Argo Blockchain Share Discussion Threads

[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 !!!!

[ragnarr] 29/11/2019 09:42

Crypto analyst and portfolio manager Mati Greenspan says Bitcoin may make another move to the upside in the near term.In his latest Quantum Economics newsletter, Greenspan says BTC may enter a brief period of consolidation before making its next move. "Bitcoin's technical indicators just keep flashing bullish signals.[On Wednesday] we pointed out a 'reverse head & shoulders' pattern that ended up playing out about two hours after I hit send. What's more comforting is that the breakout occurred on high volume... we can see that continuation with a retest of the neckline in a picture perfect bullish flag pattern."Source: Quantum EconomicsGreenspan says he believes Bitcoin's halving in May of 2020, which will cut the reward miners earn for powering the network by half, is not yet priced in and will further buoy the price of BTC.Bitcoin's halvings, which happen every four years, shine a spotlight on the limited quantity of BTC as it slowly moves toward its maximum supply of 21 million coins.

[global nomad] 29/11/2019 08:22

just wondering if people are invested here as a route/proxy to bitcoin without holding the currency directly or whether they hold both - i'm only in here at the moment. I guess it depends on if this tracks the price tightly or softens some of the volatility...

[hootza616] 28/11/2019 17:20

Nice volume today, quiet here though.

[ragnarr] 27/11/2019 19:38

Because Bitcoin is a new, emerging technology unlike anything before it, it is difficult to give the speculative asset a meaningful value, and instead, market dynamics like supply and demand take over.One attempt to assign a fair market value to Bitcoin has been done through a highly-cited stock-to-flow model. However, Bitcoin price is now trading between 15 and 20 percent below the projected stock-to-flow value of the asset, suggesting that the asset is currently undervalued and that it is "time to pay attention."Bitcoin price throughout 2019 had been following along the highly-cited stock-to-flow model, popularized by crypto analyst Plan B. The model has been referred to on CNBC Fast Money a number of times, and has been considered among the first accurate way of providing a meaningful measure of Bitcoin's value based on its supply.According to the stock-to-flow model, Bitcoin should be on track to reach roughly $55,000 per BTC by its halving this coming May 2020. Starting in 2019, Bitcoin appeared to be well on its way to such figures, rallying over 350% from trough to peak, before it was rejected at $14,000.Currently, Bitcoin is trading around $7,000 – roughly 50% of the peak value it reached in 2019, but also a far cry away from the $55,000 it is projected to reach this May – a mere six months awayBased on the model, one analyst points out that Bitcoin is now trading between 15 and 20% below the projected price of the model, and suggests it is now time to pay attention to leading cryptocurrency by market cap, as it may return on its bull run and continue along its path to $55,000 by halving.Reaching $55,000 from current prices would represent an over 630% gain. Such gains are impossible in the majority of asset types, but this is Bitcoin we're talking about, and anything is possible. The crypto asset in just three months from April to June went from $4,000 to $14,000, resulting in an over 300% gain. If it achieved half of that gain in just 3 months, a full 600% gain in six months isn't out of the question.Reaching such a number would likely cause extreme FOMO, taking the asset to the lofty prices that some investors firmly believe Bitcoin will someday reach – prices of as much as $100,000 to $1 million per BTC. But first, Bitcoin needs to breach $14,000, then take out its former all-time high at $20,000 – two important feats – before a run at $55,000 is possible.At the very least, if the stock-to-flow model is at all accurate, buying Bitcoin now could be among the most rewarding investments of a lifetime.

[gtaval1] 27/11/2019 17:31

Well past that now. Let's see if it holds and hopefully a blue day for ARB tomorrow.

[whoppy] 27/11/2019 12:44

Some nervous bears in Bitcoin. In time for $7400 by Friday and a good weekend.

[hootza616] 26/11/2019 23:02

Hi Cyber, I would if I knew what that meant. Please enlighten me.

[cyberbub] 26/11/2019 17:53

Hootza with respect can you not see that the 2 X 1.5m was clearly a rollover with a £100 spread cost?

[hootza616] 26/11/2019 17:36

Another 3m shares picked up in 2 x 1.5m orders at 6pSurprised the price didn't move higher today as most trades look to be buys.

[hootza616] 26/11/2019 11:13

Spread very tight, just bought at 5.87 and can sell at 5.80. Not that I would be so stupid!

[hootza616] 26/11/2019 11:11

Managed to offload some BLU and added again, all buys at 5.8x are showing as sells.

[ragnarr] 26/11/2019 09:06

Bitcoin (BTC) returning to $10,000 next month may feel unlikely, but should not surprise anyone, says the creator of one of its most accurate price models.In a tweet on Nov. 25, PlanB, the Twitter analyst known for his Stock-to-Flow Bitcoin price charts, suggested BTC/USD could easily retake five figures before 2020.PlanB: $10K BTC bounce "wouldn't surprise""Call me crazy, but it wouldn't surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare," he wrote.Such a surge would mean Bitcoin rising 40% from current levels. This is in fact already within reach - last month, the cryptocurrency's second-biggest daily jump ever totaled around 42%.PlanB was referencing the current Bitcoin price underperforming in the eyes of Stock-to-Flow. At $7,100, BTC/USD is a full $1,200 below the tool's estimate. As Cointelegraph reported, it calls for an average price of $8,300 until the May 2020 block reward halving. Bearish sentiment appearing so close to the halving event also caught the attention of statistician Willy Woo. Last week, Woo eyed the "unique" quality of the market this year, noting that previous halvings came during bullish price action. Woo: $8,300 in November to skip the bear marketResponding to PlanB, however, Woo said time had all but run out for a $10,000 push:"We'd need to close above 8300 by the end of the month (4 more days), or we'll likely have a bearish December to test new lows." He added that 2020 "will be a good year," regardless of what happens in the short term.More uncertain was venture capitalist Mike Novogratz, who also called for the need for an immediate reversal."$BTC chart needs to recover 7500 in next two days or we will be in a 6k-7400 range which would be less than pleasant," he wrote on Twitter Tuesday.As Cointelegraph reported, signs of recovery trickled onto markets on Monday, Bitcoin rising around 11% from its daily lows of $6,515. As is common, a so-called "futures gap" at $7,200 appeared to contribute to the sustained higher levels.

[hootza616] 25/11/2019 19:55

Interesting reading the BTC press coverage, they do love a disaster story! I wonder who will be the first to report today's largest 1 day rise for a month? 10% up in last 12 hours!

[ragnarr] 25/11/2019 13:17

me too although shows as a sell on ADVFN

[hootza616] 25/11/2019 12:08

Added today also.GLA

[stoneme] 25/11/2019 11:58

I bought back in Friday, and added today. Whilst I agree with you, timing that bottom is tricky. Always happy to be within a few points of the bottom. Short term target, without news, or BTC doing something strange , which it often does, 8-9p

[hootza616] 25/11/2019 11:29

Not sure the seller is done but there's a big buyer out there. Another 1.5m shares snapped up first thing this morning to go with the 3m on Friday.That's a cool quarter of a £m invested taking 1.5% of the company.Not a regular PI I would suggest?And it's not me btw!

[whoppy] 25/11/2019 10:33

ARB moving up against Bitcoin will be a big indicator. If it finished blue today it can be taken seed investor is finished selling.

[horneblower] 25/11/2019 10:23

Since the BTC chart drives the ARB chart, and not the other way round, trying to find patterns on the ARB chart is a bit of a mugs game.
However, I've tried to do just that and it could be said there may be good support just below the current 5.55p.
I shall not be buying yet but there will be a turn at some point and 5.25p has some merit.