BITCOIN GROUP LIMITED

[ash_1050]

Bitcoin Group Limited (BCG) will be listing on the ASX at $0.20/share in the next few weeks and are hoping to raise $20m to fund bitcoin mining activities.

I'm tipping this to be a total bloodbath for the following reasons:

1) There are a number of risks both internally and externally (e.g. inexperience of directors and bitcoin price swings).
2) Bitcoin is still a long way from being mainstream and thus will be largely avoided by mum and pop investors.
3) For people who are familiar with Bitcoin it's much easier to buy the coins directly if you believe that bitcoin will be a success.

Expect the price to drop to $0.15 after a month and $0.10 after 12 months.

 

[benchwarmer5]

Pretty much
I considered doing point 3 a while ago when it was bubbling

 

[ash_1050]

Scheduled to go live on Feb 8th. Their bookbuild only raised $367k. This is going to be a total disaster.

 

[Duritz]

Scheduled to go live on Feb 8th. Their bookbuild only raised $367k. This is going to be a total disaster.

Still not live?

 

[ash_1050]

Still not live?

Nope. Almost a month behind schedule and still no confirmed listing date.

 

[ash_1050]

Update: No listing is going ahead and they are refunding those who invested in the book build. I could have saved them tens of thousands of dollars and 12 months efforts by telling them it was one of the worst proposals in ASX history at the very start.

 

[Embleberry]

Bumping an old thread here. Considering the mining potential (from then to now) and the current value of BTC, could this have been a resounding success with more backing?

 

[Chubberson]

Hehe nice bump.

 

[Duritz]

I don’t think enough people understood BTC and cryptos in general when these guys (failed to) launched. I remember seeing one of their dudes interviewed on the business channel on SKY and he’s trying to describe what they do and the interviewer’s eyes were glazing over.

“We’re bitcoin miners. We mine bitcoin.”

Was difficult for people to get their head around this concept at that time. TBH I think the term mining doesn’t help understanding. Because mining (esp in Aus) is such a vastly physical and established thing, we immediately think of that and struggle to equate a currency that has no physical presence as being mineable.

If they had said they were “bitcoin accumulators” it might have worked a bit better.

Or it might not. That’s just my 0.00000126 BTC on it. (2c)