Where's the Beef?If anyone is old enough here to remember this famous qoute, then you'll clearly understand the following commentary i'll be making today. For those that don't, this was basically an 80's advert where people were presented with a seemingly lovely hamburger by a fast food chain (don't remember if it was Burger King or Wendy's but it's one of the two) only to be shocked when they finally took a bite or looked under the hood. Only to find a meager, unappealing slim meat patty where there should have been a thick, juicy and mouthwatering slab of meat. Quite an effective advertsing ploy for the time. The particularly amusing one, was the one with the little old lady with the thick granny glasses being completely shocked in disbelief and proceeding then to be upset. This my friends, is a perfect analogy of what i will say today.
So where is the beef really with Dmg Blockchain? Everytime now that i think about the company, it's mgmt or the stock, the first thing that comes to my mind is that Burger advert. And i'm sure i'm not the only one who's been totally transformed or deceived in that manner. What was suppose to be a beautifully assembled, jaw dropping and mouthwatering hamburger or investment in this case, is turning out to be a big disappoitment or just a simple, quickly patched together and completely unappealing run of the mill empty bun. Really, where did all that wonderful beef go to? They were doing so well up to that sad but ill fated day on April 29, 2021. What happened here that they decided to throw all their loyal, long term retail s/h under the bus like that? I tried to understand (please refer to my posts here) some of the reasons and attempted answer some of those questionable motives " of why" with my vast experience in the markets, but to avail. My gut & my mind keep telling me we will NEVER KNOW the full story of what took place here.
In any case, whatever the motivations were or whatever agenda they had, it was well planned out and in the end it was marvelously carried out with great success at the complete detriment of s/h. It's sad to say this but it's unfortunatey quite true. Having crushed the company's share price from $5.25 Cdn to barely above .80 measely cents in the span of less than 100 days and trading at a price point when Bitcoin was $30K. Quite an accomplishment indeed, and hope that whatever the company's motives were, it was worth the great cost they paid in terms confidence & trust with investors. Makes one wonder why that investor CC was setup out of the blue one week BEFORE they did that crazy deal with HCW? Gauge investors sentiment before making it public? Pre-emptive strike to mitigate damages? Really makes an investor think hard & deep about what really went on behind those closed doors.
Now that this shameful display is done and the crooks got away with the goods, it's time to look ahead. But looking ahead with brand new eyes and a compeltely different perspective. If you've followed my commentary for the last few months, on both the Yahoo platform and this one, you'll know i was a dedicated, long term holder. As i've stated in a previous post, my entire core position has now been converted to "trading" shares and this is no longer a long term hold but a "swing" trade for me. Just to repeat what i stated on the Yahoo BB yesterday morning, i believe the stock has bottomed out and will probably begin its recovery. I think there was enough evidence of this by the trading over the last couple of days. Bitcoin will now be the main driver and not anything else, especially any form of manipulation which will probably be anywhere from non-existant to very tame as we forge ahead now.
I would like to also mention a few words regarding the company's recent update and some rumours. Yesterday, the company released some minor news, nothing too earthshattering as much of it was already known. But an average, decent, ok news release about their joint venture with Marathon. Just to be clear, this was nothing great or new, as many uninformed investors took it as the next coming Jesus Christ. So there was a lot of misinformation being spread about the update on the Bb, especially on Yahoo. I highly (strongly) rec'd investors, especially s/h to read it and get informed on HOW this joint venture actually works. Especially HOW Dmg will profit from this. If folks think that ALL the Bitcoin produced under that venture goes into Dmg's coffers.......you got a BIG surprise coming.
In addition, as mentioned before, i think the company also made a grave misjudgment in releasing this update on that day. WHY? For the simple reason that on an extremely red, down day across all markets, specifically Crypto, a release like that one even if it were a lot better, will have its impact totally muted. Like shooting a 35 caliber pistol underwater, it won't get any traction. Company mgmt should have know better here and completely missed the mark......again. Had they been more competent or perceptive, they would have held on to that update for a just bit and released it on a big up day, especially one for Bitcoin & Crypto. An average news release or update like that, even though not too ground shaking would have had 10X the impact than normal if released properly in the right environment. But hey, that's just me WTH do i know.....;).
As for those strange rumours, i hope they're not true! Maybe someone here could confirm, as i've found nothing to tell me if they are true or not. It was relalted to me and also stated on some of the community boards that the company recently purchased some Bitcoin. If true, there are (i have) some serious issues with this that i'm not going to get into now and unless it's 100% confirmed. For those that think this was (if true) or could be a good idea, please....pretty please don't ever invest in the stock market, never go into anything relating to finance and above all NEVER manage any form of money or anyone's budget. Out of this whole mess, the thing that really irks me the most is mgmt's attitude. They KNOW the have problem on their hands, they KNOW there's a serious IR nightmare they need to deal with and they KNOW time is of the essence, but they continue to fail to address the issues. Maybe they think everyone will just simply forget about it and move on? Maybe they will, but i bet you most will not.