Reply With QuoteBitcoin use case.
https://www.bbc.co.uk/news/uk-england-london-68620253
Updated with further purchases.Originally Posted by Montello
SEC Form 8-K submission March 19, 2024As previously disclosed, on March 18, 2024, MicroStrategy Incorporated (“MicroStrategy”) completed a private offering of convertible senior notes (the “Offering”). The Offering, which included a 0.875% coupon and an approximately 40% conversion premium over the U.S. composite volume weighted average price of MicroStrategy’s class A common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on March 14, 2024, was well received in the marketplace and upsized to a total of $603.75 million in aggregate principal amount. This amount included the exercise by the initial purchasers of their option to purchase $78.75 million of additional notes. Net proceeds from the Offering to MicroStrategy totaled approximately $592.3 million.
On March 19, 2024, MicroStrategy announced that, during the period between March 11, 2024 and March 18, 2024, MicroStrategy acquired approximately 9,245 bitcoins for approximately $623.0 million in cash, using $592.3 million of proceeds from the Offering and $30.7 million of Excess Cash (defined in our annual report on Form 10-K for the fiscal year ended December 31, 2023), at an average price of approximately $67,382 per bitcoin, inclusive of fees and expenses.
As of March 18, 2024, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 214,246 bitcoins, which were acquired at an aggregate purchase price of approximately $7.53 billion and an average purchase price of approximately $35,160 per bitcoin, inclusive of fees and expenses.
Bitcoin use case.
https://www.bbc.co.uk/news/uk-england-london-68620253
Yes, that absolutely astounded me…bitcoin enabling £2bn money laundering resting in the pocket of an ex-takeaway shop worker. Insane.
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Last edited by Owren; 3rd June 2024 at 09:10.
If you survived Tuesday's flush I'd still be inclined to hold above $60K. Sell below.
This is the best line of all. 😂
“The value of the Bitcoin was worth around £2bn at the time of initial estimates - but due to the fluctuation in the currency's value, it has since increased to around £3.4bn.“
The irony is that criminals really don’t use Bitcoin very much for this kind of money laundering when compared to the use of cash, diamonds, gold bars, “Swiss” bank accounts etc. All the transactions are easy to see on the blockchain, so it’s difficult to hide them.
Hamas and Hezbollah famously asked their supporters to NOT send them cryptocurrencies for this reason.
The media loves to tell everyone that Bitcoin is used for illicit activities, when it actually accounts for a small fraction of all money movements in the illicit activity sphere.
Wasn't anonymity and non government interference part of the selling point of cryptocurrency or have things moved on since then ?
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To be fair that was the part of the report that surprised me most.
It’s still relatively anonymous, but you have to use the blockchain which is entirely public. If people know your crypto address then anyone can see all of your transactions. And because the entire blockchain and every single transaction that’s ever happened since 2009 is there for the world to see, and will be for all eternity, it’s hard to remain totally anonymous forever.
For example, the Bitcoin addresses of governments and wealthy individuals are known and catalogued, so they can now, never hide. If they mover their Bitcoin to another address, everyone can see where it went.
That’s just one of the many beautiful aspects of the Bitcoin network.
Bitcoin could underpin a perfect utopian society.
This made me chuckle.
Then its primary function would need to change from a speculative investment to something with more utility.
Hmmmmm
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I thought this bitcoin halving was meant to usher in a quick price rise?
Pah!
Still, it will pay for my new fence.
It never has before. Typically the post-halving high has been several (or even many) months later.
A month on and the chart has obediently observed this. If only I could call them all like this.
I bought a little more at 62k last week
Looked at Sol and Xrp which had taken a hammering, but decided against them in the end up
Don’t get too hung up on utility. This is a new thing, not easily pigeon holed into “commodity” “asset” “utility” “money”
If it can't be defined then my original point stands that its value is attributable to speculation only.
I had no idea the price had peaked in March otherwise I would have sold. Anyway, all’s well that ends well.
Yes, always sell at the peak.
Its value isn’t dependant on your ability to define what it is. You also underestimate what others perceive it to be (I’m not saying I’m in complete agreement, but the point remains and I “get it”)
Sage advice
Much like Piet Hein's guidance to timing toast:
"There's an art of knowing when.
Never try to guess.
Toast until it smokes and then
twenty seconds less."
Don't just do something, sit there. - TNH
Is your idea of 'getting it' someone who buys and accumulates for years through all the turblulence because of some notion of function it serves in the world and in the future?
I would argue the people who really 'get it' are those who simply trade the volatility it offers and don't look beyond that. It's correlations with other markets point to this being its main use.
I would argue your two scenarios can happily co-exist
Bitcoin inflows now down to 0$ a day for the first time. Shouldve sold the rip!
Big boys are here lads
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You have 8 on your list, I’ll raise you to over 400 who have already bought the ETFs. Some huge names on the list so far.
It’s about to get wild out there.
Tulips, ponzi, emperor’s new clothes etc etc
Any ETH hodling members must be wringing their hands in glee!
When really it's just used by the majority as a gamble...
Does that mean I won’t have to pay tax when I cash out? I jest of course.
But is all investing not a gamble?
“See that new Apple company? I think they’ll make it big, I’ll invest a few quid but I might lose it all”
Yes, I'd agree with that
I think there is a difference between gambling and investment risk.
It’s all relative mate. Investing in start-ups, would you call that safe or a gamble?
It’s all down to your personal appetite for risk
If your pension fund started buying into the Bitcoin ETFs would you consider your pension too risky?
Yesterday I heard from a friend who’d just excitedly bought XRP (Ripple), based on the narrative that the SEC case was clearly falling apart, so it would swiftly rebound to previous highs, given that Apple is using it for their payment systems. None of these things are true. He fully expected it to triple overnight, which it clearly has not, in fact it’s been 1-2% down since then. After a quick skim online, I could see that there’s some speculation, rumours and misinformation concerning the court case currently, and concluded that there were worse medium to long term bets than XRP, based on as series of ifs, maybes, coulds and mights - if the court case ends, maybe the price will rebound, because it could be adopted by parts of the banking system for international payments, and might significantly increase as a result.
I’ve heard worse ideas, as some banks are actually experimenting with it or have associations, so there’s something there, though the ongoing court case is hardly a good sign. So it seemed potentially ok as a shot to nothing with some funds you absolutely wouldn’t miss, like a ten percent chance of a ten times win - not unlike roulette. Does that sound about right? I’m not a financial or cryto expert but I’d like to give my friend a sensible opinion.
It’s all garbage. Crypto is competing with crypto, yet we measure its performance against FIAT.
It’s like a fast snail versus a slow horse - bet the snail against a snail and the horse against a horse.
"Bite my shiny metal ass."
- Bender Bending Rodríguez
Oh. And banks investigate and explore everything. It’s noise, not signal.
"Bite my shiny metal ass."
- Bender Bending Rodríguez
If you have no clue then you're in no position to be giving anyone investment advice. Even the best in the world often get it wrong, so tell your friend to do his own research and then if he loses the lot he won't be able to blame you.
On the first pump it was all about how it was about to revolutionise the entire system. That wasn't happening as fast as they expected, so then it was all about the Blockchain and using crypto as a hedge against traditional assets, but that never happened either with BTC now responding to news the same way the Nasdaq does. Then you've got all that NFT nonsense of 2021/22...
Now, on the 2nd pump up to $60k and beyond, it's all about the SEC acceptance so price go up. That's it. No romantic visions of the future and how it's going to be the great disruptor of the financial system, just people buying it because they think the next guy who wants it will pay more. At least there's some honesty in that I suppose.
Last edited by Dynam0humm; 22nd June 2024 at 01:02.
Good point, but since my advice is mainly not to invest money he can’t afford to lose, and to double check some facts that appear to be rumours, I think I can live with that!
You make this sound like it wasn’t a big deal
Not too long ago the institutions and funds that are now hoovering up Bitcoin were distancing themselves from the crypto space
Any views on Solana, or is it just the next hyped thing in a virtual world of hype?
This guy says he has 90% of his "liquid net worth" in Solana. (Could be £10 of course)
Looks highly correlated with bitcoin (as all crypto coins are) so very little point 'diversifying'. And I wouldn't be buying bitcoin here either, looks ugly.
Sounds like a gamble 😉
I was ready to buy if we went below 50k
At 50k it will be well and truly in a downtrend so you'll be pissing into the wind. Best wait for the buyers to show up and move with the direction of travel.
Correlated but the smaller coins seem to move more than bitcoin (in both directions). Solana, Litecoin and Ripple all up 5%...
The diversification would be putting some portfolio allocation into crypto, rather than diversifying within crypto (unless you are all-in, which I am not) and in which case, choosing one of the smaller but growing coins may have more upside than bitcoin. Insert giant quizzical mark here.
Oh dear. Japan just crashed everything!
Yes absolute bloodbath across risk this morning. There may be an opportunity here at $52k but high risk.
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