Are we excited yet?

Donald Trump · 15-06-2021 10:41am

Unearthly wrote: »

Microstrategy looking to buy more bitcoin (1 billion) in addition to the 500 million they raised yesterday.

Going to be very hard for bitcoin to drop to 20k as predicted by most with such a large amount of supply being locked away

What is on the TS for that debt?

And what is the note backed by? The bitcoin itself only? ..... maybe some kind of off-balance-sheet SPV structure?

FFVII · 15-06-2021 7:24pm

Donald Trump wrote: »

What is on the TS for that debt?

And what is the note backed by? The bitcoin itself only? ..... maybe some kind of off-balance-sheet SPV structure?

https://www.ft.com/content/c4d23ea3-0838-461b-90e4-c0e7d31e5c20

Donald Trump · 15-06-2021 8:25pm

FFVII wrote: »

https://www.ft.com/content/c4d23ea3-0838-461b-90e4-c0e7d31e5c20

Thanks. But I don't have access to the FT anymore.

I used to have an institutional log in from a place I worked in up to a couple or years ago but then they moved to SSO last year which meant my password was no longer any use

(They must have forgotten to remove my account from their FT subscription after I left the place)

SortingYouOut · 15-06-2021 9:36pm

Donald Trump wrote: »

Thanks. But I don't have access to the FT anymore.

I used to have an institutional log in from a place I worked in up to a couple or years ago but then they moved to SSO last year which meant my password was no longer any use

(They must have forgotten to remove my account from their FT subscription after I left the place)

If you enter it from Google, you'll get one read of it. That link won't work but searching for it and going in that way will.

FFVII · 15-06-2021 9:51pm

Donald Trump wrote: »

Thanks. But I don't have access to the FT anymore.

I used to have an institutional log in from a place I worked in up to a couple or years ago but then they moved to SSO last year which meant my password was no longer any use

(They must have forgotten to remove my account from their FT subscription after I left the place)

https://www.google.com/search?q=microstrategy&client=firefox-b-d&source=lnms&tbm=nws&sa=X&ved=2ahUKEwin-t7owZrxAhXIX8AKHcwaBaMQ_AUoAXoECAEQAw&biw=1280&bih=595

MicroStrategy triples down on bitcoin

Donald Trump · 15-06-2021 10:47pm

Ah. I forgot to try the redirect-from-google soft paywall trick.

There is more information as to what I asked in this one actually

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiKqoOby5rxAhULD8AKHS0TDZcQFjABegQIAhAE&url=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc4d23ea3-0838-461b-90e4-c0e7d31e5c20&usg=AOvVaw3ZWU9aHWuG6NGxHq5CFx-G

Seems the debt is secured against the company's regular assets. The crypto assets themselves are parked into a separate vehicle.

Seems like madness to me. Unless the company is sitting on massive cash balances - which I suspect it probably isn't. I wouldn't personally want to have a portfolio with a high concentration of equity of that company!!!

I had a google then to see what their credit rating was and Moodys has them as ba3 which is speculative grade https://www.moodys.com/research/Moodys-assigns-B3-CFR-to-MicroStrategy-outlook-stable--PR_448144 . Anyone know if your man's bitcoin activities have impacted ratings? I'd assume they would have had to?

I would suspect that he is happy to risk making the company equity somewhat of a proxy for cryptocurrency maybe to get money in from asset managers who don't have mandates to invest in it directly...........

FFVII · 15-06-2021 10:53pm

Moody's

............
..................
...................

Those dots are tea leaves. Better for your financial well being over moody. Read them.

FFVII · 15-06-2021 10:55pm

Donald Trump wrote: »

Ah. I forgot to try the redirect-from-google soft paywall trick.

There is more information as to what I asked in this one actually

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiKqoOby5rxAhULD8AKHS0TDZcQFjABegQIAhAE&url=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc4d23ea3-0838-461b-90e4-c0e7d31e5c20&usg=AOvVaw3ZWU9aHWuG6NGxHq5CFx-G

Seems the debt is secured against the company's regular assets. The crypto assets themselves are parked into a separate vehicle.

Seems like madness to me. Unless the company is sitting on massive cash balances - which I suspect it probably isn't. I wouldn't personally want to have a portfolio with a high concentration of equity of that company!!!

I had a google then to see what their credit rating was and Moodys has them as ba3 which is speculative grade https://www.moodys.com/research/Moodys-assigns-B3-CFR-to-MicroStrategy-outlook-stable--PR_448144 . Anyone know if your man's bitcoin activities have impacted ratings? I'd assume they would have had to?

I would suspect that he is happy to risk making the company equity somewhat of a proxy for cryptocurrency maybe to get money in from asset managers who don't have mandates to invest in it directly...........

Same link i sent you

Donald Trump · 15-06-2021 11:01pm

FFVII wrote: »

Moody's

............
..................
...................

Those dots are tea leaves. Better for your financial well being over moody. Read them.

Well those guys are looking at the books over time. They don't have to be perfectly accurate, and nobody expects them to be, but you can get an indication from them. Especially for relative movements over time. As you may or may not know, most shops have internal ratings anyway. But they will also benchmark internal scales against external ones.

This article says S&P Global gives the notes a B- rating https://seekingalpha.com/news/3704770-sp-global-ratings-assigns-ccc-icr-to-micostrategy (There is a soft paywall as well but before it switches on you can see about 2 paragraphs down)

I was just interested to see what they were at in terms of rating and whether your mans strategy had affected them. I don't have time, or enough interest, to go through any filings myself. I'm not going buying them so I don't really care.

Donald Trump · 15-06-2021 11:02pm

FFVII wrote: »

Same link i sent you

oh was it, maybe I pasted the wrong one.

One was "Micro Strategy doubles down" and the other was "Micro Strategy triples down"

There was a link on the one you sent to the other one.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=&ved=2ahUKEwilz6GdyprxAhWSi1wKHa6WBBIQxfQBMAB6BAgLEAM&url=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc4d23ea3-0838-461b-90e4-c0e7d31e5c20&usg=AOvVaw3ZWU9aHWuG6NGxHq5CFx-G

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjs6d31yprxAhVlR0EAHd4hA1UQFjAAegQIAxAD&url=https%3A%2F%2Fwww.ft.com%2Fcontent%2F34ec1a8e-97c1-49d8-ab83-a9bcb47b340d&usg=AOvVaw0d6qKg-o2BjjnPSNsym5_u

One More Toy · 18-06-2021 2:02pm

Anyone have any links to a good primer re:yield farming?

Potatoeman · 18-06-2021 2:50pm

I don’t know why people listen to Elon Musk. It’s like people forget: https://www.sec.gov/news/press-release/2018-226

https://sec.report/CIK/0001494730/Insider-Trades

Bob24 · 18-06-2021 3:38pm

Potatoeman wrote: »

I don’t know why people listen to Elon Musk. It’s like people forget: https://www.sec.gov/news/press-release/2018-226

https://sec.report/CIK/0001494730/Insider-Trades

I think many people (and even algos) don't really give any credibility to what he is saying, but yet they follow his tweets because he managed to become the most influential market troll ever (so even if you think he is a bit of a clown, you can still make money acting on his tweets). A bit like Dave Portnoy, but richer, longer lasting and more elaborate.

It might not end well, but ATM I think this is the situation.

Potatoeman · 18-06-2021 4:03pm

Bob24 wrote: »

I think many people (and even algos) don't really give any credibility to what he is saying, but yet they follow his tweets because he managed to become the most influential market troll ever (so even if you think he is a bit of a clown, you can still make money acting on his tweets). A bit like Dave Portnoy, but richer, longer lasting and more elaborate.

It might not end well, but ATM I think this is the situation.

He’s shilling Doge and obviously heavily invested in it. If that tanks and regular people lose money then he’ll lose his cheerleaders. If that hate spills over to Tesla and SpaceX then the SEC might be after him again and that could be the least of his worries.

cnocbui · 18-06-2021 4:08pm

Potatoeman wrote: »

He’s shilling Doge and obviously heavily invested in it. If that tanks and regular people lose money then he’ll lose his cheerleaders. If that hate spills over to Tesla and SpaceX then the SEC might be after him again and that could be the least of his worries.

Tesla has substantial holdings of bitcoin. Musk only sold 10% to get Tesla over the line. He will be back to shilling that whenever Tesla needs some more profits when another loss from making cars is looming.

Potatoeman · 18-06-2021 4:31pm

cnocbui wrote: »

Tesla has substantial holdings of bitcoin. Musk only sold 10% to get Tesla over the line. He will be back to shilling that whenever Tesla needs some more profits when another loss from making cars is looming.

Those sales don’t show on exchanges so we have to take his word for it.

[Deleted User] · 18-06-2021 4:48pm

One More Toy wrote: »

Anyone have any links to a good primer re:yield farming?

Stick him at 1.5 speed

https://www.youtube.com/watch?v=T9xoXwrt-Sw

cnocbui · 18-06-2021 4:49pm

Potatoeman wrote: »

Those sales don’t show on exchanges so we have to take his word for it.

Given it was announced by the CFO of Tesla officially, it most likely happened unless the CFO is feeling like answering an SEC please explain and facing penalties for misleading the markets.

bfa1509 · 18-06-2021 5:14pm

Looks like it's going to be a nervy week for Ethereum. There will be over 1.5 billion worth of options contracts for $2200 (currently at 2221) expiring this time next week (25th June). If it doesn't pick up before then we're in for some dark days ahead.

https://ambcrypto.com/why-is-june-25-critical-for-ethereum/

Yet another reason bitcoin and ether need to detach for the sake of those who are holding either or both.

fritzelly · 18-06-2021 5:17pm

bfa1509 wrote: »

Looks like it's going to be a nervy week for Ethereum. There will be over 3 billion worth of options contracts for $2200 (currently at 2221) expiring this time next week (25th June). If it doesn't pick up before then we're in for some dark days ahead.

https://ambcrypto.com/why-is-june-25-critical-for-ethereum/

Yet another reason bitcoin and ether need to detach for the sake of those who are holding either or both.

Only nervy for those that are not holding Eth

massdebater · 18-06-2021 8:33pm

Picked up more Eth at $2150, that's me pretty much maxed out now

Potatoeman · 18-06-2021 9:10pm

cnocbui wrote: »

Given it was announced by the CFO of Tesla officially, it most likely happened unless the CFO is feeling like answering an SEC please explain and facing penalties for misleading the markets.

Fair enough.

Everone is talking about Elon when Vitalik gave his sh*t coin to COVID relief in India. I like Elon for what he’s achieved but really don’t want to see someone topping themselves over doge.

Thargor · 18-06-2021 9:17pm

massdebater wrote: »

Picked up more Eth at $2150, that's me pretty much maxed out now

Brought my trading pile back up to full an hour ago aswell.

BrandonBay86 · 19-06-2021 12:58am

massdebater wrote: »

Picked up more Eth at $2150, that's me pretty much maxed out now

Every week I say that’s me maxed out but then I remember it’s not possible to stop accumulating.

massdebater · 19-06-2021 1:51am

BrandonBay86 wrote: »

Every week I say that’s me maxed out but then I remember it’s not possible to stop accumulating.

Not my first time saying it either! Getting close to 10% of everything I own is in eth, don't want to go much higher than that.

Can't help but feel like the delay in the eth 2.0 rollout has been good for ethereum with no one else really taking full advantage.

Thought Binance would step up but they've had some shadiness going on, Polygon looked good as a layer2 but had issues during the week, Cardano/Polkadot/Algo/others look promising but have been slow to get going too.
If the ethereum upgrades work like they're meant to, it's hard to not see it being even more dominant

FFVII · 19-06-2021 12:01pm

massdebater wrote: »

Not my first time saying it either! Getting close to 10% of everything I own is in eth, don't want to go much higher than that.

Can't help but feel like the delay in the eth 2.0 rollout has been good for ethereum with no one else really taking full advantage.

Thought Binance would step up but they've had some shadiness going on, Polygon looked good as a layer2 but had issues during the week, Cardano/Polkadot/Algo/others look promising but have been slow to get going too.
If the ethereum upgrades work like they're meant to, it's hard to not see it being even more dominant

https://www.coindesk.com/wrapped-btc-bitcoin-supply