of course. ENTIRELY unpredictable, eh
With Saylor’s company now worth less than the bitcoin it holds, investors worry that a business model that relied on a virtuous circle of rising crypto prices and massive share and debt issuance is now unravelling.
Yeah, no shit browski. It's been over for a while -- mostly, because "it is dumb." (#1291762). Financialization is a force for bad, not good; please let this madness die (#1288543),
we all like ourselves a nice lil pump-and-dump
Shares in Japan’s biggest bitcoin holder Metaplanet have plunged 80 per cent since their June peak. The company on Tuesday raised a $130mn loan backed by its bitcoin, which it said would be used for purposes including buying back stock. The Smarter Web Company, the UK’s biggest bitcoin buyer, has experienced a 44 per cent stock price drop this year. It is valued at £132mn while the bitcoin it holds is worth about $232mn.
I mean, honestly... just take the reputational hit: close up shop, retire your company, and walk away with a nice 100 mil quid.
It's cute, too, that we got to the point that this is a common, respectable thing to say. When I said that in the summer, idiots like Saylor et al said "nuh, bru, look so many banks and insurance companies around. WE CAN TREASURY COMP ALL DAY" (read in retard voice, please)
Ah yes, music to my ears:
While bitcoin and ether sellers can find buyers, companies with more niche tokens will find it more difficult to raise money from their holdings, according to Morgan McCarthy. “When you’ve got a medical device company buying some long-tail asset in crypto, a niche in a niche market, it is not going to end well,” he said, adding that 95 per cent of digital asset treasuries “will go to zero”.
God, pleaeeease let them all vanish.
archive not doing its thing: https://archive.md/P3OZ6