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What's funny is that XOM is the same as the ticker symbol for Exxon Mobil.
I agree, the Bitcoin spike rose the stock from 0.06. The caveat emptor put the brakes on it for a month plus. The press releases need to be more material, that is they need to show real revenue, not potential revenue. GBTC and BITCF look like the only 2 companies that are running at a net gain in their books. Everyone else I see is at a loss (MGTI's books read like a blood bath). The company wants us to sit and wait, but they need to be seen as a happening stock. I have seen so many companies that operate at a profit and generate little interest...STVI is a classic example.
They need some solid press releases showing that they are currently generating revenue. They don't need to give nunbers, but show that revenue is being generated. For example, if they are continuing to make revenue from current sales at the $13 price of ALT, that would look good.
Q2 numbers absolutely need to be a blowout. It can't be break even like Q1. If they can show that, then the stock would grow some serious legs to sprint with.
That is good news. 500 million shares is still large, but not in the billions. So that will work in the stocks favor in a major way on the next BTC spike.
I was under the impression they reinvented some form of shell company. Didn't know about the Canuck exchange halt.
The Caveat Emptor meant every 'i' must be dotted and every 't' must be crossed to get off. On May 21, they responded to additional questions. My suspicion is 30 days from then until the release (June 21 or 22). Meanwhile BTC is on fire. I am watching other stocks that are beyond diluted in shares make multiple levels in price. Meanwhile, BITCF is in the doldrums when it should be $2 a share by now.
@EuroWizard: If I were them I would further delay it. "Accountant was out sick" or "Numbers need to be rechecked again." It also seems that the communication between the powers that be and BITCF are at a professional level (Whew! That's a relief!). Given the filings, I can surmise that OTC is also seeking to expedite the request to remove the skull and crossbones.
@Mud: We were told 30 days ago that there were clerical issues that needed to be fixed. The apparently did so within a day. Yesterday's 3 filings clearly were from a response they recently received; more info was needed. Regurgitated info, with an extra comma, number or letter, doesn't matter. What matters is they responded yesterday, which may mean a further delay.
The late filing: The accountant was a ruse, an excuse. Do you honestly believe they don't know their numbers? They do BITCOIN. They are hoping the Caveat Emptor gets lifted prior to the earnings announcement. It signals to me what I suspected last week; possible earnings blowout. They need that skull and crossbones gone to watch a moon-shot.
There are some variables with this stock that make me nervous, like anyone else. I will only discuss those issues over the phone and not online, so PM me if you are interested.
Look at the signature date in the documents - May 15 - They are new.
That makes sense. But still, I among some other bullish investors don't like the cracks in the walls I am seeing now. This has the potential to either fly or die. It all depends on the Rubin bros at this point and how transparent they wish to be.
3 News Items YESTERDAY (May 15):
(1) Financials Released on May 20
(2) Office Director Disclosure (updated 10K Disclosure)
(3) UPDATED ATTORNEY LETTER (Response to OTC questions).
They just sent this yesterday...... You will see quite a few company names we never saw before (ex: Central Asia Franchise Holdings, Ltd), and how many shares they have. Peculiar that Simon Rubin has ZERO shares.
@stevecameron73 - saw you responded to me. Is there a way we can speak on the phone? Let me know what # to call.
Great post by 'Kitt' over on Yahoo. Strongly advise you read it.
When you compare the numbers quarter to quarter, you can see the rise of revenue and profits of the firm. My suspicion is that this quarter will be a blowout compared to last quarter. If its the case, the stock will go vertical.
I would delay the announcement of earnings for 3-4 days so the caveat gets removed first. That's if they can, they are being scrutinized now. Regardless, the earnings blowout and the caveat removal will cause the stock to rise.
Like I said, I haven't seen a stock like this since 1999. For this week, its a great buy opportunity this week.
As for GBTC, that's an entirely different company and a different model. They were overpriced by 30-40%. The correction you are seeing today is bringing them in line with the current price of BTC.
For those doing stochastics, I don't think any chart comparison of the stock performance can be made here. Under caveat emptor, not all firms are allowing trades, so you are watching stock volume that is truly handicapped. The price and volume numbers don't reflect what the market will take after the skull and crossbones is removed.
The bottom line is the fundamentals are there for BITCF. You have a hot market and a company that is probably going just past a small profit to a significant one.
There are 4 factors at play here. Time is BITCFs enemy right now.
1) First will come Q1 2017 earnings, due next week. Most expect solid numbers. The negative of this is it will most likely be announced during the caveat emptor status. They could be making millions, but few can act on it.
2) We are about 2 weeks from what is expected the skull and crossbones to be removed. "What is expected..." If they did not dot their i's and cross their t's, then you would see another 30 days.
3) GBTC : Seeking Alpha Article If this valuation is true and is bringing unwarranted negative insight to the market, then this will not help BITCF and subject them to further scrutiny.
4) BTC to USD rates are exploding, growing at $100 per day. Its unsustainable. A correction will happen. Most of the 16 million bitcoin are bing hoarded as pure speculation, and not being used as a market currency with velocity. If a correction would occur before the caveat emptor status is removed, it will be crushing for BITCF.
On the flip side, if things remain relatively stable for the next 2-3 weeks, BITCF in my mind will go vertical, fast.
Yes, works fine at Scottrade, you did something wrong.
I had the same. Opened an account at Scottrade last week. Took 2 minutes. They trade BITCF
500,000 shares drove it down to 0.20 - after that 1.5 million shares traded, pushing it up.
The panic is ridiculous and has no merit. Today, a consensus against BTU (Bitcoin Unlimited) has gained momentum. BITCF marketed themselves well, using the news of the fork creating BTU. So some investors saw BITCF as a fork play fro BTU only. The options market they made were for all scenarios, including against BTU. Either way, BITCF makes money. Also, BITCF has alot of Bitcoin products. This is an excellent buy opportunity here on low volumes. I am watching to add to my portfolio here.
Between Japan accepting it, Russia and now the SEC reconsidering the Etherium proposal, BTC is on a tear. ( Link ) Its also amazing to watch BITCF with a skull and crossbones actually rise in value. I want to thank the people on this board for telling me Scottrade let you buy/sell. I raced over to a shop and bought in the day after. Now its just sit back and wait. Amazing buying opportunity. The last time I saw an opp like this was in 1999.
The stock won't go to 100. So don't get to crazy. Its bitcoin. It will annoy the establishment. 10-20 is not unreasonable.