Recent Market Carnage An Opportunity, Not A Time For Panic
Wednesday, September 21, 2022
Last year, Twitter
released its new “Spaces” platform to facilitate live audio conversations, meaning people were no longer confined to 280 characters anymore to express themselves or share a thought. The social media giant has been tweaking Spaces since, including the latest plans turning it into a podcast delivery platform, where it will catalog material into hubs and suggest podcasts to its users. (NYSE: TWTR)
It’s got plenty of competition, with everyone seemingly getting involved in podcasting including Alphabet Inc.
, the parent company of Google Podcasts and Youtube.com along with iHeartMedia, Inc. (Nasdaq:GOOGL) , the parent company of iHeartRadio. (Nasdaq:IHRT)
But going back to Twitter. Topics abound on Spaces. Love University of Southern California football? Check out USC football beat writer
Adam Grosbard and Southern California News Group assistant sports editor James H. Williams for a Twitter Spaces discussion about the Trojans this Thursday at 4 PM PT. Heard that Arte Moreno is pondering a sale of the Los Angeles Angels? Inside SoCal Sports covered it in a recent Spaces session. Globally, USAID Administrator Samantha Power and Top Chef judge and food activist Tom Colicchio hosted a discussion examining the historic drought and hunger crisis in the Horn of Africa.
On Monday, Twitter’s
Radio Silent spent an hour in Spaces with Metavesco CEO Ryan Schadel, introducing his nearly 100,000 followers to the first and only U.S.-based, SEC-reporting cryptocurrency liquidity provider. Schadel, who has over 21,000 Twitter followers himself, founded Metavesco for the purpose of focusing on web3, the next iteration of the internet that includes things like cryptocurrency, non-fungible tokens (NFTs), and the metaverse, an emerging phenomenon characterized by immersive environments, virtual and augmented reality. (OTCPK: MVCO)
Schadel wears his passion towards the venture on his sleeve. He’s invested over $1 million of his own money into the business and owns about 70 percent of the outstanding shares. To date, he hasn’t drawn a paycheck.
Radio Silent and Schadel, along with some call-in questions, covered all the things going on at Metavesco, from explaining how the company makes money today by investing in liquidity pools (and what liquidity pools are) to crypto staking, NFTs and the metaverse, and the company’s newest initiative to foray into bitcoin mining. Schadel hinted that some developments were imminent, which were delivered on Wednesday afternoon in a
press release from Metavesco.
The company has purchased its first 18 Bitmain Antminer S19j Pro 100 TH bitcoin mining rigs, which will be installed at a state-of-the-art facility in Texas. Bitcoin mining involves massive computational power where computers around the world race to solve complex mathematic problems to add blocks of data to the bitcoin blockchain, earning bitcoin for their successes.
Bitcoin mining has always part of the Metavesco growth strategy, but not this soon, according to Schadel. The plunge in bitcoin prices in 2022 from near $69,000 to under $19,000 currently has forced over-leveraged companies out of business and a fire sale in equipment, including mining rig prices dropping about 70% since January.
This isn’t the first time Bitcoin prices have experienced a sharp contraction. In fact, bitcoin prices have fallen about 70% two other times in the last five years before hitting their record high in November. Schadel called the mining rig purchases “an ideal investment in our future.”
Upon analysis of the new rack of rigs, Metavesco intends to add 216 more machines to the racks. “We’re taking a conservative approach by launching our mining initiatives with 18 rigs to ensure that the new facility meets our expectations regarding an optimized cost/reward ratio and will immediately deploy additional capital to expand upon validation,” said Schadel in a statement.
Who knows, the company may even be able to pick some more rigs up at a slightly lower price. If you believe in the future of bitcoin, then this rewind in prices back to late-2020 levels is an opportunity, not a time for panic.
Metavesco (OTCPK: MVCO) Full Corporate Write-Up:
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