We're back in Saylor-Strategy bashing mode, and while I do enjoy seeing them get wrecked it's kind of sad that this is what top-notch financial journalism is about --- and that the rest of us are impoverished in the process.
This past weekend, bitcoin fell below $76,000, about the average price Strategy paid for its tokens, meaning the company formerly known as MicroStrategy was sitting on some paper losses. Shares of Strategy, which owns more than 700,000 bitcoins, fell 7% Monday and are down 61% since bitcoin touched its record high on Oct. 6.
In addition to shareholder accretion by selling bitcoin and buying back shares, there ought to be some tax harvesting available too. This bitcoin hoard, and plenty more, are going to offload their coins -- and probably are as we speak. We can thank (blame?) them later.
We shall see:
The company, which recorded a $17.44 billion unrealized loss in the fourth quarter, is slated to report full financial results on Thursday. Its market cap has dropped from a peak of $128 billion in July to $40 billion now.
Both bitcoin and ether have stabilized since Saturday’s sudden washout. Bitcoin was trading at around $78,000 on Monday, 38% below an early-October peak above $126,000.
Nope, madam, your copy is out of date. We kept crumbling today, probs going below 70 too because, well, nobody knows and it makes no sense, and this is all a piece of worthless internet garbage.
the market is bracing for a potential breaking point. Investors are questioning the long-term solvency of crypto-treasury companies, fearing that a continued slide in prices could eventually force some of them to sell their massive holdings. That could trigger a crash in token prices that could haunt the market for years.
Probably. Please bring back post-FTX calm.
"the real losers are the shareholders who are paying a premium to hold a proxy of the tokens instead of the real thing, analysts say."
analysts say, yea yeah obvious. No, you're saying that, madam, and you're damn right!
Have fun staying poor everyone (...but especially Sailor bois)
So sad. An analyst predicted that bitcoin might drop to $38,000. Imagine what the losses would be like.🤔
NAKA would be insolvent at that price. That'd be funzies
Imagine how the Bitmine investors are feeling. Haha
ugh... don't want to. I'm poking the NAKA shareholders/scammers. THat should be enough pain
The only solace we have is to say at least our treasury companies are not as bad as shitcoin treasury companies.
still leaves me with a veeeery bad taste in my mouth
This whole cycle has been disappointing. We were making inroads in getting people to understand bitcoin and the rest of crypto are not the same but between Trump's shitcoining and tradfi promoting every coin under the sun they can earn fees on. I am not sure the new class of bitcoiners (if you want to call them that) have any clue why Bitcoin and crypto are different. Seems going mainstream has succeeded in making it just another asset.
I still think most in the western world will not get it or care until their is a massive collapse. The problem isn't with bitcoin or any of the marketing around it. Its that people don't see their need of it yet.
Patience. The price of being early is feeling smart and dumb over and over again.
Two things I fear:
I'm it rooting for this of course. Just my opinion based on what I observe.
The specific price doesn't matter. What matters is that it remains uncensorable and limited to 21M. People will increasingly prefer being paid in a currency that can't be debased or confiscated with an API call.
to your 1. Just as over and over the proof of the people in this space who don't get wrecked like in events such as Mt. Gox and SBF are the bitcoiners who self custody, and that's it. An IRL collapse would be similar and hopefully that would be attractive to no coiners at that time.
to your 2. If economic collapse to the scale of which you're talking about surely bitcoin's fiat price has taken a hit too. Perhaps it will be good buying times for all.
Fair concerns.
I recall you saying as bitcoin's fiat price was starting to perk up, maybe in late 23 or early 24, that you would trade a bull market cycle for the death of shitcoins. Maybe you got your wish 😀
I know I'm in the minority, but I am kind of glad all the etf bandwagon jumpers and Saylor fanboys are likely to vanish. And fuck Trump too. We need this cathartic washout.
Sign me up but Bitcoin seems more correlated to shitcoins than ever.
...or what bitcoin is at all. They might not have seen or handled a UTXO ever.
I tried to warn you all
#854868
#814781
#754978
"My Fellow Bitcoiners: Send Trumpism & its Shitcoinery to the Wastebin of History..."
But did you guys listen? No. It will all work itself out eventually in the end... but it all could be so much easier if we called out the scammy politicians especially the current people in charge.
Still saying this is buying economy.
https://twiiit.com/joakimbook/status/2018770110111179141
This may well trigger a great buying opportunity over the next while.
It also highlights the need to use sats as a P2P payment protocol MoE as well as a SoV.
Here on Stacker News we have a fairly unique opportunity to use and strengthen the LN by attaching wallets and zapping sats.
Building the systems to enable this has probably taken quite an investment by the SN devs.
Why is it that regular contributors like @denlillaapan do not attach both spending and receiving wallets?
If they did I would feel much more happy to to zap their posts and contributions V4V P2P with sats...knowing they have taken the small effort to set themselves up to do the same.
If we do not use LN at every opportunity it will not grow stronger- using LN here on SNs is an investment we can all make everyday in the LN. Lets do it!
I don't have a great memory, and I had no skin in the game then or now, but weren't all these articles also appearing, albeit less often, during the FTX shitshow about Saylor and MSTR? He weathered the storm then, and I wouldn't be shocked if the slippery old con man figures a way to hang on to his stack now too.
he wasn't financially engineering then, at least not to the insane level right now. They were still mostly/roughly a stagnant (but profitable) intelligence company with some quirky bitcoin stacking on the side.
He's publicly and balance sheet wise better off now than then, so yeah you're probs right. But back then he was a hero, a rockstar; now he's drifting into pariah
Typical fund manager attitude. Can't handle anything held longer than 5 days.
It reminds me of when I realized how fiat relates to time preference and how fiat has pushed society to be very short sighted in its outlook. This article is about as fiat as one can get.
And a lot of ignorant bitcoin critics think this position is a new idea from bitcoiners. Its not. Bitcoin was just created by someone/s that understood it.
I'm flattered by the complicant, sir
Greed and time preference. Sure, wouldn't it be nice if everyone started thinking deeply and long term all of sudden... out of the blue? Then bitcoin would go to the moon. The volatility we see in bitcoin is largely due to greed and time preference with a massive dose of ignorance. We have yet to hit the stage where the majority of the wealth in the world is at risk of liquidation. Bitcoin is still viewed as a risk asset. A quick risky buck. The core virtues of bitcoin are things most in the west do not care about. They don't care about them because they don't yet have to care about them.
When, not if the collapse happens many will wish they had spend even 100 hours studying bitcoin. Saylor will look like a genius. But, in reality he will likely be long dead by then as will most of us. I have resigned myself to this. If I'm wrong and the world wakes up in my lifetime I will be happy to witness it. I don't see it. Its not because we have done it wrong or because bitcoin has failed. Its because people are seduced by quick wealth for themselves. Not generational prosperity for all.
Is this cope? Maybe. But to me it is just realistic observation.
This is why we can't have nice things...
Depends on how old you are. It will take 20 years +
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I've been ruminating for a while on the idea that Bitcoin can't truly have its next pump until Saylor gets flushed out.
Oh look, we even conversed about this before: #914917
AFAIK, none of his loans come due until 2028, so you'll probably need to wait until then until flushing starts...I doubt bitcoin goes that long without another leg up.
wooow that was MARCH browski.
I don't recall being so Strategy snarky/skeptical already then. Thanks for reminding me lolz
omfg bitcoin crashed to seventy-something thousand dollars. A number well greater than what was once called batshit crazy. May we continue to live in interesting times.