Argo Blockchain Share Discussion Threads

[hootza616] 10/12/2020 14:28

I think March was a one off COVID scare where everyone simply sold everything. Since then we have seen many occasions where BTC has gone the opposite way to equities.Anyway what's going on today? BTC 2 points down and ARB 9 points up? That's not the way of things?

[suffersnofools] 10/12/2020 14:20

uapatel - Gold volatility

1970 - £35
1980 - $760
1990 - $300
2020 - $1900

Not exactly what I'd call stable?! ;)

[uapatel] 10/12/2020 14:14

Thanks for the feedback chaps.

Still hope your view on the Drops is wrong SNF, but will just have to be aware of so called large scale pullbacks then.

Good luck all holders

[suffersnofools] 10/12/2020 14:10

As I've said before biggest short term risk to BTC is when the equity bubble bursts - as the correlation is still strong. Look what happened in the March selloff with BTC at 4k. BTC needs to prove it can continue to climb in an equity bear market when investors go risk-off.

[suffersnofools] 10/12/2020 14:06

uapatel - That's just the volatility on the way to BTC $1m plus. Institutions don't care about the volatility, they'll be holding indefinitely. My average BTC buy price is now about $1400. So I'm already up more than tenfold. I intend to offload at various points up towards $1M (if my nerve hodls - lol) what do i care about the occasional pullback? Just another opportunity to increase my holding.

If you look at the historic gold price it's been equally volatile.

The notion that stores of value are stable is simply a myth perpetuated by Crypto bears.

I think we'll see somethine like 23k -> 15K -> 40k ->25K ->75K -> 50K -> 140K etc...... then back down to 30-50k in the next bear cycle.

[brasso3] 10/12/2020 14:04

I think volatility will be reduced with time but I do expect a stagnation period/ bear market in 2022. I think after the 2024 halving the supply will be tiny (450 BTC per day) and the institutional interest will be established by then. ARB should not be as volatile as BTC as there is a business that has a more stable value (cash, equipment, facility, personnel etc)

[uapatel] 10/12/2020 13:52

Is ARB a long term hold or just to trade as a proxy for BTC.

I am trying to understand better the case for investing in BTC (ARB as a proxy). If one assumes that BTC is a store of value against FIAT currency in the long run. Then why are people like Paul Tudor Jones, Stan Druckenmiller, Raoul Pal, Michael Sailor to name a few buying BTC when Chartists say BTC is prone to large falls, 30,40 even 70% in value. Doesn’t seem to me a good store of value let alone a stable currency if that’s correct. Ok if you’re holding say currency in Zimbabwe or Venezuela those kind of drops or volatility are probably acceptable.

But surely holding say $500M in BTC (i.e. Mircostrategy) and seeing a 70% loss isn’t very astute investment planning, unless you’ve got some serious write downs to offset. Maybe they think that past volatility is just that. As BTC gets more adoption it will become less volatile and more stable for actually serving as a alternative currency and a store of value.

Any views on does BTC have to follow previous form. Personally don’t think so, but there seems, at least on YouTube a lot of chartist predicting/suggesting largish drops based on historical analogy.

I’m essentially holding ARB, as trading in and out isn’t something that suits my style. Be interested to hear what others think.

[brasso3] 10/12/2020 13:34

Me too.

I do not buy into the either/ or approach with crypto and gold. I want a diverse bet against fiat and debt.

[suffersnofools] 10/12/2020 13:32

Both Brasso - Like me :)

[brasso3] 10/12/2020 13:30

That probably means JP Morgan are buying gold!

[suffersnofools] 10/12/2020 13:27

"Having admitted it was wrong about the end of the Bitcoin Bull run, JPMorgan is doubling down on its bullish crypto bet, warning that the rise of cryptocurrencies in mainstream finance is coming at the expense of gold..............."

[hootza616] 10/12/2020 13:26

If anyone is wondering why Stellar XLM is up while everything else is down:Euro stablecoin launched on Stellar by one of Europe’s oldest banksThe EURB is fully regulated and backed 100% by Euros, allowing banks and institutional investors to use the cryptocurrency without exposure to counterparty risk.Euro stablecoin launched on Stellar by one of Europe’s oldest banksNEWSGermany’s Bankhaus von der Heydt, or BVDH, has launched a Euro stablecoin on the Stellar network.The bank claims the token is the first of its kind to be issued by a banking institute.The EURB stablecoin, which went live today, was developed on the Stellar blockchain in partnership with tokenization and digital asset custody technology provider Bitbond.The asset, which is fully regulated and backed one-for-one with Euros, will not be openly traded on exchanges due to tight regulatory and Know Your Customer requirements....

[suffersnofools] 10/12/2020 13:25

I had no problems exchanging BTC for Boerewors last weekend

[yump] 10/12/2020 13:23

horneblower

That reminds me I've got to get some sausages from the local Butcher - I'll test the water about accepting bitcoins... they always like chatting about something.

[hootza616] 10/12/2020 13:07

Hi Colin, Bitcoin is the technical advance that makes fiat money and gold obsolete as a store of value.

[brasso3] 10/12/2020 13:03

Colin

People have written BTC off so many times over the last 11 years its quite laughable. Every time bitcoin comes back stronger. I would not describe bitcoin as being advanced but it does seem to be flawless as a mechanism of trust.

Bitcoin has been declared as dead/ finished by more than 300 times to date by media etc:-

[suffersnofools] 10/12/2020 12:57

Exactly! And no, not worried about new Technologies. There are already numerous cryptos that are 'better' than Bitcoin in various ways, whether 'forked' code projects or entirely new developments, in areas such as speed, privacy, etc. However, Bitcoin is the market leader and has developed market acceptance over time. This is why many of the big institutions moving into the space will ONLY buy Bitcoin, not even other majors like Ethereum (of which I'm a big fan).

Some worry about Quantum computing and it's impact on Cryptography, but that's been debunked.

I know a lot of people still struggle with Crypto on a conceptual level, that's why you still see those who don't understand to trot out all the old cliches like Ponzi, Emperor's new clothes etc. But if you take the time to educate yourself the Satoshi will eventually drop! I've turned many a sceptic into a believer over the years.

It's Inflation-proof and Decentralised, those are the keys.

[horneblower] 10/12/2020 12:51

They're all just ways of buying sausages.

[c0lin1] 10/12/2020 12:45

im no fan of fiat SNF. Toilet paper.

[suffersnofools] 10/12/2020 12:41

Green figures mostly Volsung - moving up very quickly :)

[volsung] 10/12/2020 12:40

In the end bitcoin is just another set of figures on a screen.

[suffersnofools] 10/12/2020 12:39

A bit like conventional FIAT currency c0olin1?

[c0lin1] 10/12/2020 12:23

Thanks for that Brasso. I am currently in the same camp as Lefrene, learning..slowly.

Are you not worried about technological advances making it obselete?

[brasso3] 10/12/2020 12:15

Hi Lefrene (welcome).

I once had that view and I think most people start off in that camp.

Things changed for me when I read 'The Bitcoin Standard' by Saifadean Ammous. What is more insane, believing in fiat money (infinite supply) or believing in a digital currency (store of value) that has a limited supply? Another way of viewing bitcoin is stored energy that can be transported anywhere on the globe in minutes.

People need to stop comparing bitcoin to gold and see it as an alternative form of insurance that has the speculative upside due to a transition to a digital economy. Bitcoin adoption grows day by day, month by month, year by year. It is still in its infancy.