$Riot Platforms (RIOT.US)$ dont listen to all the trolls, st...
$Riot Platforms (RIOT.US)$ dont listen to all the trolls, stock will hit 20 with patience
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egan1 : lol keep buying shares ill keep selling em to ya
10baggerbamm : based off of what is it going to hit 20 I used to trade Mara and riot several years ago and they would move lockstep with the price of Bitcoin and when Bitcoin was on the way up but these stocks were 30 to 40 dollars a share and any profit taking it was quickly reversed in the price when Bitcoin marched higher now bitcoins up significantly and these miners they're not even half of evaluation of what they once were.
egan1 10baggerbamm : Yeah, there's a simple explanation for that. First there's a tiny barrier to entry into the market. Anyone with electricity and $ can open a btc mine; it's as close to perfect competition as you can get in the real world. For an example of why this competition is bad for miners and why they will never make money we can look back to the 2021 bull run in btc. Riot was mining btc at a time when block rewards were many times higher than they are today, still they didn't make a profit in 2021. This is mostly due to the fact that mining hardware (ASICs) are always improving in efficiency. This means in order to have a chance at mining blocks they constantly need to invest more $ than the amount they're bringing in, into the latest generation of ASIC miners. New generations of ASICs along with halving events means the old generation of miners are basically e-waste so they get pennies on the dollar when they go to sell the old generation of miners. They need to upgrade every couple years to stay competitive. Then you stack on the price of electricity and everything else and they have a near 0% chance of actually mining more Bitcoin than the cost of mining that Bitcoin.
10baggerbamm egan1 : riot never earned money because the company executives are thieves. they never had a problem selling stock and enriching their own pockets at the expensive shareholder dilution did they
egan1 10baggerbamm : if you want to benefit from crypto, just buy it directly and keep it in your own wallet.
10baggerbamm egan1 : Manny would say that but it's far easier for me to buy it through an ETF. I really could care less about the quarter of 1% management fee that's assessed
egan1 10baggerbamm : they are thieves I agree. but look at any pure play mining stock, they've ALL underperformed Bitcoin and i don't think every one has corrupted executives. its just an unviable business model
10baggerbamm egan1 : I agree with you I think there's significantly at a disadvantage right now I would like in it to somebody that's sitting in the middle of the ocean it doesn't matter how great of a swimmer you are you're going to drown you can't stay afloat forever and that's what these minors are doing they're just gradually dying
egan1 10baggerbamm : yup they just slowly dieing. switch to a short, i think its a good play.
egan1 10baggerbamm : also a fair take
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