Argo Blockchain Share Discussion Threads

[ragnarr] 05/12/2019 13:15

Bitcoin didn't have the best second half of 2019, plunging from a year-to-date high of $14,000 in June to $7,400, where it sits as of the time of writing this. At its lows, the cryptocurrency fell as low as $6,600, languishing as BTC buyers failed to step in amid selling pressure seemingly catalyzed by Chinese regulation of digital assets and the operators of a multi-billion dollar Bitcoin scam selling their coins.Despite the harrowing backdrop, Bloomberg's Mike McGlone of the business media giant's Intelligence unit believes that Bitcoin has a positive outlook heading into "2020 and the next decade" due to a confluence of factors.This confluence, McGlone went as far as to say, could bring the cryptocurrency back into the five-digit range in the near future, which would be a welcome surprise for many investors in the industry, who has begun to think that Bitcoin has reentered a "Crypto Winter" state yet again.Bloomberg's McGlone believes that the bull case for Bitcoin is rapidly building, as long as the key support of $6,500 holds in the near future. In fact, the analyst went as far as to say that it is "only a matter of time" before BTC breaks the key resistance at $10,000. Why, you ask? Well, the Bloomberg analyst gave a confluence of reasons:Firstly, he drew attention to the fact that as gold rallies, so too should Bitcoin. While the precious metal is currently trending lower, having peaked last summer in the midst of the trade war talks, the macro picture may start to favor gold (and thus Bitcoin) heading into 2020; a potential recession, restart of the trade war due to Hong Kong and Xinjiang regulations, and other underlying issues in the traditional system could boost alternative assets.Secondly, McGlone opined that a perfect storm is building for the cryptocurrency in terms of its "basic premises" - mass adoption and a fixed supply cap. "Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there's a higher probability to sustain price appreciation vs. depreciation," he wrote, in a seeming bid to support the idea that the halving will act as a negative supply shock to a market predicated on simple supply-demand economics.Other Analysts Believe Bull Case Intact TooIt isn't only McGlone who thinks that Bitcoin will have a positive skew heading into the coming year.Fundstrat Global Advisors' Thomas Lee recently took to CNBC's "Market Alert" segment to talk about the latest going-ons in the stock and cryptocurrency markets. The host took some time to ask about Bitcoin, especially in regards to if the analyst believes that the bearish bias that has developed since June will continue into 2020. Lee disagreed, stating that he expects for 2020 to be positive for Bitcoin. He specifically drew attention to three positive factors that are likely to push BTC higher heading into the coming year:The strong growth in U.S. equities, namely the S&P 500, implies that investors will soon start allocating more capital to risk-on investments like Bitcoin and cryptocurrency; Lee noted that his company has observed that there is a correlation between strong performances in the price of Bitcoin and the S&P 500 index.BItcoin's block reward reduction, also known as the "halving" or "halvening" in reference to the fact that Bitcoin's inflation gets cut in half during these events, is coming up in six months' time. Lee thinks that this could be of benefit to BTC investors, as the event acts as a large negative supply shock in a market that analysts say is seeing increasing demand over time.And lastly, the Fundstrat executive thinks that while China has taken a harsh stance towards Bitcoin thus far, authorities in China remain pro-digital assets because they are pro-blockchain.

[whoppy] 05/12/2019 12:48

Bitcoin going up, ARB going down!

[riddlerone] 05/12/2019 09:52

I agree but this is not a normal company with a normal risk factor.They initially gave numbers because it suited them and gave transparency to earnings.Whats changed well all of the above so even more of a reason to give the BTC numbers not less.

[riddlerone] 05/12/2019 08:21

Still think that the management changed the way they report from the summer because of a drop in profits and it wouldn't really look that good to have doubled capacity and probably have less profit. From ARB's peers Hive Q2 Ending Sept 30th "During the quarter, our cloud mining operations for Bitcoin benefited from a healthy coin price in the summer months but market conditions worsened significantly into the fall. The price of Bitcoin declined while the difficulty in mining Bitcoin increased dramatically reaching a record high. As these operations operate on a fixed cost basis, we have prudently decided to suspend 200 Petahashes of our cloud mining capacity as the current quarter has become unprofitable for mining. We are currently reviewing various factors including market conditions and the anticipated impact on legacy ASIC miners from the halving of Bitcoin rewards expected to occur in May 2020, to determine our best path forward for this equipment. Hut 8 Ending Sept 30th “Hut 8 achieved some significant accomplishments in Q3. We became the first cryptocurrency company to get approved to trade on the Toronto Stock Exchange, which began on October 8, 2019, shortly after the quarter end. In addition, we announced capacity increases of 19.6%, significantly reduced leverage and increased our bitcoin inventory balance.” said Andrew Kiguel, Chief Executive Officer of Hut 8. “However, during Q3, the price of bitcoin decreased by 30% and mining difficulty increased by 61%. The impact was a revaluation of our bitcoin balance down by $10.0 million and mining less bitcoin in this quarter versus the previous one.” said Kiguel. “The overall impact of Q3 is more mining capacity and an improved balance sheet that still retains substantial exposure to bitcoin through our bitcoin inventory.” Come on give us the Monthly figures as things stand so we and the market can value the stock accordingly

[parsons4] 05/12/2019 08:10

You are probably right Purple...

[parsons4] 05/12/2019 07:05

People seem to forget that there are a lot of very clever organisations involved with BTC. Also the huge majority of the world population have not got a clue what BTC is all about. Thirdly BTC is in direct competition to all World governments. I think ARB has to be careful what it RNS's for so many reasons. I am confident that they ARE making money at such a level that the cap is far too low. Whatever happens to BTC in the long run doesn't matter but on a 12 month view I think there may be fireworks IMHO. I will continue to hold

[hootza616] 04/12/2019 23:50

I agree Roddy, but how do we shareholders inform the board that we want a divi?

[horneblower] 02/12/2019 23:22

All rather self-contradictory. My take is that firstly, the trend of the BTC price is still downwards. I expect it to go lower, but not collapse. It will inevitably bounce but it looks as if it really needs to hit 6k and probably 4k first. Secondly, the deathly silence on the mining results from ARG since August suggests they are not keeping up to their previous rates of production, presumably due to the increased difficulty of mining. Who knows what the Winklevoss twins are doing, or the Chinese independants? One way or the other, the lack of information is not helping the share price Some time in the new year btc will turn and ARG will turn. Be ready.

[ragnarr] 02/12/2019 22:16

Two Years of Upside? Bitcoin Yearly Candles Hint Explosive Price Growth IncomingBitcoin prices might be a long way off their 2019 high of almost $14,000 but this year has still seen the cryptocurrency gain in price. The year opened with the leading digital asset trading at just below $3,800, considerably less than its current price of around $7,300.Although yearly price data is clearly limited, if previous years are anything to go by Bitcoin looks set to post two more years of gains. There seems a pattern emerging that sees a year of decline follow three years of upside.Despite the admittedly meagre sample size (Bitcoin has only been around for a decade, after all), the price of the leading cryptocurrency by market capitalisation looks poised to post two more years of upside. Bitcoin price, when viewed as a yearly candlestick chart, appears to be repeating a pattern of three years of upside followed by a year of losses. Given that Bitcoin is such a young asset, there have only been two of these four year cycles to observe so far. That said, the first candle of the third looks to be falling in with the pattern with just over four weeks left in the year. Providing the price stays above $3,800, the pattern will remain intact.Along with the general pattern of three up, one down, there is another interesting, potentially emerging trend. The last candle of the back-to-back price increases is typically much larger than the two prior. If the pattern holds true, it looks like 2021 will see explosive growth for the digital asset.The oversized candlesticks every four years are likely partly the result of the halving event programmed into Bitcoin's code. Every four years, the supply of new coins gifted to miners for adding a block of transactions to the blockchain decreases by half. This essentially increases Bitcoin's stock-to-flow ratio (a measure of scarcity) and any uptick in demand has a much more magnified impact on prices than a similar increase would have done prior to the halving.The next halving event is expected to occur during May of 2020. This will see the number of new Bitcoin added to the total circulating supply every ten minutes fall to 6.125.Some traders and market analysts believe that the next halving will result in another parabolic run up in Bitcoin prices, like those seen in 2017 and 2013. PlanB (@100trillionUSD) argues that the reduction of new Bitcoin regularly hitting the market will eventually see the price rise to around $55,000 per Bitcoin. The analyst makes no prediction as to when this will occur. However, given that the stock-to-flow theory of Bitcoin's value centres around the halving events every four years, if PlanB's prediction comes true, we will see a $55,000 Bitcoin at some point within the four years following May 2020.

[orm5] 02/12/2019 20:58

Should (hopefully) get some news flow this month, end of year trading update and first batch of new machines being delivered

[hootza616] 02/12/2019 20:04

It is a shame because one of the best things this company was doing was updating the market at every opportunity. However they have probably noticed that no matter how good the news is the share price simply follows the BTC price.So why spend the money on them?Those in the know will be rewarded!

[roger207] 02/12/2019 19:38

Oct mining update - nil Nov mining update - nil More machines less news share price dripping

[hootza616] 02/12/2019 11:47

All this time BTC is above $6500 we are mining more profitably than any forecasts that has been reported since April. Any other company that continues to exceed profit expectations would be at least twice this value.Just need another update to confirm the bank account has been filled with lots of cash over the last quarter, and will continue for the foreseeable future.

[parob] 01/12/2019 20:52

ShareProphets buy recommendation.I don't pretend to understand the technical side of Argo Blockchain, but I can see plenty of upside potential - speculative buyBy Gary Newman. Sunday 1 December 2019hTTps://www.shareprophets.com/views/46127/i-don-t-pretend-to-understand-the-technical-side-of-argo-blockchain-but-i-can-see-plenty-of-upside-potential-speculative-buy

[supercity] 01/12/2019 10:43

Not so sure charts on bitcoin are that relevant considering it is so volatile but it seems to be stuck in a range.This report says it risks breaking to the low side (I don't hold but surely if it's in a range it could break either way, up or down).It's going to make a move soon though.https://cointelegraph.com/news/bitcoin-fails-to-break-78k-and-now-risks-reversing-to-new-lows

[ragnarr] 29/11/2019 15:50

Signs are good - BTC needs to hold over 7600 for a few days then I can see it heading for 8/9000

[chrisan101] 29/11/2019 14:56

Has it finally turned I hope so!

[horneblower] 29/11/2019 12:23

Gold and silver have intrinsic value due to their use in industry and jewelry. The intrinsic value of the US$ and bitcoin is zero. The ascribed value of the dollar and bitcoin is derived purely from the confidence people have in them to be worth what the market says they are worth. This has something, but not everything to do with the quantity available. The fact that people use and trust the dollar on a daily basis adds to the confidence people have in it. Its relative stability helps in this respect. Bitcoin's erratic valuation from day to day does not help garner confidence in it so it is unlikely to replace the dollar anytime soon.

[hootza616] 29/11/2019 11:28

I am sure you are right Parsons.I guess your point being that if BTC were to be used as a global currency to replace the US dollar it would need to have a much greater value.Personally I would rather compare it to gold, which in competitive terms is much more aligned. The total mined gold is worth $7.5 trillion which if replaced wholly by 21m BTC would make 1 BTC worth $357,142.86Not an unreasonable target?

[parsons4] 29/11/2019 10:09

Can somebody please confirm my calculations. I believe that the total value of the 21 million BTC would amount to roughly $158,000,000,000 This is very roughly 20% of the current US annual deficit spending !!!!