iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
71 Blog Posts

The Crypto stock that’s better than GBTC

You have to love Crypto. Besides the real world Tom Clancy shit that is the backstory on Satoshi Nakomoto (to this day people hotly debate if Satoshi Nakomoto is Craig Wright, or was Hal Finney or Dave Kleiman. By the way, 2 of these 3 gentlemen are dead) you have characters like John McAfee of McAfee Antivirus and killing your neighbor in Belize notoriety making YouTube videos of himself snorting coke with hookers and guns whilst CEO of a publicly traded company with big Bitcoin investments. (scan to 1:12 mark where the good stuff starts)

John happens to have a company called MGTI which as far as I can tell is his pet project company. It has a project in the works for a privacy phone:

Introducing the world’s first smartphone featuring hard kill switches, empowering its users to take back control of their privacy. All phones feature a built-in privacy control center giving users full control of access and functions of their phone.

That’s interesting but will likely fail. Most people don’t care about privacy.

But THIS is where things get interesting. From the Company Info webpage:

Also as part of its corporate efforts in secure technologies, MGT is growing its capacity in mining Bitcoin. Currently at 5.0 PH/s, the Company’s facility in WA state produces about 80 Bitcoins per month, ranking it as one of the largest U.S. based Bitcoin miners. Further, MGT is in active discussions with financial partners to grow Bitcoin output materially.

McAfee gets it. He’s steering his company towards Bitcoin mining. Let’s say Bitcoin doubles or triples in price. Boom, his profit on the mining investment will follow. GBTC is a publicly traded tether to Bitcoin but it’s disconnected from reality. MGTI is the sleeper stock that has potential to explode as it is discovered by the masses and the profits begin to roll in.

MGTI was up 28% today.

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7 comments

  1. brvalentine

    Agree. Big Mac will build this Co. out to $1B + when all said and done.

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  2. oilerua

    i guess the gap fill is a nice sweetener at this point of the chart

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  3. ghostface

    Was there recently some insider purchases on the open market? He supposedly got into mining to learn the crypto currency/blockchain business with plans to use that in circling back to security. So far just his secure phone idea. Not sure if this will all pan out but if we compare blockchain excitment to 1999 dot com bubble where there were new ipos and re-imagined stale companies adding dot com to their name and stocks galore exploding higher every day. Under the current situation there is a a dearth of choices on the securities front with a lot of money still learning and wanting to chase any crpto/blockchain story. The money has yet to rush into the limited stocks offering a home to the demand imo. I had forgotten about this one. Thanks for the heads up.

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    • brvalentine

      Mining crypto is for immediate cashflow. Big thing on deck is Sentinel roll-out. Whether the PP works out is YTBD and a year or so away.

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  4. CoinSpeak

    OA was a bull on MGTI months ago. I’m not sure if he still follows it.

    I am writing as a survivor of the dotcom boom/bust. I think crypto will be bigger than the Internet in terms of financial transactions. So I don’t argue with people who say Crypto is a bubble. Look at the youtube videos. The hysteria is real. But if/when the bubble pops the survivors will rise from the ashes stronger than ever.

    Crypto will survive a bubble and become ubiquitous. I say that with 100% certainty. I believe Bitcoin will survive and boom, even if it manages to shoot itself in the foot and lose market dominance.

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  5. sarcrilege

    So, Hugh Hefner playboy mansion is no longer chic? Now we get John McAfee playboy mansion clone? We need a PlayboyCoin.

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