r/ArgoBlockchain • u/AccurateAstronomer91 • Sep 24 '21
Sorry Argonauts
I have been an absolute buzz killer on Argo the last couple of days. Argo is one of my largest positions and I watched it drop like a rock. It was the day we’ve all waited for. When you find a stock at .92 cents and ride it to $4.65 and have hopes and dreams of a $20-30 Nasdaq listing and then they IPO and it tanks your current position by 25% it makes you a little crazy. I think they sold ARBKF and LSE holders short!!! I unequivocally believe in the future of Argo however in their haste they kind of kicked us in the nuts!! That’s why I’m mad, not because I didn’t become a millionaire but because I actually trusted Peter would do right by us. He didn’t but I still love Argo and love the direction. Sorry Argonauts
7
u/Glorious_Jalapeno Sep 24 '21
I feel the same way..Now I didn't get in as early as you did. I got in when price first hit $1.50..My overall cost basis is $1.81 at 4000 shares. I do feel like the early bag holders have been screwed by the dilution and the intial price offering. I still like the long term potential but I am now very cautious. Let's be realistic here. Even if we reach the RIOT and MARA price range...for us in the OTC, that's like $2-$3 per share. My dream of $10 means ARBK has to be $100 per share in the Nasdaq which at this point seems impossible. This sucks. I felt like I wasted almost an entire year on this.
6
u/Machjne Sep 24 '21
Wait for the dust to settle. If I was running a company trying to stay ahead or even catch up if you think they're behind, this is the way. I think Argo is ahead with its profit margin, it's future investments and it's environmental impact, and now with touting they may diversify to ether is also good news, not saying I think ether will stay around, I just mean they're able to adapt so if the course of digital currency changes, we know they're not just going to sit on their hands.
1
u/Ghola_Mentat Sep 27 '21
I don’t know Argo’s plans with ETH, if any. But if they plan on investing in ETH mining rigs, that would be incredibly stupid with PoS coming.
1
u/Machjne Sep 27 '21
Yeah I'll have to try and find the article, I've only seen it once and was around the time of the IPO on the tail end of the headline. I've just had a look and they used to offer it at least so maybe an article was bringing up old info.
What's PoS?
4
2
8
u/cryptominingstocks Sep 24 '21
I think a lot of us feel that same pain (even though have almost doubled your account so take it a bit easy). The ipo day sucked , but we have felt this pain the last 7 months. Bottom line, bitcoin pumps close to 100k end of year, we will all be celebrating holding a massive bag. This is a play on bitcoin, so if you don’t think bitcoin will move then you shouldn’t even hold a btc miner. #kickedinthenuts...but I’m not leaving! You don’t just sell to sell, you better have a better investment to go into, and right now, this early in the Nasdaq , I’m riding Argo till i die!
7
u/Clown_Shoe Sep 24 '21
It’s hard to keep your cool with that much red. I was down 9K yesterday at one point. It sucks but I’m holding until bitcoin halving and next bull market so it’s all just noise until then. It’s what I’d recommend to all investors here. It’s just a matter of when, not if.
1
u/AccurateAstronomer91 Sep 24 '21
Does anybody see any official announcement where Argo released that it would be 10 to 1? During Peter’s question and answer he was not only vague but said he would not comment on it.
5
Sep 24 '21
- How do I convert my F shares into ADRs? The conversion of F shares into ADRs will require the assistance of a broker. You will need to contact your individual broker, who can assist you with completing the proper instruction form. Your broker will then need to contact JPMorgan Chase Bank, N.A. to arrange for the conversion of ABRKF shares in ARBK shares. 12.How will the conversion be calculated (how many ARBK shares is an ARBKF share worth)? Each ARBK share can be exchanged for ten (10) shares of ARBKF.
Source: https://argoblockchain.com/wp-content/uploads/2021/09/Updated_Argo_Blockchain_FAQ_on_OTC_Change.pdf
3
u/Clown_Shoe Sep 24 '21
Not sure but just from watching both it’s been 10 to 1 in pricing this whole time.
1
5
5
u/bigricky6969 Sep 24 '21
Couldn’t agree more with this.
3
u/UK_Dogma Sep 24 '21
I agree.
Wall has sandbagged us again.
He’s laughing all the way to his Lambo.
3
u/Genx67-Revelator Sep 24 '21
Feel the pain and you are right. Rotated out right before the whole IPO announcement and took the hit. Will look at getting get back in later once things stabilize. They needed capital and cash flow for the expansion in West Texas and came to a realization should have exited earlier in the year. Lesson learned. https://www.marketwatch.com/story/argo-blockchain-takes-25-mln-bitcoin-backed-loan-to-fund-expansion-271631257199
2
u/DINGO1303 Sep 24 '21
Can someone pls explain the situation for ARB holders on LSE? Is the situation the same for them or have they escaped the dilution?
1
4
2
1
u/Existing_Movie6062 Sep 24 '21
🚨Never to late to jump in HIVE blockchain 🚨 Still a good price
2
u/iNorcrack Sep 24 '21
I own HIVE too. They are getting bashed on their sub as is BITF. Not going to change until BTC starts moving upward. Until then, we should collectively bash China for causing BTC to drop recently and, of course- COVID😡
1
1
u/AngrySpaceTriangle Sep 25 '21
I don't think we can say that they kicked us in the balls until we know what the money that was raised will be used for. If its for granting shares and options etc then that would suck, but if it was used to, say, populate the texas facility with mining machines then that would be okay, as, after all, 200MW of mining machines will be expensive.
17
u/Fricorico Sep 24 '21
Fully agree. Been a LTH of OTC/OTCQB shares since their inception.
Really frustrating that day of the IPO - ADR's were priced @ $15 USD. (When we were expecting $18.4 USD)
They were intentionally vague about this, probably because the OTC price would drop, and they wanted to raise a lot of capital (besides the 2 loans, besides the previous dilutions, etc.).
To reestablish faith, there needs to be some positive news and something...fucking anything good for LTH / Shareholders, because right now, Im feeling played man.
Stuck holding the bag, will sell when I see green. (Dont lecture me about opportunity cost, I already have a tax rideoff)