Did you forget that 4 days ago you said you owned 500k and the more the price drops the more you would buy? Company never looked good and since their $2.25 million investment loss in Spondoolies the company has become a disaster.
I guess you mean 29 cents loss not .29 cents. That is a bold prediction since Yahoo analyst avg. is for a $.21 profit. Last quarter they weren't far off with their prediction of a $.21 loss. Recent TA performance has been bad given their decent fuel margins so I am surprised to see the analyst predicting a $.21 profit but they must have some reason to expect this quarter to be such a big turnaround. Maybe they expect a lot of overhead to go away as they have worked there way through their big CS acquisition. Personally I remain skeptical since so far their growth has not benefited their shareholders.
I think there is still plenty of favored nation debt outstanding and they still have to deal with those last notes that have claims against their assets. Maybe those debt holders will demand the assets instead of converting their notes to shares.
Explain how this looks like a fraud. I didn't see the principle owners selling their shares and making millions of dollars when the business was clearly overvalued.
Share count is skyrocketing and yet they still owe more than the value of their assets. BTCS's bad investment in Spondoolies has made BTCS shares worthless or very close to worthless. A big question is what will happen with the debt that has a claim to their assets.
Looks like you will be buying plenty more in the future. Who knows how many billions of shares it will take to keep them out of bankruptcy. Most of their debt still hasn't been converted and they have favored nation deals. The last loans tied up their assets so that is another issue that will need to be overcome.
I haven't seen this dilution report. Where did you see it? Of course the CEO will try to dilute. That is the only way he can keep it out of bankruptcy. They have debt coming due that they can't pay off and with their poor financials they won't be able to refinance. If the note holders do convert to shares it will have to be in the billions because the company is worth so little that the note holders will demand to own a huge percentage of the company. Maybe they do a large reverse split so the outstanding shares won't be incredibly high but no matter what they do current shares will have little value if they stay in business and zero value if they go bankrupt.
Spondoolies went out of business. BTCS had $2.25 million invested in them. That was a big hit to BTCS.
If you had multi millions of shares you might try to salvage a little and sell at these low prices.
With these huge volumes, I wonder if debt holders are driving the price down so they will get more shares if they convert their notes to shares.
For a small time it was over $4 when the reverse merger happened and people did not realize they had issued a lot of additional shares. Ever since the reverse merger the company has been a concept stock. People believing it would become a great company because it was connected with bitcoin. Not many people cared that their business was not good.
Not sure but the number is small compared to the billions of shares that will be there if the note holders convert to shares. If they don't convert it also won't matter since shares won't have any value in bankruptcy.
The elite would not be messing with a $1 million market cap. company. Maybe BTCS debt holders are moving the price down so if they convert their notes to shares they would get more shares and own a higher percentage of the company.
Not sure how your comment ties to where are the shares being sold coming from.
As far as buying low, I figure the people who just recently bought at 8 cents, 5 cents, 3 cents and 1 cent thought they were buying low.
You don't understand BTC's situation. Their puny revenue comes from a few older model mining machines that are in a leased building. They are a cash burning business with almost no cash that owes much more than their older and inefficient machines are worth.
Why would they want to acquire a company that owes more than their assets are worth. Out of bk would make more sense or if BTCS can get their debt converted to shares and then buy them at something like $.001 per share.
BTCS owes more than its assets are worth so I wouldn't expect a buyout.
i have wondered the same thing. It's not hard to imagine people buying shares for a penny but at these volumes it adds up to a significant amount of money being invested in what appears to be a worthless company.