Observing the discontinuity is not standing up for.
BITCOIN
- Thread starter Weather Man
- Start date
You’re the guy who goes to the strip club every day but says he hates titties
You still dont get it.
elaborate on the "it".
Well, no.
NOPE
Let's just call it guys. Bitcoin is going to zero tomorrow...
...and if it doesn't by tomorrow, then it will the day after that..
..and if not by the day after tomorrow, then the next day..
..and if not by that day, then the day after that X infinity. Eventually I'll be right!!!
...and if it doesn't by tomorrow, then it will the day after that..
..and if not by the day after tomorrow, then the next day..
..and if not by that day, then the day after that X infinity. Eventually I'll be right!!!
Terra luna has been the absolute STUD in my portfolio throughout this downturn.
Breaking out to fresh ATH's again.
ZCASH is on my list to add, it's been staying quite green also.
Plus the privacy maybe quite valuable in the future.
Breaking out to fresh ATH's again.
ZCASH is on my list to add, it's been staying quite green also.
Plus the privacy maybe quite valuable in the future.
Last edited:
This is like talking to the short sellers of AMD stock @ 14, 20, 30, 50,75.. well you get the picture.
I mined ZCASH back in the day. Still have it. I moved it from a JAXX wallet to Binance.
On paper it sounds good. Same supply as Bitcoin, and more private / anonymous. The best for privacy though is Monero apparently.
ZCASH is a long way from it's glory days of over $800. I am glad I only mined it for a month or so as an experiment. Then moved all rigs to Ethereum mining which was a good decision in hindsight. Now you can't even mine ZCASH with a GPU anymore.
Two spot Bitcoin ETFs rejected by SEC
BTC-USD -0.40%Mar. 11, 2022 10:18 AM ET3 CommentsU.S. securities regulators have rejected listings for two proposed ETFs based on spot Bitcoin (BTC-USD) trading. Authorities continued to show skepticism about creating such exchange traded funds, amid lingering government worries about a lack of visibility in cryptocurrency markets.
The decisions came even as the Biden administration made a high-profile push earlier in the week to secure U.S. leadership in the crypto space.
The latest rejections, made by the U.S. Securities and Exchange Commission, related to the NYDIG Bitcoin ETF and Global X Bitcoin.
Using the same language in its explanation for rejecting both the proposed investment vehicles, the SEC pointed to a lack of a surveillance-sharing agreements with a crypto exchange of adequate size. These deals would ensure that the market would provide trading details, such as information about clearing activity and customer identity.
"The Commission has consistently required that the listing exchange have a comprehensive surveillance-sharing agreement with a regulated market of significant size related to Bitcoin or demonstrate that other means to prevent fraudulent and manipulative acts and practices are sufficient to justify dispensing with the requisite surveillance-sharing agreement," the SEC said in its filings.
The denials for NYDIG Bitcoin ETF and Global X Bitcoin follow a pattern by the SEC, which has been reluctant to approve a spot Bitcoin fund. Last month, regulators delayed a decision on a Bitwise Bitcoin filing.
Meanwhile, in January, the SEC rejected proposed spot Bitcoin ETFs from both Fidelity and SkyBridge. These moves followed previous denials for firms like Kryptoin, VanEck, and WisdomTree.
Even as spot Bitcoin ETFs continue to face rejections, the context surrounding crypto regulation has shifted in recent days.
Earlier this week, the Biden administration issued an executive order calling for government agencies to examine the benefits and risks of crypto, part of a general push for increased regulation. At the same time, the order affirmed the government's commitment to encouraging innovation in the sector.
"The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate," the executive order said.
Wallstreet has RIOT as a strong buy.
Comment in an article about RIOT.
ThreeDayCondor
New: Today, 1:31 PM
Comments (1.6K)
|
+ Follow
« Prev | Next »
Before we discuss the (claimed) weedy details of the 2021 results….
I want to highlight just how much we all must trust Riot’s executive officers’ spotless integrity — as to these numbers.
Most audit reports describe key pension assumptions, or some obscure non-central, non-cash tax loss carry-forward projections as the “critical” accounting matters which the auditors have only limited (or no) tools to verify.
In Riot’s case — essentially the opposite is true — almost no core matter is verifiable, viz.: (i) the way it makes its revenue, (ii) the way it accounts for costs of mined coin (primarily electricity) and (iii) its claims of its existing hashing power… ALL are subject to very limited-to-no ability to verify.
To be certain, those are the three key pillars that support its silly $17/share price on the NASDAQ, this morning. It is the core of the operation — not some backwater pension liability / accounting valuation calculation.
This company’s results… essentially cannot be verified with any reasonable degree of confidence. [Almost trivially, in view of that, the auditor confirms that Riot’s management ALSO lacks adequate internal controls, over “regular” accounting matters. Sheesh.]
See this:
“…During the year ended December 31, 2021, the Company recognized net cryptocurrency mining revenue of approximately $184.4 million. The Company’s management has exercised significant judgment in their determination of how existing GAAP should be applied to the accounting for and disclosure of cryptocurrency mining revenue recognized. In addition, a significant portion of the Company’s cryptocurrency mining hardware that provides computing power to the Pool is currently hosted at a third party facility. As such, the overall accounting for and disclosure of cryptocurrency mining revenue recognized involved the IT environment of both the Company and the third party hosting facility.
We identified the accounting for and disclosure of cryptocurrency mining revenue recognized as a critical audit matter due to the complexities involved in auditing completeness and occurrence of the revenue recognized by the Company, particularly in light of material weakness identified in the design and effectiveness of certain internal controls over the IT environment for certain financially relevant systems….”
That is the audit firm, distancing itself from these results (which, amazingly, show vast GAAP operating losses, even on that supposed $184 million in gross mining revenue in 2021). [Maybe this fight is why the 10-K was 16 days late in arriving!]
In any event, I cannot for the life of me understand how a company with a series of “questionable” CEOs, and a supine board of directors… is the sort of public company I want to simply “take on faith” — as to the very core of what it is they make, how they make it and whether they are accurately recording the costs to make it. Recall that the management team is paying itself around $65 million in stock in 2021… to lose around $22 million, on those operations.
C R A Z Y.
Next post will be on the special incompetence it takes to generate nearly ten times one’s prior year’s revenue… and still manage to lose two thirds as much, on an operating basis, as one lost when one tenth that size.
That is just super… silly. All in an environment where the average price of Bitcoin was about 10 per cent BETTER than it is today (~$45,500 vs. ~$41,000).
This is no company — it is a retirees’ hobby shop… or a high end home garden that grows $120 per pea-pod… peas.
This is no business. Period.
If you lost money here this year, get in touch… class forming now.
Namaste.
Comment in an article about RIOT.
ThreeDayCondor
New: Today, 1:31 PM
Comments (1.6K)
|
+ Follow
« Prev | Next »
Before we discuss the (claimed) weedy details of the 2021 results….
I want to highlight just how much we all must trust Riot’s executive officers’ spotless integrity — as to these numbers.
Most audit reports describe key pension assumptions, or some obscure non-central, non-cash tax loss carry-forward projections as the “critical” accounting matters which the auditors have only limited (or no) tools to verify.
In Riot’s case — essentially the opposite is true — almost no core matter is verifiable, viz.: (i) the way it makes its revenue, (ii) the way it accounts for costs of mined coin (primarily electricity) and (iii) its claims of its existing hashing power… ALL are subject to very limited-to-no ability to verify.
To be certain, those are the three key pillars that support its silly $17/share price on the NASDAQ, this morning. It is the core of the operation — not some backwater pension liability / accounting valuation calculation.
This company’s results… essentially cannot be verified with any reasonable degree of confidence. [Almost trivially, in view of that, the auditor confirms that Riot’s management ALSO lacks adequate internal controls, over “regular” accounting matters. Sheesh.]
See this:
“…During the year ended December 31, 2021, the Company recognized net cryptocurrency mining revenue of approximately $184.4 million. The Company’s management has exercised significant judgment in their determination of how existing GAAP should be applied to the accounting for and disclosure of cryptocurrency mining revenue recognized. In addition, a significant portion of the Company’s cryptocurrency mining hardware that provides computing power to the Pool is currently hosted at a third party facility. As such, the overall accounting for and disclosure of cryptocurrency mining revenue recognized involved the IT environment of both the Company and the third party hosting facility.
We identified the accounting for and disclosure of cryptocurrency mining revenue recognized as a critical audit matter due to the complexities involved in auditing completeness and occurrence of the revenue recognized by the Company, particularly in light of material weakness identified in the design and effectiveness of certain internal controls over the IT environment for certain financially relevant systems….”
That is the audit firm, distancing itself from these results (which, amazingly, show vast GAAP operating losses, even on that supposed $184 million in gross mining revenue in 2021). [Maybe this fight is why the 10-K was 16 days late in arriving!]
In any event, I cannot for the life of me understand how a company with a series of “questionable” CEOs, and a supine board of directors… is the sort of public company I want to simply “take on faith” — as to the very core of what it is they make, how they make it and whether they are accurately recording the costs to make it. Recall that the management team is paying itself around $65 million in stock in 2021… to lose around $22 million, on those operations.
C R A Z Y.
Next post will be on the special incompetence it takes to generate nearly ten times one’s prior year’s revenue… and still manage to lose two thirds as much, on an operating basis, as one lost when one tenth that size.
That is just super… silly. All in an environment where the average price of Bitcoin was about 10 per cent BETTER than it is today (~$45,500 vs. ~$41,000).
This is no company — it is a retirees’ hobby shop… or a high end home garden that grows $120 per pea-pod… peas.
This is no business. Period.
If you lost money here this year, get in touch… class forming now.
Namaste.
The best investment on bitcoin is in bitcoin.
Simple.
It is really poor though that they are not able to speak to the options chain influencing price over time.
The writer ignores or pretends there is no derivatives value.
Simple.
It is really poor though that they are not able to speak to the options chain influencing price over time.
The writer ignores or pretends there is no derivatives value.
I think the writer was simply pointing out that value is difficult to determine when corporate governance is so awful.
The guys who can figure out which coin is flavor of the month pumped are making money. Good on you for making greenbacks.
Why talk about crypto when the stock markets have been on such a heater the last 3 months? Woooooh!
Users who are viewing this thread
