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DoctorDisaster

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DoctorDisaster

Re: None

Tuesday, 01/16/2018 2:07:33 PM

Tuesday, January 16, 2018 2:07:33 PM

Post# of 5737
Why I'm still short RIOT.

A few thoughts:

- Their book value is around $2.
- The bitcoin rigs they bought will lose money, even before today's bitcoin plunge. You can plug the rigs into a bitcoin calculator and see when the mining revenue breaks even. At $12M, the answer is "never". So they'll eventually have to write those down.
- A lot of the filings smell like shady "extract money for the insiders" to me. If it is a pump and dump they will be worth less than today's book value.
- As far as I can tell, they aren't building up anything (technology, teams) that will generate meaningful profitable revenue.


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