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[Crypto and NFTs and associated garbage] "Stablecoin." PFFT BWAHAHAHAHA

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Posts

  • Captain InertiaCaptain Inertia Registered User regular
    edited May 13
    I swear to god if their conference calls are in VR

    Captain Inertia on
    ElvenshaeArbitraryDescriptorDark_SideFencingsax
  • SyngyneSyngyne Registered User regular
    I swear to god if their conference calls are in VR

    Just show up to the meeting as Lemongrab and stay in character for the whole call, they'll go back to using phones/zoom/whatever.

    5gsowHm.png
    TetraNitroCubaneAlexandierQuidsarukunjmcdonaldMechMantisElvenshaemarajiGiantGeek2020Rhesus PositiveChiselphanesanstodoTofystedethAtaxrxesAegeriMatevFencingsaxMunkus BeaverKristmas KthulhuOdinIncenjucarDiannaoChongNirya
  • SiliconStewSiliconStew Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    Just remember that half the people you meet are below average intelligence.
    CptHamiltonElldrenElvenshaeGiantGeek2020Gnome-InterruptusdjmitchellaCommander ZoomAegeriFencingsax
  • BurtletoyBurtletoy Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    But what if they had to put on a clumsy $500 headset that was attached to a $500 computer first?

    Does that move the needle?

    Buttersdurandal4532GiantGeek2020Rhesus PositivemarajiAegeriFencingsaxEinzel
  • mrondeaumrondeau Montréal, CanadaRegistered User regular
    Burtletoy wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    But what if they had to put on a clumsy $500 headset that was attached to a $500 computer first?

    Does that move the needle?

    I don't know, is the headset nausea inducing ?

    ButtersBurtletoymarajimRahmaniFencingsax
  • CptHamiltonCptHamilton Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    PSN,Steam,Live | CptHamiltonian
    ElldrenmrondeauA Kobold's KoboldQuidElvenshaeGiantGeek2020Rhesus PositivemRahmaniGnome-InterruptusMoridin889ReynoldsCommander ZoomAegeriFencingsaxMortal SkyEinzel
  • ElldrenElldren Is a woman dammit ceterum censeoRegistered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    fuck gendered marketing
    CptHamiltonElvenshaeGiantGeek2020Rhesus PositiveGnome-InterruptussanstodoStarZapperDisruptedCapitalistkimeAegisReynoldsCommander ZoomelectricitylikesmeAegeriMatevFencingsaxMunkus BeaverMortal SkyIncenjucarEinzelFANTOMASknitdanshryke
  • CptHamiltonCptHamilton Registered User regular
    Elldren wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    You really buried the lede on "I have access to a private fuck island" there.

    PSN,Steam,Live | CptHamiltonian
    ForarJragghenElvenshaeDoctor DetroitGiantGeek2020marajiSpoitMoridin889StarZapperkimeAegisVishNubShadowhopeReynoldsCommander ZoomelectricitylikesmeAegeriMatevhanzoEtiowsaFencingsaxJebus314Munkus BeaverMortal SkyKristmas KthulhuDracomicronOdinIncenjucarEinzelNiryashryke
  • zagdrobzagdrob Registered User regular
    Elldren wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    Wait real fuck island or imaginary SecondLife fuck island?

    Because if it's the former hats off.

    ElvenshaeDoctor DetroitDoodmannRhesus PositiveGiantGeek2020marajiGnome-InterruptusMvrckdjmitchellaTofystedethReynoldselectricitylikesmeAegeriMatevCelestialBadgerFencingsaxAntinumericIncenjucarknitdanshryke
  • jmcdonaldjmcdonald I voted, did you? DC(ish)Registered User regular
    zagdrob wrote: »
    Elldren wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    Wait real fuck island or imaginary SecondLife fuck island?

    Because if it's the former hats off.

    More than hats I’d think

    Captain InertiaTetraNitroCubaneJragghenElvenshaezagdrobDoctor DetroitBurtletoyRhesus PositiveGiantGeek2020marajiGnome-InterruptusMarty81FoolOnTheHillMoridin889kimeAegisTofystedethElldrenAegeriMatevFencingsaxJebus314Mortal SkyKristmas KthulhujungleroomxIncenjucarEinzelNiryajimb213shryke
  • ForarForar #432 Toronto, Ontario, CanadaRegistered User regular
    So what I’m hearing is that I should save some of my bonus and vacation this year…

    First they came for the Muslims, and we said NOT TODAY, MOTHERFUCKER!
  • QuidQuid I don't... what... hnnng Registered User regular
    What I'm hearing is I need to convince some IBM suit that beanie babies are about to make a major comeback.

    Captain InertiaBurtletoyGiantGeek2020ElldrenAegeriFencingsaxPreacher
  • JragghenJragghen Registered User regular
    Wait, idea.

    Convince them to let you spend the money on a Microsoft Bob presence.

    Captain Inertia
  • Doctor DetroitDoctor Detroit Registered User regular
    jmcdonald wrote: »
    zagdrob wrote: »
    Elldren wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    Wait real fuck island or imaginary SecondLife fuck island?

    Because if it's the former hats off.

    More than hats I’d think

    Actually, I have it on good authority that "You Can Leave Your Hat On".

    GiantGeek2020TofystedethForarmxmarksSageinaRageFencingsaxIncenjucarEinzel
  • Captain InertiaCaptain Inertia Registered User regular
    Hmmmm

  • dlinfinitidlinfiniti Registered User regular
    edited May 13
    Butters wrote: »
    I feel like nobody is going to bail out cryptocurrency failures because nothing in that sphere threatens to destabilize any system that anybody with real money or political power actually gives a shit about, and there’s no legal obligation to do so (fingers crossed this remains true).

    Like, the entire market could implode (fingers crossed again), and it would suck for many, many people who got scammed, but it’s not going to panic mainstream investors, it’s not going to have downstream effects on other industries, it’s just… not going to really matter for those who never put their money into the crooked casino.

    Edit: If basically nothing happens to anybody else when your ‘investment’ craters, that seems like a pretty strong indicator that you’ve been investing in absolutely nothing.

    A sacrifice I am willing to make if it means I can get a new GPU for less than $700

    You basically can now. You can find 3080 and 3070 and their ti variants at MSRP in brick and mortar stores pretty regularly now. Granted their msrps were never below $700 but I suppose you could find lesser cards for that much of you wanted to too

    Edit: here have an EVGA 3070ti for $700

    dlinfiniti on
    AAAAA!!! PLAAAYGUUU!!!!
    marajiFencingsax
  • JragghenJragghen Registered User regular
    https://www.fxempire.com/news/article/india-places-crypto-like-btc-on-par-with-lotteries-mulls-28-gst-994149

    India is thinking about putting a 28% additional tax on crypto transactions, treating it like gambling.
    Per government sources, the GST Council, the country’s tax decision-making body, has nominated a law committee, which will decide on the tax proposal. The committee’s views will be put forth before the council for formal approval.

    Official sources told CNBC that the creation of a law committee and all other backend work on the proposal have started well ahead of the council’s next meeting, which is yet to be fixed. They noted:

    “There are various aspects of cryptocurrencies – the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee.”

    The law committee on GST comprises of 23 bureaucrats that represent indirect tax matters from the center and states. Per another local media report, the move arrives after several members of parliament (MPs) demanded to raise GST on cryptocurrencies to 28% like gambling and lotteries.

    At present, crypto exchanges are subject to an 18% GST slab on services provided to users under the financial services category. Additionally, online gambling without betting attracts 18%, while all other activities such as casinos, betting, horse racing are levied at 28% GST.

    Gnome-InterruptusmarajiButtersCptHamiltonDoodmannjmcdonaldBurtletoyFoolOnTheHillMoridin889StarZapperMillStabbity StyleFiatilDisruptedCapitalistkimeAimzagdrobTofystedethRhesus PositiveGiantGeek2020A Kobold's KoboldElldrenKayne Red RobeElvenshaechrisnlCommander ZoomBlackDragon480AegeriMatevsarukunKamarAridholLilnoobsFencingsaxMechMantisMayabirdGrudgejungleroomxIncenjucarEinzelDoctorArchFANTOMASPreacherNyysjanshryke
  • BurtletoyBurtletoy Registered User regular
    If I'm reading this correctly, the largest corporate owner of bitcoin is a company called MicroStrategy. Where they use their bitcoins as collateral to secure loans to buy bitcoins?

    They had their earnings call yesterday and reported an Earnings Per Share of -$10.42 and unrealised losses of 330 million dollars due to the decrease in bitcoin value.

    https://finance.yahoo.com/news/microstrategy-bitcoin-binge-hasn-t-164444930.html?.tsrc=rss
    MicroStrategy has been on a two-year, debt-fueled Bitcoin buying spree, accumulating billions of dollars worth of them -- shifting its corporate focus from developing software to becoming a proxy for the price of Bitcoin.

    With borrowing, there are rules. Loans often require collateral, and you have to pay back sometimes-giant principal balances when debt matures. MicroStrategy faces both of those obligations. Bitcoin this week crumbled below $26,000, putting within reach price levels that boost the pressure on MicroStrategy.

    The company’s shares have lost more than half their value in the past few weeks amid a Bitcoin rout. Its junk bonds have fallen, too, sinking at one point Thursday below 72 cents on the dollar -- nearing distressed levels. Both have rebounded Friday, with the stock up as much as 29% and the junk bonds back above 82 cents.

    MicroStrategy borrowed $205 million through a three-year term loan in March, which the company then used to buy more of the cryptocurrency. Thousands of Bitcoin are pledged as collateral, which must be valued at no less than $410 million. If Bitcoin drops to about $21,000, the company would need to pledge more collateral, according to an earnings conference call early this month.

    jmcdonaldSleepStarZappermarajiAimGnome-InterruptusGiantGeek2020ElldrenKayne Red RobeElvenshaeBlackDragon480AegeriDark_SideFencingsaxMayabirdIncenjucarEinzelshryke
  • SchrodingerSchrodinger Registered User regular
    Orca wrote: »
    Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.

    It's never going to go down that far because too many people invested at higher than that and will never settle for anything less.

    Stocks can collapse into nothing because the company can close up, and you know you'll receive nothing if you don't go out before that happens.

    But Bitcoin will never "close." You will always have the option to sell later on, which means you can always carry the hope of being able to sell at a higher price if you hold.

    SleepStarZapperTetraNitroCubaneGnome-InterruptusFencingsax
  • DoodmannDoodmann Registered User regular
    Orca wrote: »
    Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.

    It's never going to go down that far because too many people invested at higher than that and will never settle for anything less.

    Stocks can collapse into nothing because the company can close up, and you know you'll receive nothing if you don't go out before that happens.

    But Bitcoin will never "close." You will always have the option to sell later on, which means you can always carry the hope of being able to sell at a higher price if you hold.

    IF it's sitting at 20k with no volume, it's not actually 20k.

    Whippy wrote: »
    nope nope nope nope abort abort talk about anime
    Help me Marie Kondo my life and buy my old stuff
    PolaritiejmcdonaldAegisElldrenCommander ZoomBlackDragon480AegeriMatevFencingsaxjungleroomxOdinButtersPreachershryke
  • redxredx I(x)=2(x)+1 whole numbersRegistered User regular
    Doodmann wrote: »
    Orca wrote: »
    Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.

    It's never going to go down that far because too many people invested at higher than that and will never settle for anything less.

    Stocks can collapse into nothing because the company can close up, and you know you'll receive nothing if you don't go out before that happens.

    But Bitcoin will never "close." You will always have the option to sell later on, which means you can always carry the hope of being able to sell at a higher price if you hold.

    IF it's sitting at 20k with no volume, it's not actually 20k.

    *looks meaningfully at 99.9% of the Russian stock market*

    This machine kills threads.
    jmcdonaldGnome-InterruptusMoridin889DoodmannGiantGeek2020ElldrenElvenshaeCommander ZoomBlackDragon480AegeriButters
  • Captain InertiaCaptain Inertia Registered User regular
    edited May 13
    Burtletoy wrote: »
    If I'm reading this correctly, the largest corporate owner of bitcoin is a company called MicroStrategy. Where they use their bitcoins as collateral to secure loans to buy bitcoins?

    They had their earnings call yesterday and reported an Earnings Per Share of -$10.42 and unrealised losses of 330 million dollars due to the decrease in bitcoin value.


    MicroStrategy, the somewhat recently best-in-class data visualization company until it had its lunch fucking stolen by Tableau?
    https://finance.yahoo.com/news/microstrategy-bitcoin-binge-hasn-t-164444930.html?.tsrc=rss

    MicroStrategy has been on a two-year, debt-fueled Bitcoin buying spree, accumulating billions of dollars worth of them -- shifting its corporate focus from developing software to becoming a proxy for the price of Bitcoin.

    With borrowing, there are rules. Loans often require collateral, and you have to pay back sometimes-giant principal balances when debt matures. MicroStrategy faces both of those obligations. Bitcoin this week crumbled below $26,000, putting within reach price levels that boost the pressure on MicroStrategy.

    The company’s shares have lost more than half their value in the past few weeks amid a Bitcoin rout. Its junk bonds have fallen, too, sinking at one point Thursday below 72 cents on the dollar -- nearing distressed levels. Both have rebounded Friday, with the stock up as much as 29% and the junk bonds back above 82 cents.

    MicroStrategy borrowed $205 million through a three-year term loan in March, which the company then used to buy more of the cryptocurrency. Thousands of Bitcoin are pledged as collateral, which must be valued at no less than $410 million. If Bitcoin drops to about $21,000, the company would need to pledge more collateral, according to an earnings conference call early this month.

    Holy fuck!!

    Captain Inertia on
    marajiDisruptedCapitalistwebguy20ElvenshaeBlackDragon480AegeriOrca
  • SchrodingerSchrodinger Registered User regular
    edited May 13
    Doodmann wrote: »
    Orca wrote: »
    Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.

    It's never going to go down that far because too many people invested at higher than that and will never settle for anything less.

    Stocks can collapse into nothing because the company can close up, and you know you'll receive nothing if you don't go out before that happens.

    But Bitcoin will never "close." You will always have the option to sell later on, which means you can always carry the hope of being able to sell at a higher price if you hold.

    IF it's sitting at 20k with no volume, it's not actually 20k.

    There will always be volume because of black market demand, and the black market doesn't care about the price of bitcoin because their purchases will always scale to the USD equivalent.

    For instance, if you're in the market for cocaine and the going rate of cocaine rises to $100,000 per kilo, then you can say that's overpriced an refuse to pay. And if there's no demand for cocaine, the price goes down.

    But if you're buying bitcoin to buy a kilo of cocaine and the price of bitcoin rises to $100,000, it doesn't actually matter. Because you don't actually need 1 whole bitcoin to buy a kilo of cocaine, you only need a fraction of a bitcoin. If the price of bitcoin goes up, you need a smaller fraction of a bitcoin to buy your cocaine, so it all balances out.

    If I buy bitcoin and spend bitcoin on the same day, then I don't actually care what the price is, as long as it didn't change significantly between those times.

    Schrodinger on
  • CouscousCouscous Registered User regular
    https://crypto.com/product-news/luna-trading-incident
    On 12 May 2022 between 12:40 – 13:39 (UTC) users who traded LUNA were quoted an incorrect price. Our systems quickly detected the error and trading was halted. Trading remains halted until further notice.

    All impacted trades (buy and sell) will be reversed, and affected users will be credited USD $10 in CRO for the inconvenience caused. Affected users are being informed via email.
    Remember that "trades can't be reversed" is meaningless if the crypto is all in some wallets the exchange controls

    ElldrenkimeBlackDragon480Captain InertiaAegerimarajidurandal4532FencingsaxOdinA Kobold's Kobold
  • ArbitraryDescriptorArbitraryDescriptor Registered User regular
    Doodmann wrote: »
    Orca wrote: »
    Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.

    It's never going to go down that far because too many people invested at higher than that and will never settle for anything less.

    Stocks can collapse into nothing because the company can close up, and you know you'll receive nothing if you don't go out before that happens.

    But Bitcoin will never "close." You will always have the option to sell later on, which means you can always carry the hope of being able to sell at a higher price if you hold.

    IF it's sitting at 20k with no volume, it's not actually 20k.

    There will always be volume because of black market demand, and the black market doesn't care about the price of bitcoin because their purchases will always scale to the USD equivalent.

    For instance, if you're in the market for cocaine and the going rate of cocaine rises to $100,000 per kilo, then you can say that's overpriced an refuse to pay. And if there's no demand for cocaine, the price goes down.

    But if you're buying bitcoin to buy a kilo of cocaine and the price of bitcoin rises to $100,000, it doesn't actually matter. Because you don't actually need 1 whole bitcoin to buy a kilo of cocaine, you only need a fraction of a bitcoin. If the price of bitcoin goes up, you need a smaller fraction of a bitcoin to buy your cocaine, so it all balances out.

    If I buy bitcoin and spend bitcoin on the same day, then I don't actually care what the price is, as long as it didn't change significantly between those times.

    I feel like you're not hearing me: If you're paying in bitcoin it's still 100 per, but I need another 15 in escrow per kilo.

    If you can find a better offer, take it, but I'm not losing another finger for you.

  • ElldrenElldren Is a woman dammit ceterum censeoRegistered User regular
    zagdrob wrote: »
    Elldren wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    Wait real fuck island or imaginary SecondLife fuck island?

    Because if it's the former hats off.

    The latter. So only virtual hats off

    fuck gendered marketing
  • Knight_Knight_ Dead Dead Dead Registered User regular
    someone just needs to turn https://engaging-data.com/market-timing-game/ into a gambling website and then maybe we can just get to the heart of all cryptocurrencies.

    it'll probably burn down less forests at least

    aeNqQM9.jpg
    durandal4532
  • chrisnlchrisnl Registered User regular
    I am really curious what would happen if Tether was unable to maintain its pegged value. From my understanding, the relationship between Tether and Bitcoin shares some similarities to that between Luna and Terra so the Tether scam falling apart could have serious consequences for Bitcoin (and therefore all other crypto bullshit stuff).

    steam_sig.png
  • BurtletoyBurtletoy Registered User regular
    Burtletoy wrote: »
    If I'm reading this correctly, the largest corporate owner of bitcoin is a company called MicroStrategy. Where they use their bitcoins as collateral to secure loans to buy bitcoins?

    They had their earnings call yesterday and reported an Earnings Per Share of -$10.42 and unrealised losses of 330 million dollars due to the decrease in bitcoin value.


    MicroStrategy, the somewhat recently best-in-class data visualization company until it had its lunch fucking stolen by Tableau?
    https://finance.yahoo.com/news/microstrategy-bitcoin-binge-hasn-t-164444930.html?.tsrc=rss

    MicroStrategy has been on a two-year, debt-fueled Bitcoin buying spree, accumulating billions of dollars worth of them -- shifting its corporate focus from developing software to becoming a proxy for the price of Bitcoin.

    With borrowing, there are rules. Loans often require collateral, and you have to pay back sometimes-giant principal balances when debt matures. MicroStrategy faces both of those obligations. Bitcoin this week crumbled below $26,000, putting within reach price levels that boost the pressure on MicroStrategy.

    The company’s shares have lost more than half their value in the past few weeks amid a Bitcoin rout. Its junk bonds have fallen, too, sinking at one point Thursday below 72 cents on the dollar -- nearing distressed levels. Both have rebounded Friday, with the stock up as much as 29% and the junk bonds back above 82 cents.

    MicroStrategy borrowed $205 million through a three-year term loan in March, which the company then used to buy more of the cryptocurrency. Thousands of Bitcoin are pledged as collateral, which must be valued at no less than $410 million. If Bitcoin drops to about $21,000, the company would need to pledge more collateral, according to an earnings conference call early this month.

    Holy fuck!!

    Seriously, this sounds like vulture capitalism, except for they are buying out currency, instead of buying out a company.

    How can you use the market that you are pumping to get loans to pump the market? Isn't that just a circle? They are putting bitcoin debts into banks to get bitcoins?

    DoodmannFencingsax
  • Captain InertiaCaptain Inertia Registered User regular
    Just think of it like getting a line of credit on the house you live in, using that line to buy another house, getting a line on that house, which you then use to buy a third house…

    DoodmannElldren
  • BurtletoyBurtletoy Registered User regular
    Ive never bought a house. Is that how buying houses works? Is that why I can't buy a house?!

    SpoitMvrckKristmas Kthulhu
  • Captain InertiaCaptain Inertia Registered User regular
    edited May 14
    Burtletoy wrote: »
    Ive never bought a house. Is that how buying houses works? Is that why I can't buy a house?!

    It’s not typical but nowadays yeah people are buying their next house in cash and moving in before selling their current house because the market is fucked

    If you don’t already have a house you basically can’t get a house

    Captain Inertia on
    Gnome-Interruptus
  • SchrodingerSchrodinger Registered User regular
    Burtletoy wrote: »
    Ive never bought a house. Is that how buying houses works? Is that why I can't buy a house?!

  • zagdrobzagdrob Registered User regular
    Elldren wrote: »
    zagdrob wrote: »
    Elldren wrote: »
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    I'm reminded of some of the companies that set up a presence inside Alphaworld in the late 90s. Turns out a 3d representation of your website is a godawful way for people to interact with that information.

    And then again in the lat 2000's in SecondLife, because they didn't learn their lesson the first time. So I guess we're going to go around the wheel again.

    I was an acquaintance of the person in charge of IBM’s SecondLife presence. They plowed so much money into it that my acquaintance managed to siphon off an entire private fuck island with nobody caring

    Wait real fuck island or imaginary SecondLife fuck island?

    Because if it's the former hats off.

    The latter. So only virtual hats off

    Shucks. I'll go kick rocks.

    I was hoping someone got a real fuck island out of IBM.

    :monkey paw curls: your friend was Epstein.

    Fencingsax
  • MonwynMonwyn Apathy's a tragedy, and boredom is a crime. A little bit of everything, all of the time.Registered User regular
  • DoodmannDoodmann Registered User regular
    Burtletoy wrote: »
    Ive never bought a house. Is that how buying houses works? Is that why I can't buy a house?!

    It’s not typical but nowadays yeah people are buying their next house in cash and moving in before selling their current house because the market is fucked

    If you don’t already have a house you basically can’t get a house

    This is also what people were doing in 2008.

    Except for the variable rate loans, we've learned nothing in the last 15 years.

    Whippy wrote: »
    nope nope nope nope abort abort talk about anime
    Help me Marie Kondo my life and buy my old stuff
    navgooseReynolds
  • JragghenJragghen Registered User regular
  • Knight_Knight_ Dead Dead Dead Registered User regular
    Afaik his deal was backstopped in US dollars by a Bitcoin company

    aeNqQM9.jpg
    Kayne Red RobeBlackDragon480kimeReynoldsGiantGeek2020durandal4532RMS OceanicCaptain InertiamarajiShadowhopeFencingsaxMoridin889DoodmannMagell
  • TarantioTarantio Registered User regular
    Knight_ wrote: »
    Afaik his deal was backstopped in US dollars by a Bitcoin company

    I wonder how solvent that company is at the moment.

    RMS OceanicGnome-InterruptusBlackDragon480JragghenFencingsaxMoridin889shryke
  • MayabirdMayabird Pecking at the keyboardRegistered User regular
    Jragghen wrote: »


    Updated numbers: his contact has now lost him money due to taxes.





    Though the latter is a national loss that keeps getting compounded because he keeps trying to buy on the dip...

    Gnome-InterruptusBlackDragon480JragghenMunkus BeaverButtersPreachershryke
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