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$Riot Platforms (RIOT.US)$ What in the hell? Should be up wi...
$Riot Platforms (RIOT.US)$ What in the hell? Should be up with Bitcoin. Such manipulation!
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SpyderCall : They announced possible share offerings in the future. I am seeing this dip as a buying opportunity. The hard part is trying to call the bottom. As long as BTC is still running up, then the lower RIOT drops, the better. Consider it a discount on RIOT shares until BTC starts falling again.
Mafiosa818 SpyderCall : i agree
Huang Sean : Bookmaker's control panel
Dumb Money Space Ape OP SpyderCall : MARA did I believe. Not RIOT.
SpyderCall Dumb Money Space Ape OP : This is the headline I saw the other day right about the time RIOT started selling off. I'm not sure if this is the reason for the selling, but this was the only slightly bearish headline that I saw.
SpyderCall Dumb Money Space Ape OP :
SpyderCall Dumb Money Space Ape OP : Riot sold off after hours on this headline. But it gapped up the next morning. I can't see any other reason for the selling besides resistance from the previous 52-week highs.
Andrew Eifert : there's currently some legal action taken by the government because of Bitcoin miners energy use. but I really don't understand how this has anything to do with the price of the stock. I imagine it could mean that all of these Bitcoin miners would have to develop some sort of self-reliance and generate their own energy like a large solar grid. but that just means they would have to cash in two Bitcoin coins to do it. so it doesn't make a lot of sense to me.
egan1 : Yeah I'm actually short riot. most people don't really get the mining business and just view investing in them as a bet on Bitcoin. Even during the bull market of 2019 when block rewards were higher RIOT lost money. mostly due to depreciation of their miners. Once a new generation of ASICs hit the market your old ones are uncompetitive and are thus worth a lot less. this means any profits you make are completely offset by the cost of the new ASICs you have to buy every 2-6 quarters to stay competitive. It's all laid out in their balance sheet but for some reason they never mention depreciation and amortization in their earnings calls. this is goin to continue to get worse as block rewards are 1/2d.
Dumb Money Space Ape OP egan1 : Says the brand new fake account.