iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,836 Blog Posts

Morning Poppers (Twitter is an Evil Organization Edition)

Twitter has gotten so bad, I’m afraid to tell people to fuck themselves these days. Just a few short years ago, I could blaze through Twitter telling everyone to ‘fuck off’ in a demonstration of true victory, now I’m forced to step on egg shells, kindly asking people to ‘simmer down’ and to respectfully ‘jog on.’

Rose McGowan is an outspoken actress against the pervert Harvey Weinstein, because she was victimized by him. Now Twitter shut her the fuck down for stirring up trouble. Good job @Jack.

Her most recent adventures was into outing Benjamin Affleck was being A FUCKING ASSHOLE.

WTI is off 1.5% — but gold is higher by 0.7%, so everything is just in the world. Bitcoin is higher by 8%, now above $5,200. Fred Wilson must be pleased. Nasdaq futs are -8. I really need to circle back to Bitcoin and not gloss this over. The type of returns being enjoyed in the cryptos makes stocks looks like CDs. This shit is out of control and crazy. There I said it.

HMNY increased their stake in Moviepass to 53.7%.

The co announced that, since August 15, 2017, it has received aggregate gross cash proceeds of approximately $12.8 million from the holder of its senior secured convertible notes, thereby satisfying the $10 million financing condition to HMNY’s pending acquisition of a majority stake in MoviePass, which was announced in August 2017. HMNY also announced that it has agreed to increase the purchase price for its stake in MoviePass from $27 million to $28.5 million, which will increase its ownership stake in MoviePass from 53% to 53.71% upon the closing of the transaction. HMNY agreed to make the additional $1.5 million investment in MoviePass for an additional 0.71% ownership stake based on an agreed $210 million pre-money valuation of MoviePass.

In conjunction with the additional investment, MoviePass also granted HMNY an option to purchase additional shares of MoviePass common stock for $20 million in cash based on the agreed $210 million pre-money valuation of MoviePass, pursuant to an option agreement, which, if exercised in full, would amount to an additional 8.7% ownership stake in MoviePass as of the date of the option agreement. If HMNY were to exercise the option in full prior to the closing of the transaction, its total ownership stake in MoviePass would be 62.41% as of the date of the option agreement.

In connection with increasing its investment commitment to MoviePass, HMNY provided $6.5 million in cash to MoviePass on October 6, 2017, consisting of an advance payment of $5 million that would have otherwise been due within 90 days after closing the acquisition transaction with MoviePass plus the additional $1.5 million investment amount, for which HMNY received an amended and restated convertible promissory note of MoviePass in the amount of $11.5 million, which superseded and replaced the $5 million convertible promissory note issued by MoviePass to HMNY on August 18, 2017.

Some other notable headlines:

Citigroup prelim Q3 $1.42 vs $1.30 Capital IQ Consensus Estimate; revs $18.2 bln vs $17.87 bln Capital IQ Consensus Estimate

Domino’s Pizza prelim Q3 $1.27 vs $1.23 Capital IQ Consensus Estimate; revs $643.6 mln vs $627.85 mln Capital IQ Consensus Estimate

Netflix target raised to $230 at Stifel ahead of earnings

JPMorgan Chase beats by $0.10, beats on revs; Reaffirms 2017 Outlook, narrows NCO expectations

Transocean upgraded to Buy from Neutral at Citigroup

Wal-Mart removed from Conviction Buy List at Goldman

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21 comments

  1. lapens

    Ffs Fly. I’ve been very nice about this (check my sporadic history), but you just won’t listen. For the love of long-term-readership, get your fucking ass into the game boy! There is so much money to be made day-trading here that it completely bamboozles me that you still haven’t stepped in. Of course, there will be a crash – we all know it. But for fuck’s sake man, THERE IS COIN TO BE MADE IN THE MEANTIME. The only financial shit I know is what I learned here – following you since 2010. I’M A COMPLETE NOOB AND EVEN I’M BANKING COIN. Just fucking do it already.

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    • lapens

      And btw, check out PPT. No, not that PPT – the crypto PPT. An absolutely glorious use of the blockchain with a solid future. Thank me later and consider it payment for all your entertainment over the years.

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      • metalleg

        Populous?

        Anyway, I think Bitcoin itself is drawing funds from the alt coins in this run to the BItcoin Gold fork but it seems to be priced in already, maybe multiple times. Since it’s easy to move between BTC and the alt coins the money should come back into the alts once Bitcoin holders get their gold, maybe sooner. There is only buying of bitcoin now because the fork so there’s little short term risk by buying now. I would be ready to sell right after the fork or, at a minimum, buying up the alt coins now while they’re depressed.

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        • lapens

          Yep – Populous. I’ve made great coin already as it uses that crazy EtherDelta exchange and the swings are mad.

          Agree with all of your comments re the BTC-alt flow – wouldn’t touch fresh BTC at these levels. I actually switched 25% of my BTC over to NEO yesterday thinking the run had peaked but it’s still going. Madness. Alts will bounce back for sure.

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          • metalleg

            NEO is my top pick. When it goes, it’s going to move up fast. I suspect there are forces keeping it down while it’s being accumulated.

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    • numbersgame

      “I’M A COMPLETE NOOB AND EVEN I’M BANKING COIN.”
      It’s called a bull market. Go long, market rises, make money, Leverage, make more money.

      Noobs don’t hedge, and always assume every drop will be bought. It just takes 1 big bear to wipe you out. Go long, market drops, lose money. Buy the drop, leverage in to make up losses. Market drops again, margin call, wipe out.

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      • lapens

        Isn’t that the point though? It is a bull market – so why not make hay while the sun shines? I’ll be totally honest here as I’m not a trader. I started with $20k to play with, and I’m disciplined in that I’ve already made back and banked $13k of that 20. So even if it goes down the shitter tonight I’m not down much – but right now I’m up a fair bit more than that (to me at least).

        My point is you guys are so against crypto that you just won’t see the opportunities to be made on a day-by-day basis. Why not trade it while the bull lasts? The best piece of advice I ever got in this space is the #1 rule of crypto – Have an action plan for the crash.

        Other than that, it’s normal trading rules but on an amplified scale – not this bullshit rigged stock market that the Fly is completely fucking bored with (and has been for 24 months). You experienced guys would fucking dominate this market!

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        • sarcrilege

          You make a valid argument. If one is gambling in rigged stock markets, he might as well gamble in crypto markets for larger gains. My issue w/ crypto is that it is being promoted and sold, i.e. BTC, as “as good as gold”… and that is bullshit.

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          • ironturd

            Watch the documentary on Netflix about bitcoin. It is here to stay, and it is your solution to your “everything is rigged” problem re: central banks. How is that not fucking obvious?

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          • sarcrilege

            turd, not everything is centrally rigged. Crypto is not. However, crypto is unlimited (as in infinite) … in number of virtual types of tokens as well as forks. We all cannot be on the same page (or side of the boat). I am betting on phyzz being the counterweight to this digital and virtual “gold” nonsense. Central banks (Russia, Iran, SA, China..) are hording phyzz. They are the heavyweights. Phyzz will always buy plenty of digital. Place your bets, gentlemen.

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  2. LP

    So he wasn’t acting in Mall Rats…

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  3. duuude

    Monero

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  4. lapens

    Time to switch from BTC to the alts – if you don’t suffer from FOMO!

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  5. rigged game

    Who gives a flying fuck about turdeater Harvey Weinstein?

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    • numbersgame

      Thnk big.

      1) Power: Harvey Weinstein is a powerful guy, in case you didn’t pick that up. For 30 years, powerful enough for his criminal sexual acts to go unpunished (like Cosby). Any time a person thta powerful could be actually punished, it’s important for democracies

      2) Censorship: If Rose McGowan hasn’t said anything untrue, but is stillbeing silenced, that is alos important. She is still a well-known figure, so if she is shut down for upsettign the apple cart (note that HW is not her end goal), imagine how the average Joe or Jane will be treated

      On a separate note, this is not a sign Hollywood is changing for two reasons.
      1) most of the people coming forth are victims, not *witnesses* who have very little to gain and a lot to lose
      2) it still takes the discovery of several victims – many of which do not know each other – before the “outing” of the power broker

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  6. in your weeds

    Dear Fly,

    I am covering my FIZZ short here for a delicious $14 simply to ensure that it continues to go lower. I’ll be waiting for you on Periscope…..Good day to you.

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  7. sarcrilege

    Twitter is a POS censoring platform. Inconvenient information, ideas and opinions are shut down like in the good old red commie gulag Soviet Union. Everybody should boycott it… but they won’t because they are good sheeple.

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  8. mushroomz

    RIP Heckler
    ????-2017

    eternally BTFO, triggered to death by zeropointnow

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  9. heckler

    I’m still here you faggot. But yes cracked asunder / triggered / whatever. I haven’t gone back to his page to see the damage and I intend to honor my word not to

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