wonder if that went through …..

    Edit found the listing. The seller had some visionary predictions.
    Last edited by RustyBin5; 15th June 2022 at 07:43.

  19. #5869
    Grand Master Raffe's Avatar
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    Quote Originally Posted by demonloop View Post
    I can see why you’ve closed Raffe, because there’s more volatility come (and could go either way)

    But doesn’t all this “other” stuff imploding, help Bitcoin in the medium term? I accept they’ll hurt it short term..

    (I know you don’t want to be a long term holder of Bitcoin, so this might not even be a consideration for you)
    After my foolish attempt from last week, when I closed my short with the intention to sell it again $2,000 higher - and I missed the $10,000+ move to the downside, my tolerance for being wrong on a position is extremely low.
    Someone who lies about the little things will lie about the big things too.

  20. #5870
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    Quote Originally Posted by RustyBin5 View Post
    Sold my remaining - made a little loss but not too bad. Exciting ride but too volatile for my blood - calling the bottom feels like trying to catch a falling knife at the moment.

    Was there not a sports Rolex on sc a while ago that asked for payment in BTC only? Wonder if that went through …..

    Edit found the listing. The seller had some visionary predictions.

    Wasn't it a Pepsi for 1 BTC. Still seems expensive even now.

  21. #5871
    Anyone checked in on Saylor?


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  22. #5872
    Master petethegeek's Avatar
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    Quote Originally Posted by Daveya. View Post
    Anyone checked in on Saylor?
    Last spotted hustling up punters interested in yacht charter, was what I heard.

    https://www.superyachtsmonaco.com/charter/harle

  23. #5873

    Bitcoin

    Quote Originally Posted by Raffe View Post
    (will buy more on a dip to 20k).
    A whisker above $20k. Load up.

  24. #5874
    https://uk.finance.yahoo.com/news/cr...103542205.html

    Crypto hedge funds are dumping their holdings of staked ethereum with some analysts warning it could trigger the next big crypto crash.

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  25. #5875
    Another crash coming !

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  26. #5876
    Grand Master Raffe's Avatar
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    Quote Originally Posted by Daveya. View Post
    https://uk.finance.yahoo.com/news/cr...103542205.html

    Crypto hedge funds are dumping their holdings of staked ethereum with some analysts warning it could trigger the next big crypto crash.

    Sent from my Pixel 6 Pro using Tapatalk
    "Bitcoin (BTC-USD) has also collapsed 9% in the last 24 hours to $20,278, a low not seen since 2017."

    Wut???
    Someone who lies about the little things will lie about the big things too.

  27. #5877
    Grand Master ryanb741's Avatar
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    Coinbase laid off 18% of their staff and judging by posts on LinkedIn they didn't do it in the most elegant way- basically a SMs telling them to check their email!

  28. #5878
    Grand Master Raffe's Avatar
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    Quote Originally Posted by ryanb741 View Post
    Coinbase laid off 18% of their staff and judging by posts on LinkedIn they didn't do it in the most elegant way- basically a SMs telling them to check their email!
    These employees simply weren't as smart as their CEO and founder, who sold hundreds of millions worth of stock and poured it into flashy real estate liked his $130 million home.
    Someone who lies about the little things will lie about the big things too.

  29. #5879
    Grand Master Raffe's Avatar
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    Meanwhile, over at Tether:





    Hands up who is reminded of this little gem:
    https://www.forbes.com/2008/03/10/be...markets21.html


    If you want to find out, just sit and wait while market participants are voting with their feet and their statements will be reality-tested soon enough:

    Someone who lies about the little things will lie about the big things too.

  30. #5880
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    Quote Originally Posted by Raffe View Post
    These employees simply weren't as smart as their CEO and founder, who sold hundreds of millions worth of stock and poured it into flashy real estate liked his $130 million home.
    Chuckle the clue's even in the name, ''real''.

  31. #5881
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    "Bitcoin miners stung as fallout from price collapse widens"

    https://archive.ph/skOhn

    "Peter Wall, chief executive of UK-listed Argo Blockchain, anticipates the 'first wave' of takeover deals within a year."

    Posted on here would possibly be called out as a "stealth sales post".

  32. #5882
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    Quote Originally Posted by petethegeek View Post
    "Bitcoin miners stung as fallout from price collapse widens"

    https://archive.ph/skOhn

    "Peter Wall, chief executive of UK-listed Argo Blockchain, anticipates the 'first wave' of takeover deals within a year."

    Posted on here would possibly be called out as a "stealth sales post".
    I am gonna go out on a limb here and forecast that nobody will be interested to buy Argo. Death by slow bleeding me says.
    Someone who lies about the little things will lie about the big things too.

  33. #5883
    Master petethegeek's Avatar
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    Quote Originally Posted by Raffe View Post
    I am gonna go out on a limb here and forecast that nobody will be interested to buy Argo. Death by slow bleeding me says.
    I'm sure he'll only be "looking to get back what it owes him".

  34. #5884
    Grand Master Raffe's Avatar
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    Another wild story from the world of DEFI: Three Arrows Capital, or 3as, is bankrupt. $18 billion down the drain, and apparently the cash of many DEFI protocols has just disappeared overnight.

    For years crypto bros told us that foregoing regulation was the main advantage of DEFI over TRADFI. Turns out all of it is only a few fraudsters sitting on huge piles of leverage on one side and millions of disenfranchised bagholders on the other side. Dooh.

    https://twitter.com/thedefiedge/stat...65349976694786
    Someone who lies about the little things will lie about the big things too.

  35. #5885
    Well well

    Sent from my Pixel 6 Pro using Tapatalk

  36. #5886
    Grand Master Raffe's Avatar
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    Quote Originally Posted by Daveya. View Post
    Well well

    Sent from my Pixel 6 Pro using Tapatalk
    It's a well known story, he settled with the SEC about accounting fraud.

    https://www.computerworld.com/articl...20last%20March.


    Compare:

    Quote Originally Posted by Raffe View Post
    He knows some beans, like accounting fraud - which lead to a collapse in the share price of MSTR by 90% in two weeks back in the year 2000. He is also known to be a COVID denier and now he will show us how to play crypto markets. Don't forget, he has already gambled away 80% of the company's equity capital with his existing bitcoin bet. Funnily, that was just a quiet 8K filing on the same day he blasted the new bond offering into the world using all available media channels. And when bitcoin hits $20k it's lights out for MSTR.

    https://twitter.com/INArteCarloDoss/...50769010057224
    Quote Originally Posted by Raffe View Post
    What a nonsense.

    The rules have been the same since forever, why would an exception be created for MicroStrategy? There have always been assets on balance sheets that have to be marked to lowest, and many technology companies have had problems with this. Another example is accounting for goodwill, which has led to similar SEC actions in the past.

    And let's not forget that Saylor has previous, been charged for accounting fraud back in 2000 when Microstrategy materially overstated their revenues and the stock price fell 99% over the next two years.
    Quote Originally Posted by Raffe View Post
    Also a bit like a fraudster.
    Someone who lies about the little things will lie about the big things too.

  37. #5887
    Grand Master Raffe's Avatar
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    He also did some stellar work as bitcoin critic:


    https://twitter.com/saylor/status/413478389329428480
    Last edited by Raffe; 17th June 2022 at 07:49.
    Someone who lies about the little things will lie about the big things too.

  38. #5888
    Definitely a fellow I'd invest in

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  39. #5889
    Grand Master Raffe's Avatar
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    3AC confirmed in restructuring, now it's Babel Finance that is suspending client redemptions. Added thrill: this time Tether is one of the rumoured creditors.

    Every day one step closer to the edge.
    Someone who lies about the little things will lie about the big things too.

  40. #5890
    Master petethegeek's Avatar
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    Selling shovels might not be quite the earner it used to be.

    "CleanSpark (CLSK), is taking advantage of the bear market and falling prices for bitcoin mining rigs by buying existing purchase contracts from another miner for 1,800 Antminer S19 XP computers."

    https://www.binance.com/en/news/flash/7132887

    And on the subject of hardware, I haven't seen too much mention of the Intel Blockscale asics recently. Anyone?

  41. #5891
    Grand Master Raffe's Avatar
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    Shorting a bit of bitcoin here ahead of the weekend. $20,620.

    Given the number of DEFI protocols rumoured to be on the brink of collapse, it would be rude not to.
    Someone who lies about the little things will lie about the big things too.

  42. #5892
    Grand Master Raffe's Avatar
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    Next stable coin going down: MIM (Magic Internet Money, yes seriously).

    https://twitter.com/AutismCapital/st...41573383561217
    Someone who lies about the little things will lie about the big things too.

  43. #5893
    Grand Master Raffe's Avatar
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    Quote Originally Posted by Raffe View Post
    Shorting a bit of bitcoin here ahead of the weekend. $20,620.

    Given the number of DEFI protocols rumoured to be on the brink of collapse, it would be rude not to.
    Oopsies.
    Someone who lies about the little things will lie about the big things too.

  44. #5894
    Master petethegeek's Avatar
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    Sounds like it was a busy week in the finance department over at Bitfarms.

    https://www.coindesk.com/business/20...coin-new-loan/

    https://bitfarms.com/app/uploads/202....0-CLEAN42.pdf

  45. #5895
    Grand Master Raffe's Avatar
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    Quote Originally Posted by petethegeek View Post
    Sounds like it was a busy week in the finance department over at Bitfarms.

    https://www.coindesk.com/business/20...coin-new-loan/

    https://bitfarms.com/app/uploads/202....0-CLEAN42.pdf
    12% and 14.5% for collateralised loans. Tell me nobody gives you any money without telling me that nobody gives you any money.
    Someone who lies about the little things will lie about the big things too.

  46. #5896
    Under $20k now… for btc..

  47. #5897
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    Fingers crossed it won't recover before Tuesday!

  48. #5898
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    What a the significance with Tuesday?

  49. #5899

    Bitcoin

    Having come out of my minor Bitcoin dealings unscathed, I want to be the Smart Money next time and buy in when there is proper blood on the streets.

    Last time I bought on Bianance, and presume that is a central holding, so they held the key?

    If I buy on Binance again, how do I get to hold the key? What do I have to do after buying on Binance. Sorry for the noob question.

  50. #5900
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    Quote Originally Posted by noTAGlove View Post
    Having come out of my minor Bitcoin dealings unscathed, I want to be the Smart Money next time and buy in when there is proper blood on the streets.

    Last time I bought on Bianance, and presume that is a central holding, so they held the key?

    If I buy on Binance again, how do I get to hold the key? What do I have to do after buying on Binance. Sorry for the noob question.
    Transfer off to your own hardware wallet, you then own your coins

    If you want a hand holding guide for Trezor or Ledger drop me a PM anytime
    Last edited by demonloop; 18th June 2022 at 19:36.

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